The Zheshang Securities Research Report pointed out that the ice wheel environment has benefited from global AIDC construction, and orders for chillers have accelerated. The company is a leading domestic temperature control equipment company, mainly engaged in industrial refrigeration equipment, HVAC equipment, green energy equipment, digital intelligence industry, etc. The products cover compressors, chillers, industrial heat pumps, energy storage and storage devices, and industrial heat exchange devices. The inflection point of performance has been reached, and the 2026Q1 performance growth was high. 2026Q1 revenue continued the 2025Q4 growth trend. The 2026Q1 company achieved revenue of 1,624 million yuan, +18.31% year over year; net profit to mother was 117 million yuan, +25.06% year over year, and both revenue and profit sides resumed relatively rapid growth. The company had a lot of exchange gains and losses in Q1. Financial expenses reached 25.31 million yuan, compared to -7.52 million yuan in the same period last year; after excluding exchange gains and losses, the actual profit growth rate was higher. Global computing power infrastructure has grown rapidly in recent years. The company provides data centers with temperature-controlled cooling equipment such as cooling source equipment and heat exchangers. The business covers domestic, North America, Australia, Southeast Asia, the Middle East and other regions, and orders and shipments continue to grow. SOFC's forward-looking layout expands distributed energy application scenarios; lays out emerging refrigeration equipment to open up medium- to long-term space.

The Zheshang Securities Research Report pointed out that the ice wheel environment has benefited from global AIDC construction, and orders for chillers have accelerated. The company is a leading domestic temperature control equipment company, mainly engaged in industrial refrigeration equipment, HVAC equipment, green energy equipment, digital intelligence industry, etc. The products cover compressors, chillers, industrial heat pumps, energy storage and storage devices, and industrial heat exchange devices. The inflection point of performance has been reached, and the 2026Q1 performance growth was high. 2026Q1 revenue continued the 2025Q4 growth trend. The 2026Q1 company achieved revenue of 1,624 million yuan, +18.31% year over year; net profit to mother was 117 million yuan, +25.06% year over year, and both revenue and profit sides resumed relatively rapid growth. The company had a lot of exchange gains and losses in Q1. Financial expenses reached 25.31 million yuan, compared to -7.52 million yuan in the same period last year; after excluding exchange gains and losses, the actual profit growth rate was higher. Global computing power infrastructure has grown rapidly in recent years. The company provides data centers with temperature-controlled cooling equipment such as cooling source equipment and heat exchangers. The business covers domestic, North America, Australia, Southeast Asia, the Middle East and other regions, and orders and shipments continue to grow. SOFC's forward-looking layout expands distributed energy application scenarios; lays out emerging refrigeration equipment to open up medium- to long-term space.