石化机械分析师会议 调研日期：2025年08月26日 调研行业：专用设备 参与调研的机构：线上参与公司2025年半年度业绩说明会的全体 投资者等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START ...

编号：【2025】第 051 号 | | √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 | | 参与单位名称 及人员姓名 | Horizon China Master Fund | Martin Zhang、中金公司张杰敏 | | 时间 | 2025 年 8 月 25 日 | | | 地点 | 腾讯会议 | | | 上市公司接 待人员姓名 | 董事会秘书孙秀欣 | | 证券代码：000811 证券简称：冰轮环境 冰轮环境技术股份有限公司投资者关系活动记录表 | | 活动期间谈论的主要内容如下： | | --- | --- | | | 一、讨论了业务情况和产业板块 | | | 公司致力于在能源和动力领域提供先进的系统解决方案和 | | | 全生命周期服务，主要产品形式为压缩机和换热装置，实施温控、 | | | 增压等冷热能管理功能，覆盖-271℃-200℃温度区间。具体有螺 | | | 杆式压缩机、离心式压缩机、吸收式制冷机、活塞式压缩机、涡 ...

| | 活动期间谈论的主要内容如下： | | --- | --- | | | 一、讨论了业务情况和产业板块 | | | 公司致力于在能源和动力领域提供先进的系统解决方案和 | | | 全生命周期服务，主要产品形式为压缩机和换热装置，实施温控、 | | | 增压等冷热能管理功能，覆盖-271℃-200℃温度区间。具体有螺 | | | 杆式压缩机、离心式压缩机、吸收式制冷机、活塞式压缩机、涡 | | | 旋式压缩机、工业热泵、储能蓄能装置、真空冻干设备、速冻装 | | | 置、换热设备、船用制冷设备、多联机等。 | | | 公司打造了全系列磁悬浮压缩机产品矩阵,有着显著的技术 | | | 优势和市场表现。磁悬浮压缩机在北京冬奥村项目中表现出色， | | | 展现了产品的可靠性和高效性。参与《离心式制冷剂压缩机》和 | | | 《无油悬浮离心式冷水（热泵）机组》两项国家标准起草。 | | | 从客户行业维度看公司产品广泛应用于食品/农副产品冷冻 | | | 冷藏及深加工、冷链物流基地建设、食品/药品真空冻干、冰雪 | | | 运动场馆、加工预处理产线等商业制冷系统；能源/化工生产工 | | | 艺冷却、航天风洞/超 ...

Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 3.12 billion CNY, a year-on-year decline of 7% [5] - The net profit attributable to shareholders was 266 million CNY, down 20% year-on-year [5] - Revenue in the second quarter showed a year-on-year increase, with total revenue reaching 2.1 billion CNY [5] - The overseas business grew significantly by 30%, reaching 1.02 billion CNY [5] Group 2: Business Segments and Products - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with key products including compressors and heat exchangers [5] - The low-temperature refrigeration segment generated revenue of 1.73 billion CNY, accounting for 55% of total revenue, while the HVAC segment contributed 1.2 billion CNY, making up 39% [5] - The company has developed a full range of magnetic levitation compressor products, showcasing significant technological advantages [5] Group 3: Applications and Innovations - The company’s products are widely used in various sectors, including food processing, cold chain logistics, industrial cooling systems, and data centers [5] - The company’s subsidiary, Dunham-Bush, provides cooling equipment for data centers, with products recognized in the national green data center technology directory [6] - Recent innovations include a series of nuclear cooling technologies aimed at enhancing safety and efficiency in nuclear power plants [6] Group 4: Strategic Initiatives - The company is enhancing its overseas business by deploying skilled engineers and expanding its sales network [7] - A focus on industrial heat management aligns with national carbon reduction strategies, promoting clean and efficient energy systems [7]

Group 1 - The core point of the article highlights that Xue Ren Group's stock closed at 11.81 yuan on August 15, experiencing a slight decline of 0.02 yuan, or 0.17% [1] - The trading volume on that day was 1.065 million hands, with a total transaction amount of 1.261 billion yuan [1] - The stock saw a brief rebound during the day, with a price increase of over 2% within five minutes at 9:35 AM, reaching a peak of 12.08 yuan [1] Group 2 - Xue Ren Group operates in the general equipment manufacturing industry, focusing on the research and manufacturing of refrigeration equipment and compressors [1] - The company, based in Fujian, also engages in areas such as the Internet of Things and water conservancy construction [1] Group 3 - On August 15, the net outflow of main funds was 43.0627 million yuan, accounting for 0.56% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow reached 98.6169 million yuan, representing 1.28% of the circulating market value [1]

Group 1: Economic Development and Industry Transformation - The cooling industry is a leading sector in Minquan County, with the establishment of Henan Asbella Refrigeration Co., Ltd. addressing the shortage of key components in refrigeration products [3] - Liu Ning emphasized the importance of leveraging the "Minquan-Qingdao Port" sea-rail intermodal transport to expand the reach of locally produced goods [3] - The county aims to strengthen its industrial ecosystem and innovation environment while promoting low-carbon and energy-efficient products [3] Group 2: Shoe Industry Insights - Suixian is recognized as a major shoe manufacturing base in China, producing over 30% of the country's leisure and sports shoes [5] - Liu Ning praised local efforts to enhance the shoe industry by focusing on product quality and modernizing production techniques [5] - The integration of big data and IoT technologies is encouraged to advance smart manufacturing and elevate the industry to higher value chains [5] Group 3: Ecological Protection and Green Development - The province has made significant progress in ecological civilization construction, adhering to the principle that "lucid waters and lush mountains are invaluable assets" [6] - Liu Ning highlighted the need for continuous ecological protection and pollution prevention efforts, aligning with Xi Jinping's directives [6] - The focus is on developing green industries and accelerating the construction of modern water and transportation networks to promote sustainable development [6] Group 4: Strategic Planning and Community Engagement - Liu Ning called for the implementation of the "1+2+4+N" target task system to enhance local economic and social development [6] - Emphasis was placed on the importance of community engagement to gather public opinions and insights for high-quality planning [6] - The need for preparedness against drought and flood risks was also highlighted to ensure the safety of people's lives and property [6]

Group 1 - The core viewpoint of the news is that Taixing Rural Commercial Bank has successfully issued the first dual-linked loan of 5 million yuan in the city, which is tied to "carbon reduction" and "energy efficiency improvement," providing financial support for green development and achieving both social and economic benefits [1][2] - The loan interest rate is reduced by 28 basis points compared to conventional levels, which translates into a cost advantage for the borrowing company, a high-tech enterprise specializing in energy-saving products [1][2] - The borrowing company has a strong development momentum, with projected main business revenue exceeding 200 million yuan in 2024, and it has been recognized as a technology-based small and medium-sized enterprise and a high-tech enterprise [1] Group 2 - In recent years, Taixing Rural Commercial Bank has actively explored green financial service models in the context of the national "dual carbon" strategy, establishing a quantitative evaluation system for enterprises' energy consumption and carbon emissions [2] - The bank provides differentiated credit support based on the dual indicators of "carbon reduction" and "energy efficiency improvement," allowing enterprises with higher efficiency and more significant carbon reduction effects to receive better loan terms [2] - The bank plans to continue innovating green financial products and services, aiming to upgrade green finance from "single product supply" to "full ecological empowerment," thereby enhancing the local economy's high-quality development [2]

Market Overview - The three major indices opened mixed, with the Shanghai Composite Index down 0.30%, the Shenzhen Component Index up 0.05%, and the ChiNext Index up 0.65% [1] - CPO and PCB sectors showed strong performance, while military and non-ferrous metals sectors faced declines [1] Index Performance - Shanghai Composite Index: 3604.70, down 0.30%, with 496 gainers and 1485 losers, trading volume of 61.38 billion [2] - Shenzhen Component Index: 11208.46, up 0.05%, with 576 gainers and 1931 losers, trading volume of 81.28 billion [2] - ChiNext Index: 2382.97, up 0.65%, with 303 gainers and 924 losers, trading volume of 39.09 billion [2] External Market Influences - U.S. Federal Reserve Chairman Jerome Powell's remarks dampened interest rate cut expectations, leading to mixed performance in U.S. markets [3] - Dow Jones Index fell 0.38% to 44,461.28 points, S&P 500 Index fell 0.12% to 6,362.90 points, while Nasdaq Index rose 0.15% to 21,129.67 points [3] - Notable declines in popular Chinese concept stocks, with the Nasdaq Golden Dragon China Index down 1.82% [3] Industry Insights - Citic Securities predicts a recovery in the photovoltaic industry chain, driven by market normalization and potential supply-side reforms [4] - Huatai Securities identifies a new phase for AI, with significant growth in server and robotics industries, emphasizing application opportunities in various sectors [5] - Tianfeng Securities highlights potential in the chemical sub-industry, focusing on sectors like soda ash and coal chemicals for "anti-involution" strategies [6] - Zhongxin Jian Investment notes that process industrial equipment may benefit from equipment updates and coal chemical construction, with a focus on market resilience [7][8]

Industry Overview - The compressed air energy storage (CAES) industry chain consists of upstream equipment manufacturing, midstream engineering and system construction, and downstream system operation [1][2] - Upstream includes production of air compressors, expanders, turbines, and generators, while midstream focuses on energy storage systems and technical solutions [1][2] Key Companies - Major upstream companies include Shanghai Electric, Dongfang Electric, and Harbin Electric Group for air turbine and heat exchanger production; Shangu Group and Shengu Group for compressors [2] - Midstream construction firms like China Storage National Energy and the Institute of Engineering Thermophysics of the Chinese Academy of Sciences are recognized for their extensive experience and international project scale [2] Regional Distribution - As of May 2025, there are 448 companies and research institutions in China related to CAES, with the highest concentration in Beijing (75), followed by Jiangsu (53) and Zhejiang (30) [5] - The industry is primarily located in economically developed eastern coastal regions and energy-rich provinces, facilitating technology exchange and resource integration [8] Market Applications - CAES has seen commercial applications, notably the world's first non-combustion CAES power station in Jiangsu, operational since May 2022, which compresses air in salt caverns during low demand and releases it for power generation during peak demand [2]

Core Viewpoint - The article discusses the potential for AUX Electric to rebound in the air conditioning market through its IPO, despite facing significant challenges and competition from industry giants like Gree and Haier [1][15]. Group 1: Company Background and Market Position - AUX Electric, established in 1994, has historically been a significant player in the air conditioning industry, once ranking among the top three in China [6][7]. - The company has shifted its focus towards overseas ODM (Original Design Manufacturer) business, which now accounts for 40% of its revenue, but with lower profit margins compared to competitors [2][17]. - AUX's sales volume in 2024 is projected to rank fourth in China, behind Gree, Midea, and Haier, while it has become the fifth-largest air conditioning supplier globally with a market share of 7.1% [18]. Group 2: Financial Performance - AUX's revenue is expected to grow from 195.28 billion yuan in 2022 to 297.59 billion yuan in 2024, with net profit increasing from 14.42 billion yuan to 29.10 billion yuan during the same period [16]. - The company's domestic revenue is projected to rise from 111.42 billion yuan in 2022 to 150.79 billion yuan in 2024, while overseas revenue is expected to grow from 83.86 billion yuan to 146.81 billion yuan [17]. Group 3: Competitive Landscape - AUX has faced intense competition, particularly from Gree, which has accused AUX of false advertising and patent infringement, leading to significant legal challenges [11][13][14]. - The average selling price of AUX's air conditioning products is significantly lower than that of its competitors, contributing to its lower gross margins, which are projected to be around 21% compared to Gree's 32% and Haier's 28% [22][23][24]. Group 4: Research and Development - AUX's R&D expenditure is relatively low, accounting for only 2.0% to 2.4% of total revenue from 2022 to 2024, which is below the industry average of over 3% for the top three competitors [30][31]. - The company has recently begun to invest in its own compressor manufacturing capabilities, partnering with Panasonic to establish a production facility, but it still lags behind competitors in terms of technology and production capacity [36][38].