1 证券代码：002639 证券简称：雪人集团 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 | | ■ | 现场参观 □ 其他 | | 参与人员 | 华创证券有限责任公司；华泰证券股份有限公司；杭州润洲私募基金管 | | | 理有限公司； | | 时间 | 2025 年 12 月 15 日 | | 地点 | 公司会议室 | | 公司接待人员 | 总经理 陈玲 | | | 董事会秘书 王青龙 | | | 一、公司基本情况 | | | 公司成立于 2000 年，是一家以热能动力技术为核心，服务于冷链 | | | 物流、工业制冷、清洁能源和氢能动力等领域的先进装备制造企业。公 | | | 司产品和服务覆盖范围广，包括制冰设备、压缩机（组）、油气技术服 | | | 务和暖通空调等领域。2025 年前三季度公司实现营业收入 16.31 亿元， | | | 与上年同期相比增幅达 24.26%，呈现稳健增长态势。 | | 投资者关系活动 | 二、公 ...

1 | | 巴等头部企业，参与了之江实验室新型算力中心、中国联通浙江德清云 | | --- | --- | | | 数据中心、杭钢云计算数据中心等重点项目建设。 | | | 三、公司可控核聚变领域相关业务介绍 | | | 可控核聚变领域如超导托克马克（人造小太阳）等多项大科学工程 | | | 必须在液氦到超流氦温区环境下运行，氦气压缩机作为大型低温系统的 | | | 核心部件，是实现大科学装置低温环境的主要手段。国家重大科研装备 | | | 研制项目"液氦到超流氦温区大型低温制冷系统研制"所采用的是公司 | | | 生产的"兆瓦级"大型的氦气压缩机设备，该项目可获得-271℃温度下 | | | 百瓦级的制冷量。上述技术已取得国家科技成果评价，整体技术达到国 | | | 际领先水平，具有重要的社会效益和经济效益，市场应用前景广阔。公 | | | 司拥有多项氦气压缩机的相关专利。 | | | 四、氢能源领域业务介绍 | | | 公司在氢燃料电池领域的发展，源于对产业链核心技术的长期布 | | | 局。公司一方面是发展燃料电池电堆、动力系统及系统核心零部件制造 | | | 业务，另一方面是将现有压缩机技术、制冷技术 ...

证券代码：002639 证券简称：雪人集团 四、公司数据中心业务拓展情况及技术优势 公司已在压缩机制冷设备供应以及重点项目建设两方面介入数据 中心业务领域。一方面，公司凭借深厚的压缩机技术积累，构建了多元 化的产品线，涵盖了活塞式压缩机、开启式螺杆压缩机、半封闭螺杆压 缩机以及离心压缩机等。其中，新型离心压缩机经过多年研发，已开始 投放市场，可适用于高能效需求的数据中心。在海外数据中心拓展方面， 公司采用低充注的氨制冷技术替代传统氟利昂系统，具备高效节能、环 保优势，例如公司为 Facebook 丹麦数据中心提供第三代低充注的氨制 冷技术，兼顾环保与能效。另一方面，公司控股子公司杭州龙华承接数 据中心制冷工程集成项目，服务对象包括中国移动、中国联通、阿里巴 巴等头部企业，参与了之江实验室新型算力中心、中国联通浙江德清云 数据中心、杭钢云计算数据中心等重点项目建设。 1 研制项目"液氦到超流氦温区大型低温制冷系统研制"所采用的是公司 生产的"兆瓦级"大型的氦气压缩机设备，该项目可获得-271℃温度下 百瓦级的制冷量。上述技术已取得国家科技成果评价，整体技术达到国 际领先水平，具有重要的社会效益和经济效益，市场应 ...

Group 1: Company Overview - Fujian Snowman Group Co., Ltd. was established in 2000, focusing on advanced equipment manufacturing in fields such as cold chain logistics, industrial refrigeration, and clean energy [1] - In the first three quarters of 2025, the company achieved a revenue of CNY 1.631 billion, representing a year-on-year increase of 24.26% [1] Group 2: Controlled Nuclear Fusion Business - The company is involved in the controlled nuclear fusion sector, specifically in superconducting tokamak projects, which require helium compressors to operate in cryogenic environments [1] - The helium compressor equipment produced by the company is used in a national major scientific research project, achieving cooling capacity at -271°C [1] - The technology has received national scientific achievement evaluation, reaching international leading levels with significant social and economic benefits [1] Group 3: Magnetic Levitation Centrifugal Machine Business - The magnetic levitation centrifugal machine is becoming an ideal solution for cooling systems in AI data centers due to its low noise, high cooling capacity, and energy efficiency [2] - The newly launched SCM-FD series high-pressure magnetic levitation centrifugal compressor integrates advanced technologies and significantly outperforms traditional compressors [2] - The company plans to enhance market promotion of magnetic levitation centrifugal machines across various sectors in the coming years [2]

Group 1 - The core viewpoint of the news is that Xue Ren Group's stock has shown significant fluctuations, with a year-to-date increase of 59.42% and a recent trading volume indicating active market participation [1] - As of August 20, 2023, Xue Ren Group's main business revenue composition includes 50.48% from compressors, 25.18% from oil and gas technology services, 21.75% from ice-making equipment, and 2.59% from central air conditioning systems [2] - The company has been listed on the stock market since December 5, 2011, and has a total market capitalization of 84.37 billion yuan as of September 16, 2023 [1][2] Group 2 - Xue Ren Group's revenue for the first half of 2025 is reported at 960 million yuan, reflecting a year-on-year growth of 19.56%, while the net profit attributable to shareholders is 26.89 million yuan, up 18.50% [2] - The company has not distributed any dividends in the last three years, with a total payout of 74.42 million yuan since its A-share listing [3] - As of June 30, 2025, the second-largest shareholder is Hong Kong Central Clearing Limited, holding 14.37 million shares, an increase of 7.31 million shares from the previous period [3]

Summary of Pentair (NYSE: PNR) FY Conference Call - September 11, 2025 Company Overview - Pentair is a pure-play water company focused on moving, improving, and enjoying water through three segments: flow, water solutions, and pool business [2][6] - The company has been on a transformation journey, successfully expanding return on sales and anticipating top-line growth as it approaches 2026 [2][4] Segment Performance Pool Business - Generated $1.5 billion in revenue, with 75% from the five Sunbelt states [4] - Revenue breakdown: 20% from new pool builds, 20% from remodels, and 60% from break/fix services [4][8] - Experienced five consecutive quarters of growth, but facing a decline in new pool builds due to rising interest rates, with only 57,000 new builds expected this year compared to 80,000 pre-COVID [7][8] Water Solutions Business - Comprises one-third residential (water softeners, filtration) and two-thirds commercial (filtration and ice equipment) [5] Flow Business - A $1.6 billion business, with growth driven by commercial and infrastructure sectors, particularly in fire suppression and water supply pumps [27] - Expected mid-single-digit growth, with potential expansion into data center cooling technologies [27][28] Financial Performance and Transformation - The company has driven $190 million in savings over the last two years through a transformation program focused on sourcing, operational efficiency, and cost reduction [9][10] - Targeting a return on sales (ROS) of 26% by next year, up from 17% in 2020 [23] - The 80/20 initiative aims to focus on top customers and products, resulting in a loss of 2-3% of revenue but enabling better service and growth opportunities [11][12] Pricing Strategy and Tariff Impact - The company has successfully offset tariff impacts through price increases, initially estimating a $140 million impact, later revised to $75 million [16][17] - Pricing strategy has shifted from cost-plus to value-based, allowing for more strategic price increases [39][40] Capital Allocation and M&A Strategy - Focused on debt reduction, increasing dividends (49 consecutive years), and share repurchases [32][34] - Actively looking for bolt-on acquisitions, particularly in the pool and commercial water spaces [34][37] - Emphasis on high-quality companies with strong growth profiles and return on sales [36][47] Market Outlook and Consumer Sentiment - Anticipates a recovery in residential construction as interest rates stabilize, with a lag of 6-9 months for consumer reinvestment in home improvements [50] - The company is positioned for growth as it has transformed during low revenue years, expecting to benefit from improved consumer confidence and reduced uncertainty [55] Key Takeaways - Pentair is well-positioned for growth with a focus on transformation, operational efficiency, and strategic pricing - The company is navigating challenges in the pool business due to interest rates but sees potential for recovery - Continued emphasis on M&A and capital allocation strategies to drive long-term growth and shareholder value

Group 1: Financial Performance - In 2024, the company achieved operating revenue of 2.285 billion yuan, a year-on-year increase of 12.41% [1] - The overseas business generated revenue of 345 million yuan, growing by 33.27%, significantly outpacing the overall company growth [1] - The net profit attributable to shareholders reached 35.99 million yuan in 2024, a year-on-year increase of 334.31% [2] - The net profit excluding non-recurring gains and losses was 25.18 million yuan, up 157.07% year-on-year [2] - In Q1 2025, operating revenue was 402.14 million yuan, reflecting a year-on-year growth of 17.37% [2] Group 2: Profitability and Efficiency - The overall gross margin for 2024 was 23.86%, an increase of 2.71% from the previous year [1] - The gross margin for the core refrigeration equipment manufacturing segment rose to 29.70%, a year-on-year increase of 4.95% [2] - The company has made substantial progress in lean management, supply chain optimization, and cost control, contributing to improved profitability [2] Group 3: Business Development and Strategy - The company is transitioning from an equipment supplier to a system solution provider, enhancing its product application in niche markets [3] - A technical research institute network has been established in major cities to attract talent and develop a "compressor+" technology ecosystem [3] - The company is focusing on high-performance magnetic levitation centrifugal machines to meet the cooling demands of AI data centers, with plans for increased market promotion [4] Group 4: Innovation and Market Applications - The helium compressor is a key component for large-scale low-temperature systems in controlled nuclear fusion projects, achieving international leading technology levels [5] - The company has multiple patents related to helium compressors, indicating strong innovation capabilities and market potential [5]