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 ...

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 | | | ...

| | 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 ...

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]

| | 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 ...

Core Viewpoint - The stock of Haili Co., Ltd. experienced a limit-up on August 7, closing at 19.71 yuan, driven by market speculation regarding potential restructuring in the lithography machine industry and favorable policies in the home appliance sector [1]. Summary by Relevant Categories Stock Performance - On August 7, Haili Co., Ltd. reached a closing price of 19.71 yuan, marking a 9.99% increase [2]. - The stock hit its limit-up at 10:42 AM and had five instances of limit-up opening before closing [1]. Market Sentiment and Factors - Market rumors regarding the restructuring expectations in the lithography machine industry, particularly concerning WDZ (Shanghai Microelectronics), have attracted investor attention, despite the company's clarification announcement [1]. - The home appliance industry is experiencing a rise in favorable policy expectations, which could benefit Haili Co., Ltd. as a leading compressor manufacturer amid industry upgrades and consumption stimulus policies [1]. - The company's financing balance has been increasing, indicating a rise in market risk appetite [1]. Capital Flow Data - On August 7, the net inflow of main funds was 149 million yuan, accounting for 5.15% of the total trading volume [2]. - Retail investors experienced a net outflow of 62.67 million yuan, representing 2.16% of the total trading volume [2]. - Over the past five days, the stock has shown varying capital flows, with significant net inflows and outflows from different investor categories [2].

Group 1 - The core point of the article is that Nanjing Maglev Technology Co., Ltd. plans to invest 700 million yuan in the construction of a research and production base for maglev compressors and related products, aiming to enhance its technological innovation and production capacity in the maglev fluid machinery sector [1][2]. - The project will include the development and production of products such as maglev ORC waste heat power generation units, maglev vacuum pumps, and maglev refrigeration compressors, with a planned land area of approximately 118 acres [2]. - The investment will be executed in two phases, with the first phase covering about 52 acres and an investment of approximately 305 million yuan, while the second phase will cover 66 acres, with specific investment details to be agreed upon later [2]. Group 2 - The company aims to leverage the advantages of the Jiangning Development Zone in Nanjing to diversify its product offerings, optimize product structure, and enhance its core competitiveness and long-term sustainable development [2]. - The new project aligns with the industry trend towards energy-saving and environmentally friendly technologies, which is crucial under China's dual energy consumption control strategy [1]. - Industry experts believe that the project positions the company to compete directly with foreign products and could lead to significant market opportunities if reliability certification is achieved promptly [3].

Core Viewpoint - The development of AI is driving a significant increase in chip power consumption, leading to an accelerated shift from air cooling to liquid cooling solutions in data centers [5][6][10]. Group 1: Market Dynamics - The global liquid cooling market is expected to exceed 150 billion yuan, with a projected CAGR of 33.2% from 2025 to 2032, reaching approximately 211.4 billion USD (about 1517.7 billion yuan) by 2032 [3][38]. - The current liquid cooling market is primarily dominated by foreign and Taiwanese manufacturers, with a potential shift towards a more decentralized decision-making process as ODM manufacturers enter the market [3][35][36]. Group 2: Technological Advancements - The transition to liquid cooling is driven by the increasing power demands of AI chips, with NVIDIA's GB300 chip reaching a power consumption of 1400W, necessitating advanced cooling solutions [6][17]. - The liquid cooling architecture consists of a primary side (heat transfer) and a secondary side (IT equipment cooling), which are crucial for effective thermal management in high-density computing environments [11][30]. Group 3: Investment Opportunities - Investment opportunities are anticipated in the AIDC liquid cooling sector, particularly as domestic liquid cooling chains are expected to penetrate the market due to breakthroughs in domestic chip technology [2][3]. - Companies are encouraged to focus on segments benefiting from the rising capital expenditures in North America and the upgrade of GB300 liquid cooling solutions [3][40]. Group 4: Industry Trends - The demand for liquid cooling solutions is expected to grow significantly as data centers face stricter energy efficiency regulations globally, with PUE targets becoming increasingly stringent [8][9]. - The liquid cooling supply chain is currently characterized by a low concentration of market share, with no single company exceeding 15% market share, indicating a fragmented market landscape [31][34].

Core Viewpoint - The company plans to invest in the development of a magnetic levitation compressor and related products research and production base, with a total investment of 700 million yuan, divided into two phases [2][4][22]. Investment Overview - The project is named "Research and Production Base for Magnetic Levitation Compressors and Related Products" [7]. - The total planned investment for the project is 700 million yuan, with the first phase budgeted at 305 million yuan [2][4][7]. - The investment will not involve related party transactions and does not constitute a major asset restructuring as per relevant regulations [2][6]. Project Details - The project will be developed in two phases, with the first phase covering an area of approximately 52 acres and the second phase covering about 66 acres [10][11]. - The project is expected to take 24 months to complete from the start of construction for the first phase [8]. - Funding will come from the company's own or self-raised funds [9]. Agreement Parties - The agreement is between the company and the Nanjing Airport Economic Development Zone (Jiangning) Management Committee [12][13]. - There is no related party relationship between the company and the management committee [12]. Impact on the Company - The investment aims to leverage the advantages of the Jiangning Development Zone, diversify the company's product offerings in magnetic levitation compressors, and enhance its core competitiveness and long-term sustainable development [22]. - The project is currently in the planning stage, and the financial impact on the company will be managed according to operational plans and project progress [22].

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].