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]

| 北京天岳恒房屋经营管理有限公司 | 96139 | | --- | --- | | 北京首开亿方物业服务有限公司 | 96139 | | 北京北燃供热有限公司 | 53912345 | | 北京京能热力股份有限公司 | 96069/4008995858 | | 金房能源集团股份有限公司 | 4000006464/96100 | | 北京热能鸿业投资管理有限公司 | 4007062355 | | 北京纵横三北热力科技有限公司 | 64449661 | | 北京天阳供暖有限公司 | 84815346 | | 北京正东电子动力集团有限公司 | 84599888 | | 北京市燃气集团有限责任公司 | 84204602/96777 | | 北京京燃北变能源科技有限公司 | 61168330 | | 北京京燃泛海能源管理有限公司 | 56874690 | | 北京京燃兴创能源管理有限公司 | 17600540057 | | 北京京燃兴达兴能源管理有限公司 | 89281002 | | 北京城承物业管理有限责任公司 | 4000222111 | | 北京仁和热力中心 | 89451940 | | 北京天利动力供热有限 ...

Core Points - Beijing has initiated trial operations of its heating system in response to the rain and snow forecasted from November 6 to 7, ensuring readiness for the heating season [1] - Heating units are required to enhance inspections and adjustments of heating facilities during the trial period to address any leaks and balance issues [1] - A service channel for heating repairs has been established, with personnel on standby to address citizen inquiries and issues promptly [1] Heating Service Contacts - Various district heating management departments have dedicated service numbers, such as Dongcheng, Xicheng, and Chaoyang districts, all using 96069 [2][3] - Specific companies like Beijing Hifang Heating Co., Ltd. and Beijing Jingneng Heating Co., Ltd. also have their own service numbers for public inquiries and emergencies [3][4] Monitoring and Adjustments - The Beijing Municipal Commission of Urban Management will collaborate with relevant departments to monitor weather conditions and determine the official start date for standard heating services based on meteorological assessments [5]

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 ...