调研基本信息 11月19日，冰轮环境技术股份有限公司（以下简称"冰轮环境"）在公司会议室接待了特定对象调研，汇 添富基金吕天傲、银华基金张伯伦、长江证券贾少波等3家机构代表参与。公司董事会秘书孙秀欣出席 并与机构就业绩表现、业务布局、重点板块进展等进行深入交流。 业绩表现：三季度单季增长显著 前三季度受行业影响承压 据介绍，冰轮环境第三季度实现营收17.2亿元，同比增长6.88%；归母净利润1.6亿元，同比增长 13.54%，单季度业绩呈现良好增长态势。不过，受上半年行业整体环境影响，公司前三季度累计实现 营收48.3亿元，同比下滑2.45%；归母净利润4.28亿元，同比下滑9.68%。 从业务板块营收趋势看，前三季度低温制冷板块虽略有下滑，但降幅逐季收敛；特种空调和热管理板块 则实现同比增长，成为拉动业绩的重要力量。 业务布局：覆盖全温区温控 多领域应用广泛 交流中，公司详细介绍了核心业务布局。冰轮环境专注于能源和动力领域，提供系统解决方案及全生命 周期服务，主要产品包括螺杆式、离心式、活塞式等各类压缩机，以及吸收式制冷机、工业热泵、储能 蓄能装置、换热设备等，可实现-271℃至200℃全温区的温控、增压等 ...

Core Viewpoint - Iceberg Cold Chain (000530) is focusing on the development of its industrial refrigeration and heating, commercial freezing and refrigeration, air conditioning and environmental sectors, engineering and services, and new business areas, aiming to create a complete cold and heat industry chain [1] Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.401 billion yuan, a year-on-year decrease of 2.52% - The net profit attributable to shareholders of the listed company was 79.541 million yuan, a year-on-year increase of 1.29% - The net profit attributable to shareholders after deducting non-recurring gains and losses was 74.1626 million yuan, a year-on-year increase of 10.12% [1] Industry Position and Clientele - The company has established itself as a key player in the petrochemical sector, providing comprehensive solutions to high-end clients such as BASF, Covestro, Dow Chemical, and others [2] - Since becoming the only Class I supplier of refrigeration equipment for BASF in China in 2021, the company's industry influence has significantly increased [2] - The company leads the market in the refrigeration sector for new large frozen fishing vessels [2] Project Engagements - The company has undertaken several notable commercial ice and snow engineering projects, including indoor ski resorts and ice venues in various cities [3] - In 2025, the company is involved in upgrading existing venues for the Harbin Asian Winter Games, including ice rink renovations [3] - The company is actively looking for opportunities in the ice and snow economy, particularly with the upcoming 2028 National Winter Games [3] Growth in Energy Sector - In the energy sector, the company has seen significant growth in orders for energy storage thermal management and CCUS projects [2] - The company provides battery management systems and efficient thermal management heat exchange units for the electrochemical energy storage field, with over 100 million yuan in orders expected for 2024 [2]

Core Viewpoint - Iceberg Cold Chain (000530) reported a slight decline in revenue but a modest increase in net profit for the first half of 2025, indicating resilience in a competitive market environment [1] Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.401 billion yuan, a year-on-year decrease of 2.52% [1] - The net profit attributable to shareholders was 79.5411 million yuan, reflecting a year-on-year increase of 1.29% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 74.1626 million yuan, showing a year-on-year growth of 10.12% [1] Industry Focus and Strategy - The company is focused on the cold and heat industry, developing key areas such as industrial refrigeration and heating, commercial freezing and refrigeration, air conditioning, and environmental services [1] - The company aims to expand its market presence in both domestic and international markets, primarily through self-operated sales complemented by channel sales [1] Market Conditions - The refrigeration and air conditioning industry benefits from rigid demands driven by food safety, energy security, consumption upgrades, energy conservation, and domestic substitution [1] - However, the industry faces challenges such as intensified market competition, difficulties in improving efficiency, and challenges in receivables collection [1] Business Development - The company is focusing on niche markets such as petrochemicals, cold chain logistics, and energy management, while actively expanding into new areas like energy storage and carbon capture [2] - The company’s subsidiaries are successfully securing high-profile projects, enhancing their core competitiveness and industry influence [2] Product Innovation - Subsidiaries are innovating in energy-saving technologies and expanding their product offerings, including the development of oil-free compressors and integrated compressor projects [3] - The company is also advancing in energy storage solutions and has seen a rapid increase in orders for energy storage products [3]

Core Viewpoint - Bingshan Refrigeration & Heat Transfer Technologies Co., Ltd. reported a decrease in operating revenue and a slight increase in net profit for the first half of 2025, while focusing on expanding its core business in the refrigeration and air conditioning industry amidst market challenges and opportunities [6][15][17]. Company Information - The company is listed on the Shenzhen Stock Exchange with stock codes 000530 and 200530, and its legal representative is Ji Zhijian [4]. Financial Performance - Operating revenue for the first half of 2025 was approximately RMB 2.40 billion, a decrease of 2.52% compared to the same period last year [6]. - Net profit attributable to shareholders was approximately RMB 79.54 million, reflecting a year-on-year increase of 1.29% [6]. - The net cash flow from operating activities improved significantly, showing a year-on-year increase of 96.83% [6]. Business Overview - The company focuses on the hot and cold industry, providing solutions in industrial refrigeration, commercial refrigeration, air conditioning, and engineering services [15][17]. - Key products include various types of refrigeration machines and comprehensive solutions for domestic and international markets [15][17]. - The company is actively expanding into new business areas such as energy storage thermal management and carbon capture, utilization, and storage (CCUS) [12][13]. Market Challenges and Opportunities - The refrigeration and air conditioning industry is experiencing both opportunities from rigid demands like food safety and energy conservation, and challenges such as intensified market competition and difficulties in payment recovery [15][17]. - The company is cultivating segmented markets, particularly in petrochemicals, cold chain logistics, and environmental simulation, to enhance its competitive edge [15][17]. Key Projects and Innovations - The company has secured multiple high-standard projects, including those with CNOOC Shell and PetroChina, and has developed innovative products recognized at industry exhibitions [16][20][21]. - The subsidiary Bingshan Engineering has undertaken significant projects in cold chain logistics and energy management, contributing to the company's growth [17][18]. Financial Indicators - Total assets as of June 30, 2025, were approximately RMB 7.45 billion, a decrease of 2.29% from the previous year [6]. - The company's accounts receivable increased to approximately RMB 1.75 billion, representing 23.50% of total assets, an increase of 3.94 percentage points [22]. Strategic Focus - The company aims to enhance its core competitiveness by improving its sales, product, technical, and service capabilities while focusing on sustainable growth and energy efficiency [14][15].

Core Viewpoint - The report highlights the financial performance and operational strategies of Bingshan Refrigeration Technology Co., Ltd. for the first half of 2025, indicating a slight decline in revenue but an increase in net profit, alongside a focus on expanding its market presence and enhancing product offerings in the refrigeration and air conditioning sectors [1][3]. Company Overview and Financial Indicators - Bingshan Refrigeration's total revenue for the reporting period was approximately CNY 2.40 billion, a decrease of 2.52% compared to the previous year [5]. - The net profit attributable to shareholders was approximately CNY 79.54 million, reflecting a 1.29% increase year-on-year [5]. - The company reported a significant improvement in cash flow from operating activities, with a net cash flow of approximately CNY -1.03 million, a substantial recovery from the previous year's loss of CNY -32.59 million [5]. - Total assets at the end of the reporting period were approximately CNY 7.45 billion, down 2.29% from the previous year [5]. Business Segments Industrial Refrigeration and Heating - The company has made significant advancements in industrial refrigeration technology, achieving competitive parity with international peers and winning high-profile projects such as those with CNOOC and Shell [3][4]. Commercial Refrigeration and Cold Chain - Bingshan Refrigeration is a leader in the commercial refrigeration sector, focusing on green and intelligent cold chain solutions, and has secured key projects in logistics and food preservation [3][4]. Air Conditioning and Environmental Solutions - The company is transitioning towards more energy-efficient and environmentally friendly air conditioning products, targeting various sectors including healthcare and high-end real estate [3][4]. Engineering and Services - Bingshan has shifted from being solely a manufacturer to providing comprehensive solutions, including consulting and project management, enhancing its service offerings across multiple sectors [3][4]. New Business Areas - The company is actively developing new business areas such as energy storage and carbon capture, aligning with national sustainability goals [3][4]. Financial Performance Analysis - Revenue from the refrigeration and air conditioning sector accounted for approximately 98.38% of total revenue, with a slight decline of 1.01% year-on-year [6]. - The company’s gross profit margin in the refrigeration sector improved by 0.44 percentage points compared to the previous year [8]. - The company’s research and development expenses decreased by 11.94% to approximately CNY 69.17 million, indicating a potential shift in investment strategy [5]. Market Position and Competitive Advantages - Bingshan Refrigeration has established a robust marketing and service network, enabling it to respond quickly to customer needs and enhance service quality [3]. - The company emphasizes a balanced approach to energy use and has developed a range of energy-efficient products, contributing to food and energy safety [3][4].