Core Points - The global launch of two international standards for refrigeration compressors, led by Gree Electric Appliances and Hefei General Machinery Research Institute, marks a significant achievement for China in the international standardization of refrigeration technology [2][3] - The standards, ISO 18501:2025 for volumetric refrigeration compressors and ISO 18483:2025 for centrifugal refrigeration compressors, fill a long-standing gap in the international standards landscape [2][3] Group 1 - The successful release of these standards is a result of extensive efforts and international collaboration, providing a scientific and reasonable solution for energy efficiency evaluation in refrigeration compressors [3] - Gree Electric's experience emphasizes that consumer needs are the true standard, and the new international standards will support all manufacturers in creating a greener energy environment [5] - The event signifies a shift from "product export" to "rule export," enhancing the competitiveness of Chinese manufacturing in the global market [5][6] Group 2 - The standards are applicable to various products, including air conditioning heat pump units, refrigerators, and dehumidifiers for volumetric compressors, and centrifugal chillers for comfort and data centers [6] - The release of these standards demonstrates China's technological strength and standard-setting authority in the global refrigeration compressor sector [6] - Gree Electric plans to continue collaborating with academia and industry to integrate more Chinese technologies and solutions into international standards, contributing to the high-quality development of the global refrigeration industry [6]

Core Points - Gree Electric Appliances, in collaboration with Hefei General Machinery Research Institute and Tsinghua University, has successfully established two international standards for refrigeration compressors, namely "Performance Evaluation of Positive Displacement Refrigeration Compressors" (ISO 18501:2025) and "Performance Evaluation of Centrifugal Refrigeration Compressors" (ISO 18483:2025) [1][2] - The establishment of these standards marks a significant achievement for China, a major compressor manufacturing country, which previously lacked a voice in setting international standards [1][2] - The global refrigeration compressor market is projected to grow from 128.55 billion yuan in 2023 to 177.22 billion yuan by 2029, highlighting the importance of developing efficient compressors and promoting standardization in the industry [2] Industry Insights - Compressors are critical components of refrigeration systems, accounting for over 80% of the total energy consumption of these systems, yet their efficiency levels remain significantly below theoretical potential [2] - The process of establishing the two international standards faced challenges, including differing opinions from international experts during the proposal phase, but ultimately led to a successful consensus after extensive discussions and meetings [2][3] - The newly established standards fill a gap in international standards for performance evaluation in both positive displacement and centrifugal refrigeration compressors, providing a scientific and reasonable solution for energy efficiency evaluation in the global refrigeration compressor industry [3]

Core Viewpoint - The global release of two international standards for refrigeration compressors, led by China, marks a significant step in technological innovation and standard-setting authority in the refrigeration compressor sector [1] Group 1 - The two standards released are "Performance Evaluation of Positive Displacement Refrigeration Compressors" and "Performance Evaluation of Centrifugal Refrigeration Compressors" [1] - This is the first successful establishment and release of standards in the ISO refrigeration compressor field in 20 years, filling a gap in international standards for performance evaluation of both positive displacement and centrifugal refrigeration compressors [1]

Core Viewpoint - Zhejiang Shun'an Artificial Environment Co., Ltd. is revising its articles of association to enhance corporate governance in compliance with relevant laws and regulations, which will require approval from the shareholders' meeting to take effect [1][2]. Group 1: Articles of Association Revisions - The first article has been revised to clarify the company’s purpose and governance structure, emphasizing the protection of the rights of shareholders and creditors [1]. - The role of the chairman as the legal representative of the company has been modified to allow the shareholders' meeting to designate an executive director for this position [1][2]. - A new provision states that civil activities conducted by the legal representative on behalf of the company will result in legal consequences for the company, and the company can seek compensation from the legal representative if damages occur due to their actions [3]. Group 2: Shareholder Rights and Responsibilities - The articles now specify that shareholders are liable for the company's debts only to the extent of their subscribed shares [4]. - The revised articles establish that shareholders can initiate legal actions against the company, its directors, supervisors, and senior management, as well as against other shareholders [4][5]. - Shareholders are granted rights to receive dividends and participate in decision-making processes, including the right to request meetings and vote on significant corporate matters [6][7]. Group 3: Capital and Share Issuance - The company’s capital structure is defined, with shares issued at a par value of 1 yuan each, and the total number of shares issued is 1,065,436,182 [9][10]. - The issuance of shares must adhere to principles of fairness and equality, ensuring that all shares of the same class have equal rights [7][8]. - The company is prohibited from providing financial assistance for the purchase of its shares, except under specific conditions approved by the board or shareholders [10][11]. Group 4: Corporate Governance and Accountability - The articles outline the responsibilities of controlling shareholders and actual controllers, emphasizing the need to act in the best interests of the company and its shareholders [24][25]. - New provisions require that controlling shareholders must not misuse their power or engage in transactions that harm the company or other shareholders [24][27]. - The company must maintain independence in its operations, ensuring that its assets, personnel, and finances are not unduly influenced by controlling shareholders [24][28].

Group 1 - The Fourth China-Central and Eastern European Countries Expo and International Consumer Goods Expo will be held in Ningbo, Zhejiang from May 22 to 25, showcasing the growing trade scale and market participation between Zhejiang and Central and Eastern European countries [1] - In the first four months of this year, Zhejiang's foreign trade enterprises with import and export performance to Central and Eastern Europe exceeded 20,000, with a total import and export value of 62.6 billion yuan, a year-on-year increase of 11.6%, and exports reaching 56.85 billion yuan, up 14.8% [1] - Zhejiang ranked second in the country for both total import and export value and export value to Central and Eastern Europe in the first four months [1] Group 2 - A new air cargo corridor has been established between Hangzhou and Budapest, Hungary, facilitating cross-border e-commerce with nearly 60 tons of goods transported on a recent flight [2] - The air cargo route has increased from four flights per week to seven, with a total capacity of 500 tons per week, and has completed 483 flights, transporting over 39,000 tons of goods [2] - The China-Europe Railway Express has also contributed to trade, with 85,700 standard containers dispatched in the first four months, a year-on-year increase of 6.5%, and return trains showing a significant growth of 25.6% [3] Group 3 - This year marks the 13th anniversary of the China-Central and Eastern European Countries cooperation mechanism, which has strengthened trade relations and provided more opportunities for Zhejiang's foreign trade enterprises [4] - Zhejiang Sanhua Commercial Refrigeration Co., a leading company in commercial and industrial refrigeration components, reported a nearly 40% year-on-year increase in exports to Central and Eastern Europe, totaling over 70 million yuan in the first four months [4] - In the same period, Zhejiang exported 30.81 billion yuan worth of electromechanical products to Central and Eastern Europe, a growth of 15.8%, accounting for 54.2% of the province's total exports to the region [4] Group 4 - Hangzhou Customs has implemented a "one-on-one" customs enterprise coordinator mechanism to expedite exports to Central and Eastern European countries, providing personalized services and policy consultations to help enterprises navigate customs processes [5] - The customs authority is actively promoting the benefits of the AEO policy to enhance the competitive advantage of enterprises in the region [5]

Core Viewpoint - The article discusses the peculiar case of *ST Hengli, which is facing delisting due to failure to disclose its annual report on time, and highlights the company's attempts to blame its auditing firm for the situation [3][5][14]. Group 1: Company Background and Financial Issues - *ST Hengli received a delisting notice from the Shenzhen Stock Exchange due to not disclosing over half of its board's assurances regarding the accuracy of its 2024 annual report by the legal deadline [5][6]. - The company has been under "ST" and "*ST" designations due to continuous financial losses, with a cumulative loss of 670 million yuan since 2003 [31][34]. - In 2024, *ST Hengli projected a revenue of 300 million to 350 million yuan, a significant increase from 111.47 million yuan in the previous year, but still expected a net loss of 33 million to 43 million yuan [8][30]. Group 2: Auditing and Reporting Issues - The company changed its auditing firm to Xutai CPA shortly before the annual report deadline, which raised concerns about the adequacy of the audit process [10][20]. - There were significant discrepancies between the company's performance forecasts and the audit results, leading to a failure to submit the annual report on time [11][12]. - After receiving the delisting notice, *ST Hengli filed a lawsuit against Xutai CPA, claiming damages of 38.27 million yuan, which corresponds to the market value loss on the day of the notice [14][38]. Group 3: Market Reaction and Implications - Following the delisting notice, *ST Hengli's stock price dropped by 4.81%, leading to three consecutive trading halts [38][42]. - The article suggests that retail investors, who are often the last to bear the financial consequences, are the biggest losers in this situation [38][42].

证券代码：002639 证券简称：雪人股份 福建雪人集团股份有限公司投资者关系活动记录表 | | □ 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 | | | 其他：线上、线下调研 □ 现场参观 ■ 中国国际金融股份有限公司、东兴证券股份有限公司、东北证券股份有 | | | 限公司、招商基金管理有限公司、中金基金管理有限公司、上海峰境私 募基金管理有限公司、中信证券股份有限公司、国海证券股份有限公司、 | | | 广发证券股份有限公司、山西证券股份有限公司、华泰证券股份有限公 | | 参与人员 | 司、国金证券股份有限公司、太平洋证券股份有限公司、招商证券股份 | | | 有限公司、浙商证券股份有限公司、国联证券股份有限公司、耕霁(上 | | | 海)投资管理有限公司、上海申银万国证券研究所有限公司、深圳市辰 | | | 禾投资有限公司（以上排名不分先后） | | 时间 | 2025 年 5 月 15 日 (周四) 上午 10:00~11:00 | | 地点 | 网络互动 | | | 总经理 ...

Group 1: Company Overview - The company is a globally recognized manufacturer of compressors and ice-making equipment, focusing on thermal power technology and serving various sectors including cold chain logistics and clean energy [3][10]. - The company aims to become a leader in the global cold and new energy equipment manufacturing industry [15]. Group 2: Financial Performance - As of May 9, 2025, the total number of shareholders is 121,693 [1]. - In Q1 2025, the net profit attributable to the parent company was 9.96 million, representing a year-on-year increase of 13.59% [12]. - The company's revenue in 2024 is projected to grow by 12.41% [7]. Group 3: Profitability and Margins - The gross margin for refrigeration equipment is nearly 30%, with a year-on-year increase of 4.95% due to growth in overseas business and improvements in management and production efficiency [2]. - The fourth quarter typically sees concentrated revenue recognition due to project settlement cycles, impacting quarterly performance [2]. Group 4: Cash Flow and Financial Compliance - The cash flow from operating activities includes 865 million from other operational cash receipts, primarily from bid deposits and inter-company fund transfers, which complies with financial accounting standards [2]. Group 5: Market and Product Development - The company’s products are widely used in cold chain logistics, air conditioning, and food processing, with annual sales accounting for approximately 15%-20% of total revenue [2]. - The company is actively developing new energy-efficient and environmentally friendly refrigerants to replace harmful substances like Freon [5][11]. Group 6: Future Directions and Innovations - The company is focusing on hydrogen energy development, collaborating with Japanese companies on fuel cell systems, and has completed the development of key components [12][14]. - The company is committed to the national dual carbon strategy, promoting clean heat pump technology to reduce fossil fuel usage [5][11]. Group 7: Competitive Advantages - The company possesses product technology advantages, brand strength, and green manufacturing capabilities, leading to rapid revenue growth in core compressor equipment [6]. - The company has developed a large-scale helium gas compressor for major scientific projects, achieving international leading technology standards [16].

Core Viewpoint - The light commercial refrigeration equipment industry is experiencing significant growth driven by urbanization and increasing consumer demands for food safety and freshness [2][12]. Group 1: Current Industry Status - Market demand for light commercial refrigeration equipment is continuously increasing due to urbanization and heightened consumer expectations for food safety and freshness [2]. - The market competition is intensifying with both international giants like Haier and Carrier Commercial Refrigeration and numerous small to medium enterprises competing through price, product innovation, and service differentiation [3]. - There is a trend towards product differentiation and customization to meet specific client needs, such as tailored refrigeration solutions based on actual site and storage requirements [4]. Group 2: Development Trends - The industry is moving towards energy efficiency and environmental sustainability in response to global concerns about carbon emissions and energy consumption [5]. - The application of Internet of Things (IoT) technology is enhancing operational efficiency through remote monitoring, fault diagnosis, and energy management [6]. - Modular design is becoming prevalent, making equipment easier to install, maintain, and upgrade, thereby reducing user costs [7]. - Equipment is increasingly multifunctional, combining refrigeration and display capabilities, as well as ice-making and cooling functions to meet diverse scenario requirements [8]. Group 3: Market Size Analysis - The global market for light commercial refrigeration equipment is projected to reach $21.03 billion in sales by 2024, with an expected growth to $25.72 billion by 2031, reflecting a compound annual growth rate (CAGR) of 3.12% from 2025 to 2031 [12]. - The consumption market is primarily concentrated in China, Europe, and North America, with China holding the largest market share at 30.23% in 2024, followed by Europe at 20.51% and North America at 16.51% [13]. - Commercial refrigerators are a significant product type, accounting for 63.18% of sales in 2024, with supermarkets and convenience stores representing 50.05% of application sales [14]. - Major global manufacturers include Haier, Carrier Commercial Refrigeration, Epta SpA, Panasonic, and Zhejiang Xinxing, with the top five companies holding a market share of 32.85% in 2024 [17]. Group 4: Industry Opportunities - The rise of new business formats, such as chain milk tea shops and coffee shops, is increasing the demand for small ice machines and refrigeration cabinets [18]. - The rapid development of the restaurant industry, characterized by chain and brand trends, is driving the need for standardized and efficient refrigeration equipment [19]. - The integration of IoT and artificial intelligence technologies is expected to further enhance the intelligence level of equipment, enabling remote monitoring and energy management [20]. - Emerging markets in Southeast Asia and Africa are anticipated to become significant growth drivers, necessitating increased market expansion efforts by companies [21].

投资者关系活动记录表 编号：2025-002 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 ☑业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 □其他 | | 参与单位名称及 | 线上参与同星科技 年度网上业绩说明会的投资者 2024 | | 人员姓名 | | | 时间 | 年 月 日下午 2025 5 8 15:00-17:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采用网 | | | 络远程的方式召开业绩说明会 | | 上市公司接待人 | 董事长：张良灿 | | | 独立董事：吕滨 | | | 副总经理、董事会秘书：梁路芳 | | 员姓名 | 财务总监：王丽萍 | | | 保荐代表人：李秋实 | | | 1、面对新能源汽车技术迭代迅速、市场竞争白热化的背景下， | | | 公司如何平衡技术研发投入与成本控制，保障产能布局与人才队伍建 | | | 设适配市场需求变化？ | | | 答：您好！在市场竞争激烈的背景下，公司将继续加大研发投入， | | 投资者关系活动 ...