冰轮环境是一家在制冷压缩机领域拥有深厚积累的公司，已有近 70 年的历史。 其核心业务涵盖冷链装备、能源化工装备、中央空调以及工业热管理四大板块。 2024 年，公司冷链装备收入占比超过 30%，主要服务于地方国企和食品企业； 能源化工装备收入占比约为 25%，涉及天然气、炼化化工、多晶硅、锂电、氢 能和碳捕集等多个方向；中央空调业务由子公司盾安布什承担，收入占比约为 33%；工业热管理由控股 60%的还原泰盟负责，主要提供余热回收设备。 冰 轮环境的竞争优势主要体现在以下几个方面： 1. 技术体系完整：冰轮是国内唯一拥有螺杆制冷压缩机自主知识产权的企 业，并且在整个冷链装备行业中经营规模最大。其产品覆盖从零下 271 度到零上 200 度的宽温区间。 冰轮环境 20251207 摘要 冰轮环境是国内冷链装备行业龙头，拥有螺杆制冷压缩机自主知识产权， 产品覆盖宽温区间，具备技术体系完整和技术水平领先的竞争优势，并 通过全球化生产制造基地服务全球市场。 子公司盾安布什专注于数据中心等特种领域，提供一次侧制冷装备，技 术水平高，项目经验丰富，与多家大型客户合作密切，2024 年实现收 入 22.6 亿人民币，净利 ...

Group 1: Company Performance and Financial Outlook - The company expects a revenue of 3.301 billion CNY and a net profit of 692 million CNY for 2025, indicating a decline compared to 2024 [6][23]. - In 2024, the company reported a revenue of 3.674 billion CNY and a net profit of 863 million CNY [6][23]. - The decline in performance is attributed to the overall market environment and the downturn in the photovoltaic industry affecting the vacuum pump segment [23][21]. Group 2: Product Development and Market Strategy - The company is focusing on developing refrigeration products towards heat pumps and high-efficiency variable frequency compressors, while air compression products are moving towards oil-free options [4][30]. - The company has achieved full localization of magnetic suspension technology, eliminating risks associated with supply chain disruptions [3][4]. - The semiconductor vacuum pump technology is at par with international standards, with ongoing collaborations with major semiconductor companies [4][30]. Group 3: Market Challenges and Risk Management - The company faces challenges from industry cycles, raw material price fluctuations, and tariff policies, which have been disclosed in the 2024 annual report [7][23]. - Accounts receivable turnover days have exceeded 85 days for three consecutive years, raising concerns about potential delays in payments from semiconductor clients [6][3]. - The company is actively managing credit risks through enhanced accounts receivable management and collection policies [3][6]. Group 4: Investor Relations and Market Perception - The company is committed to improving long-term investment value through stable operations, compliance disclosures, and investor relations activities [6][26]. - The stock price has been under pressure, and the company is monitoring market dynamics closely [12][26]. - There are no current plans for stock buybacks, despite having sufficient cash reserves [32][26].