重要内容提示： 本次结项的募投项目名称： 1、浑南热力办公楼升级改造项目 2、国惠环保新能源有限公司环保超低排放升级建设项目 证券代码：600167 证券简称：联美控股 公告编号：2025－047 联美量子股份有限公司关于部分募集资金投资项目结项的公告 2017 年 5 月 9 日，中喜会计师事务所（特殊普通合伙）对公司本 次非公开发行新股的资金到位情况进行了审验，并出具了"中喜验字 〔2017〕第 0101 号"《验资报告》。公司对募集资金采取了专户存储 管理。 （二） 募集资金投资项目先期投入及置换情况 2017 年 8 月 30 日，公司第六届董事会第二十七次会议审议通过 《关于拟用募集资金置换预先已投入募投项目自筹资金的议案》，根 据《上海证券交易所上市公司募集资金管理办法（ 2013 年修订）》 等相关规定，同意使用募集资金置换预先已投入上述募投项目自筹资 金人民币 18,102 万元。具体内容见《联美量子股份有限公司用募集 资金置换预先投入的自筹资金的公告》（公告编号 2017-038）。 （三） 募集资金使用和结余情况 截至 2025 年 9 月 30 日止，公司募集资金使用情况如下： 上述项目 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has faced pressure on its advertising business due to the real estate cycle, but there is optimism regarding the hydrogen energy sector's growth during the 14th Five-Year Plan period [3][4] - For the first three quarters of 2025, the company reported a revenue of 2.16 billion yuan, a year-on-year decrease of 6.2%, while the net profit attributable to shareholders was 540 million yuan, an increase of 6.9% [3] - The company's gross margin and net margin improved to 33.3% and 25.4%, respectively, compared to the previous year, mainly due to the performance of its subsidiary [4] Financial Summary - Revenue projections for 2025-2027 are 3.37 billion, 3.46 billion, and 3.59 billion yuan, with net profits of 660 million, 690 million, and 730 million yuan, respectively [5] - The company’s PE ratios for the same period are projected to be 28, 26, and 25 times [5] - The company’s total assets are expected to grow from 172.19 billion yuan in 2024 to 175.34 billion yuan in 2027, with a debt ratio decreasing from 32.5% to 29.8% [9]

Core Viewpoint - The heating industry is significantly influenced by policy changes, with market-oriented pricing reforms expected to be key to improving profitability [1] Group 1: Industry Overview - The heating industry in China has seen a steady increase in centralized heating area from 2010 to 2023, with a compound annual growth rate of 7.8%, where residential area accounts for 76% [1] - Coal-fired heating accounts for over 70% of the heating methods, primarily using hot water as the heating medium, which is suitable for urban residents and public buildings, making up nearly 85% [1] - The historical context of heating price reform in China spans over two decades, with a significant policy document issued in April 2025 aimed at deepening urban heating price reforms and accelerating heating metering modifications [1] Group 2: Profitability Factors - There is a significant disparity in profitability among residential heating companies, influenced by both pricing and cost control [2] - In terms of pricing, Beijing has the highest unit heating price in the country, benefiting companies like Jinfang Energy and Jingneng Thermal Power, while some cities have not adjusted heating prices for over a decade, putting pressure on profitability due to rising fuel costs [2] - Fuel costs constitute approximately 60% of total heating costs, making fuel cost control crucial for profitability; for instance, Lianmei Holdings achieved a gross margin of 24% by utilizing low-value lignite and optimizing coal transportation and storage [2] Group 3: Cash Flow Analysis - The business model of residential heating companies typically involves pre-collection of heating fees, leading to strong free cash flow; four out of five selected heating companies have contract liabilities accounting for about 40% of total revenue, indicating positive free cash flow and net profit cash content exceeding 100% [3]

Investment Rating - The report maintains a "Positive" investment rating for the heating industry, consistent with previous assessments [2]. Core Insights - The heating industry is undergoing continuous reform, with a focus on market-oriented pricing and improved cost control, leading to enhanced profitability for well-managed companies [3][4]. - The report highlights significant disparities in profitability among residential heating companies, influenced by pricing policies and cost management strategies [3][4]. - The cash flow situation for heating companies is generally strong due to pre-collection of heating fees, which contributes to positive free cash flow [3][4]. Summary by Sections 1. Residential Heating: A Typical Public Utility Industry - The area of centralized heating in China has steadily increased, with a compound annual growth rate (CAGR) of 7.8% from 2010 to 2023, where residential heating accounts for 76% of the total area [3][4]. - Coal remains the dominant source of heating, constituting over 70% of the supply, primarily through coal-fired combined heat and power (CHP) systems [3][4]. - The government has been actively reforming heating pricing mechanisms, with recent policies aimed at enhancing market-driven pricing and accelerating metering reforms [3][4]. 2. Profitability Disparities Among Residential Heating Companies - Profitability varies significantly among heating companies, with factors such as pricing and cost control playing crucial roles [3][4]. - The report notes that fuel costs account for approximately 60% of total heating costs, making effective fuel cost management essential for profitability [3][4]. - Companies like Lianmei Holdings have demonstrated strong cost control, achieving a gross margin of 24% in 2024, while others like Huitian Thermal Power have faced losses [3][4]. 3. Related Investment Targets - Lianmei Holdings is highlighted for its high level of management efficiency and consistent gross margins above 20%, with a significant portion of its assets in cash [3][4]. - Jingneng Thermal Power benefits from its backing by the Beijing State-owned Assets Supervision and Administration Commission, with a gross margin between 15% and 20% [3][4]. - Jin Fang Energy, operating in Beijing, maintains stable profitability in its core heating business, while Hatou Holdings is expected to improve profitability alongside pricing reforms [3][4].

Company Overview - Lianmei Quantum Co., Ltd. is located in Shenyang, Liaoning Province, and was established on January 25, 1999, with its listing date on January 28, 1999 [2] - The company's main business involves comprehensive energy services focused on clean heating and high-speed rail digital media advertising [2] - Revenue composition includes: heating and steam income 74.62%, advertising income 15.42%, network connection income 4.59%, power generation income 3.60%, engineering income 1.16%, and other income 0.61% [2] Financial Performance - For the period from January to September 2025, Lianmei Quantum achieved operating revenue of 2.156 billion yuan, a year-on-year decrease of 6.19% [2] - The net profit attributable to the parent company was 543 million yuan, reflecting a year-on-year increase of 6.88% [2] - Cumulative cash dividends since the A-share listing amount to 4.044 billion yuan, with 1.634 billion yuan distributed over the past three years [3] Stock Performance - As of November 4, Lianmei Quantum's stock price was 8.03 yuan per share, with a market capitalization of 18.171 billion yuan [1] - The stock has increased by 45.13% year-to-date, but has seen a decline of 8.02% over the last five trading days and 20.10% over the last 20 days [1] - The company has appeared on the "Dragon and Tiger List" four times this year, with the most recent appearance on September 30, where it recorded a net buy of -23.4051 million yuan [1] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 50,200, a rise of 114.38% from the previous period [2] - The average circulating shares per person decreased by 53.35% to 45,053 shares [2] - The top ten circulating shareholders saw a change, with Hong Kong Central Clearing Limited exiting the list [3]

Core Insights - The article highlights significant developments in the capital market's technology sector, particularly focusing on the IPO progress of domestic companies like DaPu Microelectronics and MoEr Thread [1][4]. Group 1: DaPu Microelectronics - DaPu Microelectronics has completed its first round of IPO inquiry response, marking a critical step towards listing on the ChiNext board as the first unprofitable company under the new listing standards [2][3]. - The company specializes in enterprise-level SSD products, having established a comprehensive technology chain from chip design to module testing, achieving full coverage from PCIe 3.0 to PCIe 5.0 [2][3]. - Despite a competitive market leading to a projected decline in market share from 6.4% to 3.0% in 2024, the enterprise SSD market in China is expected to grow significantly, reaching a size of $6.25 billion, a year-on-year increase of 187.9% [3]. Group 2: Investment and Financial Performance - The progress of DaPu Microelectronics' IPO is a significant advancement for its indirect investor, Lianmei Holdings, which is set to benefit from two IPO projects within the year [1][4]. - Lianmei Holdings has made substantial investments in technology sectors, focusing on domestic GPU chips, SSD storage, and autonomous driving, with a strategic approach that aligns with its core business in clean heating [4]. - Financially, Lianmei Holdings reported a revenue of 3.509 billion yuan and a net profit of 659 million yuan in 2024, with a solid dividend yield exceeding 5% and a low debt ratio of 29%, indicating a robust financial foundation for ongoing investments [5].

证券代码：600167 证券简称：联美控股 公告编号：2025-046 联美量子股份有限公司 关于子公司募集资金账户被冻结的公告 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：法院已受理，尚未开庭。 ●上市公司子公司所处的当事人地位：被告 ●涉案金额：合计约 3,137,516.21 元 ●是否会对上市公司损益产生负面影响：目前案件尚未开庭，尚不能判断本 次诉讼案件对公司本期利润或期后利润等的影响。 公司正通过法律途径积极应诉，有信心维护公司合法权益。公司将根据相关 诉讼进展情况及时履行信息披露义务，敬请投资者注意投资风险。 一、本次诉讼的基本情况 （三）诉讼请求 1 、 要 求 被 告 支 付 货 款 共 计 3,137,516.21 元 及 延 迟 付 款 利 息 （ 以 3,137,516.21 元为基数，自 2025 年 6 月 30 日起至实际付款之日止，按一年期 贷款市场报价利率的四倍）。 2、本案诉讼费、保全费、保函费等由被告承担。 （四）基本案情 2025 年 3 ...

Core Insights - The company reported a revenue of 2.155 billion yuan and a net profit of 543 million yuan for the first three quarters of 2025, marking a year-on-year profit increase of 6.88% [1] Group 1: Business Performance - The company achieved steady growth in average heating area and network coverage, enhancing its market influence [1] - The company is focusing on clean heating and smart energy management, deepening its industrial layout in line with the "dual carbon" strategy and urban energy infrastructure upgrades [1] Group 2: Technological Advancements - The company has made significant advancements in its smart heating platform, which utilizes IoT architecture, cloud computing, and AI algorithms to create a four-level intelligent control system [3] - The platform effectively addresses heating time-space mismatch issues and enhances system efficiency while reducing pipeline losses [3] - Real-time data management capabilities have been established, allowing for precise control and monitoring of heating parameters [3] Group 3: Environmental Initiatives - The company is committed to green low-carbon development, achieving a synergy between green growth and operational efficiency through continuous exploration in clean energy and deep carbon upgrades in traditional businesses [4] - Significant investments have been made to optimize traditional coal heating operations, incorporating efficient combustion technologies and advanced pollution control equipment [5] - The company has implemented intelligent monitoring systems for heating networks to minimize heat loss and enhance energy utilization efficiency [5]

Core Insights - The company reported a total revenue of 2.156 billion yuan for Q3 2025, ranking 70th among disclosed peers, which is a decrease of 142 million yuan or 6.19% year-on-year [1] - The net profit attributable to shareholders was 543 million yuan, while the net cash flow from operating activities was -334 million yuan, ranking 100th among peers, a decrease of 38.88 million yuan compared to the same period last year [1] Financial Metrics - The latest debt-to-asset ratio stands at 27.24% [3] - The gross profit margin is 33.30%, down 5.93 percentage points from the previous quarter [3] - The return on equity (ROE) is 5.01%, ranking 55th among disclosed peers [3] - The diluted earnings per share (EPS) is 0.24 yuan [3] - The total asset turnover ratio is 0.13 times, ranking 72nd among peers, remaining flat year-on-year but down 3.28% compared to the previous year [3] - The inventory turnover ratio is 3.43 times, ranking 83rd among peers, a decrease of 0.37 times or 9.74% year-on-year [3] Shareholder Information - The number of shareholders is 50,200, with the top ten shareholders holding 1.943 billion shares, accounting for 85.88% of the total share capital [3] - The top shareholders include: - Lianzhong New Energy Co., Ltd. - 52.9% - Lianmei Group Co., Ltd. - 17.2% - Lhasa Hetai Decoration Co., Ltd. - 4.91% - Zhou Zeliang - 2.48% - Zhou Ruming - 2.40% - Shenyang Yinmeinuode Technology Co., Ltd. - 1.61% - Shenzhen Dingcheng Investment Management Co., Ltd. - 1.29% - Shenzhen Dingcheng Investment Management Co., Ltd. - 1.17% - Shanghai Meiji Information Technology Co., Ltd. - 1.10% - Jiang Jie - 0.71% [3]

Core Viewpoint - Lianmei Holdings is a leading enterprise in the clean heating sector in China, focusing on comprehensive energy services and high-speed rail digital media advertising, with significant market presence due to its technological and scale advantages [1] Group 1: Business Performance - In Q3 2025, Lianmei Holdings reported revenue of 2.156 billion yuan, ranking 6th in the industry, surpassing the industry average of 1.865 billion yuan and the median of 810 million yuan, but lagging behind the top competitors [2] - The main business revenue composition includes heating and steam income of 1.416 billion yuan, accounting for 74.62%, and advertising revenue of 293 million yuan, accounting for 15.42% [2] - The net profit for the same period was 547 million yuan, ranking 2nd in the industry, only behind Xiexin Nengke, and significantly above the industry average of 174 million yuan and the median of 106 million yuan [2] Group 2: Financial Health - As of Q3 2025, Lianmei Holdings had a debt-to-asset ratio of 27.24%, lower than the previous year's 29.32% and the industry average of 43.74%, indicating strong debt repayment capability [3] - The gross profit margin for the same period was 33.30%, an increase from 31.90% year-on-year, and higher than the industry average of 22.05%, reflecting robust profitability [3] Group 3: Shareholder Information - As of June 30, 2025, the number of A-share shareholders decreased by 9.21% to 23,400, while the average number of circulating A-shares held per account increased by 10.14% to 96,600 [5] - The company is focusing on the clean heating sector, with stable demand and potential cost optimization due to declining coal prices, which may enhance profitability in the heating business [5] Group 4: Executive Compensation - The chairman, Su Zhuangqiang, received a salary of 600,000 yuan, unchanged from the previous year, while the president, Lu Chengsong, earned 360,200 yuan in 2024 [4] Group 5: Future Outlook - Analysts maintain profit forecasts for Lianmei Holdings, expecting net profits of 802 million yuan, 892 million yuan, and 932 million yuan for 2025 to 2027, with a dividend payout ratio of no less than 40% during this period [5] - The company is projected to achieve net profits of 836 million yuan, 930 million yuan, and 1.046 billion yuan for the same years, with a target price of 7.66 yuan based on a 20.7x PE ratio for 2025 [6]