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 ...

| | 活动期间谈论的主要内容如下： | | --- | --- | | | 一、讨论了公司 2025 年半年度报告 | | | 2025 年上半年公司实现营业收入 31.2 亿元，同比下滑 7%， | | | 归母净利润 2.66 亿元，同比下降 20%。第二季度营收同比转增。 | | | 总体上国内业务下游需求放缓，短期市场承压，实现营收 | | 21 | 亿元；"向海"战略顺利展开，海外业务显著增长 30%，达到 | | 10.2 | 亿元。 | | | 二、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 ...

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 operating in a temperature range of -271℃ to 200℃ [1] - The company's products are applied in various fields such as food freezing, chemical production, and rail transportation, and it provides cooling equipment and heat exchange devices for data centers, recognized in the Ministry of Industry and Information Technology's directory of advanced applicable technologies for national green data centers [1] - In the nuclear power sector, the company has developed technologies for nuclear island cooling and nuclear energy heating, serving multiple nuclear power plants and possessing extensive domestic and international case studies, making it a global service provider for nuclear island refrigeration machines [1] Group 2 - The company has also ventured into the field of controlled nuclear fusion, developing ultra-low temperature helium compressors for magnetic confinement fusion devices, filling a domestic gap and supplying the Chinese Academy of Sciences' national laboratory [1] - In the marine economy, the company is laying out smart solutions for ship and marine green energy systems, providing marine refrigeration machines and BOG re-liquefaction devices to support deep-sea fishing and seafood processing vessels [1]

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 noted during the Beijing Winter Olympics [2] - The company is involved 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 function 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 across China, such as the National Supercomputing Center in Guangzhou and various banks and telecom companies [2] - The company plans to launch upgraded products for data centers in July 2024, enhancing its competitive edge [2] Group 3: Nuclear Power Industry Products - The company has developed innovative technologies for nuclear power applications, focusing on core scenarios like nuclear island cooling and heat recovery [3] - It has supplied products to several nuclear power stations in China, ensuring safe and efficient operation [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, promoting a comprehensive solution for industrial heat control [4] - It has been recognized as a national-level specialized "little giant" enterprise, with numerous patents and awards for its innovative technologies [4] - The company’s technologies are included in national energy-saving technology directories and have received various national awards [4] Group 5: Marine Economy Product Layout - The company is committed to high-quality development in the marine economy, focusing on ship refrigeration systems as a traditional strength [5] - It provides comprehensive smart solutions for deep-sea fishing and seafood processing industries, with certified ship refrigeration products widely used [5] - The company is actively developing low-carbon energy systems for marine applications, aligning with current industry demands [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 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, 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] - Key customer industries include food freezing and refrigeration, chemical production, commercial air conditioning, and industrial special air conditioning [2] Group 2: Products for Controlled Nuclear Fusion - The company has successfully developed helium compressors for superconducting magnets used in magnetic confinement fusion devices, filling a domestic gap [2] - The helium compressors are critical for maintaining the cooling cycle and ultra-low temperature environments required for superconducting magnets [2] - The company has supplied helium compressors for major national scientific research projects, recognized as a significant technological equipment project by the National Energy Administration [2] Group 3: Data Center Applications - The company provides cooling equipment for data centers, including variable frequency centrifugal chillers and integrated natural cooling systems [3] - Products have been successfully implemented in numerous domestic and international data center projects, including those for major telecommunications and banking institutions [3] - The company is expanding its overseas manufacturing base to meet high market demand [3] Group 4: Nuclear Power Industry Products - The company focuses on core scenarios such as nuclear island cooling and heat recovery, developing innovative technologies for safe and efficient nuclear power utilization [4] - It has provided services to multiple nuclear power stations across China, enhancing safety and operational stability [4] - The company is recognized as a leading service provider in the nuclear island refrigeration sector [5] Group 5: Industrial Heat Management - The company has launched comprehensive industrial heat control solutions, integrating advanced technologies for efficient energy recovery and utilization [6] - It has been recognized as a national-level specialized "little giant" enterprise, with numerous patents and awards for its innovative technologies [6] - The company’s technologies have been included in national energy-saving technology directories [6] Group 6: Marine Economy Product Layout - The company is committed to high-quality development in the marine economy, providing comprehensive refrigeration solutions for fishing and seafood processing [7] - It has developed low-carbon energy systems for marine applications, aligning with current industry trends [7] - The company has supplied critical equipment for China's first ultra-deepwater scientific research vessel [7] Group 7: Competitive Advantages - The company’s primary competitive advantage lies in continuous technological innovation, with multiple national recognitions and awards [7] - It has established a central research institute to strengthen foundational and strategic technology development [7] - The company has pioneered carbon dioxide green refrigeration technology, receiving international recognition [7]

Group 1: Company Business Overview - The company provides advanced system solutions and lifecycle services in the energy and power sectors, focusing on compressors and heat exchange devices, managing temperature control and pressure boosting across a temperature range of -271°C to 200°C [2] - The product matrix includes various types of compressors and heat pumps, showcasing significant technological advantages and market performance, particularly in the Beijing Winter Olympic Village project [2] - Key customer industries include food freezing and cold chain logistics, chemical production, commercial air conditioning, and industrial special air conditioning [2] Group 2: Products for Controlled Nuclear Fusion - The company has developed helium compressors for superconducting magnets used in magnetic confinement fusion devices, operating at extremely low temperatures near absolute zero (-269°C) [2] - In 2016, the company successfully developed a helium compressor for ultra-low temperature applications, filling a domestic gap and supplying to the Chinese Academy of Sciences [2] - The helium compressor is recognized as a major technological equipment project by the National Energy Administration, supporting significant scientific research projects [2] Group 3: Data Center Applications - The company’s subsidiaries provide cooling equipment for data centers, including variable frequency centrifugal chillers and integrated natural cooling systems [3] - Products have been successfully implemented in numerous domestic data centers, including the National Supercomputing Center and various banks and telecom companies [3] - The company is expanding its overseas manufacturing base to meet high market demand in North America, Australia, Southeast Asia, and the Middle East [3] Group 4: Nuclear Power Industry Products - The company focuses on core scenarios in nuclear power, developing technologies for nuclear island cooling and heat recovery [4] - Recent projects include providing solutions for multiple nuclear power stations across China, enhancing safety and efficiency in energy utilization [4] - The company is recognized for its extensive experience and comprehensive product offerings in the nuclear island refrigeration sector [5] Group 5: Industrial Heat Management - The company is a pioneer in industrial heat pump technology, promoting a clean, low-carbon, safe, and efficient energy system [6] - It has launched comprehensive industrial heat control solutions, integrating multi-source and multi-level system technologies [6] - The company has received numerous accolades for its innovative technologies and has a significant number of patents and software copyrights [6]

Group 1: Company 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, 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 technical advantages and market performance, particularly in the Beijing Winter Olympic Village project [2] - Key customer industries include food freezing and refrigeration, chemical production, commercial air conditioning, and industrial special air conditioning [2] Group 2: Products for Controlled Nuclear Fusion - The company has successfully developed helium compressors for superconducting magnets used in nuclear fusion devices, filling a domestic gap since 2016 [2] - The helium compressor is crucial for maintaining the cooling cycle and ultra-low temperature environment required for superconducting magnets [2] - The company’s helium compressors are included in the first batch of major technological equipment projects recognized by the National Energy Administration [2] Group 3: Data Center Applications - The company provides cooling equipment for data centers through its subsidiaries, including variable frequency centrifugal chillers and integrated natural cooling systems [3] - Products have been successfully implemented in numerous domestic and international data center projects, enhancing market competitiveness [3] Group 4: Nuclear Power Industry Products - 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 scenarios like nuclear island cooling [4] Group 5: Industrial Heat Management - The company has launched comprehensive industrial heat control solutions, integrating advanced technologies for energy recovery and utilization [6] - The subsidiary Beijing Huayuan Taimao has been recognized as a national-level specialized "little giant" enterprise, holding numerous patents and awards for its innovative technologies [6] Group 6: Marine Economy Product Layout - The company is committed to providing smart solutions for marine refrigeration systems, particularly for deep-sea fishing and aquatic product processing [7] - Recent initiatives include the development of low-carbon energy systems for marine applications, aligning with national strategies for high-quality marine economic development [7]

Group 1 - Star Stone Investment recently conducted research on a listed company, Ice Wheel Environment, which focuses on providing advanced system solutions and lifecycle services in the energy and power sectors [1] - Ice Wheel Environment's main products include compressors and heat exchange devices, which manage thermal energy functions across a temperature range of -271℃ to 200℃ [1] - The company has successfully developed a helium compressor for ultra-low temperatures, used in superconducting magnet cooling systems for magnetic confinement nuclear fusion devices [1] - Ice Wheel Environment provides cooling equipment and heat exchange devices for data centers, with products listed in the national directory of advanced applicable technologies for green data centers [1] - The company is involved in the cooling and heating technologies for nuclear power plants and has participated in setting standards for nuclear refrigeration equipment [1] - Ice Wheel Environment has launched comprehensive thermal control solutions for industrial applications, focusing on efficient recovery and utilization of residual energy [1] - The company is also developing green energy system solutions for marine applications, including BOG re-liquefaction devices and ship carbon capture systems [1] - The company's competitive advantage lies in continuous technological innovation, supported by a nationally recognized enterprise technology center and multiple national awards [1] Group 2 - Star Stone Investment Management Co., Ltd. was established in 2007 and is one of the top private equity investment management companies in China [2] - The company has received numerous awards, including being the first Chinese private equity firm to win the Morningstar China Hedge Fund Award and to be included in the MSCI Global Hedge Fund Index [2] - Star Stone Investment focuses on long-only equity strategies and has built a strong research team of 40 professionals, employing a multi-faceted driving factor investment approach [2] - The investment decision-making process is led by a committee, with nine fund managers collaboratively managing all products to identify high-quality investment targets [2] - The company emphasizes talent development through a model of nurturing elite graduates, ensuring high team stability and strong cultural alignment [2] - Star Stone Investment has established a comprehensive company structure that includes investment research, market services, back-office operations, and compliance risk control [2] - The firm has been recognized by mainstream financial institutions and is the first private equity fund to serve as an investment advisor for bank wealth management products [2] - Star Stone Investment has developed a unique investment methodology tailored to the Chinese A-share market, focusing on multi-layered driving factors to achieve consistent excess returns [2]