Jingneng Thermal(SZ:002893) Dong Jian Yan Bao·2025-07-30 15:22Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The heating industry is undergoing rapid transformation, with trends towards energy - saving, clean heating, digitalization, and technological innovation [23]. - The company has achieved a significant reduction in operating costs and financing costs in 2024 by strengthening financing control and optimizing the capital structure [26]. 3. Summary by Relevant Catalogs 3.1. Research Basic Information - The research object is Huatong Thermal Power, belonging to the public utilities industry. The reception time was July 30, 2025, and the company's reception staff included the deputy general manager and the secretary of the board, Xie Lingyu [16]. 3.2. Detailed Research Institutions - The research institutions include China Enterprise Planning Institute, Daqin Fund, Shenzhen Qianhai Guojin, Jiangsu Bank, Zhongtou Wanfang Beijing, Beijing Guotou Taikang Trust Investment, Beijing Xinrongheng, Beijing Tianxiang, Jintai Capital, Beijing Sanhe Hongxin, and Beijing Qingqingyuanzhongkui Consulting [17]. 3.3. Main Content Information - Net profit increase in Q1 2025: The company's main business is heating supply, with strong seasonal characteristics. Revenue is concentrated in the first and fourth quarters, while equipment procurement and maintenance expenses are evenly distributed throughout the year [23]. - Challenges and responses in the energy industry: The heating industry is experiencing rapid innovation, with trends including energy - saving and emission - reduction, clean heating, digitalization, and technological innovation. Companies are expected to explore zero - carbon heating technologies [23]. - Cooling technology: The company provides comprehensive energy services including cooling. The cooling source uses a combination of new energy sources, which has higher cooling efficiency and is more energy - saving and environmentally friendly than traditional central air - conditioning. The pricing of cooling projects is determined through negotiation between supply and demand [25]. - Change in financing costs: In 2024, the company's operating costs and financial expenses decreased significantly due to strengthened financing control and optimized capital structure [26].