Revenue and Profit - Revenue for Q3 2025 was CNY 257,479,313.42, a decrease of 26.00% compared to the same period last year[5] - Total profit for Q3 2025 was CNY 164,550.02, down 99.05% year-on-year[5] - Net profit attributable to shareholders was CNY 18,574,850.85, a decline of 39.60% compared to the previous year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY -37,025,708.58, a decrease of 821.65% year-on-year[5] - Basic earnings per share for Q3 2025 were CNY 0.0084, down 38.69% from the same period last year[5] - Net profit for the first three quarters of 2025 reached CNY 547,473,062.70, an increase of 4.3% from CNY 524,655,431.84 in the previous year[21] - The total comprehensive income for the first three quarters of 2025 was CNY 547,472,967.53, compared to CNY 524,655,367.23 in 2024, showing an increase of 4.3%[22] - The company's net profit for the first three quarters of 2025 was 423,573,610.51 RMB, down from 550,003,190.23 RMB in the same period of 2024, representing a decline of about 23.0%[30] - The total comprehensive income for the period was CNY 423,573,610.51, compared to CNY 550,003,190.23 in the previous period[31] Assets and Liabilities - Total assets at the end of the reporting period were CNY 16,033,458,868.07, a decrease of 6.88% from the end of the previous year[6] - The company's total current assets as of September 30, 2025, amount to ¥9,035,102,666.34, a decrease from ¥9,725,098,221.35 as of December 31, 2024[16] - The total liabilities decreased from ¥4,157,579,968.25 to ¥3,362,790,437.58 over the same period[17] - The total assets as of September 30, 2025, are ¥16,033,458,868.07, compared to ¥17,218,878,051.29 at the end of 2024[17] - The total liabilities decreased to CNY 4,368,150,920.39 in 2025 from CNY 5,594,672,366.15 in 2024, indicating a reduction of 21.9%[18] - The total equity attributable to shareholders increased to CNY 10,840,939,151.16 in 2025, compared to CNY 10,787,100,614.46 in 2024, reflecting a growth of 0.5%[18] - The total liabilities decreased from 3,589,872,361.37 RMB to 3,415,086,548.77 RMB, a reduction of about 4.9%[28] Cash Flow - Cash inflow from operating activities totaled CNY 1,412,489,620.77 in the first three quarters of 2025, slightly down from CNY 1,428,750,154.15 in 2024[24] - The net cash flow from operating activities was -333,953,810.99 RMB, compared to -295,066,148.29 RMB in the previous period, indicating a decline in operational cash generation[25] - Cash flow from operating activities for the first three quarters of 2025 was CNY 111,840,778.19, a significant improvement compared to a negative cash flow of CNY -83,160,187.52 in the same period of 2024[33] - Cash inflow from investment activities in the first three quarters of 2025 totaled CNY 2,134,644,372.55, while cash outflow was CNY 1,836,298,285.28, resulting in a net cash flow of CNY 298,346,087.27[34] - Cash flow from financing activities showed a net outflow of CNY -168,510,534.59 in the first three quarters of 2025, compared to a larger outflow of CNY -535,450,271.20 in the same period of 2024[34] Expenses - Research and development expenses increased by 138.44% due to the addition of new R&D personnel[10] - Research and development expenses increased significantly to CNY 22,839,637.96 in 2025, compared to CNY 9,578,741.68 in 2024, marking a rise of 138.5%[21] - The company reported a significant increase in investment income to CNY 30,070,644.31 in 2025, up from CNY 14,263,247.41 in 2024, representing a growth of 110.5%[21] - The company reported a significant increase in inventory by 64.31% due to increased coal stockpiling for heating services[9] - The company’s interest income was 52,560,337.77 RMB, down from 64,474,981.46 RMB, indicating a decrease of approximately 18.5%[30] - The company reported a decrease in tax payments from CNY 5,405,847.70 in 2024 to CNY 3,367,131.69 in 2025[33] - The company has not adopted new accounting standards or interpretations for the year 2025[35] Shareholder Information - The total number of common shareholders at the end of the reporting period is 50,226[13] - The largest shareholder, Lianzhong New Energy Co., Ltd., holds 1,198,817,284 shares, accounting for 52.98% of the total shares[13] - The company has pledged 521,166,771 shares of Lianzhong New Energy Co., Ltd. as collateral[13] - The company has no significant changes in the participation of major shareholders in margin trading and securities lending[15] Management and Reporting - The board of directors announced the financial results on October 29, 2025[36]

Core Points - The stock price of Lianmei Holdings has decreased by 2.11% to 8.83 CNY per share as of October 28, with a total market capitalization of 19.981 billion CNY [1] - The company has experienced a year-to-date stock price increase of 59.59%, with a recent decline of 2.32% over the last five trading days [1] Financial Performance - For the first half of 2025, Lianmei Holdings reported a revenue of 1.898 billion CNY, a year-on-year decrease of 2.65%, while the net profit attributable to shareholders increased by 9.87% to 525 million CNY [2] - The company's main revenue sources include heating and steam income (74.62%), advertising revenue (15.42%), and other services [2] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 9.21% to 23,400, with an average of 96,587 circulating shares per person, an increase of 10.14% [2] - Lianmei Holdings has distributed a total of 4.044 billion CNY in dividends since its A-share listing, with 1.634 billion CNY distributed in the last three years [3]

Group 1 - The core point of the news is that Lianmei Holdings experienced a stock price increase of 5.02%, reaching 9.21 CNY per share, with a trading volume of 117 million CNY and a turnover rate of 0.58%, resulting in a total market capitalization of 20.841 billion CNY [1] - Lianmei Quantum Co., Ltd. is based in Shenyang, Liaoning Province, and was established on January 25, 1999. The company primarily engages in comprehensive energy services focused on clean heating and high-speed rail digital media advertising [1] - The revenue composition of Lianmei Holdings includes heating and steam income at 74.62%, advertising revenue at 15.42%, network connection income at 4.59%, power generation income at 3.60%, engineering income at 1.16%, and other supplementary income at 0.61% [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Baodao Fund has a significant holding in Lianmei Holdings. The Baodao Shengli 6-month holding period mixed fund (010404) held 24,800 shares in the second quarter, accounting for 0.35% of the fund's net value, making it the third-largest heavy stock [2] - The Baodao Shengli 6-month holding period mixed fund (010404) was established on December 24, 2020, with a latest scale of 39.612 million CNY. The fund has achieved a return of 6.41% this year, ranking 6410 out of 8154 in its category, and a return of 10.1% over the past year, ranking 5388 out of 8025 [2]

Core Viewpoint - The announcement details the release of share pledges by the controlling shareholder of Lianmei Quantum Co., Ltd., indicating a reduction in pledged shares and providing insights into the overall shareholding structure of the company [2][3]. Group 1: Share Pledge Release Situation - On October 22, 2025, the company received notification from its controlling shareholder, Lianzhong New Energy Co., Ltd., regarding the release of 21,386,771 shares previously pledged at the Industrial and Commercial Bank of China [3]. - Following the release of the pledge, Lianzhong New Energy has a total of 499,780,000 pledged shares, which represents 41.69% of its holdings and 22.09% of the company's total share capital [2]. Group 2: Shareholder Pledge Summary - Lianzhong New Energy and its concerted party, Lianmei Group Co., Ltd., collectively hold 1,588,777,742 shares, accounting for 70.21% of the company's issued shares [2]. - The total number of pledged shares by Lianzhong New Energy and Lianmei Group is 650,980,000, which constitutes 40.97% of their combined holdings and 28.77% of the company's total share capital [2].

证券代码：600167 证券简称：联美控股 公告编号：2025-044 联美量子股份有限公司 关于公司控股股东股份解质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示: 联美量子股份有限公司（以下简称"公司"）控股股东联众新能 源有限公司（以下简称"联众新能源"）持有上市公司股份总数为 1,198,817,284 股，占公司总股本的 52.98%。本次解质押股份为其在 中国工商银行股份有限公司沈阳浑南支行质押的 21,386,771 股股 份。截至本次解质押完成，联众新能源持有上市公司股份累计质押股 份数为 499,780,000 股，占其持股数量比例 41.69%，占公司总股本 的 22.09%。 联众新能源及其一致行动人联美集团有限公司（以下简称"联 美集团"）共持有公司股份 1,588,777,742 股，占公司已发行总股 份的 70.21%。截至本次解质押完成，合计已质押的股份数量为 650,980,000 股，占联众新能源和联美集团合计持有股份的 40.97%， 占公司总股本的 28.77 ...

证券代码：600167 证券简称：联美控股 公告编号：2025-043 联美量子股份有限公司 关于子公司涉及诉讼的结果的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ●案件所处的诉讼阶段：一审判决 ●上市公司子公司所处的当事人地位：被告 ●涉案金额：8160 万元以及其他费用。 ●是否会对上市公司损益产生影响：本次诉讼判决为一审判决，目前处于上 诉期内，尚未生效。因上诉程序尚未开启，终审裁定无法获知，尚无法准确判断 对公司本期或期后利润的影响。该案对上市公司总体生产经营不构成重大影响。 公司将保持对相关诉讼事项的关注并及时履行信息披露义务，敬请广大投资者理 性投资，注意投资风险。 一、本次诉讼的基本情况 （一）诉讼各方当事人 （二）诉讼的基本情况 联美量子股份有限公司（简称"联美控股"）2019 年收购天津市凯森集团有 限公司（简称"天津凯森"）持有的山东菏泽福林热力科技有限公司（简称"福 林热力"）66%的股权。同时依股权比例（即联美控股持股 66%、天津凯森持股 34%） 由联美控股提供股东借 ...

Investment Rating - The report maintains a positive outlook on the public utility sector, particularly highlighting the recovery in hydropower and the continued cost reduction in thermal power [4][6]. Core Insights - The thermal power sector is experiencing improved profitability due to a decrease in coal prices, with the average spot price of 5500 kcal thermal coal in Qinhuangdao at 672 RMB/ton, down 176 RMB/ton year-on-year [4]. - Hydropower generation is expected to recover in Q4 2025, following a significant improvement in autumn rainfall, which is projected to enhance the generation capacity of major hydropower companies [4]. - Nuclear power generation has shown a year-on-year growth of 11.33% in the first three quarters of 2025, with new units expected to come online, further boosting output [4]. - The natural gas sector is witnessing a gradual recovery in consumption, with a total apparent consumption of 2845.6 billion m³ from January to August 2025, reflecting a slight year-on-year decrease of 0.1% [4]. Summary by Sections Thermal Power - In Q3 2025, the average utilization hours for thermal power equipment were 2783 hours, a decrease of 144 hours year-on-year, but profitability is expected to remain positive [4]. - The report anticipates that thermal power companies in northern China will continue to achieve above-average performance due to stable electricity prices [4]. Hydropower - The report notes a decline in hydropower generation in July and August 2025, with a year-on-year decrease of 9.8% and 10.1% respectively, but forecasts a recovery in Q4 due to improved rainfall [4]. - The Yangtze River power generation saw a slight decline of 0.29% year-on-year from January to September 2025, but significant improvements are expected in October [4]. Nuclear Power - The report highlights that new nuclear units are expected to contribute to steady growth in electricity generation, with a strong approval rate for new projects [4]. - The long-term outlook for nuclear power remains positive, with a strong certainty of growth in installed capacity [4]. Natural Gas - The report indicates that the natural gas consumption has been recovering since May 2025, with a notable increase in demand expected due to stable supply and geopolitical factors [4]. - The report projects that the reduction in LNG prices and the adjustment of residential gas prices will benefit city gas companies' profitability [4]. Company Performance Forecast - The report provides a performance forecast for key companies in the public utility sector for the first nine months of 2025, with notable growth expected for companies like Datang Power and Huaneng International [5]. - The report recommends several companies for investment, including Guotou Power, Chuanwei Energy, and Longjiang Power, based on their expected performance recovery [4][6].

Core Viewpoint - The market is experiencing significant fluctuations with various stocks showing notable price movements, particularly in sectors such as venture capital, consumer goods, and nuclear technology [1] Group 1: Stock Performance - Hezhong Intelligent opened high at 5.13%, marking its fifth consecutive trading day of gains [1] - Dazhong Public Utilities opened low at 3.66%, also experiencing its fifth consecutive trading day of gains [1] - Lianmei Holdings opened low at 5.03%, continuing its trend of five consecutive days of gains [1] Group 2: Sector Highlights - The consumer goods sector saw Yangyuan Beverage open low at 5.29%, while Zhuangyuan Pasture reached a limit up on its second consecutive trading day [1] - In the controllable nuclear fusion sector, Antai Technology achieved a limit up on its second consecutive trading day, and China Nuclear Engineering opened high at 1.87% [1] - The MOFs concept stock Yueyang Xinchang opened low at 3.03%, while the Lighthouse Factory concept stock Haiou Zhigong opened low at 4.98% [1] - The non-ferrous metals sector saw Baiyin Nonferrous open low at 0.39%, and the infrastructure stock Xinjiang Jiaojian opened low at 5.13% [1]

Group 1 - The company will hold a half-year performance briefing on October 17, 2025, from 15:00 to 16:00 [2][4] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an online interactive format [3][4] - Investors can submit questions for the briefing from October 10 to October 16, 2025, through the designated website [2][4] Group 2 - The briefing aims to provide a comprehensive understanding of the company's operating results and financial status for the first half of 2025 [2][3] - The company will address common investor concerns during the session [3][5] - Contact information for inquiries includes representatives Hu Bo and Li Yu, with a provided phone number and email [5]

Core Insights - The electricity sector experienced a rise of 0.71% on the previous trading day, with Lianmei Holdings leading the gains [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Stock Performance - Lianmei Holdings (600167) closed at 9.35, up 10.00% with a trading volume of 889,900 shares and a transaction value of 808 million [1] - Shanghai Electric (600021) closed at 25.12, up 7.90% with a trading volume of 1,973,300 shares [1] - Huayin Power (600744) closed at 6.82, up 6.40% with a trading volume of 1,951,200 shares [1] - Other notable performers include Waneng Power (000543) up 5.09% and Guiguan Power (600236) up 4.77% [1] Capital Flow - The electricity sector saw a net outflow of 773 million from institutional investors and 445 million from retail investors, while retail investors had a net inflow of 1.218 billion [2][3] - Major stocks like Changjiang Electric (600900) and Lianmei Holdings (600167) experienced significant capital movements, with Lianmei Holdings seeing a net inflow of 1.33 billion from institutional investors [3]