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：【2026】第 015 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 | 海富通基金陈华鑫、兴业证券郭亚男 | | | 及人员姓 | | | | 名 | | | | 时间 | 2026 年 3 月 2 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： 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 ...

Group 1: Business Overview and Product Applications - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers that manage thermal energy across a temperature range of -271°C to 200°C [3]. - Products are widely used in various industries, including food processing, cold chain logistics, industrial refrigeration, commercial air conditioning, and energy recovery systems [3]. - The company has successfully served numerous data centers and projects, both domestically and internationally, enhancing its market presence [4]. Group 2: Data Center and Cooling Systems - The company’s subsidiary, Dunham-Bush, provides cooling equipment for data centers, including variable frequency centrifugal chillers and natural cooling integrated systems, recognized in the national green data center technology catalog [4]. - The proportion of centrifugal chillers, especially magnetic levitation types, is increasing in the IDC market, indicating a shift in technology preference [6]. - The company has established a global after-sales service system supported by overseas manufacturing bases, enhancing its competitive edge [6]. Group 3: Nuclear Power Applications - The company has developed innovative technologies for nuclear power applications, focusing on core scenarios such as nuclear island cooling and heat recovery, supporting the safe operation of nuclear power plants [7]. - Recent projects include the supply of cooling systems for various nuclear power stations across China, demonstrating the company’s capability in this sector [7]. Group 4: Heat Recovery and Energy Management - The company’s heat management segment is aligned with national carbon reduction policies, offering industrial heat pump services and innovative technologies for waste heat recovery [8]. - The company has been recognized as a national-level specialized "little giant" enterprise, holding numerous patents and awards for its energy-efficient technologies [9]. - The heat recovery technologies are expected to become essential under new government policies, driving long-term demand [10]. Group 5: Aerospace and Fusion Energy Applications - The company produces liquefaction units for aerospace fuels, including hydrogen and methane, contributing to advancements in space technology [10]. - The helium compressors developed for controlled nuclear fusion applications are critical for maintaining ultra-low temperatures required for superconducting magnets [11]. Group 6: Gas Turbine Waste Heat Recovery - The company manufactures lithium bromide absorption chillers that utilize waste heat from gas turbines to provide cooling, enhancing energy efficiency [12].

Group 1: Business Overview and Product Applications - 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 [3] - Products are widely used in various industries such as food processing, cold chain logistics, industrial refrigeration, commercial air conditioning, and energy recovery systems [3] - Specific applications include data centers, nuclear power, and industrial heat management, showcasing the versatility of the company's offerings [4][6][8] Group 2: Data Center Solutions - The company’s subsidiary, Dunham-Bush, provides cooling equipment for data centers, including variable frequency centrifugal chillers and integrated natural cooling systems [4] - Notable projects include service to major data centers in China, such as the National Supercomputing Center and various banks, indicating a strong market presence [4] - The company is expanding its overseas manufacturing capabilities to support global demand, particularly in North America and Southeast Asia [6] Group 3: Nuclear Power Applications - The company has developed innovative technologies for nuclear power applications, including cooling systems and heat recovery solutions, to support the safe operation of nuclear plants [6][7] - Recent projects include service to multiple nuclear power stations across China, reflecting the company's commitment to this sector [7] Group 4: Heat Recovery and Energy Management - The company is actively involved in heat recovery technologies, with a focus on industrial heat pumps and energy management solutions, aligning with national carbon reduction policies [8] - The subsidiary Beijing Huayuan Taima has been recognized as a national-level "little giant" enterprise, emphasizing its innovation in heat recovery technologies [8] - The company has filed numerous patents and developed award-winning technologies, indicating a strong commitment to R&D in energy efficiency [8][9] Group 5: Future Growth and Market Trends - The company anticipates increased demand for its technologies due to government policies promoting carbon neutrality, positioning its heat recovery and energy management solutions as essential for high-energy-consuming industries [8] - The market for HRSG products is expected to grow, with projected revenues exceeding 700 million in 2024, driven by strong demand [8]

Group 1: 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℃ to 200℃ [3] - Key product types include screw compressors, centrifugal compressors, absorption chillers, piston compressors, and industrial heat pumps, among others [3] Group 2: Revenue Performance - The low-temperature refrigeration segment experienced a slight decline in revenue in the first three quarters, with the decline rate narrowing each quarter; however, the special air conditioning and thermal management segments saw year-on-year growth [4] Group 3: Data Center Applications - The company’s subsidiaries provide cooling equipment for data centers, including Dunham-Bush, which has a 131-year history and offers products like variable frequency centrifugal chillers [4] - Successful domestic projects include major data centers for national supercomputing and telecommunications companies, while international collaborations span North America, Australia, Southeast Asia, and the Middle East [4] Group 4: Nuclear Power Industry - The company is actively involved in the nuclear power sector, focusing on core scenarios such as nuclear island cooling and heat recovery, with innovative technologies developed for safe and efficient nuclear energy utilization [6] - Notable domestic projects include several nuclear power stations, with the company also winning bids for small modular reactor cooling projects [7] Group 5: Heat Recovery Steam Generators (HRSG) - The joint venture with Yantai Modern Ice Wheel Heavy Industry Co., Ltd. produces HRSGs for combined cycle gas power plants, with expected revenue exceeding 700 million in 2024 [8] Group 6: Thermal Management and Carbon Neutrality - The company is committed to thermal management solutions, focusing on industrial heat pumps and has been recognized as a national-level specialized "little giant" enterprise [8] - The company’s technologies, including waste heat recovery and high-temperature heat pumps, are positioned to support energy-intensive industries in reducing consumption and carbon emissions [9] Group 7: Aerospace Fuel Applications - The company produces liquefaction units for aerospace fuels, including hydrogen and methane, with a notable product recognized as a major technological equipment project in the energy sector [9] Group 8: Gas Turbine Waste Heat Cooling - The company offers lithium bromide absorption chillers that utilize waste heat from gas turbines for combined cooling and power generation, enhancing energy efficiency [9]

Summary of the Conference Call for Xizhuang Co., Ltd. Company Overview - Xizhuang Co., Ltd. specializes in the pressure vessel industry, with applications in petrochemicals, basic chemicals, marine equipment, nuclear power, and solar energy sectors. The company targets the high-end market, achieving gross and net profit margins among the top three in the industry, indicating strong profitability [2][6]. Core Insights and Arguments - **International Expansion**: The company has established subsidiaries in Singapore and South Korea to mitigate the impacts of public health events and trade wars, aiming to enhance its international market share. Strategic partnerships with international giants like Shell provide a stable order source [2][10]. - **Nuclear Power Sector**: Xizhuang holds Class II and III manufacturing licenses for civil nuclear safety and has long-term collaborations with major players like China National Nuclear Corporation and China General Nuclear Power Group. Its products are utilized in various nuclear power projects domestically and internationally, indicating a robust growth outlook for the nuclear business [2][12]. - **Marine Equipment Market**: The demand for pressure vessels and marine modules is increasing, driven by trends in FPSO (Floating Production Storage and Offloading) and FLNG (Floating Liquefied Natural Gas) technologies. The company has certifications from organizations like DNV, facilitating market entry and benefiting from offshore oil and gas development growth [2][14]. - **Financial Performance**: The company’s financial health is stable, although there was a decline in the first three quarters of 2025. With the gradual release of 12,000 tons of production capacity, the company is expected to remain in a growth phase, with an increasing proportion of high-throughput and high-margin products, enhancing future profitability [2][7]. Additional Important Content - **Research and Development**: In 2025, the company made advancements in research areas such as controlled nuclear fusion and solid-state batteries. The establishment of subsidiaries, including a SaaS company, supports its main business's international expansion [4]. - **Market Positioning**: Xizhuang's products are primarily used in high-end applications, with a strong customer base including leading domestic and international companies. This positioning contributes to its competitive advantage in the pressure vessel industry [6][8]. - **Future Profit Projections**: The company anticipates profits of approximately 250 million yuan in 2024 and 2025, with a price-to-earnings ratio around 20 times. By 2026, profit growth rates could reach 10%-20% as production capacity expands [4][15]. - **Solar Energy Sector Impact**: The solar energy industry is experiencing a downturn, but if the photovoltaic sector stabilizes and marine and nuclear sectors continue to grow, the company’s performance in the coming years is expected to be favorable [17]. This summary encapsulates the key points from the conference call, highlighting the company's strategic initiatives, market positioning, and future outlook in the pressure vessel industry.

Group 1: 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℃ to 200℃ [3] - Key product types include screw compressors, centrifugal compressors, absorption chillers, piston compressors, and industrial heat pumps, among others [3] Group 2: Revenue and Market Performance - The low-temperature refrigeration segment experienced a slight decline in revenue in the first three quarters, with a decreasing rate of decline each quarter; however, the special air conditioning and thermal management segments showed year-on-year growth [4] - The company’s joint venture, Yantai Modern Ice Wheel Heavy Industry Co., Ltd., is expected to generate over 700 million in revenue in 2024, driven by strong market demand [8] Group 3: Data Center Applications - The company’s subsidiaries provide cooling equipment for data centers, including Dunham-Bush, which has a 131-year history and offers products like variable frequency centrifugal chillers [4][6] - Successful domestic projects include major data centers for national supercomputing and telecommunications companies, while international projects span North America, Australia, Southeast Asia, and the Middle East [4] Group 4: Nuclear Power Sector - 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 operation [6][7] - Recent projects include serving multiple nuclear power stations across China and winning contracts for floating small reactor cooling systems [7] Group 5: Thermal Management and Energy Recovery - The company’s thermal management segment is aligned with carbon neutrality policies, offering a full range of industrial heat pump services [8] - The subsidiary Beijing Huayuan Taima has been recognized as a national-level specialized "little giant" enterprise, holding 96 patents and 33 software copyrights [8] - Technologies developed include absorption heat exchangers and waste heat recovery systems, which are crucial for reducing energy consumption and carbon emissions in high-energy industries [8]

Core Insights - The core opportunity for the company to enter the energy equipment sector arose from a deep collaboration with Sinopec Beijing Design Institute, focusing on the localization of crude oil electro-dehydration internal components [2] - The company has expanded its offerings from single internal components to complete electro-dehydration equipment and process module equipment, establishing a comprehensive service capability across the energy industry chain [2] Product and Technology Development - The company's core products now include electro-dehydration equipment, separation equipment, heat exchange equipment, carbon capture equipment, and hydrogen energy equipment, which are widely used in oil and gas engineering, refining and chemical industries, marine engineering, and clean energy sectors [2] - Electro-dehydration equipment serves as a critical device in the crude oil export and refining process, significantly impacting the crude oil export compliance rate, refining equipment operational efficiency, and energy consumption levels [2] Innovation and Market Position - The company continues to innovate not only in individual technologies and equipment but also by integrating various core technologies to create systematic modular design and manufacturing capabilities [2] - With the increasing trend towards modularization, skidding, and integration in energy chemical equipment, the company is reinforcing its industry position through its advanced core technology and modular integration capabilities [2]

Group 1: 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℃ to 200℃ [3] - Key product types include screw compressors, centrifugal compressors, absorption chillers, piston compressors, and industrial heat pumps, among others [3] Group 2: Revenue and Market Performance - The low-temperature refrigeration segment experienced a slight decline in revenue in the first three quarters, with a decreasing rate of decline each quarter; however, the special air conditioning and thermal management segments showed year-on-year growth [4] - The joint venture Yantai Modern Ice Wheel Heavy Industry Co., Ltd. is projected to generate over 700 million in revenue in 2024, driven by strong market demand [8] Group 3: Data Center Applications - The company’s subsidiaries provide cooling equipment for data centers, including liquid cooling systems, with significant projects completed for major clients such as the National Supercomputer Center and various banks [4] - Dunham-Bush, a subsidiary, has been recognized in the national green data center technology product directory for its energy-efficient cooling solutions [6] Group 4: Thermal Management and Carbon Neutrality - The company is actively involved in thermal management, focusing on industrial heat pumps and technologies that support carbon neutrality, with a total of 96 patents and 33 software copyrights authorized as of the end of 2024 [6][7] - The company’s technologies, such as waste heat recovery and high-temperature heat pumps, are expected to become essential under new carbon reduction policies, providing long-term demand stability [7] Group 5: HRSG Products - The company’s joint venture produces heat recovery steam generators (HRSG) for combined cycle gas power plants, collaborating with major global firms like GE and Siemens, and has a competitive edge in the market [8]

Group 1: 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, managing temperature control and pressure across a range of -271°C to 200°C [3] - Key product categories include screw compressors, centrifugal compressors, absorption chillers, piston compressors, and industrial heat pumps, among others [3] Group 2: Revenue Insights - The low-temperature refrigeration segment experienced a slight decline in revenue during the first three quarters, with the decrease narrowing each quarter; however, the special air conditioning and thermal management segments showed year-on-year growth [4] Group 3: Data Center Applications - The company’s subsidiaries provide cooling equipment for data centers, including liquid cooling systems, with notable products recognized in the national green data center technology catalog [4][6] - Successful domestic projects include major data centers for national supercomputing and various banks, while international collaborations extend to North America, Australia, Southeast Asia, and the Middle East [4] Group 4: Nuclear Power Sector - The company is actively involved in nuclear power, focusing on core applications such as nuclear island cooling and heat recovery, with innovative technologies developed for safe and efficient energy use [6][7] - Recent projects include collaborations with various nuclear power stations across China, enhancing the safety and stability of operations [7] Group 5: HRSG Products - The joint venture with Yantai Modern Ice Wheel Heavy Industry Co., Ltd. produces heat recovery steam generators (HRSG) for combined cycle gas power plants, with a projected revenue exceeding 700 million in 2024 due to strong market demand [8]

Group 1: 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℃ to 200℃ [3] - Products are widely used in various industries such as food processing, cold chain logistics, industrial cooling systems, and commercial air conditioning [3] Group 2: Revenue Performance - The low-temperature refrigeration segment experienced a slight decline in revenue in the first three quarters, with the decline rate narrowing each quarter; however, the special air conditioning and thermal management segments saw year-on-year growth [4] Group 3: Data Center Applications - The company’s subsidiaries provide cooling equipment for data centers, including liquid cooling systems, with significant projects completed for major clients like the National Supercomputing Center and various banks [4][6] - The Dunham-Bush company has a 131-year history and has developed advanced cooling technologies, including variable frequency centrifugal chillers [4] Group 4: Thermal Management Technologies - The company is committed to energy management through a full range of industrial heat pumps, with a focus on its subsidiary, Beijing Huayuan Taimeng, recognized as a national-level "little giant" enterprise [6][7] - The company has developed several patented technologies for heat recovery and energy efficiency, contributing to national energy-saving initiatives [6][7] Group 5: Market Trends and Policies - The company’s technologies align with national carbon neutrality policies, providing solutions for high-energy-consuming industries to reduce energy consumption and carbon emissions [7] - The demand for heat recovery and high-temperature heat pumps is expected to grow due to urban renewal and infrastructure upgrades [7] Group 6: Joint Ventures and Future Outlook - The joint venture Yantai Modern Ice Wheel Heavy Industry Co., Ltd. has established a competitive position in the market, with projected revenues exceeding 700 million in 2024 [8]