Summary of AIDC Refrigeration Compressor Industry Analysis Industry Overview - The demand for liquid cooling in data centers is surging due to increased power per cabinet (e.g., GB300 reaching over 140 kW), rising power density in computing architectures, and energy efficiency requirements (PUE values) [1][12] - The global data center market is projected to reach $510-690 billion by 2030, with one-side cooling system demand estimated at $41.4 billion, of which intelligent and efficient cooling systems will account for approximately 37%, or $15.3 billion [1][13] Key Points on Refrigeration Compressors - The core component of data center chillers is the compressor, which accounts for 30%-40% of the total cost and determines overall performance [1][3][5] - Compressors are categorized into three types: - Scroll compressors (small-scale) - Screw compressors (medium-scale) - Centrifugal magnetic levitation compressors (large-scale) [1][5] - Current usage in IDC data centers shows 70% centrifugal compressors in China and 70% screw compressors overseas, with a future increase in centrifugal applications expected [1][8] Market Dynamics - The global market for magnetic levitation centrifugal compressors is highly concentrated, with Danfoss holding a 70% market share. The screw compressor market is dominated by manufacturers like Daikin and Carrier, with Hanbell being a leading third-party supplier [2][11] - Short-term supply-demand tension exists, with Danfoss's AIDC business growing by 300% year-on-year, leading to extended delivery times and rising prices [2][17] - Hanbell has developed a full range of magnetic levitation centrifugal compressor products, achieving national energy efficiency standards and is positioned to capture significant market share during supply shortages [2][21] Financial Performance and Projections - Hanbell's revenue has grown at a compound annual growth rate (CAGR) of 17% over the past decade, with net profit growing at 21% CAGR. Expected net profit for 2025 is approximately 620 million RMB, potentially reaching over 1 billion RMB in subsequent years [2][24][26] - The company maintains healthy cash flow, tracking performance through monthly shipment volumes, and is expected to benefit from recovering demand in the photovoltaic sector and other industries [2][25] Technological Advancements - Magnetic levitation centrifugal compressors are anticipated to become the mainstream technology for one-side cooling in data centers due to their superior cooling capacity and energy efficiency [1][9] - The market for magnetic levitation centrifugal compressors is expected to reach 100 billion RMB by 2030, with demand potentially expanding 4 to 5 times in the next five years [1][14] Competitive Landscape - Major suppliers in the market include international companies like Vertiv, Carrier, and York, alongside domestic firms such as Midea and Gree. However, few manufacturers can produce core components like magnetic levitation centrifugal compressors [2][10][16] - Hanbell's global production capacity is strategically located in Shanghai, Taiwan, and Vietnam, with an Indian factory under construction to meet growing demand [2][23] Conclusion - The data center cooling market is evolving rapidly, driven by technological advancements and increasing energy efficiency demands. Companies like Hanbell are well-positioned to capitalize on these trends, although they must navigate challenges such as raw material price fluctuations and the pace of IDC construction [2][27]

Group 1 - The newly released IEC international standard for "Distributed Photovoltaic Power Generation Access to Low Voltage DC Systems and Use Cases" is the first international standard in the photovoltaic DC field, laying the foundation for distributed photovoltaic development and new distribution system construction [1][2] - China has been actively participating in the formulation of international standards, contributing to a more complete industrial ecosystem and enhancing competitiveness in the global industrial chain [1][2] - The standard focuses on typical scenarios and key technologies for low voltage DC systems, summarizing global engineering cases and defining technical requirements for system control, fault response, and stable operation [1] Group 2 - The international standard was developed over four years by a working group led by Shanghai Jiao Tong University and Huaneng Jiangsu Comprehensive Energy Service Co., involving experts from 14 countries including Germany and the United States [2] - China is the world's largest photovoltaic manufacturing and installation country, with leading technology levels and industry scale, actively contributing to international standard formulation [2] - A new IEC international standard proposal focusing on carbon footprint accounting for photovoltaic products has been officially established, marking the first international standard in the photovoltaic field to address carbon footprint [2] Group 3 - Two international standards for refrigeration compressors, led by Gree Electric Appliances, were successfully established and published, marking the first new standards in the ISO refrigeration compressor field in 20 years [3] - Companies are increasingly focusing on participating in international standard formulation, with Shenzhen Jinxinno High-tech Co., Ltd. having led or participated in the revision of 25 IEC standards as of December 31, 2024 [3] - Gree Electric has nearly 1,000 standard technical experts and has led or participated in the formulation of over 900 domestic and international standards [3] Group 4 - The transition from being a "standard follower" to a "standard maker" requires long-term efforts, including enhancing committee construction, accelerating the transformation of technological innovations into standards, and encouraging enterprises to participate in international standard formulation [4]

Group 1 - The article highlights the contrasting strategies of the US and China, with the US focusing on tariffs while China is actively rewriting global business rules through standardization [1][19] - China has recently taken the lead in global rule-making, as evidenced by the International Organization for Standardization (ISO) releasing two new compliance management standards led by Chinese experts [3][12] - Historically, China was a follower in international standardization, but has now established itself as a leader, as seen in the development of the first international standard for refractory materials [5][9] Group 2 - The new ISO standards represent a shift from fragmented compliance management to a systematic approach, addressing how to check for violations and how to cultivate compliance talent [12][18] - The effectiveness evaluation guideline establishes a quantifiable assessment system for companies to self-diagnose their compliance status, enhancing dynamic management systems [14][18] - The capability management guideline emphasizes the importance of compliance talent, requiring companies to develop a skills model that includes legal knowledge and risk identification [16][18] Group 3 - The impact of these standards is significant for small and medium-sized enterprises, providing actionable compliance pathways and lowering internationalization barriers [18] - China's strategy contrasts with the US's tariff policies, which have led to increased costs for American companies, while China's standardization efforts promote long-term collaborative governance [19][23] - China's approach to standardization is characterized by a deep integration of standards with industry, as seen in the strict 3C certification for mobile power supplies, which has helped Chinese companies capture a significant market share [21][23] Group 4 - The article emphasizes China's unique institutional advantages in standardization, involving collaboration between government, enterprises, and academic institutions to drive innovation [25] - As global governance evolves, China is positioning itself to reshape international order through its compliance management standards, promoting cooperation rather than division [27]