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 编号：【2025】第 082 号 | 投资者关 | √特定对象调研 | □分析师会议 | | --- | --- | --- | | | □媒体采访 | □业绩说明会 | | 系 | □新闻发布会 | □路演活动 | | 活动类别 | □现场参观 | □其他 | | 参与单位 | | | | 名称 | | 国寿安保基金肖佳琪、余舒嘉铭、季天华、中金严佳 | | 及人员姓 | | | | 名 | | | | 时间 | 2025 年 11 月 28 日 | | | 地点 | 腾讯会议 | | | 上市公司 | | | | 接 | 董事会秘书孙秀欣 | | | 待人员姓 | | | | 名 | | | 活动期间谈论的主要内容如下： 从营收角度看，前三季度低温制冷板块略有下滑，降幅逐季收敛； 特种空调和热管理板块同比增长。 三、讨论了公司产品在数据中心包括液冷系统的应用及产能情 况 公司旗下顿汉布什公司和冰轮换热技术公司为数据中心乃至液 冷系统提供一次侧冷源装备和热交换装置等冷却装备。 顿汉布什公司（DUNHAM-BUSH）跻身 ...

Group 1: Financial Performance - The company achieved a revenue of 1.72 billion CNY in Q3 2025, representing a year-on-year growth of 6.88% [3] - The net profit attributable to shareholders for Q3 2025 was 160 million CNY, up 13.54% year-on-year [3] - For the first three quarters, total revenue was 4.83 billion CNY, a decline of 2.45% compared to the previous year, with a net profit of 428 million CNY, down 9.68% [3] Group 2: Business Operations and Product Offerings - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers [3] - Products operate within a temperature range of -271°C to 200°C, including various types of compressors and cooling systems [3] - The low-temperature refrigeration segment saw a slight decline in revenue, while the special air conditioning and thermal management segments experienced growth [4] Group 3: Market Applications - The company's products are widely used in food processing, cold chain logistics, industrial refrigeration, and commercial air conditioning [4] - Specific applications include data centers, nuclear power plants, and various industrial cooling systems [4][6] - The company has established a strong presence in the data center market, providing cooling equipment and solutions [5][6] Group 4: International Presence and Collaborations - The company collaborates with local integrators in North America, Australia, Southeast Asia, and the Middle East, maintaining a high market demand [6] - Dunham-Bush, a subsidiary, has successfully served numerous data center projects across China and internationally [5][6] - The company is recognized for its innovative cooling technologies, including those for nuclear power applications, and has a significant number of domestic and international case studies [6]

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 编号：【2025】第 076 号 | 投资者关 | √特定对象调研 | □分析师会议 | | --- | --- | --- | | | □媒体采访 | □业绩说明会 | | 系 | □新闻发布会 | □路演活动 | | 活动类别 | □现场参观 | □其他 | | 参与单位 | | | | 名称 | 国盛证券彭元立 | | | 及人员姓 | | | | 名 | | | | 时间 | 2025 年 11 月 18 日 | | | 地点 | 公司会议室 | | | 上市公司 | | | | 接 | 董事会秘书孙秀欣 | | | 待人员姓 | | | | 名 | | | 活动期间谈论的主要内容如下： 一、讨论了已披露第三季度报告经营数据 公司第三季度实现营收 17.2 亿元，同比增长 6.88%，归母净利润 1.6 亿元，同比增长 13.54%。前三季实现营收 48.3 亿元，同比下滑 2.45%；归母净利润 4.28 亿元，同比下滑 9.68%。 二、讨论了业务情况和产业板块 公司旗下顿汉布什公司和冰轮换热技术公司为数据中 ...

Group 1: Financial Performance - In Q3 2025, the company achieved revenue of 1.72 billion CNY, a year-on-year increase of 6.88%, and a net profit attributable to shareholders of 160 million CNY, up 13.54% [3] - For the first three quarters, total revenue was 4.83 billion CNY, a decline of 2.45%, with net profit down 9.68% to 428 million CNY [3] Group 2: Business Operations and Product Offerings - The company focuses on advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers, operating in a temperature range of -271℃ to 200℃ [3] - Key products include screw compressors, centrifugal compressors, absorption chillers, piston compressors, and industrial heat pumps [3] Group 3: Market Applications - Products are widely used in various sectors such as food processing, cold chain logistics, industrial cooling systems, and commercial air conditioning [4] - The low-temperature refrigeration segment saw a slight decline, while special air conditioning and thermal management segments experienced growth [4] Group 4: Data Center Solutions - The company provides cooling equipment for data centers, including liquid cooling systems, through its subsidiaries [6] - Dunham-Bush has a strong presence in the HVAC market, with products recognized in the national green data center technology catalog [5] Group 5: Nuclear Power Applications - The company is involved in nuclear power projects, focusing on core scenarios like nuclear island cooling and heat recovery [7] - Recent projects include cooling systems for various nuclear power stations across China [7] Group 6: Thermal Management and Carbon Neutrality - The company is advancing its thermal management solutions in response to carbon neutrality policies, with a focus on industrial heat pumps and waste heat recovery technologies [8] - The company has been recognized for its innovative technologies and has a significant number of patents in this area [8]

Group 1: Financial Performance - In Q3 2025, the company achieved revenue of 1.72 billion CNY, a year-on-year increase of 6.88%, with a net profit of 160 million CNY, up 13.54% [3] - For the first three quarters, total revenue was 4.83 billion CNY, a decline of 2.45% year-on-year, and net profit was 428 million CNY, down 9.68% [3] Group 2: Business Operations and Product Offerings - The company focuses on advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers, operating in a temperature range of -271°C to 200°C [3] - Key products include screw compressors, centrifugal compressors, absorption chillers, piston compressors, and industrial heat pumps [3] Group 3: Market Applications - Products are widely used in various sectors such as food processing, cold chain logistics, industrial cooling systems, and commercial air conditioning [4] - The low-temperature refrigeration segment saw a slight decline, while the special air conditioning and thermal management segments experienced year-on-year growth [4] Group 4: Data Center Solutions - The company provides cooling equipment for data centers, including evaporative condensers and closed cooling towers, with significant projects completed in China [5][6] - The proportion of centrifugal chillers, especially magnetic levitation types, is increasing in the IDC chiller market [6] Group 5: Nuclear Power Industry - The company is actively involved in the nuclear power sector, focusing on core applications such as nuclear island cooling and heat recovery [7] - Recent projects include providing cooling solutions for multiple nuclear power stations across China [7] Group 6: Thermal Management and Carbon Neutrality - The company is developing a full range of industrial heat pumps to support thermal management, with a focus on energy efficiency and carbon reduction [8] - The company has been recognized for its innovative technologies in heat recovery and energy efficiency, aligning with national carbon neutrality goals [8]

Group 1: Financial Performance - The company achieved a revenue of 1.72 billion CNY in Q3 2025, representing a year-on-year growth of 6.88% [3] - The net profit attributable to shareholders for Q3 2025 was 160 million CNY, up 13.54% year-on-year [3] - For the first three quarters, the total revenue was 4.83 billion CNY, a decline of 2.45% compared to the previous year [3] - The net profit attributable to shareholders for the first three quarters was 428 million CNY, down 9.68% year-on-year [3] Group 2: Business Operations and Product Offerings - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers [3] - Products operate within a temperature range of -271°C to 200°C, including various types of compressors and cooling equipment [3] - The low-temperature refrigeration segment experienced a slight decline, while the special air conditioning and thermal management segments showed year-on-year growth [4] Group 3: Market Applications - The company's products are widely used in food processing, cold chain logistics, industrial refrigeration, and commercial air conditioning [4] - Applications extend to data centers, nuclear power plants, and various industrial cooling systems [4] - The company has successfully served numerous data center projects across China, including major banks and technology centers [5] Group 4: Innovations and Collaborations - Dunham-Bush, a subsidiary, has been recognized in the national green data center technology product directory for its energy-efficient cooling solutions [5][6] - The company is actively involved in the nuclear power sector, providing innovative cooling technologies and solutions for nuclear power plants [6] - Recent projects include collaborations with Tsinghua University on nuclear energy utilization technologies [6]

Investment Rating - The report maintains a "Buy" investment rating for the company [1][8] Core Insights - The company is positioned to benefit from the dual growth of liquid cooling and nuclear power, with significant growth potential under favorable policies [1][5] - The company reported a revenue of 1.717 billion yuan for Q3 2025, a year-on-year increase of 6.88%, and a net profit of 162 million yuan, up 13.54% year-on-year [3][4] Summary by Sections Business Performance - In Q3 2025, the company achieved a revenue of 1.717 billion yuan, representing a 6.88% increase year-on-year, and a net profit of 162 million yuan, which is a 13.54% increase year-on-year [3][4] Market Positioning - The company has established a strong brand recognition in the domestic high-end data center cooling equipment market, having served major projects such as the National Supercomputing Center in Guangzhou and China Mobile's data center in Guizhou [4] - The company is actively expanding into strategic emerging sectors, aligning with national "dual carbon" strategies and marine economic development plans [5] Technological Advancements - The company has developed innovative technologies for nuclear power cooling and energy utilization, including a series of cooling systems and heat recovery solutions [6][7] - The company’s subsidiary has over 20 years of experience in nuclear power services and has contributed to the drafting of national standards for refrigeration equipment [7] Financial Forecast - Revenue projections for 2025, 2026, and 2027 are 7.502 billion yuan, 8.503 billion yuan, and 9.740 billion yuan respectively, with corresponding EPS of 0.71 yuan, 0.84 yuan, and 1.03 yuan [8][10] - The current stock price corresponds to a PE ratio of 21.2, 18.1, and 14.7 for the years 2025, 2026, and 2027 respectively [8][10]

Financial Performance - In Q3 2025, the company achieved a revenue of 1.72 billion CNY, a year-on-year increase of 6.88%, and a net profit attributable to shareholders of 160 million CNY, up 13.54% [3] - For the first three quarters, total revenue was 4.83 billion CNY, a decline of 2.45% year-on-year, with a net profit of 428 million CNY, down 9.68% [3] Business Overview - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers, operating in a temperature range of -271°C to 200°C [3] - Key product categories include screw compressors, centrifugal compressors, absorption chillers, piston compressors, and industrial heat pumps [3] Market Applications - Products are widely used in various sectors such as food processing, cold chain logistics, industrial refrigeration, and special environments for aerospace and construction [4] - The low-temperature refrigeration segment saw a slight decline, while the special air conditioning and thermal management segments experienced growth [4] Data Center Solutions - The company provides cooling equipment for data centers, including liquid cooling systems, through its subsidiaries Dunham-Bush and Ice Wheel Heat Exchange Technology [4][5] - Dunham-Bush has a strong presence in the North American and Southeast Asian markets, with successful projects in major data centers [5][6] Nuclear Power Industry - The company is actively involved in the nuclear power sector, focusing on core applications such as nuclear island cooling and heat recovery [6] - It has developed innovative technologies for nuclear power plants and has a strong track record in providing cooling solutions for various nuclear facilities [6] Competitive Advantages - The company boasts advanced compression and heat exchange technologies, recognized with national awards, and has extensive experience in specialized project applications [6] - A highly efficient and innovative management team contributes to the company's competitive edge in the market [6]

Group 1: Financial Performance - In Q3 2025, the company achieved revenue of 1.72 billion CNY, a year-on-year increase of 6.88%, and a net profit attributable to shareholders of 160 million CNY, up 13.54% year-on-year [3] - For the first three quarters, total revenue was 4.83 billion CNY, a decline of 2.45% year-on-year, with a net profit of 428 million CNY, down 9.68% year-on-year [3] Group 2: Business Operations and Product Offerings - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers, operating in a temperature range of -271°C to 200°C [3] - Key products include screw compressors, centrifugal compressors, absorption chillers, piston compressors, and industrial heat pumps, among others [3] Group 3: Market Applications - Products are widely used in various sectors such as food processing, cold chain logistics, industrial refrigeration, and commercial air conditioning [4] - The low-temperature refrigeration segment experienced a slight decline, while the special air conditioning and thermal management segments saw year-on-year growth [4] Group 4: Data Center Solutions - The company’s subsidiaries provide cooling equipment for data centers, including evaporative condensers and heat exchange devices [4][6] - Notable projects include collaborations with major data centers in China, such as the National Supercomputing Center and various banks [5] Group 5: Nuclear Power Industry Engagement - The company is actively involved in the nuclear power sector, focusing on cooling and heat recovery technologies, with successful implementations in multiple nuclear power plants across China [6] - Recent innovations include a no-power air cooler for safety shells and participation in the development of small modular reactors [6]

Group 1: Financial Performance - The company achieved a revenue of 1.72 billion CNY in Q3 2025, representing a year-on-year growth of 6.88% [3] - The net profit attributable to shareholders for Q3 2025 was 160 million CNY, up 13.54% year-on-year [3] - For the first three quarters, the total revenue was 4.83 billion CNY, showing a decline of 2.45% compared to the previous year [3] - The net profit attributable to shareholders for the first three quarters was 428 million CNY, down 9.68% year-on-year [3] Group 2: Business Operations and Product Offerings - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers [3] - Products operate within a temperature range of -271°C to 200°C, including various types of compressors and cooling equipment [3] - The low-temperature refrigeration segment experienced a slight decline, while the special air conditioning and thermal management segments saw year-on-year growth [4] Group 3: Applications and Market Presence - The company's products are widely used in food processing, cold chain logistics, industrial cooling systems, and commercial air conditioning [4] - In the data center sector, the company provides cooling equipment and solutions, including liquid cooling systems [4][6] - Dunham-Bush, a subsidiary, has established a strong presence in the HVAC market, serving numerous data centers across China and internationally [5][6] Group 4: Nuclear Power Sector Engagement - The company is actively involved in the nuclear power sector, focusing on cooling and heating solutions for nuclear islands [6] - Recent projects include supplying cooling systems for various nuclear power stations in China [6] - The company has developed innovative technologies for nuclear energy utilization, including seawater desalination and long-distance heating [6]