Core Viewpoint - The company, Ruina Intelligent (301129.SZ), is currently in the research and development phase for its semiconductor-related products and has not yet entered the commercialization validation stage [1] Group 1: Company Development - The company's semiconductor-related products are still under development and have not reached the stage of commercial validation [1] - There are currently no plans for the application of SiC power devices related to smart heating equipment [1]

Core Viewpoint - The company, Ruina Intelligent (301129.SZ), confirmed that it did not participate in the bidding for the 280 million yuan smart heating EPC project in Shijiazhuang Luquan District [1] Group 1 - An investor inquired about the company's involvement in the 280 million yuan smart heating EPC project [1] - The company responded on the investor interaction platform regarding the inquiry [1]

Group 1 - The core business of Ruina Intelligent Equipment Co., Ltd. focuses on intelligent research and application of heating core products, full information metering data production and management, internet big data system construction, smart platform services, and AI intelligent data application services, positioning itself as a one-stop low-carbon smart heating solution provider in China [2] - As of June 30, 2025, Ruina Intelligent reported a revenue of 92.59 million yuan, representing a year-on-year growth of 27.20%, while the net profit attributable to shareholders was -6.93 million yuan, showing a year-on-year increase of 59.63% [2] - The company has distributed a total of 164 million yuan in dividends since its A-share listing, with 113 million yuan distributed over the past three years [3] Group 2 - On September 19, Ruina Intelligent's stock price fell by 3.33%, with a trading volume of 132 million yuan, and the net financing buy was -2.24 million yuan [1] - The financing balance of Ruina Intelligent as of September 19 was 75.61 million yuan, accounting for 5.72% of its market capitalization, which is above the 90th percentile level over the past year [1] - The company had no short selling activity on September 19, with a short selling balance of 0.00 yuan, indicating a high level of short selling availability compared to the 70th percentile level over the past year [1]

Core Viewpoint - The company, Huaitian Thermal Power, announced its plan to continue purchasing heat from China Resources Power (Shenyang) Co., Ltd. for the 2025-2026 heating season to ensure stable heating supply and operation of the Shenhail Heat Network [1] Group 1 - The company’s subsidiary, Shenyang Second Thermal Supply Co., Ltd., relies on the Shenhail Heat Network for its winter heating business, which is based on a combined heat and power (CHP) system [1] - The heat source for the heating period comes primarily from purchasing heat from the power plant, a practice that has been in place since the establishment of the CHP system [1] - The company plans to purchase heat at a price not exceeding 48 yuan per gigajoule, with an estimated procurement volume of approximately 9.5 million gigajoules, resulting in a transaction amount not exceeding 500 million yuan [1]

Group 1 - The company Huaitian Thermal Power (SZ 000692) held its 10th board meeting on September 19, 2025, via telecommunication voting, where it reviewed proposals including the addition of temporary proposals for the 6th extraordinary shareholders' meeting of 2025 [1] - For the first half of 2025, Huaitian Thermal Power's revenue composition was 100% from heating services [1] - As of the report date, Huaitian Thermal Power has a market capitalization of 1.9 billion yuan [1]

Group 1 - The company, Ruina Intelligent, announced on September 19 that it has won a bid for the "2025 Weihai Thermal Power Group Infrastructure Smart Upgrade Heat Exchange Station New Construction and Renovation Project" with a bid price of 68,938,663.80 yuan [1] - The project is currently in the bid announcement phase, with a public announcement period of one working day from the date of the announcement [1] - The company has not yet received the bid notification letter and advises investors to be aware of investment risks [1]

Core Viewpoint - The successful completion of the first domestic pipeline load-bearing rotating bridge marks a significant milestone for the Shihe-Ru-Jinan project, which aims to provide stable and clean heating sources to Jinan, enhancing energy structure transformation towards green and low-carbon solutions [1][12]. Project Overview - The Shihe-Ru-Jinan project is a key livelihood and environmental initiative in Jinan, expected to introduce tens of millions of square meters of stable clean heating from the Tai'an Shihong Thermal Power Plant annually, effectively replacing numerous scattered coal-fired boilers in the urban area [1][12]. - The project will significantly improve heating security in the western urban area of Jinan and is projected to reduce carbon dioxide emissions by tens of thousands of tons each year, contributing to better air quality and supporting carbon neutrality goals [12]. Technical Achievements - The bridge, weighing 14,000 tons and measuring 150 meters in length and 17 meters in width, was rotated 90 degrees with millimeter-level precision, overcoming significant technical challenges in a high-density railway area [4][5]. - The project team utilized a novel "pipeline load balance rotation" construction technique, which is the first of its kind in the domestic long-distance heating sector, allowing for simultaneous installation and welding of heating pipelines during the bridge's construction [4][5]. Safety Measures - The construction took place adjacent to the busy Beijing-Shanghai Railway, necessitating stringent safety protocols to ensure zero accidents during the project [8][9]. - The project team implemented a comprehensive safety management system, including real-time monitoring and various safety measures, to protect both railway operations and construction activities [9].

Core Viewpoint - 瑞纳智能 is currently focusing its business on the northern centralized heating regions of China, while acknowledging the potential of the southern emerging heating market [1] Group 1: Market Strategy - The company is actively responding to the differences in heating demand across regions by concentrating on the northern market, where local governments are promoting smart heating construction [1] - 瑞纳智能 plans to increase investment in technology research and development to enhance its technical capabilities and product performance, specifically targeting the needs for intelligent upgrades of heating facilities and the renovation of old pipelines in the northern market [1] Group 2: Future Outlook - While the company recognizes the potential of the southern emerging heating market, its current operations remain primarily in the northern market [1] - The company intends to closely monitor changes in demand in the southern heating market and explore, develop, and launch products that cater to the specific needs of that market in the future [1]

Core Viewpoint - The company, Ruina Intelligent, announced on September 18 that its semiconductor-related products are still in the research and development phase, and it has not yet quantified the specific cost reduction and efficiency improvement metrics brought by smart heating collaboration, nor has it assessed the contribution to the company's revenue and gross profit [1] Group 1 - The semiconductor-related products are currently under development [1] - There is no quantifiable data on cost reduction and efficiency improvements from smart heating collaboration [1] - The company has not measured the impact on revenue and gross profit from these products [1]

Core Viewpoint - The "19th China New Energy International Forum and Exhibition (NEX 2025)" commenced on September 17, focusing on "Low Carbon Applications, Market Diversity," and aims to explore high-quality development paths in the new energy sector [1][2]. Group 1: Event Overview - The forum is organized by the All-China Federation of Industry and Commerce New Energy Chamber and supported by the National Federation of Industry and Commerce Talent Exchange Service Center, featuring prominent companies like Longi Green Energy, Zhejiang Chint New Energy, and others [2][3]. - Key figures including Li Bing, Zhang Yuqing, and other industry leaders delivered speeches, emphasizing the importance of cross-regional and cross-sector collaboration to drive resource integration and innovation in the new energy industry [3][4]. Group 2: Expert Discussions - Industry experts, including academicians and researchers, gathered to discuss trends, technological directions, market dynamics, and future prospects of the new energy sector, providing insights for the "14th Five-Year Plan" of China's new energy development [4]. - A dialogue among leading figures from various new energy companies focused on pathways for high-quality development under new circumstances, aiming to consolidate industry wisdom and consensus [4]. Group 3: Forum Activities - The forum included multiple specialized sub-forums covering core areas like photovoltaics, energy storage, and hydrogen energy, as well as new segments such as AI in new energy, offshore energy, and sustainable fuels, promoting collaboration across the new energy industry chain [5]. - Various activities such as policy communication, academic exchanges, and project cooperation were organized to create a comprehensive platform for domestic and international representatives in the new energy field [5]. Group 4: Future Outlook - The Secretary-General of the All-China Federation of Industry and Commerce New Energy Chamber highlighted the forum's evolution into a top platform for industry-wide exchange and cooperation, with plans for the 20th anniversary and NEX 2026 already underway [6].