冰轮环境 20250822 摘要 冰轮环境上半年营收 31.2 亿元，同比增长超 30%，但净利润同比下降 20%至 2.66 亿元。低温制冷设备收入占比 55%，同比下降 15%；特 种空调收入占比 39%；工业热能管理收入占比 6%。 低温制冷板块中，食品冷链收入同比增长 4%至 10.1 亿元，能源化工装 备收入同比下降 33%至 7.2 亿元。低温制冷整体毛利率约 23%，食品 冷链略高于 20%，化工设备超过 30%。特种空调和工业热能管理毛利 率均为 31%。 暖通空调板块海外订单显著提升业绩，收入占比达 57%，贡献 6.8 亿元。 海外订单利润率较国内高 7-8 个百分点。国内暖通空调业务同比下降 10%。 为应对产能瓶颈，冰轮环境增加技术工人、租赁场地，并调整市场划分 策略，支持海外市场需求。预计年化暖通空调终端交付产值可接近 30 亿，但今年内难以完全达成。 目前公司在手订单同比增长，暖通空调订单增长 40%，IDC 相关业务表 现突出，上半年交付 5.6 亿，其中 4.8 亿来自海外。上半年 IDC 新签订 单 10 亿，预计下半年将继续签订大额合同。 Q&A 请简要介绍一下冰轮环境 2 ...

Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 75.51 million yuan, representing a year-on-year growth of 8.66% [5] - The net profit attributable to shareholders was 5.06 million yuan, with a year-on-year increase of 10.43% [5] Group 2: Industry Trends - The medical instruments and equipment manufacturing industry is experiencing steady growth, driven by continuous demand for low-temperature storage in life sciences and biopharmaceuticals [6] - The industry is shifting towards automation and intelligence, with government policies supporting domestic substitution and innovation in high-end medical devices [6] Group 3: Production Capacity and Investment Projects - The company operates four main production lines, including ultra-low temperature products and centrifuges, and has established additional production lines for various medical storage solutions [8] - Fundraising has been allocated to four projects: medical storage equipment, high-end medical devices, R&D center, and sales channel construction, with the sales channel project completed by the end of 2024 [8] Group 4: Strategic Business Planning - The company focuses on creating value for users and enhancing operational capabilities, with a strategy centered on deepening sample library ecosystems and expanding laboratory equipment offerings [9] - Continuous innovation and quality upgrades of existing products are prioritized, alongside the development of comprehensive solutions to facilitate technology transfer [9]

Industry Overview - The cold storage industry chain includes upstream equipment supply, midstream cold storage construction and operation, and downstream application fields such as food, pharmaceuticals, and chemicals [2] - The demand for cold chain logistics is continuously growing due to the rapid development of fresh e-commerce and pharmaceutical cold chains, providing a broad market space for low-temperature refrigeration equipment [4] Market Growth - In 2022, the sales revenue of China's low-temperature refrigeration equipment industry reached 657.58 billion yuan, with a compound annual growth rate of 4.0% from 2018 to 2022 [4] - By the end of 2023, China's total cold storage capacity is approximately 228 million cubic meters, representing a year-on-year growth of 8.6% [6] Regional Distribution - The East China, Central China, and North China regions have the largest cold storage capacities, with East China accounting for 39% of the total capacity [8] - The western regions have relatively less cold storage capacity, but cities like Chengdu and Chongqing have developed significant cold storage facilities [8] Cold Storage Classification - Cold storage is mainly classified into freezing warehouses (below -18°C), refrigerated warehouses (0-10°C), and constant temperature warehouses, with freezing warehouses making up 70% of the total [10] Competitive Landscape - The cold storage industry has a relatively low concentration, with the top 100 enterprises accounting for nearly 40% of the total capacity, indicating fierce competition among numerous companies [12] - Leading companies such as Shun'an Environment and Hanchong Precision occupy significant market positions with high revenue and profitability [12] Research Methodology - The research team utilized a combination of desktop research, quantitative surveys, and qualitative analysis to comprehensively analyze the cold storage industry's market capacity, industry chain, operational characteristics, profitability, and business models [14]