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, scroll compressors, industrial heat pumps, energy storage devices, vacuum freeze-drying equipment, and marine refrigeration equipment [3] Group 2: Application Areas - Products are widely used in various sectors such as food processing, cold chain logistics, industrial refrigeration, commercial air conditioning, and special industrial cooling systems [3] - Specific applications include food and pharmaceutical vacuum freeze-drying, energy and chemical cooling processes, and data centers [3] Group 3: Data Center Solutions - The company’s subsidiaries provide cooling equipment for data centers, including liquid cooling systems and heat exchange devices [4] - Dunham-Bush, a subsidiary, has a 131-year history and offers products recognized in the national green data center technology catalog, including variable frequency centrifugal chillers [4] Group 4: Market Presence and Growth - The company has successfully served numerous domestic data center projects and collaborates with local integrators for international projects in North America, Australia, Southeast Asia, and the Middle East [4] - The market demand for cooling solutions remains high, with significant growth expected in the coming years, particularly for HRSG products, projected to generate over 700 million in revenue in 2024 and approximately 1 billion in 2025 [6]

（编辑 袁冠琳） 证券日报网1月8日讯 ，冰轮环境在接受调研者提问时表示，公司旗下顿汉布什公司和冰轮换热技术公 司为数据中心乃至液冷系统提供一次侧冷源装备和热交换装置等冷却装备。顿汉布什公司（DUNHAM- BUSH）跻身欧美系暖通空调一线梯队，已有131年历史。"变频离心式冷水机组""集成自然冷却功能的 风冷螺杆冷水机组"两项产品入选工业和信息化部《国家绿色数据中心先进适用技术产品目录》，其 中，"变频离心式冷水机组"包含"高压变频离心式冷水机组"和"磁悬浮变频离心式冷水机组"。国内已成 功服务了国家超级计算广州中心（天河二号）、中国移动（贵州）大数据中心、中国联通西安数据中 心、北京四季青数据中心、上海交通银行数据处理中心、恒丰银行总部数据中心、北京中信银行数据中 心、杭钢集团云计算数据中心、淮海大数据产业园、深圳梅林数据中心、数字福州云计算中心、武汉大 数据产业中心、浙江之江国家实验室等诸多项目。在海外，与多家本土专业集成商合作，服务了北美、 澳大利亚、东南亚、中东众多项目，市场景气度持续高企。冰轮换热技术公司提供蒸发式冷凝器、闭式 冷却塔、干冷器、等焓加湿空冷器、干湿联合式冷却器、板翅式密封通道热交换 ...

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]

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]

Core Viewpoint - The company Ice Wheel Environment (000811) is actively involved in providing cooling equipment for data centers and liquid cooling systems through its subsidiaries Dunham-Bush and Ice Wheel Heat Exchange Technology, highlighting its strong market position and technological advancements in the HVAC sector [1] Group 1: Company Overview - Dunham-Bush has a 131-year history and is recognized as a leading player in the HVAC industry in Europe and North America [1] - The company offers advanced cooling solutions, including variable frequency centrifugal chillers and air-cooled screw chillers, which have been included in the Ministry of Industry and Information Technology's directory of advanced applicable technologies for national green data centers [1] Group 2: Market Presence - The company has successfully served numerous domestic projects, including major data centers for the National Supercomputing Center in Guangzhou and China Mobile, as well as various banks and cloud computing centers [1] - Internationally, the company collaborates with local integrators to serve projects across North America, Australia, Southeast Asia, and the Middle East, indicating a robust global market presence [1] Group 3: Product Innovations - Ice Wheel Heat Exchange Technology provides a range of cooling products, including evaporative condensers and closed cooling towers, with its low-carbon energy-saving closed cooling technology recognized as a national demonstration technology [1] - The company has seen a shift in the IDC chiller market, with a decreasing proportion of screw-type chillers and an increasing share of centrifugal chillers, particularly magnetic levitation chillers [1] Group 4: Competitive Landscape - The IDC chiller market is characterized by high standards related to operational conditions, seismic resistance, reliability, energy efficiency, and recovery time after power outages, creating significant entry barriers [1] - Major competitors in the overseas market include leading HVAC manufacturers such as Carrier, York, Trane, McQuay, and Dunham-Bush [1]

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°C to 200°C [3] - Key applications of products span across various industries such as food processing, cold chain logistics, industrial cooling systems, and commercial air conditioning [3] Group 2: Financial Performance - 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 significant projects completed for major clients like the National Supercomputing Center and various banks [4][6] - The proportion of centrifugal chillers, particularly magnetic levitation types, is increasing in the IDC chiller market, while the share of screw chillers is declining [6] 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 successful projects at multiple nuclear power stations [7] - Innovations include a no-power cooling system for the containment shell and technologies for nuclear heating and long-distance heat supply [7] Group 5: Thermal Management and Carbon Neutrality - The company is committed to thermal management solutions, particularly through industrial heat pumps, and has been recognized as a national-level specialized "little giant" enterprise [8] - The company’s technologies for waste heat recovery and carbon capture are expected to become essential in high-energy-consuming industries, driven by national policies on carbon neutrality [8]

Financial Performance - In Q3 2025, the company achieved a revenue of CNY 1.72 billion, a year-on-year increase of 6.88%, and a net profit attributable to shareholders of CNY 160 million, up 13.54% [3] - For the first three quarters, total revenue was CNY 4.83 billion, a decline of 2.45% year-on-year, with a net profit of CNY 428 million, down 9.68% [3] 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, operating in a temperature range of -271°C to 200°C [3] - Key product categories include screw compressors, centrifugal compressors, absorption chillers, piston compressors, and industrial heat pumps [3] Market Applications - Products are widely used in various sectors such as food processing, cold chain logistics, industrial refrigeration, and special air conditioning for data centers and nuclear power [4] - The low-temperature refrigeration segment saw a slight decline, while special air conditioning and thermal management segments experienced growth [4] Data Center Solutions - The company’s subsidiaries provide cooling equipment for data centers, including evaporative condensers and heat exchange devices [4][6] - Notable projects include collaborations with major data centers across China and partnerships with local integrators in North America, Australia, and Southeast Asia [5][6] Nuclear Power Sector - The company is actively involved in the nuclear power industry, focusing on core applications such as nuclear island cooling and heat recovery [6][7] - Recent projects include supplying cooling systems for several nuclear power stations in China [7] Thermal Management Innovations - The company is advancing in thermal management technologies, particularly through its subsidiary, which specializes in industrial heat pumps and waste heat recovery systems [8] - The company has been recognized for its innovative technologies, including awards for its absorption heat exchangers and low-temperature heat recovery systems [8] Joint Ventures and Collaborations - The company collaborates with Yantai Modern Ice Wheel Heavy Industry, focusing on gas-fired power generation waste heat boilers and partnerships with global firms like GE and Siemens [8]

Group 1: New Energy Business - The company has decided to enter the new energy sector, focusing on chemical synthesis capabilities, which are deemed competitive for commercialization [1] - Expected revenue from the new energy business is projected to break through in 2025, primarily driven by sales of LiFSI and electrolyte products [1] Group 2: Pharmaceutical Business - The pharmaceutical segment is growing rapidly, with a focus on a CDMO business model and partnerships with leading global pharmaceutical companies [1] - The company aims to expand its client base and enhance its product pipeline, anticipating long-term growth as it deepens collaborations with clients [2] Group 3: Malaysia Base Construction - The establishment of a base in Malaysia is intended to meet client supply chain diversification needs and enhance customer loyalty [2] - The Malaysian facility is currently in the construction phase, with production expected to commence within the year [2] Group 4: Crop Protection Business - The crop protection business remains stable, with the company recognized as a strategic partner for major global original research crop protection companies [2] - The company provides comprehensive solutions covering the entire product lifecycle in the crop protection sector [2] Group 5: Capital Expenditure Considerations - Current capital expenditures are focused on the coastal base and the Malaysian facility, with a net cash flow from operating activities of approximately 9 billion yuan in the first three quarters of 2025 [2] - There are no immediate plans for capital operations as the current cash flow supports ongoing capital expenditure plans [2] Group 6: Subsidiary Shanghai Baofeng - Shanghai Baofeng has been listed on the New Third Board and aims to improve product and service quality while expanding into international markets [2] - The subsidiary is focused on maintaining stable growth in traditional refrigeration sectors [2]

Group 1: Financial Performance - The company achieved a revenue of 1.72 billion CNY in Q3 2025, representing a year-on-year growth of 6.88% [3] - The net profit attributable to shareholders for Q3 2025 was 160 million CNY, up 13.54% year-on-year [3] - For the first three quarters, the total revenue was 4.83 billion CNY, a decline of 2.45% compared to the previous year [3] - The net profit attributable to shareholders for the first three quarters was 428 million CNY, down 9.68% year-on-year [3] Group 2: Business Operations 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 [3] - Products operate within a temperature range of -271°C to 200°C, including various types of compressors and cooling equipment [3] - The low-temperature refrigeration segment experienced a slight decline, while the special air conditioning and thermal management segments showed year-on-year growth [4] Group 3: Market Applications - The company's products are widely used in food processing, cold chain logistics, industrial refrigeration, and commercial air conditioning [4] - Applications extend to data centers, nuclear power plants, and various industrial cooling systems [4] - The company has successfully served numerous data center projects across China, including major banks and technology centers [5] Group 4: Innovations and Collaborations - Dunham-Bush, a subsidiary, has been recognized in the national green data center technology product directory for its energy-efficient cooling solutions [5][6] - The company is actively involved in the nuclear power sector, providing innovative cooling technologies and solutions for nuclear power plants [6] - Recent projects include collaborations with Tsinghua University on nuclear energy utilization technologies [6]

Financial Performance - In Q3 2025, the company achieved a revenue of 1.72 billion CNY, a year-on-year increase of 6.88%, and a net profit attributable to shareholders of 160 million CNY, up 13.54% [3] - For the first three quarters, total revenue was 4.83 billion CNY, a decline of 2.45% year-on-year, with a net profit of 428 million CNY, down 9.68% [3] 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, operating in a temperature range of -271°C to 200°C [3] - Key product categories include screw compressors, centrifugal compressors, absorption chillers, piston compressors, and industrial heat pumps [3] Market Applications - Products are widely used in various sectors such as food processing, cold chain logistics, industrial refrigeration, and special environments for aerospace and construction [4] - The low-temperature refrigeration segment saw a slight decline, while the special air conditioning and thermal management segments experienced growth [4] Data Center Solutions - The company provides cooling equipment for data centers, including liquid cooling systems, through its subsidiaries Dunham-Bush and Ice Wheel Heat Exchange Technology [4][5] - Dunham-Bush has a strong presence in the North American and Southeast Asian markets, with successful projects in major data centers [5][6] 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 [6] - It has developed innovative technologies for nuclear power plants and has a strong track record in providing cooling solutions for various nuclear facilities [6] Competitive Advantages - The company boasts advanced compression and heat exchange technologies, recognized with national awards, and has extensive experience in specialized project applications [6] - A highly efficient and innovative management team contributes to the company's competitive edge in the market [6]