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]

Group 1: Core Business Strategy - The company focuses on the cold and hot business sectors, delving into niche markets [1] - The petrochemical sector is a key area showcasing the company's core cold technology, providing comprehensive solutions to high-end clients like BASF and Dow Chemical [1] Group 2: Marine Refrigeration Market - The company leads the large-scale frozen fishing vessel refrigeration market with high reliability in unit performance [2] - It has developed the world's first ship-based CO2 transcritical refrigeration carbon capture system, significantly enhancing vessel decarbonization capabilities [2] Group 3: Ice and Snow Venue Projects - The company has undertaken several notable commercial ice and snow projects, including indoor ski resorts and ice rinks, contributing to the development of the ice and snow economy [2] - Participation in the upgrade of venues for the 2025 Harbin Asian Winter Games, including ice rink renovations [2] Group 4: Scroll Compressor Development - The subsidiary, Songyang Compressor, has shifted its focus to large commercial applications, achieving a cumulative delivery of over 20 million scroll compressors [2] - In 2024, the company expects to generate approximately CNY 350 million in export revenue from scroll compressors, primarily to Europe and South America [2] Group 5: Future Outlook - The company aims for rapid growth and scale, laying a solid foundation for long-term sustainability [2] - Efforts will be made to steadily enhance market value while continuing business growth [3]

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]