Company Overview - Company Name: Zhejiang Liju Thermal Equipment Co., Ltd. [1] - Stock Code: 603391.SH [1] - IPO Application Date: July 5, 2022 [1] - Listing Date: July 31, 2024 [1] - Industry: General Equipment Manufacturing [1] - IPO Sponsor: CITIC Securities [1] Disclosure and Regulatory Evaluation - Disclosure Issues: Required to improve the disclosure of revenue changes and provide justification for the selection of comparable companies [1] - Regulatory Penalties: No penalties imposed [2] - Public Supervision: No penalties imposed [2] - Listing Cycle: 757 days, exceeding the average of 629.45 days for 2024 A-share listings [2] Financial Metrics - Underwriting Fees: 53.2264 million yuan, with a commission rate of 5.85%, lower than the average of 7.71% [3] - Initial Listing Performance: Stock price increased by 50.00% on the first day [4] - Three-Month Performance: Stock price increased by 7.60% compared to the issue price [5] - Issuance Price-to-Earnings Ratio: 15.56 times, which is 63.41% of the industry average of 24.54 times [6] - Actual Fundraising: Expected to raise 1.612 billion yuan, but actual amount raised was 910 million yuan, a decrease of 43.55% [7] Post-Listing Performance - Revenue: Decreased by 11.60% year-on-year [8] - Net Profit: Increased by 8.51% year-on-year [8] - Non-recurring Net Profit: Decreased by 7.64% year-on-year [8] - Abandonment Rate: 1.19% [9] Overall Evaluation - Total Score: 82 points, classified as B-level [9] - Negative Factors: Disclosure quality needs improvement, lengthy listing cycle, significant reduction in actual fundraising, and declines in revenue and non-recurring net profit in the first accounting year [9]

Core Insights - The stock of Lijun Thermal Energy increased by 2.30% on September 17, with a trading volume of 206 million yuan [1] - The company experienced a net financing outflow of 11.05 million yuan on the same day, with a total financing balance of 89.02 million yuan, representing 7.85% of its market capitalization [1] - Lijun Thermal Energy's main business includes the research, production, and sales of hot water and steam boilers, with industrial boilers accounting for 93.56% of its revenue [1] Financing and Trading Data - On September 17, Lijun Thermal Energy had a financing buy-in of 19.15 million yuan and a financing repayment of 30.20 million yuan, resulting in a net financing buy-in of -11.05 million yuan [1] - The financing balance of 89.02 million yuan is above the 90th percentile level for the past year, indicating a high level of financing activity [1] - There were no shares sold or repaid in the securities lending market on the same day, with a lending balance of 0.00 yuan, also indicating a high level of inactivity [1] Shareholder and Financial Performance - As of September 10, the number of shareholders for Lijun Thermal Energy was 8,122, a decrease of 3.97% from the previous period, while the average circulating shares per person increased by 4.14% to 2,801 shares [2] - For the first half of 2025, Lijun Thermal Energy reported a revenue of 404 million yuan, a year-on-year decrease of 11.60%, and a net profit attributable to shareholders of 52.55 million yuan, down 32.66% year-on-year [2] - The company has distributed a total of 227 million yuan in dividends since its A-share listing [3] Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders included Taikang Quality Life Mixed Fund, which increased its holdings by 150,000 shares to 400,000 shares, and Taikang Strategy Preferred Mixed Fund, which increased its holdings by 140,000 shares to 390,000 shares [3] - The fund "Baoying Growth Selected Mixed A" has exited the list of top ten circulating shareholders [3]

Group 1 - The core point of the article indicates that Lijun Thermal Energy has experienced a decrease in the number of shareholders, with a total of 8,458 shareholders as of August 31, reflecting a reduction of 699 shareholders or a 7.63% decrease compared to the previous period [2] - The company's stock price closed at 41.35 yuan, showing an increase of 0.95%, and has cumulatively risen by 1.85% since the concentration of shares began, with 5 days of increases and 4 days of decreases in the trading period [2] - The latest margin trading data shows that as of September 1, the total margin balance for the stock is 105 million yuan, with a financing balance of 105 million yuan, which has increased by 21.46 million yuan or 25.83% during the current concentration period [2] Group 2 - According to the company's semi-annual report, it achieved an operating income of 404 million yuan in the first half of the year, representing a year-on-year decline of 11.60%, and a net profit of 52.55 million yuan, down 32.66% year-on-year, with basic earnings per share of 0.5800 yuan and a weighted average return on equity of 2.47% [2]

Group 1 - The core viewpoint of the news is that Lijun Thermal Energy has shown significant trading activity and financial performance, with a notable increase in financing buy-ins and a decrease in revenue and net profit year-on-year [1][2]. - As of August 22, Lijun Thermal Energy's financing buy-in amounted to 26.12 million yuan, with a net financing buy-in of 15.92 million yuan, indicating strong investor interest [1]. - The company's financing balance reached 98.70 million yuan, accounting for 10.56% of its circulating market value, which is above the 90th percentile level over the past year, suggesting a high level of leverage [1]. Group 2 - For the first half of 2025, Lijun Thermal Energy reported operating revenue of 404 million yuan, a year-on-year decrease of 11.60%, and a net profit attributable to shareholders of 52.55 million yuan, down 32.66% compared to the previous year [2]. - The company has distributed a total of 227 million yuan in dividends since its A-share listing, reflecting a commitment to returning value to shareholders [3]. - As of June 30, 2025, the top ten circulating shareholders included significant institutional investors, with notable increases in holdings from Taikang Quality Life Mixed Fund and Taikang Strategy Preferred Mixed Fund [3].

Core Viewpoint - Zhejiang Lijun Thermal Energy Equipment Co., Ltd. has shown significant financing activity, indicating potential investor interest and market positioning within the general equipment manufacturing sector [1] Financing Activity - Last week, Lijun Thermal Energy recorded a net financing inflow of 24.33 million RMB, ranking 486th in the market [1] - The total financing amount for the week was 84.78 million RMB, with repayments totaling 60.44 million RMB [1] Capital Flow - Over the past 5 days, the main capital inflow for Lijun Thermal Energy was 15.78 million RMB, with a price increase of 5.22% [1] - In the last 10 days, the main capital inflow was 12.51 million RMB, with a price increase of 2.46% [1] Company Profile - Zhejiang Lijun Thermal Energy Equipment Co., Ltd. was established in 2006 and is located in Huzhou, primarily engaged in general equipment manufacturing [1] - The company has a registered capital of 91 million RMB and a paid-in capital of 68.25 million RMB [1] - The legal representative of the company is He Jun Nan [1] Investment and Intellectual Property - The company has made investments in 5 enterprises and participated in 1,105 bidding projects [1] - In terms of intellectual property, Lijun Thermal Energy holds 10 trademarks and 91 patents, along with 24 administrative licenses [1]

Financial Performance - The company's net profit decreased by 32.66% year-on-year, with a total revenue of 404 million yuan, down 11.6% compared to the previous year [1] - In Q2, total revenue was 189 million yuan, showing a year-on-year increase of 34.36%, while net profit for the same quarter rose by 202.27% to 18.93 million yuan [1] - Gross margin was 35.81%, down 8.29% year-on-year, and net margin was 13.0%, down 23.82% [1] Key Financial Metrics - The company's total revenue for 2025 was 404 million yuan, compared to 457 million yuan in 2024, reflecting an 11.60% decline [1] - The net profit attributable to shareholders was 52.55 million yuan, down from 78.03 million yuan, a decrease of 32.66% [1] - The company's earnings per share (EPS) dropped to 0.58 yuan, a decline of 49.12% year-on-year [1] Cash Flow and Liabilities - Cash flow from operating activities decreased by 67.08%, attributed to reduced cash inflow from sales [3] - The company reported a significant increase in cash and cash equivalents, up 57.60% to 623 million yuan, due to increased redemption of financial products [3] - Short-term borrowings increased due to liquidity needs, while lease liabilities decreased by 44.62% due to reclassification of liabilities [3] Investment and Return Metrics - The company's return on invested capital (ROIC) was 16.83%, indicating strong capital returns [4] - Historical data shows a median ROIC of 25.25% since the company went public, reflecting good investment returns [4] - The cash flow situation is a point of concern, with cash and cash equivalents covering only 95.46% of current liabilities [4]

Core Insights - The company, Lijure Energy, showcased its strong performance in the boiler industry with a revenue of 404 million yuan and a net profit of 52.55 million yuan for the first half of 2025, highlighting its market position amidst industry transformation and policy upgrades [1] Group 1: Technological Leadership - Lijure Energy focuses on technological innovation, developing core technologies such as water-cooled premixed combustion technology, flue gas condensation heat exchange technology, and vacuum phase change heat exchange technology [2] - The water-cooled premixed combustion technology achieves a thermal efficiency exceeding 99% and nitrogen oxide emissions below 20 mg/m³, aligning with national carbon reduction goals and significantly reducing operational costs for users [2] - The company has obtained 16 domestic invention patents, 3 foreign invention patents, and 82 utility model patents, establishing itself as a leader in boiler manufacturing technology [2] Group 2: Strategic Vision - Lijure Energy strategically positions itself in the gas boiler sector, aligning its products with national policies for energy efficiency and low emissions [3] - The company has established partnerships with major heating users and industrial clients, serving over a thousand customers and enhancing its market penetration [3] - The increasing push for the elimination of coal boilers and the promotion of clean energy positions Lijure Energy favorably in the market [3] Group 3: R&D and Service Support - The company emphasizes R&D as a key growth driver, collaborating with universities to build a comprehensive innovation system covering design, production, and service [4] - Lijure Energy has established a nationwide customer service network, enhancing customer satisfaction and loyalty through tailored solutions and rapid response services [4] - The company has developed a closed-loop advantage in "R&D-production-service," positioning itself to capture a larger market share in the era of carbon neutrality [4]

Group 1 - The company, Lijv Thermal Energy, reported a revenue of approximately 404 million yuan for the first half of 2025, representing a year-on-year decrease of 11.6% [2] - The net profit attributable to shareholders was approximately 52.55 million yuan, reflecting a year-on-year decline of 32.66% [2] - The basic earnings per share were 0.58 yuan, which is a decrease of 49.12% compared to the previous year [2]

Core Viewpoint - The company plans to utilize temporarily idle raised funds for cash management, aiming to enhance fund efficiency and returns while ensuring that it does not affect ongoing projects or operations [5][19][38]. Group 1: Company Overview - Company Name: Zhejiang Liju Thermal Energy Equipment Co., Ltd. [4] - Stock Code: 603391 [4] - Total raised funds from the public offering amounted to RMB 910 million, with a net amount of RMB 834 million after deducting fees [5][72]. Group 2: Financial Data - The company intends to use up to RMB 40 million of temporarily idle raised funds for cash management, valid for 12 months and can be rolled over [5][11]. - Additionally, the company plans to use up to RMB 90 million of idle self-owned funds for cash management under similar terms [28][32]. Group 3: Cash Management Purpose - The purpose of cash management is to improve the efficiency of fund usage and increase returns for the company and its shareholders, without impacting normal operations [9][30]. Group 4: Cash Management Products - The company will invest in high-security, liquid financial products or deposit products, ensuring that these funds are not used for pledging or securities investment [12][31]. Group 5: Approval Process - The cash management proposals were approved in the second board meeting and the fifth supervisory meeting held on August 20, 2025 [20][39]. Group 6: Monitoring and Compliance - The company has established a three-party supervision agreement for the management of raised funds, ensuring compliance with regulations and protecting investor rights [73][74].

Group 1 - The company, Lijun Thermal Energy, held its second board meeting on August 20, 2025, to review the agenda including the 2025 semi-annual report and its summary [1] - For the year 2024, Lijun Thermal Energy's revenue composition was 99.73% from industrial manufacturing and 0.27% from other businesses [1] - As of the report, Lijun Thermal Energy has a market capitalization of 3.7 billion yuan [1]