证券代码：000811 证券简称：冰轮环境 冰轮环境技术股份有限公司投资者关系活动记录表 编号：【2026】第 016 号 | 投资者关 | □特定对象调研 | □分析师会议 | | --- | --- | --- | | | □媒体采访 | □业绩说明会 | | 系 | □新闻发布会 | √路演活动 | | 活动类别 | □现场参观 | □其他 | | 参与单位 名称 | 永赢基金李东祥、华泰证券王龙钰 | | | 及人员姓 | | | | 名 | | | | 时间 | 2026 年 3 月 3 日 | | | 地点 | 腾讯会议 | | | 上市公司 | | | | 接 | 董事会秘书孙秀欣 | | | 待人员姓 | | | | 名 | | | 活动期间谈论的主要内容如下： 一、讨论了业务情况和产业板块 公司致力于在能源和动力领域提供先进的系统解决方案和全生 命周期服务，主要产品形式为压缩机和换热装置，实施温控、增压等 冷热能管理功能，覆盖-271℃-200℃温度区间。具体有螺杆式压缩机、 离心式压缩机、吸收式制冷机、活塞式压缩机、涡旋式压缩机、工业 热泵、储能蓄能装置、真空冻干设备、速冻装置、换热设备、 ...

证券代码：000811 证券简称：冰轮环境 冰轮环境技术股份有限公司投资者关系活动记录表 编号：【2026】第 015 号 | 投资者关 | □特定对象调研 | □分析师会议 | | --- | --- | --- | | | □媒体采访 | □业绩说明会 | | 系 | □新闻发布会 | √路演活动 | | 活动类别 | □现场参观 | □其他 | | 参与单位 | | | | 名称 | 海富通基金陈华鑫、兴业证券郭亚男 | | | 及人员姓 | | | | 名 | | | | 时间 | 2026 年 3 月 2 日 | | | 地点 | 腾讯会议 | | | 上市公司 | | | | 接 | 董事会秘书孙秀欣 | | | 待人员姓 | | | | 名 | | | 活动期间谈论的主要内容如下： 一、讨论了业务情况和产业板块 公司致力于在能源和动力领域提供先进的系统解决方案和全生 命周期服务，主要产品形式为压缩机和换热装置，实施温控、增压等 冷热能管理功能，覆盖-271℃-200℃温度区间。具体有螺杆式压缩机、 离心式压缩机、吸收式制冷机、活塞式压缩机、涡旋式压缩机、工业 热泵、储能蓄能装置、真空冻干设备、速 ...

Group 1: Business Overview and Product Applications - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers that manage thermal energy across a temperature range of -271°C to 200°C [3]. - Products are widely used in various industries, including food processing, cold chain logistics, industrial refrigeration, commercial air conditioning, and energy recovery systems [3]. - The company has developed a range of innovative technologies for nuclear power applications, including cooling systems and heat recovery solutions, supporting multiple nuclear power stations in China [6][7]. Group 2: Data Center and Cooling Systems - The company’s subsidiaries provide cooling equipment for data centers, including evaporative condensers and closed cooling towers, with significant projects completed in both domestic and international markets [4][5]. - The proportion of centrifugal chillers, particularly magnetic levitation types, is increasing in the data center market, while the share of screw chillers is declining [6]. - The company has established a global after-sales service system supported by overseas manufacturing bases, enhancing its competitive edge in the market [6]. Group 3: Heat Recovery and Energy Management - The company is actively involved in heat management solutions, focusing on industrial heat pumps and waste heat recovery technologies, with a goal to align with national carbon reduction policies [8][10]. - The company has been recognized as a national-level "little giant" enterprise, holding numerous patents and awards for its innovative heat recovery technologies [9][10]. - The company’s technologies are expected to transition from optional to mandatory under upcoming national policies, indicating a long-term demand for its solutions [10]. Group 4: Aerospace and Fusion Energy Applications - The company produces liquefaction units for aerospace fuels, including hydrogen and methane, and has developed a high-efficiency helium screw compressor for liquefaction applications [11][12]. - The helium compressors are critical for cooling superconducting magnets in controlled nuclear fusion devices, operating at near absolute zero temperatures [11][12]. - The company has supplied helium compressors for major national scientific research projects, contributing to advancements in frontier technologies [11].

2026年02月03日，冰轮环境披露接待调研公告，公司于02月03日接待睿远基金、东方证券自营、财通证 券、银河证券、申万证券等9家机构调研。 调研情况显示，冰轮环境致力于在能源和动力领域提供先进的系统解决方案和全生命周期服务，主要产 品形式为压缩机和换热装置，实施温控、增压等冷热能管理功能，覆盖-271℃-200℃温度区间。具体产 品包括螺杆式压缩机、离心式压缩机、吸收式制冷机、活塞式压缩机、涡旋式压缩机、工业热泵、储能 蓄能装置、真空冻干设备、速冻装置、换热设备、船用制冷设备、多联机等，广泛应用于商业制冷系 统、工业冷冻系统、商用舒适空调、工业特种空调等多个领域。 公司在数据中心液冷系统应用方面，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。顿汉布什公司已有131年历史，其"变频离心式冷水机 组"和"集成自然冷却功能的风冷螺杆冷水机组"两项产品入选工信部《国家绿色数据中心先进适用技术 产品目录》，已成功服务国家超级计算广州中心、中国移动贵州大数据中心等诸多项目。在核电领域， 公司聚焦核岛冷却、核能供热等核心场景，服务了红沿河、宁德、阳江等多个核电站，旗 ...

Group 1: Business Overview and Product Applications - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers that manage thermal energy across a temperature range of -271°C to 200°C [3]. - Products are widely used in various industries, including food processing, cold chain logistics, industrial refrigeration, commercial air conditioning, and energy recovery systems [3]. - The company has successfully served numerous data centers and projects, both domestically and internationally, enhancing its market presence [4]. Group 2: Data Center and Cooling Systems - The company’s subsidiary, Dunham-Bush, provides cooling equipment for data centers, including variable frequency centrifugal chillers and natural cooling integrated systems, recognized in the national green data center technology catalog [4]. - The proportion of centrifugal chillers, especially magnetic levitation types, is increasing in the IDC market, indicating a shift in technology preference [6]. - The company has established a global after-sales service system supported by overseas manufacturing bases, enhancing its competitive edge [6]. Group 3: Nuclear Power Applications - The company has developed innovative technologies for nuclear power applications, focusing on core scenarios such as nuclear island cooling and heat recovery, supporting the safe operation of nuclear power plants [7]. - Recent projects include the supply of cooling systems for various nuclear power stations across China, demonstrating the company’s capability in this sector [7]. Group 4: Heat Recovery and Energy Management - The company’s heat management segment is aligned with national carbon reduction policies, offering industrial heat pump services and innovative technologies for waste heat recovery [8]. - The company has been recognized as a national-level specialized "little giant" enterprise, holding numerous patents and awards for its energy-efficient technologies [9]. - The heat recovery technologies are expected to become essential under new government policies, driving long-term demand [10]. Group 5: Aerospace and Fusion Energy Applications - The company produces liquefaction units for aerospace fuels, including hydrogen and methane, contributing to advancements in space technology [10]. - The helium compressors developed for controlled nuclear fusion applications are critical for maintaining ultra-low temperatures required for superconducting magnets [11]. Group 6: Gas Turbine Waste Heat Recovery - The company manufactures lithium bromide absorption chillers that utilize waste heat from gas turbines to provide cooling, enhancing energy efficiency [12].

Group 1: Business Overview and Product Applications - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers that manage thermal energy across a temperature range of -271°C to 200°C [3] - Products are widely used in various industries, including food processing, cold chain logistics, industrial refrigeration, commercial air conditioning, and energy recovery systems [3] - Specific applications include data centers, nuclear power, and industrial heat management, showcasing the versatility of the company's offerings [4][6][10] Group 2: Data Center and Cooling Systems - The company’s subsidiary, Dunham-Bush, provides cooling equipment for data centers, including variable frequency centrifugal chillers and integrated natural cooling systems, with successful projects in major data centers across China [4] - The market for data center cooling is robust, with a shift from screw-type to centrifugal chillers, particularly magnetic levitation types, indicating a trend towards higher efficiency [6] - The company has established a global after-sales service system supported by overseas manufacturing bases [6] Group 3: Nuclear Power Applications - The company has developed innovative technologies for nuclear power applications, including cooling systems and heat recovery solutions, to support the safe and efficient operation of nuclear power plants [7] - Recent projects include supplying cooling systems for multiple nuclear power stations in China, reflecting the company's strong position in this sector [7] Group 4: Heat Recovery and Energy Management - The company is actively involved in heat recovery technologies, with a focus on industrial heat pumps and energy management solutions, aligning with national carbon reduction policies [8][10] - The subsidiary Beijing Huayuan Taima has been recognized as a national-level "little giant" enterprise, holding numerous patents and contributing to significant energy-saving technologies [8][9] Group 5: Future Growth and Market Trends - The company anticipates revenue growth in its joint venture producing heat recovery steam generators (HRSG), projecting revenues of over 700 million in 2024 and approximately 1 billion in 2025 [8] - The demand for energy-efficient technologies is expected to increase due to government policies promoting urban renewal and carbon neutrality, positioning the company favorably for future opportunities [10] Group 6: Specialized Technologies - The company has developed specialized equipment for liquefying gases used in aerospace applications, including hydrogen and oxygen, demonstrating its technological capabilities [11] - Innovations in cryogenic technology, such as helium compressors for superconducting magnets, highlight the company's role in cutting-edge scientific research [11]

Group 1: Business Overview and Product Applications - The company focuses on 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] - Products are widely used in various industries such as food processing, cold chain logistics, industrial refrigeration, and commercial air conditioning [3] - Specific applications include data centers, nuclear power, and industrial heat management, showcasing the versatility of the company's offerings [4][6][10] Group 2: Data Center and Cooling Systems - The company’s Dunham-Bush subsidiary provides cooling equipment for data centers, including variable frequency centrifugal chillers and integrated natural cooling systems [4] - Successful projects include major data centers for China Mobile and China Unicom, with ongoing collaborations in North America and Southeast Asia [4] - The proportion of centrifugal chillers, especially magnetic levitation types, is increasing in the IDC market, indicating a shift in technology preference [6] Group 3: Nuclear Power Applications - The company has developed innovative technologies for nuclear power, focusing on core scenarios like nuclear island cooling and heat recovery [6][7] - Recent projects include supplying cooling solutions for multiple nuclear power stations across China, enhancing safety and efficiency [7] Group 4: Heat Recovery and Energy Management - The company’s heat management segment is aligned with national carbon reduction policies, offering industrial heat pumps and waste heat recovery technologies [8][10] - The Beijing Huayuan Taima subsidiary has been recognized as a national-level "little giant" enterprise, holding numerous patents and awards for its technologies [8][9] Group 5: Future Growth and Market Potential - The company anticipates significant revenue growth, projecting over 7 billion in 2024 and approximately 10 billion in 2025 from its HRSG products [8] - The demand for energy-efficient technologies is expected to increase due to government policies promoting carbon neutrality, positioning the company favorably for future opportunities [10] Group 6: Aerospace and Fusion Technology - The company produces liquefaction systems for aerospace fuels, including hydrogen and methane, and has developed a helium compressor for superconducting magnet cooling in fusion research [11][12] - The helium compressor has been recognized as a significant technological advancement in the energy sector, supporting major scientific research projects [11]

Group 1: Business Overview and Product Applications - 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] - Products are widely used in various industries such as food processing, cold chain logistics, industrial refrigeration, commercial air conditioning, and energy recovery systems [3] - The company has developed innovative technologies for nuclear power applications, including cooling systems and heat recovery solutions, supporting multiple nuclear power stations in China [6][7] Group 2: Data Center and Cooling Systems - The company’s subsidiary, Dunham-Bush, provides cooling equipment for data centers, including variable frequency centrifugal chillers and integrated natural cooling systems, with successful projects in both domestic and international markets [4] - The proportion of centrifugal chillers, especially magnetic levitation types, is increasing in the IDC market, while the proportion of screw chillers is decreasing [6] - The company has established a global after-sales service system supported by overseas manufacturing bases [6] Group 3: Heat Recovery and Energy Management - The company’s heat management segment focuses on industrial heat pumps and has been recognized as a national-level specialized "little giant" enterprise, with 96 patents and 33 software copyrights [8] - The company’s technologies for waste heat recovery and high-temperature heat pumps are aligned with national carbon neutrality policies, providing long-term demand certainty [10] - The company’s absorption heat exchangers and other technologies have received multiple national awards and recognitions for their energy-saving capabilities [9] Group 4: Aerospace and Fusion Energy Applications - The company produces liquefaction units for aerospace fuels, including hydrogen and methane, and has developed a helium gas compressor for superconducting magnet cooling systems used in controlled nuclear fusion [11][12] - The helium gas compressor is recognized as a significant technological equipment project by the National Energy Administration, supporting major scientific research projects [11] Group 5: Financial Projections and Market Demand - The joint venture with Yantai Modern Ice Wheel Heavy Industry is projected to generate revenues of over 700 million in 2024 and approximately 1 billion in 2025, driven by strong market demand [7]

1. Report's Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - The report focuses on the in - depth research of Icewheel Environment, a company in the general equipment industry. It details the company's product range, application scenarios, and market performance in various fields, highlighting its strong technical strength and market competitiveness [21][22]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Icewheel Environment, belonging to the general equipment industry. The reception time was on January 26, 2026, and the listed company's receptionist was the board secretary, Sun Xiuxin [17]. 3.2. Detailed Research Institutions - The research institutions include Zhongyou Securities, Southwest Securities, and Western Securities. The relevant personnel from these institutions are Chen Jiyun, Zhou Xinyu, and Deng Yuxuan respectively [18]. 3.3. Research Institutions' Proportion - No information provided in the given content. 3.4. Main Content Data 3.4.1. Business and Product Introduction - The company provides advanced system solutions and full - life - cycle services in the energy and power fields. Its main products are compressors and heat exchange devices, covering a temperature range from - 271°C to 200°C. The products are widely used in commercial refrigeration, industrial refrigeration, commercial comfort air - conditioning, industrial special air - conditioning, and other fields [21]. 3.4.2. Application and Production Capacity in Data Centers - Dunham - Bush and Icewheel Heat Exchange Technology Company under the group provide cooling equipment for data centers and liquid - cooling systems. Dunham - Bush, with a 131 - year history, has two products on the National Green Data Center Advanced and Applicable Technology and Product Catalog. The company has served many domestic data center projects [22]. 3.4.3. Products for the Nuclear Power Industry - The company focuses on core scenarios such as nuclear island cooling and nuclear energy heating. Its subsidiaries have rich experience and technologies in this field, and recently won a bid for a floating small nuclear reactor chiller project [24]. 3.4.4. HRSG Products - The affiliated company Yantai Modern Icewheel Heavy Industry Co., Ltd. produces combined - cycle gas power plant heat recovery steam generators (HRSG). It had revenues of over 700 million in 2024 and about 1 billion in 2025. The new plant has been completed, and the new production capacity is ramping up [25]. 3.4.5. Thermal Energy Management Sector - The company uses industrial heat pumps to serve thermal energy management, with Beijing Huayuan Taimei Company as the key. The company has many core technologies and patented products, and this sector is a key "dual - carbon" business, benefiting from urban heat network upgrades [26]. 3.4.6. Application in Aerospace Fuel - The company produces liquefaction units for the liquefaction of aerospace fuels such as hydrogen, oxygen, and methane. Its "new and efficient helium screw compressor in the hydrogen liquefaction field" was selected as the first batch of major technical equipment projects in the energy field by the National Energy Administration in 2020 [27][28]. 3.4.7. Products for Controllable Nuclear Fusion - The company's helium compressor is a key device for the cooling system of superconducting magnets in magnetic - confinement controllable nuclear fusion devices. It has supplied equipment to many scientific research institutions [29]. 3.4.8. Gas Turbine Waste - Heat Refrigeration Technology for AIDC - The company produces lithium bromide absorption chillers, which can achieve "power generation + refrigeration" combined supply by recovering the waste heat from the power - generation side of gas turbines, improving energy utilization efficiency [29].

Group 1: Business Overview and Product Applications - 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] - Products are widely used in various industries such as food processing, cold chain logistics, industrial refrigeration, commercial air conditioning, and energy recovery systems [3] - Specific applications include data centers, nuclear power, and industrial heat management, showcasing the versatility of the company's offerings [4][6][8] Group 2: Data Center Solutions - The company’s subsidiary, Dunham-Bush, provides cooling equipment for data centers, including variable frequency centrifugal chillers and integrated natural cooling systems [4] - Notable projects include service to major data centers in China, such as the National Supercomputing Center and various banks, indicating a strong market presence [4] - The company is expanding its overseas manufacturing capabilities to support global demand, particularly in North America and Southeast Asia [6] Group 3: Nuclear Power Applications - The company has developed innovative technologies for nuclear power applications, including cooling systems and heat recovery solutions, to support the safe operation of nuclear plants [6][7] - Recent projects include service to multiple nuclear power stations across China, reflecting the company's commitment to this sector [7] Group 4: Heat Recovery and Energy Management - The company is actively involved in heat recovery technologies, with a focus on industrial heat pumps and energy management solutions, aligning with national carbon reduction policies [8] - The subsidiary Beijing Huayuan Taima has been recognized as a national-level "little giant" enterprise, emphasizing its innovation in heat recovery technologies [8] - The company has filed numerous patents and developed award-winning technologies, indicating a strong commitment to R&D in energy efficiency [8][9] Group 5: Future Growth and Market Trends - The company anticipates increased demand for its technologies due to government policies promoting carbon neutrality, positioning its heat recovery and energy management solutions as essential for high-energy-consuming industries [8] - The market for HRSG products is expected to grow, with projected revenues exceeding 700 million in 2024, driven by strong demand [8]