金秋时节，豫东门户商丘，走进企业车间、项目现场，机器轰鸣、车辆穿梭、人员忙碌，处处洋溢着生 机与活力。 在民权县，河南阿斯贝拉制冷有限公司车间里，200多台工业机器人、机械臂精准高效地工作着。该公 司解决了当地制冷产业链长期缺"芯"的难题，进一步完善了制冷产业链和供应链。 在睢阳区，力量钻石科技创新中心暨产业园区车间，一排排六面顶压机正火力全开，这是目前世界最大 的培育钻石单体生产车间。睢阳区做强培育钻石，推动培育钻石向钻石设计等下游延伸，着力推进超硬 材料产业链向工业领域拓展。 在豫商经济技术开发区，神火新材料科技有限公司车间里，8微米双面光电池箔是国内实现量产的最薄 电池箔，这是延伸"煤电铝材"产业链条、推进产业结构调整升级的有效见证。 …… 坚持制造业立市，商丘市统筹推进传统产业提质发展、新兴产业加快培育、未来产业谋篇布局，持续发 展产业链群。 如今，商丘"一县一特色产业"格局基本形成。超硬材料产业入选国家先进制造业集群，5条产业链入选 全省最具竞争力产业链30强、总数居全省第1位。新质生产力稳步发展，2024年，规上工业高技术制造 业、战略性新兴产业增加值同比分别增长37.8%、16.6%，分别高于全 ...

Company Overview - Danfoss, founded in 1933, is one of Denmark's largest global industrial groups, employing approximately 40,000 people and operating 100 factories worldwide, serving customers in over 100 countries [2] - The company provides solutions in various fields including refrigeration, air conditioning, heating, power conversion, motor control, industrial machinery, automotive, shipping, and both on-road and off-road vehicles [2] - In China, Danfoss has nearly 5,000 employees and ranks second in various regional markets, with 12 production bases established over nearly 30 years, and four factories recognized as national "green factories" [2] - Danfoss aims to achieve carbon neutrality for all its Chinese factories by 2027 [2] Strategic Developments - With the advancement of China's "dual carbon" strategy, Danfoss has experienced unprecedented growth, becoming the second-largest regional sales market and the largest procurement market for the company globally [3] - The company is expanding its investments in China, including the establishment of two electrification production lines in Nanjing to support energy efficiency in new energy, high-end manufacturing, and green infrastructure [3] - In 2023, Danfoss opened a research and testing center for scroll compressors in Tianjin, enhancing its innovation and service capabilities in environmentally friendly refrigerants and energy-saving cooling technologies [3] - The second phase of Danfoss's Haiyan facility is set to commence operations in September 2024, becoming the largest production base globally, focusing on key products such as variable frequency drives, heat exchangers, and magnetic levitation compressors [3] Business Growth and Projects - Since the introduction of China's "dual carbon" goals, Danfoss's business in China has nearly doubled, collaborating with clients on numerous projects [4] - For instance, Danfoss provided high-efficiency solutions for the HVAC system of the T3B terminal at Chongqing Jiangbei International Airport, including 365 sets of specialized variable frequency drives and harmonic filters [4] - In the energy-efficient building sector, Danfoss contributed core direct current distribution solutions for the "green" zero-carbon building in Zhuhai, Guangdong, which is one of the first carbon-neutral pilot projects in the province [4] - The solutions provided by Danfoss support the construction of a 750V direct current grid, ensuring quick isolation and continuous power supply during faults, thus aiding in digital energy management and efficient photovoltaic utilization [4] Expert Commentary - Danfoss exemplifies how to transform the "dual carbon" goals into a new growth engine through green innovation, from factory carbon neutrality to win-win scenarios across the industrial chain [4]

Group 1 - The theme for this year's International Day for the Preservation of the Ozone Layer is "From Science to Global Action" [1] - China has eliminated approximately 628,000 tons of ozone-depleting substances, accounting for over half of the total elimination in developing countries [1] - By the end of this year, China is expected to achieve an additional elimination of over 90,000 tons [1] Group 2 - The year 2025 is a critical milestone for China's compliance efforts, with the implementation of the "National Plan for China's Implementation of the Montreal Protocol (2025-2030)" [1] - China will enforce a complete ban on the use of hydrochlorofluorocarbons in specific industries starting July 1 next year, three and a half years ahead of schedule [1] - The Ministry of Ecology and Environment will enhance monitoring and enforcement, including strict import and export approvals and quota management [1][2] Group 3 - The Ministry will innovate regulatory methods and improve governance efficiency by utilizing big data and artificial intelligence [2] - There will be a focus on guiding key industries such as chemicals and refrigeration towards green and low-carbon transformations [2] - The Ministry aims to support the development of alternative technologies and promote the use of natural refrigerants [2] Group 4 - China will deepen international cooperation and share results, emphasizing an open and inclusive approach [3] - The goal is to strengthen collaboration with parties and international organizations to enhance capacity building and promote innovative applications [3] - The aim is to contribute to a fair and cooperative global environmental governance system for ozone layer protection and climate change response [3]

Summary of the Asset Valuation Report Core Viewpoint The asset valuation report assesses the total equity value of Qingdao Haiyunlian Industrial Development Co., Ltd. in relation to the proposed equity acquisition by Qingdao Haier Carrier Refrigeration Equipment Co., Ltd. The valuation is based on the asset-based approach, with a determined market value of RMB 68,316,905.46 as of June 30, 2025. Group 1: Company Overview - Qingdao Haier Carrier Refrigeration Equipment Co., Ltd. is the acquirer, established on February 26, 2001, with a registered capital of USD 26.048 million [7]. - Qingdao Haiyunlian Industrial Development Co., Ltd. is the target company, established on November 27, 2017, with a registered capital of RMB 10 million [7][8]. - The target company is a wholly-owned subsidiary of Qingdao Haier Industrial Development Co., Ltd. and operates in the construction, leasing, and management of industrial properties [8]. Group 2: Financial Overview - As of June 30, 2025, the total assets of Qingdao Haiyunlian amounted to RMB 81,310,160.50, while total liabilities were RMB 67,185,067.00, resulting in total equity of RMB 14,125,093.50 [4][10]. - The financial performance for the years 2023 and 2024 shows total assets of RMB 90,050,500 and RMB 84,473,700 respectively, with total liabilities of RMB 45,284,700 and RMB 33,041,400 [8]. Group 3: Valuation Methodology - The valuation was conducted using the asset-based approach, which is suitable given the nature of the assets involved [14][16]. - The market value determined for the total equity of the target company is RMB 68,316,905.46, reflecting the fair market conditions as of the valuation date [4][10]. - The valuation report emphasizes that the assessed value does not guarantee realizable prices and should be interpreted within the context of the provided assumptions and limitations [2][6]. Group 4: Special Considerations - The report notes that the investment properties and land included in the assessment are currently leased, with specific rental agreements in place [5][6]. - The valuation does not account for potential impacts from the leasing arrangements on the assessed value, and users of the report are advised to consider these factors [5][6].

Group 1 - The core viewpoint of the articles highlights the steady growth and strong market position of the company in the industrial refrigeration equipment sector, despite a projected revenue decline in 2024 due to macroeconomic factors [1][2] - The company has shown consistent revenue growth in recent years, with a projected revenue of 6.635 billion yuan in 2024, reflecting an adjusted year-on-year decrease of 11.5% [1] - The company's net profit is expected to slightly decline to 628 million yuan in 2024, despite having improved gross profit levels since 2021 and effective cost control [1] Group 2 - The refrigeration and air conditioning equipment industry is anticipated to continue growing, with a low market concentration and numerous sub-sectors, indicating a long-term upward trend in China [1] - The liquid cooling market is expected to experience significant growth driven by increasing computing power demands, with projections indicating that the Chinese liquid cooling server market could reach 8.9 billion USD by 2027 [1] - The company is actively involved in the nuclear power sector, providing technological support and solutions, and has a strong track record in the data center liquid cooling industry, having served major projects like the National Supercomputing Center [2] Group 3 - Revenue forecasts for the company from 2025 to 2027 are projected to be 7.344 billion yuan, 8.179 billion yuan, and 9.155 billion yuan respectively, with net profits expected to be 679 million yuan, 797 million yuan, and 941 million yuan [2] - The company's current valuation is below the average of comparable companies, indicating potential for growth and benefits from the global data center liquid cooling construction [2]

Core Viewpoint - Qingdao Hiron Commercial Cold Chain Co., Ltd. reported a revenue increase of 12.86% year-on-year for the first half of 2025, reaching approximately 1.79 billion RMB, with net profit attributable to shareholders rising by 10.38% to about 220.87 million RMB [2][3][10]. Company Overview and Financial Indicators - The company specializes in commercial cold chain equipment, focusing on products such as commercial frozen display cabinets, commercial refrigerated display cabinets, and smart vending machines [5][7]. - Key financial metrics for the reporting period include: - Total revenue: 1,790,645,113.76 RMB, up 12.86% from 1,586,548,618.72 RMB [3][10]. - Total profit: 259,313,923.23 RMB, an increase of 9.88% from 235,987,572.19 RMB [3]. - Net profit attributable to shareholders: 220,872,745.32 RMB, up 10.38% from 200,109,539.37 RMB [3]. - Total assets: 5,748,958,171.14 RMB, a 2.93% increase from the previous year [3]. - Net assets: 4,162,192,184.08 RMB, a 0.72% increase from the previous year [3]. Industry and Business Analysis - The cold chain logistics equipment industry in China is expected to continue its growth due to urbanization and rising consumer demands for food safety and quality [5][10]. - The company's main products are widely used in various sectors, including beverages, dairy products, and frozen foods, with a significant focus on the cold drink and beverage industries [5][6]. - Seasonal demand patterns are observed, particularly in the cold drink sector, with peak sales typically occurring in the first half of the year and at year-end [5][6]. Competitive Advantages - The company has established long-term partnerships with leading enterprises in the industry, enhancing its market share and brand influence [7][11]. - A flexible production management system allows the company to meet diverse customer needs efficiently, supporting both large-scale and customized production [8][12]. - The company maintains a robust supply chain and has built a network of qualified suppliers, which supports its production capabilities and responsiveness to market demands [12]. Operational Highlights - The company has seen significant growth in its smart vending machine segment, driven by technological advancements and increased customer recognition [10][11]. - Research and development efforts are focused on energy efficiency, environmental protection, and product intelligence, with new models being introduced to meet customer needs [10][11]. - The company is expanding its overseas production capabilities, with plans for trial production in its new facility by the fourth quarter of 2025 [10].

Summary of Conference Call on 3D Printing Liquid Cooling Technology Industry Overview - The conference discusses the liquid cooling industry, particularly focusing on 3D printing technology's application in cooling systems for high-performance computing and AI workloads [1][2][3]. Key Points and Arguments - **Adoption of Liquid Cooling Solutions**: Starting in 2024, companies like NVIDIA are adopting the OCP ORV3 single-sided cold plate liquid cooling solution due to its industry support and large-scale delivery capabilities, marking a shift from traditional immersion cooling methods [1][2]. - **3D Printing Advantages**: 3D printing technology is suitable for manufacturing microchannels and complex geometries in liquid cooling systems, which traditional CNC machining struggles to achieve. This technology can significantly reduce thermal and flow resistance, enhancing cooling efficiency [1][5]. - **Performance Metrics**: A single board can achieve a water flow rate of 150 liters per minute while maintaining temperature control within 4 kilowatts [1][5]. - **High Technical Barriers**: The 3D printing liquid cooling plate technology has high barriers to entry, requiring advanced laser control, specific processing techniques, and dedicated manufacturing equipment. Companies that master these technologies will have a significant first-mover advantage [1][9]. - **China's Supply Chain Strengths**: China's supply chain in the cooling sector excels in materials, processes, and large-scale production capabilities. Successful companies often focus on specific segments and possess substantial production capacity [10]. - **Profitability and Cost Dynamics**: The profitability of liquid cooling companies is closely tied to their scale. The ability to achieve mass production with new processes and materials is crucial. In the AI computing sector, while the value of liquid cooling systems is relatively low, they are essential for enhancing the stability of core IP performance [13][22]. Additional Important Insights - **Emerging Technologies**: The year 2025 is anticipated to be a pivotal year for liquid cooling applications, with ongoing research into phase change cooling plates and hybrid cooling solutions [2][3]. - **Market Pricing**: The recognized price for liquid cooling materials in the AI sector is approximately $300 per kilowatt, with a typical liquid cooling plate valued at over $40,000 [22]. - **Competitive Landscape**: Companies like Zhuanshan Precision and Platinum are exploring 3D printing applications in cooling systems, although they face challenges in precision and technology advancement [6][7][23]. - **Integration and OEM Roles**: Integrators and OEM manufacturers play a crucial role in the supply chain by assembling various components into complete modules, which helps create barriers to entry for competitors [11]. - **Consumer Goods Influence**: The transfer of capabilities from the consumer goods sector to the server domain is seen as beneficial, leveraging scale and cost advantages to address technical challenges in high-heat environments [25][26]. This summary encapsulates the critical insights from the conference call, highlighting the evolving landscape of the liquid cooling industry and the pivotal role of 3D printing technology.

Group 1 - A new individual business named Pizhou Huazhiyao Cold Chain Equipment Operating Department has been established with a registered capital of 10,000 RMB [1] - The legal representative of the business is Li Zihang [1] - The business scope includes manufacturing and sales of refrigeration and air conditioning equipment, technical services, and various sales of hardware and machinery [1] Group 2 - The company is involved in a wide range of activities including general goods warehousing, electrical equipment repair and sales, and internet sales [1] - The business is permitted to operate without needing special approvals for most of its activities, except for certain regulated items [1]

Core Viewpoint - Jiangxi Liangxiang Cooling Equipment Co., Ltd. has been established with a registered capital of 2 million RMB, focusing on construction engineering and cooling equipment manufacturing and sales [1] Company Summary - The legal representative of Jiangxi Liangxiang Cooling Equipment Co., Ltd. is Peng Runming [1] - The company has a registered capital of 2 million RMB [1] - The business scope includes construction engineering, cooling and air conditioning equipment manufacturing, sales, and various technical services [1] Industry Summary - The company operates in the cooling and air conditioning equipment sector, which includes manufacturing, sales, and technical services related to these products [1] - The company is also involved in construction engineering, indicating a diversified approach within the industry [1]

国际化程度显著增强，将是今年展会的一大亮点。韩国、日本、马来西亚、巴基斯坦、等8国制冷 行业协会负责人将参加展会同期举办的第五届暖通空调国际贸易论坛，并组织境外采购团到场与参展企 业开展贸易合作与行业交流。 值得一提的是，展会还创新开设了二氧化碳制冷设备展示专区，展现创新产品在能效提升、系统稳 定性和成本控制等方面的重要突破。 制冷产业作为浙江省的传统优势产业，已形成了涵盖原材料供应、零部件制造、整机组装、销售服 务的完整产业链条。省国际商会相关负责人表示，作为展会主办方之一，省国际商会将充分发挥桥梁纽 带作用，为行业发展搭建交流合作平台，全方位推动展会迭代升级，助力企业高质量发展。展会期间， 还将邀请境外商协会、国际采购商代表到衢州实地考察，策划举办对接会、洽谈会等配套活动，持续放 大展会的溢出效应。 记者8月7日获悉，第5届国际空调通风制冷及冷链产业展览会将于10月23日至25日在杭州大会展中 心举行。 国际空调通风制冷及冷链产业展览会是具有影响力的全球品牌展会，已成功举办四届。 据介绍，今年展会展览面积预计达7万平方米，吸引国内外采购商达4万余人，均创历届新高。截至 目前，已有近600家企业报名参展，其 ...