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].

Core Viewpoint - 京能热力 has shown significant stock performance with a year-to-date increase of 23.65%, indicating strong market interest and potential growth in the utility sector [1][2]. Company Performance - As of November 4, 京能热力's stock price reached 12.35 CNY per share, with a market capitalization of 3.256 billion CNY [1]. - The company reported a revenue of 832 million CNY for the period from January to September 2025, reflecting a year-on-year growth of 24.03% [2]. - The net profit attributable to shareholders for the same period was 57.84 million CNY, representing a year-on-year increase of 35.57% [2]. Stock Activity - The stock has experienced a trading volume of 1.02 million CNY on November 4, with a turnover rate of 4.13% [1]. - Main capital inflow was recorded at 6.855 million CNY, with significant buying activity from large orders [1]. - 京能热力 has appeared on the龙虎榜 twice this year, with the latest occurrence on October 21, where it recorded a net buy of -71.51 million CNY [1]. Dividends - Since its A-share listing, 京能热力 has distributed a total of 109 million CNY in dividends, with 56.70 million CNY paid out over the last three years [3]. Shareholder Information - As of October 20, 京能热力 had 23,700 shareholders, an increase of 3.30% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 3.20% to 8,554 shares [2]. Industry Context - 京能热力 operates within the public utility sector, specifically in the electricity and heat supply industry, and is associated with concepts such as carbon neutrality and energy conservation [2].

证券代码：002893 证券简称：京能热力 公告编号：2025-059 北京京能热力股份有限公司 关于独立董事取得独立董事资格证书的公告 截至公司 2025 年第二次临时股东大会会议通知发出之日，姚杨女士尚未取 得深圳证券交易所认可的独立董事资格证书。根据深圳证券交易所的相关规定， 姚杨女士已书面承诺参加最近一次独立董事培训并取得深圳证券交易所认可的 独立董事资格证书。具体内容详见公司于 2025 年 8 月 30 日在巨潮资讯网 （www.cninfo.com.cn）上披露的《关于参加独立董事培训并取得独立董事资格证 书的承诺函》。 近日，公司董事会收到独立董事姚杨女士的通知，其已按照相关规定参加了 深圳证券交易所举办的上市公司独立董事任前培训，并取得了由深圳证券交易所 创业企业培训中心颁发的《上市公司独立董事培训证明》。 特此公告。 北京京能热力股份有限公司 董事会 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 北京京能热力股份有限公司（以下简称"公司"）分别于 2025 年 8 月 29 日和 2025 年 9 月 15 日召开第四届董事会第十三次会议 ...

Core Viewpoint - The stock price of Jingneng Thermal has experienced fluctuations, with a recent decline of 2.00% and a year-to-date increase of 17.64% [1][2]. Company Performance - As of October 20, 2023, Jingneng Thermal reported a revenue of 832 million yuan for the period from January to September 2025, representing a year-on-year growth of 24.03%. The net profit attributable to the parent company was 57.84 million yuan, reflecting a 35.57% increase compared to the previous year [2]. - The company has a main business revenue composition of 84.67% from thermal service, 14.43% from engineering, and 0.90% from other sources [2]. Stock Market Activity - The stock price of Jingneng Thermal was reported at 11.75 yuan per share, with a market capitalization of 3.098 billion yuan. The trading volume was 36.54 million yuan, with a turnover rate of 1.52% [1]. - In the recent trading activity, there was a net outflow of 4.72 million yuan from main funds, with large orders accounting for 4.86% of total buying and 17.78% of total selling [1]. - The stock has appeared on the "Dragon and Tiger List" twice this year, with the latest occurrence on October 21, where it recorded a net buying of -71.51 million yuan [2]. Shareholder Information - As of October 20, 2023, the number of shareholders for Jingneng Thermal was 23,700, an increase of 3.30% from the previous period. The average circulating shares per person decreased by 3.20% to 8,554 shares [2]. Dividend Distribution - Since its A-share listing, Jingneng Thermal has distributed a total of 109 million yuan in dividends, with 56.70 million yuan distributed over the past three years [3].

Core Viewpoint - Beijing Jingneng Thermal Power Co., Ltd. reported significant growth in revenue and net profit for the first three quarters of 2025, indicating strong operational performance and potential investment opportunities [1]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 831.5 million yuan, representing a year-on-year increase of 24.03% [1]. - The net profit attributable to shareholders of the listed company reached 57.84 million yuan, marking a year-on-year growth of 35.57% [1]. - In the third quarter alone, the company recorded operating revenue of 57.41 million yuan, which is a remarkable year-on-year increase of 706.04% [1].

证券代码：002893 证券简称：京能热力 公告编号：2025-055 北京京能热力股份有限公司 第四届董事会第十四次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 1、北京京能热力股份有限公司（以下简称"公司"）第四届董事会第十四 次会议通知已于 2025 年 10 月 22 日分别以电话、电子邮件等形式送达各位董事， 董事会会议通知中包括会议的相关材料，同时列明了会议的召开时间、地点、内 容和方式。 2、会议于 2025 年 10 月 27 日以现场方式结合通讯方式在公司会议室召开。 3、本次会议应出席董事 8 人，实际出席董事 8 人。 4、会议由董事长付强先生主持，公司高级管理人员列席了会议。 5、本次会议的召开符合《中华人民共和国公司法》《公司章程》《董事会议 事规则》等有关法律、法规、规范性文件的规定，程序合法。 二、董事会会议审议情况 1、审议通过了《关于 2025 年第三季度报告的议案》 根据《深圳证券交易所股票上市规则》及有关法律法规的规定，据公司 2025 年第三季度的经营情况和财务状况，编制了《202 ...

证券代码：002893 证券简称：京能热力 公告编号：2025-057 北京京能热力股份有限公司 关于拟续聘会计师事务所的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 北京京能热力股份有限公司（以下简称"公司"）于2025年10月27日召开的 第四届董事会第十四次会议审议通过了《关于续聘会计师事务所的议案》，拟续 聘致同会计师事务所（特殊普通合伙）（以下简称"致同会计师事务所"）为公 司2025年度财务报告审计机构和内部控制审计机构，本议案尚需提交公司2025 年第三次临时股东会审议。本次续聘会计师事务所符合财政部、国务院国资委、 证监会印发的《国有企业、上市公司选聘会计师事务所管理办法》（财会〔2023〕 4号）的规定。现将相关事宜公告如下： 一、拟续聘会计师事务所的基本情况 （一）机构信息 1.基本信息 会计师事务所的名称：致同会计师事务所（特殊普通合伙） 成立日期：2011年12月22日 组织形式：特殊普通合伙企业 注册地址：北京市朝阳区建国门外大街22号赛特广场五层 首席合伙人：李惠琦 截至2024年12月31日，致同会计师事务所从业人员近六千 ...

证券代码：002893 证券简称：京能热力 公告编号：2025-058 北京京能热力股份有限公司 关于召开 2025 年第三次临时股东会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、召开会议的基本情况 1、股东会届次：2025 年第三次临时股东会 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易 所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上 市公司规范运作》等法律、行政法规、部门规章、规范性文件及《公司章程》 的有关规定。 4、会议时间： （1）现场会议时间：2025 年 11 月 13 日 14:00 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间 为 2025 年 11 月 13 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易 所互联网投票系统投票的具体时间为 2025 年 11 月 13 日 9:15 至 15:00 的任意 时间。 5、会议的召开方式：现场表决与网络投票相结合。 6、会议的股权登记日：2025 ...

证券代码：002893 证券简称：京能热力 公告编号：2025-056 北京京能热力股份有限公司 北京京能热力股份有限公司 2025 年第三季度报告 2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担 个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 3.第三季度财务会计报告是否经过审计 □是 否 1 北京京能热力股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入（元） | 57,406,259.23 | 706.04% | 831, ...

Core Viewpoint - As of October 20, 2025, the number of shareholders for Jingneng Thermal Power is reported to be 23,705 [2] Company Summary - Jingneng Thermal Power has engaged with investors through an interactive platform, providing updates on shareholder numbers [2] - The company is actively communicating with its investors, indicating a focus on transparency and shareholder engagement [2]