Industry Overview - Combined Cooling, Heating and Power (CCHP) is an integrated energy system that utilizes a single fuel source to simultaneously generate electricity, heating, and cooling, achieving higher overall energy efficiency [1][2] - The CCHP market in China is projected to reach approximately 6.824 billion RMB in 2024, with a year-on-year growth of 9.34%, driven by government commitments to carbon peak and neutrality goals, as well as supportive policies [1][6] Market Dynamics - The growth of the CCHP industry is significantly supported by the Chinese government's policies, including the classification of CCHP as an encouraged project in the Industrial Structure Adjustment Guidance Catalog [1][6] - Cities like Beijing and Shanghai provide subsidies of 0.25 RMB per kilowatt-hour for CCHP projects, effectively reducing the economic burden on these projects [1][6] Industry Chain - The upstream of the CCHP industry includes power generation equipment such as gas turbines and micro gas turbines, as well as heat recovery devices and control systems [5] - The midstream involves system integration and engineering services, while the downstream applications are found in industrial parks, commercial complexes, hospitals, data centers, and residential buildings [5] Key Companies - New Hope Energy focuses on micro/small gas turbines and has achieved comprehensive efficiency exceeding 90% in projects like Changsha Huanghua Airport [7][8] - Lianmei Quantum emphasizes distributed CCHP using natural gas, integrating gas internal combustion engines with heat recovery systems [7][8] Development Trends - The integration of CCHP with smart microgrids is becoming a key path for energy transition, enhancing system flexibility and reliability through optimized energy allocation [9] - Regional integrated comprehensive energy services are emerging as a significant development direction, improving energy efficiency and reducing costs [10] - Cost reduction through technological breakthroughs and large-scale applications is a critical goal, with expectations for lower construction and operational costs [11][12]

Group 1 - The stock of Lianmei Holdings surged to the daily limit due to the news of Moer Thread's IPO application on the Sci-Tech Innovation Board, leading to a collective rise in related concept stocks [1] - Lianmei Holdings is a leading enterprise in the clean heating sector, focusing on clean heating and high-speed rail digital media, with significant operations in key regions such as Shenyang, Taizhou, and Heze [2] - The company has developed a low-carbon and efficient comprehensive energy service system using national-level demonstration technologies, achieving an 80% reduction in manpower requirements for its smart heating platform [2] Group 2 - Lianmei Holdings' high-speed rail media business, operated by its subsidiary Zhaoxun Media, covers 509 railway stations across 31 provincial-level administrative regions, with a network of 5,310 high-definition digital media [4] - The company is also strategically entering the hydrogen energy sector, planning to establish an independent hydrogen energy division focused on green hydrogen production and hydrogen station operations [4]

Group 1 - The stock of Lianmei Holdings, a leading company in the clean heating sector, reached its daily limit due to the news of Moer Thread's IPO application on the Sci-Tech Innovation Board [1] - Lianmei Holdings focuses on clean heating and high-speed rail digital media, utilizing national-level demonstration technologies to create an efficient energy service system [2] - The company has subsidiaries recognized as national high-tech enterprises, and its self-developed smart heating platform significantly reduces labor demand and enhances energy efficiency [2] Group 2 - Lianmei Holdings' high-speed rail media business operates under its subsidiary Zhaoxun Media, covering 509 railway stations across 31 provincial-level regions in China [4] - The company has established a nationwide outdoor communication network with 5,310 high-definition digital media displays [4] - Lianmei Holdings is also planning to develop an independent hydrogen energy division, starting with green hydrogen production and extending to hydrogen refueling station operations [4]

Core Viewpoint - The gas sector experienced significant gains on November 14, with several companies reaching their daily price limits due to anticipated increases in demand for gas and electricity as a cold wave is expected to impact much of China [1][2]. Group 1: Market Performance - The gas sector saw substantial increases, with companies such as Guo Xin Energy, Jingneng Thermal Power, Changchun Gas, and Lianmei Holdings hitting their daily price limits [1]. - Shengli Co. achieved a four-day consecutive rise, while Dazhong Public Utilities rose over 5% [1]. Group 2: Weather Impact - The Central Meteorological Administration reported that average temperatures in most parts of China have been 1-3°C higher than the same period in previous years, with some areas exceeding 4°C [1]. - A cold wave is expected to affect most regions of China from November 14 to 17, leading to a temperature drop of 6-10°C in northern and central eastern regions, with some areas experiencing drops of 12-14°C [1]. Group 3: Demand Outlook - The anticipated cold wave is expected to increase demand for gas and electricity, which could benefit related sectors [2].

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].