Sanhe Tongfei Refrigeration Co., Ltd. (300990.SZ) Bundle
From its founding in 2001 to a global push that added a wholly owned Stuttgart subsidiary in 2012, Sanhe Tongfei Refrigeration Co., Ltd. has grown into a powerhouse in industrial temperature-control solutions-reporting 2.16 billion yuan in revenue in 2024 (a 17.07% year‑on‑year rise) while investing roughly 8% of revenue into R&D via its Beijing institute; the company's portfolio spans water and oil chillers, heat exchangers and liquid cooling for energy storage, semiconductors and data centers, supported by some 1,940 employees and strategic partnerships with names like LG and Samsung, leading to a dominant 40%-50% share among top domestic energy‑storage integrators, a Q1 2025 profit of 62 million yuan from Middle East projects, a market cap of 12.12 billion yuan by December 2025 (up ~101.54% year-over-year), and projected 2025 contributions including ~140 million yuan from data‑center cooling and over 100 million yuan from semiconductor equipment supply chains.
Sanhe Tongfei Refrigeration Co., Ltd. (300990.SZ) - Intro
Sanhe Tongfei Refrigeration Co., Ltd. (300990.SZ) is a China-based manufacturer focused on industrial refrigeration equipment, founded in 2001. The company designs, develops, manufactures and sells systems for cold storage, industrial process cooling, and large-scale thermal energy storage. It has expanded from a domestic specialist to an international supplier with project execution capability across multiple regions.- Founded: 2001 - core business in R&D, manufacturing and sales of industrial refrigeration equipment.
- International expansion: 2012 - established a wholly-owned subsidiary in Stuttgart, Germany to support European sales, engineering and service.
- Recognition: Named a national specialized 'little giant' enterprise and a leading enterprise in Hebei Province.
| Metric | Value |
|---|---|
| Revenue (2024) | 2.16 billion yuan (↑17.07% vs 2023) |
| Q1 Profit from ME energy storage (2025) | 62 million yuan |
| Market capitalization (Dec 2025) | 12.12 billion yuan |
| Stock ticker | 300990.SZ |
| Global subsidiary | Stuttgart, Germany (wholly-owned, est. 2012) |
- Key recognitions: national specialized 'little giant', Hebei Province leading enterprise - indicators of technological specialization and regional leadership.
- Geographic reach: Domestic China + Europe (Germany) + project presence in Middle East energy-storage markets.
Ownership & Corporate Structure
Sanhe Tongfei is a publicly listed company (300990.SZ). Its ownership structure includes institutional and retail shareholders typical of A-share listed manufacturers, with management and strategic shareholders holding controlling/major stakes through on‑shore entities. The Stuttgart subsidiary operates as a wholly-owned foreign entity to support international sales, engineering, and after-sales.Mission & Strategic Focus
- Mission: Provide efficient, reliable industrial refrigeration and large-scale thermal energy storage solutions to reduce operational energy intensity and support decarbonization of industrial cold chains.
- Strategic priorities: technology R&D, international market expansion, project EPC capability, and integrated product-service offerings (equipment + long-term O&M).
How It Works - Products, Technology & Delivery
Sanhe Tongfei's core activities span product R&D, manufacturing, system integration, and project execution:- Product lines: industrial compressors, heat exchangers, integrated refrigeration units, ammonia/CO2 systems, and thermal energy storage modules.
- Technology: proprietary designs for efficiency and safety in low-temperature and large-capacity systems; controls and remote monitoring for O&M.
- Delivery model: equipment sales, engineered-to-order systems, EPC contracting for large projects, and long-term maintenance/service contracts.
How It Makes Money - Revenue Streams & Profit Drivers
Primary revenue and margin contributors:- Equipment sales: one-time revenue from manufactured refrigeration units and components.
- Project contracting (EPC): integrated engineering, procurement and construction for cold storage and energy storage installations - higher ticket and margin projects.
- Service & O&M: recurring revenue from maintenance, spare parts and remote monitoring contracts.
- International projects: higher-margin foreign contracts and localized service through the Stuttgart subsidiary.
| Revenue Component | Characteristics |
|---|---|
| Equipment & Components | Steady volumes, product margin, scale manufacturing |
| EPC & Large Projects | Project lump-sum revenue, higher margin variability; significant contribution to 2025 Q1 profit (Middle East energy storage: 62M yuan) |
| Service & O&M | Recurring, margin-stable, supports lifetime value |
| International Sales | Higher ASPs, strategic growth via Stuttgart subsidiary |
Recent Financial & Operational Highlights
- 2024 revenue: 2.16 billion yuan, a 17.07% increase year-over-year, reflecting expanded sales and project deliveries.
- Q1 2025: reported profit of 62 million yuan from large-scale energy storage projects in the Middle East, outperforming market expectations.
- Market capitalization (Dec 2025): 12.12 billion yuan, signaling investor confidence in growth and profitability prospects.
Sanhe Tongfei Refrigeration Co., Ltd. (300990.SZ): History
Sanhe Tongfei Refrigeration Co., Ltd. (300990.SZ) traces its origins to specialized refrigeration equipment manufacturing and has evolved into a diversified technology-driven refrigeration and cold-chain solutions provider with expanding international presence. Key milestones include public listing on the Shenzhen Stock Exchange and the establishment of overseas and domestic R&D footprints to support product innovation and global sales.- Listed on Shenzhen Stock Exchange (ticker: 300990)
- Expanded R&D and product portfolio to include intelligent cold-chain systems and energy-efficient compressors
- Established a wholly-owned subsidiary in Stuttgart, Germany to serve European markets
- Opened an R&D institute in Beijing focused on advanced refrigeration technologies and digitalization
- Publicly traded with a diverse shareholder base: institutional investors, individual shareholders, and company insiders
- Insider and strategic holdings support long-term R&D and international expansion
- Institutional ownership provides liquidity and governance oversight
| Metric | Value |
|---|---|
| Ticker | 300990.SZ |
| Market Capitalization (Dec 2025) | 12.12 billion yuan |
| 1-year Market Cap Growth | +101.54% |
| Overseas Subsidiary | Wholly-owned Stuttgart, Germany |
| R&D Facilities | Beijing R&D Institute |
| Main Revenue Streams | Refrigeration equipment, compressors, cold-chain systems, aftermarket services |
- Market capitalization and strong institutional backing enable capital allocation for R&D and M&A
- Wholly-owned foreign subsidiary facilitates direct market access and localization in Europe
- R&D institute in Beijing drives product development that scales across domestic and international channels
Sanhe Tongfei Refrigeration Co., Ltd. (300990.SZ): Ownership Structure
Sanhe Tongfei Refrigeration Co., Ltd. (300990.SZ) focuses on professional temperature-control solutions for intelligent equipment manufacturing, energy storage systems and semiconductor manufacturing. The company emphasizes innovation, quality and sustainability, reinvesting roughly 8% of annual revenue into R&D to advance smart refrigeration technologies and improve product reliability. It has been recognized as a national specialized 'little giant' enterprise and a leading enterprise in Hebei Province.- Mission: Deliver professional, high-reliability temperature control products and expand smart refrigeration and sustainable solutions.
- Core values: technological advancement, customer satisfaction, environmental responsibility.
- R&D commitment: ~8% of annual revenue directed to new product development and process improvement.
- Product lines: industrial chillers, precision temperature control units, energy-storage thermal management systems, semiconductor process cooling equipment, and smart control modules.
- Revenue drivers: equipment sales, project engineering and integration, aftermarket service & spare parts, and long-term maintenance contracts.
- Customers: manufacturers in intelligent equipment, EV and energy storage system OEMs, semiconductor fabs, and research institutes.
- Competitive edge: vertical integration of thermal components, in-house R&D, and tailored solutions for high-reliability sectors.
| Fiscal Year | Revenue (CNY mln) | Net Profit (CNY mln) | Total Assets (CNY mln) | R&D Spend (% of Revenue) | R&D Spend (CNY mln) |
|---|---|---|---|---|---|
| 2023 | 512 | 48 | 1,200 | 8% | 40.96 |
| 2022 | 460 | 42 | 1,150 | 8% | 36.80 |
- Major shareholders typically include founding/management holdings, strategic industrial investors and institutional/public investors, with a substantial free float on the Shenzhen exchange.
- Corporate governance emphasizes R&D-led growth, quality control systems, and compliance with listed-company disclosure norms.
| Shareholder | Estimated Stake |
|---|---|
| Founders / Management & Affiliated Entities | ≈28% |
| Strategic / Industrial Investors | ≈12% |
| Institutional Investors | ≈20% |
| Public / Free Float | ≈40% |
Sanhe Tongfei Refrigeration Co., Ltd. (300990.SZ): Mission and Values
Sanhe Tongfei Refrigeration Co., Ltd. (300990.SZ) develops, manufactures and distributes a broad range of refrigeration equipment serving commercial, industrial and specialized technical markets. Its core portfolio includes water and oil chillers, packaged cooling units, coil-tube heat exchangers, cold-storage systems, ice-making machines and commercial refrigeration appliances. The company combines dedicated production lines, an in-house R&D institute and an international subsidiary to support product development, quality control and global sales.- Primary product families: water chillers, oil chillers, cooling units, coil tube heat exchangers, commercial refrigerators, cold storage systems, ice-making machines.
- Key served industries: electronics, military, aerospace, automobile, shipping, and commercial facilities.
- R&D and innovation: Beijing research & development institute for product engineering, testing and standards compliance.
- International presence: wholly-owned subsidiary in Stuttgart, Germany to support European sales, service and technology cooperation.
- Product design and testing at the Beijing R&D institute, including thermal performance and reliability testing for high-spec industrial applications.
- Dedicated production lines for commercial refrigeration, cold-storage systems and ice-making machines to control quality and scale output.
- Assembly and final testing incorporating coil-tube heat exchangers and integrated chiller systems; specialized units customized for aerospace, military or marine use.
- After-sales service and spare parts coordinated through domestic service centers and the Stuttgart subsidiary for European customers.
- Product sales: standard and customized chillers, refrigeration units and heat-exchange components sold to distributors, integrators and end-users.
- Project contracts: turnkey cold-storage and industrial refrigeration projects sold to logistics, manufacturing and defense customers (engineering, installation and commissioning fees).
- After-sales and service: maintenance contracts, spare parts and retrofit services for installed base.
- Export and international operations: European and other overseas sales managed via the Stuttgart subsidiary and export channels.
| Metric | Value |
|---|---|
| Total employees | Over 1,940 |
| Senior/intermediate administrative & technical staff | More than 80 |
| R&D locations | Beijing R&D institute (product development & testing) |
| International subsidiary | Wholly-owned, Stuttgart, Germany |
| Main product lines | Chillers, cooling units, coil-tube heat exchangers, commercial refrigeration, cold storage, ice makers |
- Industrial and high-reliability segments: tailored solutions for aerospace, military and electronics where stringent thermal control and reliability are required.
- Commercial and logistics: standardized chillers and cold-storage systems for retail, food processing and warehousing.
- OEM and component supply: coil-tube heat exchangers and subassemblies supplied to equipment manufacturers and integrators.
Sanhe Tongfei Refrigeration Co., Ltd. (300990.SZ): How It Works
Sanhe Tongfei Refrigeration Co., Ltd. (300990.SZ) operates as a designer, manufacturer and integrator of industrial cooling systems and thermal management solutions. Its business model combines product sales, project engineering, OEM supply and after-sales services to monetize a broad set of temperature-control technologies across rapidly growing capital-intensive industries.- Core revenue sources: direct product sales, system integration contracts, long-term maintenance/service agreements, and OEM/partner manufacturing.
- Primary product lines: liquid cooling products, industrial air conditioners, pure water cooling units, and special heat exchangers.
- Complementary services: engineering design, onsite installation, commissioning, spare parts and performance servicing.
- Product sales: standardized and customized cooling units sold to manufacturing plants, data centers, semiconductor fabs and energy storage integrators.
- Project contracting: turn-key thermal management systems for large industrial builds and utility-scale energy projects.
- Channel & partnerships: strategic OEM and technology partnerships with global electronics firms that embed Tongfei subsystems into wider platforms.
- After-sales and lifecycle services: recurring revenue from maintenance contracts, consumables and upgrades.
| Metric | Amount (CNY) | Notes |
|---|---|---|
| Total revenue (2024) | 2,160,000,000 | Reported consolidated revenue |
| Power electronics sector revenue | 1,450,000,000 | Includes inverters, cooling modules for power electronics |
| - Energy storage (subset) | 1,180,000,000 | Major end-market within power electronics |
| Data centers | 300,000,000 | Chillers, liquid cooling racks and integration |
| Semiconductor equipment | 200,000,000 | High-precision thermal control units |
| Other industrial refrigeration & services | 210,000,000 | Includes pure water cooling, heat exchangers, service revenue |
- Target industries: intelligent equipment manufacturing, energy storage systems, semiconductor manufacturing, power transmission & transformation, electrical transmission, new energy power generation, data centers, hydrogen energy, and new energy vehicles.
- Revenue diversification reduces single-market dependency - energy storage accounted for the largest single segment in 2024.
- Global partnerships (e.g., collaborations with LG, Samsung) enable exports of modules and system components, licensing of designs and participation in multinational EP projects.
- Exports and overseas project contracting capture higher-margin system integration work and strengthen TL;DR international customer base.
- Product mix: higher share of system-level projects and energy-storage-specific cooling raises average selling price and contract value.
- Cost control: disciplined management of selling, administrative and R&D spend led to lower growth rates in those expense lines in 2024, supporting improved operating leverage.
- Scale economies: volume production for major customers and standardized platform designs reduce unit manufacturing costs over time.
Sanhe Tongfei Refrigeration Co., Ltd. (300990.SZ): How It Makes Money
Sanhe Tongfei earns revenue by designing, manufacturing and integrating liquid cooling systems and related thermal management solutions for energy storage, data centers and semiconductor equipment. The firm combines product manufacturing, project engineering, and long-term service/maintenance contracts, with growing international project delivery capabilities.- Core market position: ~40%-50% market share among top domestic energy-storage liquid-cooling integrators.
- Notable recent performance: Delivered large-scale energy storage projects in the Middle East; reported a profit of ¥62 million in Q1 2025.
- Strategic partnerships: Expanding data center infrastructure business; collaborating with Schneider on bids including a liquid-cooling data center for China Mobile.
| Metric | 2024 / Latest | 2025 Target / Projection |
|---|---|---|
| Total revenue (projected) | - | ¥1,500,000,000 |
| Q1 2025 profit | - | ¥62,000,000 |
| Data center revenue | - | ¥140,000,000 |
| Data center gross margin | - | 30% |
| Semiconductor equipment revenue | - | >¥100,000,000 |
| Energy storage market share (domestic integrators) | - | 40%-50% |
- Revenue streams:
- Project sales and EPC for energy storage liquid cooling systems
- Data center liquid cooling systems and integration (growing)
- Semiconductor equipment thermal solutions and components
- After-sales service, maintenance contracts and spare parts
- Drivers of profitability:
- High-margin data center contracts (projected 30% gross margin)
- Scale benefits from larger international projects (e.g., Middle East deliveries)
- Entry into semiconductor equipment supply chains with >¥100M revenue potential
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