Core Viewpoint - The company is actively involved in military-civilian integration projects, providing cooling system solutions for high-altitude low-temperature environments and various natural conditions required for aircraft [1] Group 1: Military Applications - The company participates in the construction of large wind tunnels and climate environment testing facilities, contributing to the simulation of high-altitude low-temperature environments [1] - The company has undertaken the icing wind tunnel and CTW wind tunnel projects, filling a gap in domestic large wind tunnel and climate environment testing capabilities [1] - These projects address critical challenges in national defense and military applications, enhancing the company's role in supporting the defense industry [1] Group 2: Data Center Liquid Cooling - The company possesses technical reserves in the area of liquid cooling for data centers, indicating potential for future developments in this sector [1]

Group 1: Financial Performance - The company achieved a revenue of 1.72 billion CNY in Q3 2025, representing a year-on-year growth of 6.88% [3] - The net profit attributable to shareholders for Q3 2025 was 160 million CNY, up 13.54% year-on-year [3] - For the first three quarters, total revenue was 4.83 billion CNY, a decline of 2.45% compared to the previous year, with a net profit of 428 million CNY, down 9.68% [3] Group 2: Business Operations and Product Offerings - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers [3] - Products operate within a temperature range of -271°C to 200°C, including various types of compressors and cooling systems [3] - The low-temperature refrigeration segment saw a slight decline in revenue, while the special air conditioning and thermal management segments experienced growth [4] Group 3: Market Applications - The company's products are widely used in food processing, cold chain logistics, industrial refrigeration, and commercial air conditioning [4] - Specific applications include data centers, nuclear power plants, and various industrial cooling systems [4][6] - The company has established a strong presence in the data center market, providing cooling equipment and solutions [5][6] Group 4: International Presence and Collaborations - The company collaborates with local integrators in North America, Australia, Southeast Asia, and the Middle East, maintaining a high market demand [6] - Dunham-Bush, a subsidiary, has successfully served numerous data center projects across China and internationally [5][6] - The company is recognized for its innovative cooling technologies, including those for nuclear power applications, and has a significant number of domestic and international case studies [6]

Core Viewpoint - The company, Dalian Energy (600481.SH), confirmed that its liquid cooling products are primarily used in data centers and new energy storage projects, rather than for cooling in automotive charging stations [2] Group 1 - The company received an inquiry from investors regarding the application of its liquid cooling products in automotive charging stations [2] - The company clarified that its liquid cooling products are currently focused on data center applications [2] - The company also mentioned that its products are utilized in new energy storage projects [2]

（文章来源：证券日报） 证券日报网讯 11月14日晚间，海容冷链发布公告称，公司完成了2025年限制性股票激励计划的授予登 记工作。限制性股票登记日：2025年11月13日；限制性股票登记数量：405.4216万股。 ...

Group 1: Company Performance - In the first nine months of 2025, the company's net profit attributable to shareholders decreased by 4.53% year-on-year, while the net profit after deducting non-recurring gains and losses increased by 11.45% [3] - The company has successfully improved its existing business and developed its acquisition business qualitatively [3] Group 2: Core Business Strategies - The company focuses on the cold and heat business, delving into niche markets [3] - The petrochemical sector is a key area showcasing the company's core cold and heat technologies, serving high-end clients like BASF and Dow Chemical [3] Group 3: Market Leadership and Innovations - The company is a leader in ship refrigeration, holding a significant market share in new large frozen fishing vessels [3] - It has developed the world's first ship-based CO2 transcritical refrigeration system, enhancing vessel carbon reduction capabilities [3] Group 4: Recent Projects and Future Opportunities - The company has undertaken several notable ice and snow engineering projects, including indoor ski resorts and ice rinks [3] - It is actively involved in upgrading facilities for the 2025 Harbin Winter Universiade and is looking to capitalize on opportunities from the upcoming 2028 National Winter Games [4] Group 5: Product Development and Market Expansion - The company’s subsidiary, Songyang Compressor, has shifted its focus to large commercial and specialized air conditioning sectors, achieving steady growth in market share [4] - In 2024, the company achieved approximately CNY 350 million in export revenue from its screw compressors, primarily to Europe and South America [4] Group 6: Future Outlook - The company aims for rapid growth and scale, laying a solid foundation for long-term sustainability [4] - It is committed to steadily enhancing its market value while continuing its business growth [4]

Core Viewpoint - The company, Ice Wheel Environment (000811), has established strategic partnerships with local data center construction companies in North America to supply products such as chillers, heat exchangers, and coolers [1] Group 1 - The company has been consistently collaborating with North American data center builders according to local business practices [1] - The products provided by the company include chillers, heat exchangers, and coolers [1]

Financial Performance - In Q3 2025, the company achieved a revenue of CNY 1.72 billion, a year-on-year increase of 6.88%, and a net profit attributable to shareholders of CNY 160 million, up 13.54% [3] - For the first three quarters, total revenue was CNY 4.83 billion, a decline of 2.45% year-on-year, with a net profit of CNY 428 million, down 9.68% [3] Business Overview - The company focuses on providing 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°C to 200°C [3] - Key product categories include screw compressors, centrifugal compressors, absorption chillers, piston compressors, and industrial heat pumps [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 experienced a slight decline, while the special air conditioning and thermal management segments saw year-on-year growth [4] Data Center Solutions - The company’s subsidiaries provide cooling equipment for data centers, including evaporative condensers and closed cooling towers, with a focus on liquid cooling systems [6] - Notable projects include collaborations with major data centers across China and partnerships with local integrators in North America, Australia, and Southeast Asia [6] Nuclear Power Industry - The company is actively involved in the nuclear power sector, focusing on core applications such as nuclear island cooling and heat recovery [7] - Recent projects include providing solutions for multiple nuclear power stations in China, enhancing safety and efficiency in energy utilization [7] Competitive Advantages - The company boasts a strong foundation in compression and heat exchange technologies, recognized with national awards for technological advancement [7] - A well-established team with extensive experience in specialized project applications contributes to the company’s competitive edge [7] Energy Management Initiatives - The company is committed to carbon neutrality, offering a full range of industrial heat pump services and focusing on energy recovery technologies [8] - Recent government policies are expected to drive demand for waste heat recovery and energy-saving technologies, positioning the company favorably in the market [8]

Group 1: Financial Performance - In Q3 2025, the company achieved revenue of 1.72 billion CNY, a year-on-year increase of 6.88%, with a net profit 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% year-on-year, and net profit was 428 million CNY, down 9.68% [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°C to 200°C [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 the special air conditioning and thermal management segments experienced year-on-year growth [4] Group 4: Data Center Solutions - The company provides cooling equipment for data centers, including evaporative condensers and closed cooling towers, with significant projects completed in China [5][6] - The proportion of centrifugal chillers, especially magnetic levitation types, is increasing in the IDC chiller market [6] Group 5: Nuclear Power Industry - The company is actively involved in the nuclear power sector, focusing on core applications such as nuclear island cooling and heat recovery [7] - Recent projects include providing cooling solutions for multiple nuclear power stations across China [7] Group 6: Thermal Management and Carbon Neutrality - The company is developing a full range of industrial heat pumps to support thermal management, with a focus on energy efficiency and carbon reduction [8] - The company has been recognized for its innovative technologies in heat recovery and energy efficiency, aligning with national carbon neutrality goals [8]

Summary of Key Points from Conference Call Industry Overview - The conference call discusses the global gas turbine market, driven by energy transition in the Middle East and increasing power demand from data centers. [1][2] Core Insights and Arguments - **Gas Turbine Demand Surge**: Global gas turbine demand is expected to increase by 38% in 2024, reaching 56 GW, with future annual demand projected to rise to 60-70 GW. [1][4] - **Middle East Energy Transition**: Saudi Arabia aims for 50% of its power to come from natural gas by 2030, with significant gas turbine orders expected from June 2024 to June 2025, totaling around 20 GW. [1][5] - **Market Leaders**: Major players in the gas turbine market include Mitsubishi Heavy Industries, Siemens, and GE, which together hold nearly 80% market share. [6] - **Supply Chain Challenges**: Manufacturers are facing supply-demand mismatches, with production schedules extending to 2027-2028 and delivery timelines pushed to around 2029. [6] - **Expansion Plans**: Companies like GE and Mitsubishi are announcing expansion plans to meet rising demand, with GE planning to increase production capacity from 55 to 90 units by 2028. [6][7] - **Opportunities for Chinese Companies**: Global leaders are seeking partnerships with Chinese firms to stabilize supply chains, presenting significant opportunities for Chinese companies with quality components. [8] Additional Important Insights - **Data Center Power Load**: North American data center power load is expected to reach 78 GW by 2035, driven by manufacturing return and AI data center demands. [10] - **Energy Storage Growth**: North America is experiencing rapid growth in energy storage, with installed capacity projected to reach 70 GWh by 2025. [11] - **Cooling Equipment Demand**: The demand for cooling equipment, particularly mechanical cooling systems, is expected to grow significantly, with market demand projected to reach approximately 100 billion RMB by 2025. [3][19] - **Investment Recommendations**: Companies such as Yangguang Power and Canadian Solar are recommended for their roles in large-scale integration related to energy storage and solar solutions. [12] Conclusion - The gas turbine market is poised for significant growth driven by energy transitions and data center demands, with key players expanding production and seeking new partnerships, particularly with Chinese firms. The increasing power load from data centers and the need for efficient cooling solutions present additional investment opportunities in the sector. [1][10][19]

登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 根据相关规定，公司将在中国证券登记结算有限责任公司上海分公司办理本激励计划限制性股票后续授 予登记工作，并及时履行信息披露义务。 特此公告。 青岛海容商用冷链股份有限公司 董事会 本公司董事会及全体董事保证本公告内容不存在虚假记载、误导性陈述或者重大遗漏，并对其内容的真 实性、准确性和完整性承担个别及连带责任。 鉴于《青岛海容商用冷链股份有限公司2025年限制性股票激励计划（草案）》（以下简称"《激励计 划》"或"本激励计划"）规定的限制性股票授予条件已经成就，根据青岛海容商用冷链股份有限公司 （以下简称"公司"或"海容冷链"）2025年第二次临时股东会的授权，公司于2025年10月9日召开第五届 董事会薪酬与考核委员会第三次会议、第五届董事会第五次会议，审议通过了《关于向2025年限制性股 票激励计划激励对象授予限制性股票的议案》，确定2025年10月9日为授予日，向符合条件的149名激励 对象授予405.4216万股限制性股票，授予价格为7.37元/股，具体内容详见公司于2025年10月10日于上海 证券交易所官网（www.sse.com.cn）披露的 ...