Group 1: R&D and Innovation - The company has established a mature technology innovation system focusing on independent research and development, complemented by industry-academia-research collaboration, to effectively convert R&D outcomes into competitive advantages [2] - The company aims to maintain a cash dividend policy that balances long-term development and shareholder returns, with a minimum annual cash distribution of 10% of the distributable profit and a cumulative distribution of at least 30% of the average annual distributable profit over the last three years [3] Group 2: Market Strategy and Growth - The company currently has no plans for capital market financing but will adhere to regulatory procedures if such plans arise [4] - The company’s revenue is primarily generated from the "Three Norths" regions (Northeast, North China, Northwest) and Shandong and Henan provinces, which together contribute approximately 90%-95% of total revenue [6] - The company is focusing on expanding its smart heating solutions in urban areas while also exploring decentralized heating solutions for small towns and rural areas [9] Group 3: Environmental and Technological Initiatives - The company is leveraging digitalization and automation in the heating industry to support energy conservation and emission reduction goals under the dual carbon strategy [9] - A pilot project in Zhangbei County is expected to reduce over 2,000 tons of standard coal and 5,320 tons of CO2 emissions annually, showcasing the effectiveness of renewable energy heating solutions [12] Group 4: Financial Performance and Shareholder Concerns - The company acknowledges that stock prices are influenced by macroeconomic conditions, industry trends, and market risk preferences, and is committed to improving performance to benefit investors [13] - The share repurchase plan is compliant with regulations, and the company denies any intention to depress its stock price [14]

Core Viewpoint - Lianmei Holdings (600167.SH) has demonstrated strong financial performance and a commitment to advancing its smart heating technology, solidifying its position as a leader in the clean heating sector in A-shares [1][3][5] Financial Performance - In 2024, Lianmei Holdings achieved a revenue of 3.509 billion yuan and a net profit attributable to shareholders of 659 million yuan [1] - In Q1 2025, the company reported a revenue of 1.698 billion yuan and a net profit of 618 million yuan, reflecting a year-on-year growth of 9.56% [1] Industry Position - As a leading enterprise in the clean heating sector, Lianmei Holdings has maintained its competitive edge through diversified clean energy strategies and intelligent operational capabilities [1] - The company has established a low-carbon heating ecosystem characterized by "clean energy as the mainstay, smart heating empowerment, and multi-energy collaboration" [1] Technological Advancements - Lianmei Holdings has made significant investments in R&D, launching a comprehensive smart heating system that integrates data analysis, intelligent control, and remote operation [3] - The company has developed the "Lianmei Smart Operation Platform," which enables real-time monitoring and dynamic optimization of heating systems, moving away from traditional manual adjustments [3] Strategic Initiatives - In 2024, Lianmei Holdings accelerated its transformation towards "smart and digital" development, launching a self-developed smart operation platform that incorporates IoT, big data, and cloud computing technologies [5] - The company initiated an integrated innovation project for heat exchange stations, achieving an overall electricity saving rate of 35% and an annual electricity saving of 150,000 kWh per station [5] - Lianmei Holdings aims to deepen its presence in advantageous regions, strengthen existing businesses, and cultivate new ones, focusing on low-carbon, clean, efficient, and economical energy solutions [5]

证券简称： 天罡股份 证券代码： 832651 威海市天罡仪表股份有限公司 山东省威海市环翠区火炬南路 576 号 保荐人（主承销商） 中国（上海）自由贸易试验区浦明路 8 号 1-1-1 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负 责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法发行后因发 行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-2 声明 发行人及全体董事、监事、高级管理人员承诺招股说明书及其他信息披露资料不存在虚假记载、 误导性陈述或者重大遗漏，并对其真实性、准确性、完整性承担相应的法律责任。 发行人控股股东、实际控制人承诺招股说明书不存在虚假记载、误导性陈述或者重大遗漏，并 对其真实性、准确性、完整性承担相应的法律责任。 威海市天罡仪表股份有限公司招股说明书 本次股票发行后拟在北京 ...

证券简称： 天罡股份 证券代码： 832651 山东省威海市环翠区火炬南路 576 号 威海市天罡仪表股份有限公司 威海市天罡仪表股份有限公司招股说明书（注册稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 保荐人（主承销商） 中国（上海）自由贸易试验区浦明路 8 号 1-1-1 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负 责；投资者自主判断发行人的投资价 ...

证券简称： 天罡股份 证券代码： 832651 山东省威海市环翠区火炬南路 576 号 威海市天罡仪表股份有限公司 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律 效力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主 要服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面 保荐人（主承销商） 中国（上海）自由贸易试验区浦明路 8 号 1-1-1 威海市天罡仪表股份有限公司招股说明书（申报稿） 临较大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因 素，审慎作出投资决定。 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负 责；投资者自主判断发行人的投资价 ...