冰轮环境技术股份有限公司投资者关系活动记录表 证券代码：000811 证券简称：冰轮环境 | | 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 | | | ...

Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 3.12 billion CNY, a year-on-year decline of 7%, with a net profit attributable to shareholders of 266 million CNY, down 20% year-on-year [4] - The second quarter saw a year-on-year revenue increase, with domestic business revenue at 2.1 billion CNY, while overseas business grew significantly by 30%, reaching 1.02 billion CNY [4] 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, covering a temperature range of -271℃ to 200℃ [4] - 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% [4] Group 3: Data Center Applications - The company’s subsidiaries provide cooling equipment for data centers, including variable frequency centrifugal chillers and integrated natural cooling function screw chillers, which have been recognized in the national green data center technology catalog [5] - Successful projects include major data centers across China and collaborations with local integrators in North America, Australia, Southeast Asia, and the Middle East [5] Group 4: 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, with innovative technologies developed for safe and efficient energy use [6][7] - It has provided services to multiple nuclear power stations in China, enhancing operational safety and efficiency [6][7] Group 5: Industrial Heat Management - In line with national carbon reduction strategies, the company has launched comprehensive industrial heat control solutions, integrating high-temperature and wide-temperature range heat pump technologies [8] - The solutions aim to achieve efficient energy recovery and utilization across various industrial applications, reflecting the company's long-term strategic vision [8]

Core Viewpoint - The North Exchange's new stock market continues to thrive, with significant first-day gains and record-breaking subscription figures, indicating strong investor confidence and market attractiveness [1][2][8]. Group 1: New Stock Performance - On July 31, Dingjia Precision debuted on the North Exchange, closing up 479.12% on its first day [2]. - This year, seven new stocks on the North Exchange have seen first-day gains exceeding 150%, with the highest being Guangxin Technology at 500% [3]. - The latest closing prices for these new stocks show all have increased by over 200% compared to their issue prices [1]. Group 2: Subscription Records - Dingjia Precision set three historical records for the North Exchange: 659,600 valid online subscription accounts, 628.838 billion yuan in frozen funds, and a fractional share threshold exceeding 4.2 million yuan [2]. - The number of subscription accounts has significantly increased, indicating a strong influx of small accounts under 3 million yuan [2]. Group 3: Market Trends and Future Outlook - The North Exchange has seen a resurgence in new stock issuance, with 16 companies successfully approved to list this year [5]. - The structure of newly accepted companies is shifting, with an increasing focus on high-end manufacturing, new materials, and new consumption [6]. - Analysts predict that the North Exchange's high-quality expansion will continue, with a notable increase in specialized "little giant" enterprises [9].

Core Viewpoint - Changjiang Sanxing Energy Technology Co., Ltd. (referred to as "Changjiang Nengke") has been approved for listing on the Beijing Stock Exchange, marking it as the 36th company to pass the review this year [1]. Company Overview - Changjiang Nengke specializes in the design, research and development, manufacturing, and service of energy and chemical specialized equipment, including electro-dehydration equipment, separation equipment, heat exchange equipment, storage equipment, carbon capture equipment, and hydrogen energy equipment [1]. - The company is recognized as a national-level specialized and innovative "little giant" enterprise, with products widely used in oil and gas engineering, refining and chemical, marine engineering, and clean energy sectors [1]. Shareholding Structure - The controlling shareholder of Changjiang Nengke is Samsung Technology, which directly holds 36,897,704 shares, accounting for 34.14% of the total shares [2]. - The actual controllers are Liu Jianchun and Liu Jiacheng, who are father and son. Liu Jiacheng directly holds 36,825,501 shares, controlling 34.07% of the voting rights [2]. - Together, Liu Jianchun and Liu Jiacheng can control 88.03% of the voting rights through various agreements and shareholdings [3]. IPO Details - Changjiang Nengke plans to publicly issue up to 30 million shares to unspecified qualified investors, with an option to issue an additional 15%, totaling a maximum of 34.5 million shares [3]. - The company aims to raise 160 million yuan for projects including the annual production of 1,500 tons of heavy special materials equipment and 4,500 tons of oil and gas engineering equipment, as well as for the construction of a research and development center [4]. Key Inquiries from Review Meeting - The review meeting raised questions regarding the sustainability of the company's performance, asking for explanations related to industry trends, market size, customer loyalty, product competitiveness, and order status [5]. - There were also inquiries about the compliance of revenue recognition methods, particularly regarding contracts that involve installation and technical guidance [5].

Core Viewpoint - Changjiang Sanxing Energy Technology Co., Ltd. has received approval for its IPO application from the Beijing Stock Exchange, indicating strong market interest and potential for growth in the energy chemical equipment sector [1]. Group 1: Company Overview - The company specializes in the design, research and development, manufacturing, and service of energy chemical specialized equipment, including electro-dehydration equipment, separation equipment, heat exchange equipment, storage equipment, carbon capture equipment, and hydrogen energy equipment [4]. - It is recognized as a national-level specialized and innovative "little giant" enterprise, with applications in oil and gas engineering, refining and chemical, marine engineering, and clean energy sectors [4]. - The company was established in April 2003 and transitioned to a joint-stock company in December 2015, with a total share capital of 10,808,000 shares before the issuance [4]. Group 2: Shareholding Structure - The controlling shareholder is Sanxing Technology, which directly holds 36,897,704 shares, accounting for 34.14% of the total shares, thus significantly influencing shareholder meeting resolutions [5]. - The actual controllers are Liu Jianchun and Liu Jiacheng, who are father and son, with Liu Jiacheng directly controlling 34.07% of the voting rights [6]. - Together, they can control 88.03% of the voting rights through various agreements and shareholdings, with Liu Jianchun serving as the chairman and Liu Jiacheng as the general manager [6]. Group 3: Financial Performance - The company's revenue for the reporting period was 21,907.35 million, 34,796.19 million, and 31,398.23 million yuan, while the net profit attributable to the parent company was 4,021.76 million, 4,031.30 million, and 4,908.46 million yuan [7]. Group 4: Key Inquiries from Review Meeting - Questions raised during the review meeting included inquiries about the sustainability of the company's performance, considering industry trends, market size, customer loyalty, product competitiveness, and order status [8]. - There were also concerns regarding the compliance of revenue recognition methods, particularly the use of different models for income recognition based on contract terms [9].

Core Viewpoint - The domestic oil and gas exploration and development efforts are increasing, driven by energy security needs, leading to a growing market for energy equipment, particularly for Changjiang Energy Technology Co., Ltd. (Changjiang Nengke), which is set to go public on the Beijing Stock Exchange in July 2025 to raise funds for expanding production capacity and enhancing R&D capabilities [1][40]. Industry Overview - The energy chemical equipment industry is experiencing steady growth, with the market size increasing from 224.5 billion yuan in 2018 to 315.7 billion yuan in 2022, and projected to reach 588.9 billion yuan by 2027 [10]. - The domestic oil and gas production is on the rise, with crude oil output increasing from 195 million tons in 2020 to an estimated 213 million tons in 2024, and natural gas production growing from 192.5 billion cubic meters to 246.5 billion cubic meters in the same period [6][8]. Company Overview - Changjiang Nengke is recognized as a "hidden champion" in the energy chemical sector, focusing on specialized equipment for oil and gas, with a market share in electric desalination equipment leading domestically [1][12]. - The company has achieved a compound annual growth rate (CAGR) of 19.72% in revenue over the past three years, with gross margins and return on equity (ROE) exceeding industry averages [12][16]. Financial Performance - Revenue for Changjiang Nengke has shown consistent growth, with figures of 21.9 million yuan in 2022, 34.8 million yuan in 2023, and 31.4 million yuan in 2024, reflecting a CAGR of 9.2% [14]. - The company reported a gross margin of 54.69% in Q1 2025, significantly higher than the industry average [16]. Market Position - Changjiang Nengke has established a strong customer base, including major players like Sinopec and PetroChina, with a high percentage of revenue coming from repeat customers [19][20]. - The company has expanded its international presence, with overseas project revenue increasing from 26.7 million yuan in 2022 to 145.9 million yuan in 2024, accounting for 46.46% of total revenue [24]. Technological Advancements - Changjiang Nengke has developed ten core technologies, with seven recognized as internationally advanced, enhancing its competitive edge in the market [30][36]. - The company invests significantly in R&D, with a CAGR of 26.61% in R&D spending over the past three years, and a dedicated team of 64 researchers [31]. Future Prospects - The company plans to use the funds raised from its IPO to expand production capacity and enhance R&D, focusing on producing 1,500 tons of heavy special materials and 4,500 tons of oil and gas engineering equipment annually [40][41]. - The market for energy chemical equipment is expected to continue growing, driven by increasing domestic oil and gas exploration and the demand for modularized equipment in harsh environments [43][45].

Core Viewpoint - The acquisition of 100% equity in Haowei Cloud Computing Technology Co., Ltd. by Qingdao Degute Energy Equipment Co., Ltd. is aimed at enhancing business synergy and transforming Degute from a traditional equipment supplier to an energy management solution provider [1][5]. Group 1: Financial Performance - Degute achieved a revenue of 509 million yuan in 2024, representing a year-on-year growth of 64.21%, and a net profit attributable to shareholders of 96.71 million yuan, up 150.15% year-on-year [2][3]. - In Q1 2025, Degute's revenue was 125 million yuan, showing a year-on-year decline of 31.19%, attributed to delayed order deliveries from 2023 [3]. - Haowei Technology reported a revenue of 3.34 billion yuan in Q1 2025, also experiencing a decline, which is explained by the seasonal nature of the software and IT services industry [3]. Group 2: Business Synergy - The acquisition is expected to create significant business synergies, with Haowei's "Three Integration" intelligent computing solution reducing deployment time from 6 months to 72 hours, and improving fault prediction accuracy by 40% in power industry applications [4]. - The collaboration will enable Degute to leverage Haowei's expertise in digital solutions to enhance its traditional manufacturing processes, thereby improving digital management efficiency [4]. Group 3: Market Expansion - Degute's products are sold in over 30 countries, while Haowei has branches in 19 countries, indicating potential for collaborative international market expansion [5]. - The differing customer bases of Degute and Haowei present complementary opportunities, allowing Degute to enter smart city environmental projects through Haowei's government and enterprise channels [4][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℃ to 200℃ [2] - The product matrix includes various types of compressors and industrial heat pumps, showcasing significant technological advantages and market performance [2] - The company has developed a full range of magnetic levitation compressor products, demonstrating reliability and efficiency in projects like the Beijing Winter Olympic Village [2] Group 2: Applications in Data Centers - The company’s subsidiaries provide cooling equipment for data centers, including variable frequency centrifugal chillers and air-cooled screw chillers, which are recognized in the national green data center technology product directory [2] - Successful domestic projects include major data centers for national supercomputing and telecommunications companies, with international collaborations in North America, Australia, Southeast Asia, and the Middle East [2] - Upcoming product launches include upgraded IDC-specific magnetic levitation and air suspension series products, enhancing competitiveness [2] Group 3: Nuclear Power Industry Innovations - The company is actively involved in nuclear power, focusing on core scenarios like nuclear island cooling and heat recovery, providing innovative technologies for safe and efficient energy use [3][4] - It has supported numerous nuclear power stations across China, contributing to the development of advanced cooling systems and technologies [3][4] Group 4: Industrial Heat Management - In line with national carbon reduction strategies, the company has launched comprehensive industrial heat control solutions, integrating multi-source and multi-level system technologies [4] - The focus is on efficient recovery and utilization of waste energy, expanding the application of heat pumps across various sectors [4] Group 5: Marine Economy Product Layout - The company is a leader in the marine refrigeration market, providing smart solutions for deep-sea fishing and seafood processing industries [5] - Recent initiatives include developing low-carbon energy systems for marine applications, aligning with industry trends towards decarbonization and intelligence [5] - The company has supplied critical equipment for China's first ultra-deepwater scientific research vessel, showcasing its capabilities in marine technology [5]

Group 1: Company Overview and Product Offerings - The main products include compressors and heat exchange devices, focusing on cooling, heating, and pressurization functions [2] - Key products include screw compressors, centrifugal compressors, absorption compressors, piston compressors, and various industrial heat pumps [2] - The company has a mature supply of magnetic suspension compressors, which have been applied in venues for the Beijing Winter Olympics [2] Group 2: Industry Applications - Products are utilized in various sectors such as food freezing and refrigeration, cold chain logistics, chemical production, and commercial air conditioning [2] - The company provides cooling equipment for data centers, including variable frequency centrifugal chillers and integrated natural cooling systems [2] - Successful projects include major data centers for national supercomputing and telecommunications companies, both domestically and internationally [2] Group 3: Nuclear Power Sector - The company focuses on nuclear island cooling and heat recovery technologies, supporting the safe operation of nuclear power plants [3][4] - Innovations include a no-power air cooler for safety shells and a helium compressor for superconducting magnets in nuclear fusion applications [4][5] Group 4: Energy Management and Environmental Technologies - The company is committed to energy management through a full range of industrial heat pumps, with a focus on sustainable technologies [5][6] - The subsidiary Beijing Huayuan Taima has been recognized as a national-level "little giant" enterprise, holding 96 patents and 33 software copyrights [5][6] - Technologies developed include absorption heat exchangers and low-temperature waste heat recovery systems, which have received national awards and recognitions [6]