Group 1: Report Overview - Reported company: Iceberg Cold & Heat [17] - Industry: General Equipment [2] - Research date: September 18, 2025 [1] - Receiving personnel: Song Wenbao, the company's board secretary [17] Group 2: Research Institutions - Participating institution: Zhongyou Securities [2][20] - Type of institution: Securities company [20] - Representative: Liu Zhuo [20] Group 3: Core Views - The company focuses on cold and heat business and deepens in niche markets [22] - The company aims to achieve rapid and scale growth and lay a solid foundation for a century - old enterprise, and strive to increase market value steadily [28][29] Group 4: Advantageous Niche Markets Petrochemical - Petrochemical is an important area to reflect the company's core cold - heat technology [23] - The company has provided comprehensive solutions for many high - end customers. Since 2021, it has been the only Class I supplier of refrigeration equipment for BASF in China, with enhanced industry influence and in - depth import substitution [23] Ship Refrigeration - As the leader in China's ship refrigeration, the company has a leading market share in the new large - scale freezer fishing vessel refrigeration market [24] - It independently developed the world's first marine carbon dioxide transcritical refrigeration equipment carbon capture system. Its related products have won awards and been included in relevant catalogs [24] Ice and Snow Venues - The company participated in Beijing Winter Olympics projects and has also undertaken many representative commercial ice and snow projects in recent years [25] - It participated in the upgrade and transformation projects of Harbin Asian Winter Games in 2025 and is actively looking for business opportunities in the 15th National Winter Games in 2028 [25][26] Scroll Compressors - The company's subsidiary, Songyang Compressor, adjusted its strategy, targeting large - scale commercial, heat pump, refrigeration, vehicle, and special air - conditioning fields and balancing domestic and overseas markets [27] - It has delivered over 20 million scroll compressors, with exports reaching about 350 million yuan in 2024, mainly to Europe and South America [27]

| 作为中国船舶制冷领军者，公司凭借机组性能高可靠性，新造 | | --- | | 大型冷冻渔船制冷市场占有率遥遥领先。自主研发全球首套船 | | 用二氧化碳跨临界制冷设备碳捕集系统，大幅提升舰艇减碳能 | | 力，船舶碳捕集 OCCS 液化机组荣获 2025 中国制冷展"金奖产 | | 品"；船用溴化锂吸收式制冷机组入选"辽宁省首台（套）重 | | 大技术装备推广应用指导目录"、"2024 年度中国制冷学会节 | | 能降碳与环保产品目录"。 | | 4、公司优势细分市场-冰雪场馆介绍 | | 除北京冬奥会两个比赛赛场项目及两个配套冰场项目外，公司 | | 近年还承接了多项代表性商业冰雪工程，包括广州融创茂室内 | | 滑雪场项目、上海耀雪冰雪世界室内综合性冰雪场馆项目、陕 | | 西国际体育之窗双冰场项目、包头万科冰雪中心项目等。 | | 2025 年哈尔滨亚冬会主要是原有场馆的升级改造，公司参与 | | 了哈尔滨体育学院冰场升级改造及哈尔滨市八区体育中心制 | | 冰设备改造项目。 | | 国家大力发展冰雪经济，2028 年第十五届全国冬季运动会将 | | 由辽宁省承办，公司积极关注相关商机，争取更大专 ...

Group 1: Company Core Strategies - The company focuses on the cold and hot business sectors, delving into niche markets [1] - The petrochemical sector is highlighted as a key area showcasing the company's core cold technology [1] Group 2: Key Market Segments - The company has provided comprehensive solutions to high-end clients, including BASF, Covestro, and major oil companies [1] - Since becoming the only Class I supplier of refrigeration equipment to BASF in China in 2021, the company's industry influence has significantly increased [1] Group 3: Marine Refrigeration Leadership - As a leader in marine refrigeration in China, the company has a leading market share in the new large frozen fishing vessel refrigeration market [2] - The company developed the world's first marine carbon capture system, which won the "Gold Award Product" at the 2025 China Refrigeration Exhibition [2] Group 4: Compressor Market Development - The subsidiary, Songyang Compressor, has shifted its focus from light commercial air conditioning to large commercial, heat pump, and specialized air conditioning sectors [2] - Songyang Compressor delivered over 20 million units of scroll compressors, with export revenue of approximately 350 million yuan in 2024, primarily to Europe and South America [2] Group 5: Energy Storage Management - The company offers battery management systems and efficient thermal management units for the electrochemical energy storage sector, with orders exceeding 100 million yuan in 2024 [2] Group 6: Future Outlook - The company aims for rapid growth and scale, laying a solid foundation for long-term sustainability and steady market value enhancement [2]

Group 1: Financial Performance - In the first half of 2025, the company achieved a net profit of 79.54 million yuan, representing a year-on-year growth of 1.29% [2] - The net profit after deducting non-recurring items was 74.16 million yuan, with a year-on-year increase of 10.12% [2] Group 2: Core Business Strategy - The company focuses on the cold and heat business, delving into niche markets [2] - It aims to develop key areas within the cold chain industry, including industrial refrigeration and heating, commercial freezing and refrigeration, air conditioning and environmental services, and new business sectors [2] Group 3: Market Advantages - In the petrochemical sector, the company has provided comprehensive solutions to high-end clients such as BASF and Dow Chemical, enhancing its industry influence since becoming the sole Class I supplier of refrigeration equipment for BASF in China in 2021 [2] - As a leader in ship refrigeration, the company has a significant market share in new large frozen fishing vessels and has developed the world's first ship-based CO2 transcritical refrigeration carbon capture system [2][3] Group 4: Ice and Snow Venue Projects - The company has undertaken several notable commercial ice and snow projects, including indoor ski resorts and ice rinks, and is involved in upgrading facilities for the 2025 Harbin Winter Universiade [3] - The company is actively pursuing opportunities in the ice and snow economy, particularly with the upcoming 2028 National Winter Games [3] Group 5: Product Development and Market Expansion - The subsidiary, Songyang Compressor, has shifted its focus to large commercial applications and has delivered over 20 million scroll compressors, with export revenue projected at approximately 350 million yuan in 2024 [3] - The company provides battery management systems and efficient thermal management units for the energy storage sector, with orders exceeding 100 million yuan in 2024 and a positive outlook for 2025 [3] Group 6: Future Outlook - The company aims for rapid growth and scale, establishing a solid foundation for long-term sustainability and steady market value enhancement [3]

Market Overview - A-shares experienced fluctuations with the ChiNext Index rising nearly 2% at one point, closing with the Shanghai Composite Index up 0.38% at 3355.26 points, the Shenzhen Component Index up 1.03%, and the ChiNext Index up 1.74% [1] - The total trading volume for A-shares reached 827.1 billion yuan [1] Financial Policy - The People's Bank of China conducted a 7-day reverse repurchase operation of 158.6 billion yuan at a fixed rate of 1.40%, with the same amount being bid and accepted [1] - The Financial Regulatory Bureau's deputy director emphasized targeted financial services for private enterprises in key sectors, with 74 private equity investment funds established and technology enterprise merger loans launched in 18 pilot cities [1] Sector Performance - The military industry stocks continued to show strength, while the communication optical module sector was active [2] - The geothermal energy sector led the gains with an average increase of 2.89%, followed by copper cable high-speed connections at 2.46% and heat pump concepts at 2.40% [3] Heat Pump Industry - China is the largest producer of air-source heat pumps globally, but EU policies on localized production may limit long-term growth for heat pump manufacturers in China [4] - However, there is significant growth potential for heat pump component manufacturers due to their currently low market share [4] Company Highlights - **Hanbell Precise Machinery**: Focused on domestic substitution of semiconductor vacuum pumps, gaining recognition from domestic wafer fabs and equipment manufacturers, with broad growth potential [8] - **Ice Wheel Environment**: Demonstrated significant technological advantages with a new multi-stage centrifugal heat pump product that fills a domestic gap, achieving international leading standards [9] - **Iceberg Cold Chain**: Positioned at the forefront of the cold and heat industry, developing the world's first ship-based CO2 transcritical refrigeration system, with a projected order volume exceeding 100 million yuan in 2024 [9] - **Dunan Environment**: A leader in refrigeration components, improving profitability through structural upgrades in its main business and expanding into the high-growth new energy vehicle thermal management sector [9]