Group 1: Company Overview and Product Offerings - 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, covering a temperature range of -271°C to 200°C [2]. - The company has developed a full range of magnetic levitation compressor products, showcasing significant technological advantages and market performance, particularly in the Beijing Winter Olympic Village project [2]. - The company participates in drafting national standards for centrifugal refrigerant compressors and oil-free suspended centrifugal chillers [2]. Group 2: Applications in Data Centers - The company’s subsidiaries provide cooling equipment for data centers, including variable frequency centrifugal chillers and integrated natural cooling screw chillers, which are listed in the Ministry of Industry and Information Technology's directory of advanced applicable technologies [2]. - Successful projects include major data centers for national supercomputing and various banks, with a strong presence in North America, Australia, Southeast Asia, and the Middle East [2]. - Upcoming product launches include upgraded IDC-specific magnetic levitation and gas suspension series products, enhancing competitiveness [2]. Group 3: Nuclear Power Industry Solutions - The company focuses on core scenarios in nuclear power, developing technologies for nuclear island cooling and heat recovery, supporting the safe and efficient use of clean energy [3]. - It has supplied products to numerous nuclear power stations across China, including major projects like Hongyanhe and Ningde [3]. - The company is recognized for its contributions to the development of cooling systems for nuclear power plants, with extensive domestic and international case studies [3]. Group 4: Industrial Heat Management - The company is a pioneer in industrial heat pump technology, offering comprehensive solutions for energy recovery and utilization in line with national carbon reduction strategies [4]. - Key subsidiary Beijing Huayuan Taimao has been recognized as a national-level specialized "little giant" enterprise, holding numerous patents and awards for its innovative technologies [4]. - The company’s technologies have been included in national energy-saving technology directories and have received multiple awards for their contributions to energy efficiency [4]. Group 5: Marine Economy and Product Layout - The company is committed to high-quality development in the marine economy, focusing on providing smart solutions for deep-sea fishing and seafood processing [5]. - Its marine refrigeration systems are widely used in large fishing vessels and processing ships, with a strong emphasis on low-carbon and intelligent development [5]. - Recent achievements include recognition for key technologies in marine green energy systems, contributing to the integration of low-carbon energy solutions [5].

Group 1: Company Overview 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, covering a temperature range of -271°C to 200°C [2]. - The company has developed a full range of magnetic levitation compressor products, showcasing significant technological advantages and market performance, particularly in the Beijing Winter Olympic Village project [2]. - The company is involved in drafting national standards for centrifugal refrigerant compressors and oil-free suspended centrifugal chillers [2]. Group 2: Applications in Various Industries - The company’s products are utilized in various sectors, including food freezing and refrigeration, chemical production, rail transportation, and data centers [2]. - The company’s subsidiary, Dunham-Bush, provides cooling equipment for data centers, with products recognized in the Ministry of Industry and Information Technology's directory of advanced applicable technologies [2]. - The company has successfully served numerous data center projects domestically and internationally, including partnerships in North America, Australia, Southeast Asia, and the Middle East [2]. Group 3: Nuclear Power Sector - The company has developed innovative technologies for nuclear power applications, focusing on core scenarios such as nuclear island cooling and heat recovery [3]. - The company has supplied products to several nuclear power stations in China, enhancing safety and efficiency in nuclear energy utilization [3]. - Dunham-Bush is recognized as a leading service provider in the nuclear island refrigeration market, with over 20 years of experience [3]. Group 4: Industrial Heat Management - The company is a pioneer in industrial heat pump technology, promoting a comprehensive solution for industrial heat control [4]. - The subsidiary, Beijing Huayuan Taime Energy Saving Equipment Co., Ltd., has been recognized as a national-level specialized "little giant" enterprise, holding numerous patents and awards [4]. - The company’s technologies have been included in national energy-saving technology directories and have received various national awards for innovation [4]. Group 5: Marine Economy and Low-Carbon Solutions - The company is committed to high-quality development in the marine economy, providing comprehensive smart solutions for the fishing and seafood processing industries [5]. - The company has developed low-carbon energy systems for marine applications, including LNG cold energy recovery and intelligent energy management systems [5]. - The company’s marine refrigeration systems are widely used in large fishing vessels and processing ships, aligning with national low-carbon development goals [5].

Group 1 - The company Ice Wheel Environment focuses on providing advanced system solutions and full lifecycle services in the energy and power sectors, with main products including compressors and heat exchangers that manage thermal energy across a temperature range of -271°C to 200°C [1] - The company has developed a complete series of magnetic levitation compressor products, showcasing significant technological advantages and market performance [1] - In 2016, the company successfully developed a helium compressor for ultra-low temperatures, filling a domestic gap and supplying the Chinese Academy of Sciences for a large-scale low-temperature refrigeration system [1] - The company provides cooling equipment for data centers, serving multiple domestic and international projects [1] - Recent signals from the national nuclear power construction indicate a speeding up of projects, with the company focusing on core scenarios such as nuclear island cooling and heat recovery [1] - The company has innovated technologies for nuclear island cooling, including non-powered air coolers and large temperature difference heating supply [1] - Under the national dual carbon strategy, the company aims to build a clean, low-carbon, safe, and efficient energy system, addressing core issues of industrial transformation [1] - As a pioneer in the industrial heat pump sector, the company promotes the concept of "green empowerment and ecological innovation leading the future," integrating cutting-edge products and technologies in industrial thermal management [1] - The company has launched an "industrial comprehensive thermal control solution" to upgrade its offerings [1]

Group 1: Company Overview and Business Segments - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers, covering a temperature range of -271°C to 200°C [2] - The product matrix includes various types of compressors and heat management systems, showcasing significant technical advantages and market performance, particularly in the Beijing Winter Olympic Village project [2] - Key industries served include food freezing and refrigeration, chemical production, commercial air conditioning, and industrial special air conditioning [2] Group 2: Innovations in Nuclear Fusion and Low-Temperature Applications - The company developed a helium compressor for superconducting magnets used in nuclear fusion, filling a domestic gap and supplying to major national research projects [2] - The helium compressor is part of a large low-temperature refrigeration system capable of achieving near absolute zero temperatures, recognized as a major technological equipment project by the National Energy Administration [2] Group 3: Data Center Solutions - The company provides cooling equipment for data centers, including variable frequency centrifugal chillers and integrated natural cooling systems, with successful implementations in various high-profile projects [3] - Products have been recognized in the Ministry of Industry and Information Technology's directory of advanced applicable technologies for national green data centers [3] Group 4: Nuclear Power Industry Applications - The company has developed innovative technologies for nuclear power cooling and heat recovery, supporting the safe and efficient operation of nuclear power plants [4] - Recent projects include services for multiple nuclear power stations across China, focusing on core cooling and energy supply scenarios [4] Group 5: Industrial Heat Management Solutions - The company has launched comprehensive industrial heat control solutions, integrating advanced technologies for efficient energy recovery and utilization [6] - The subsidiary Beijing Huayuan Taimao has been recognized as a national-level "little giant" enterprise, holding numerous patents and awards for its innovative heat management technologies [6] Group 6: Marine Economy and Refrigeration Systems - The company is a leader in marine refrigeration systems, providing solutions for deep-sea fishing and seafood processing industries [7] - Recent initiatives include developing low-carbon energy systems for marine applications, aligning with national strategies for high-quality marine economic development [7] Group 7: Competitive Advantages - The company's competitive edge lies in continuous technological innovation, with multiple national recognitions and a strong focus on research and development [7] - It has established a central research institute to enhance foundational and strategic technology development, further solidifying its industry leadership [7]

Report Overview - Report Date: July 4, 2025 - Industry: General Equipment - Company: Icewheel Environment - Participating Institutions: Rongtong Fund, GF Securities, etc. Core Viewpoints - The company focuses on providing advanced system solutions and full - lifecycle services in the energy and power fields, with a wide range of products and significant technological advantages [13]. - It has products applicable to multiple high - end fields such as controllable nuclear fusion, data centers, nuclear power, etc., and has achieved certain successes in these areas [14][15][17]. - The company's continuous technological innovation is its greatest competitive advantage, which consolidates its leading position in the industry [25]. Key Points by Discussion Topic Company Business and Product Portfolio - The company's main products include various types of compressors and heat exchange devices, covering a temperature range of - 271°C - 200°C, and serving multiple customer industries [13][14]. - It has built a full - series magnetic levitation compressor product matrix, which performed well in the Beijing Winter Olympic Village project [13]. Products for Controllable Nuclear Fusion - Helium compressors are key equipment for superconducting magnet cooling systems in magnetic - confinement controllable nuclear fusion devices [14]. - In 2016, the company successfully developed ultra - low - temperature helium compressors, filling a domestic gap, and has supplied them to many scientific research institutes for major national frontier science and technology research projects [15]. Products for Data Centers - The company's subsidiaries provide cooling equipment for data centers. Some products have been included in relevant national catalogs [15][17]. - It has served many domestic and overseas data center projects, and the overseas manufacturing base is expanding tactically [16]. New products were launched in 2024 to enhance competitiveness [17]. Products for the Nuclear Power Industry - With the acceleration of national nuclear power construction, the company has developed a series of innovative technologies for nuclear power, covering core scenarios such as nuclear island cooling and nuclear energy heating [17]. - It has served many domestic nuclear power plants and achieved certain results in nuclear energy heating projects [18]. Industrial Thermal Management Business - The company launched the "Industrial Global Thermal Control Comprehensive Solution", focusing on the industrial thermal control market and realizing efficient energy utilization [19]. - Beijing Huayuan Taimeng Energy - Saving Equipment Co., Ltd., a key subsidiary, has multiple core technologies and a large number of patents and has won many national honors [20]. Products for the Marine Economy - The company provides full - scenario intelligent solutions for the marine economy, including traditional ship refrigeration systems and new green energy system solutions [23]. - It has provided equipment for the "Dream" research vessel and won a provincial - level science and technology progress award [24][25]. Competitive Advantages - The company's greatest competitive advantage is continuous technological innovation. It has many national - level certifications and honors, and has established a central research institute this year to strengthen R & D [25][27].

Group 1: Company Overview and Performance - Ice Wheel Environment has achieved a revenue of 6.635 billion CNY in 2024, marking the second highest profit since its establishment, with a net profit of 628 million CNY [6] - The company experienced a revenue increase from 4 billion CNY in 2020 to 7.5 billion CNY in 2023 [6] - The overall industry performance in 2024 was subdued due to a slowdown in downstream demand, but Ice Wheel Environment maintained a relatively strong operational status compared to peers [3][4] Group 2: Strategic Goals and Future Outlook - For 2025, the company aims for a strategic theme of "starting with the end in mind and aiming high," focusing on world-class standards and maintaining technological leadership [5] - The operational strategy for 2025 includes "two increases, one decrease, and three improvements": increasing revenue and profit growth rates above national economic growth, reducing cost rates, and enhancing R&D investment and operational quality [5][6] - The company plans to target new business growth opportunities in overseas data center cooling markets and energy management [4] Group 3: Shareholder Engagement and Corporate Governance - The company emphasizes the importance of shareholder engagement and transparency, with independent directors committed to fulfilling their responsibilities and obligations [3] - The management team is focused on enhancing investor confidence through interactive communication and effective market value management [3][4] - The major shareholder's buyback process is ongoing, with no new notifications received [4]