Core Insights - The industrial boiler production in China has shown a decline, with a reported output of 17,000 tons of evaporation in August 2025, representing a year-on-year decrease of 3.9% [1] - Cumulatively, from January to August 2025, the total industrial boiler production reached 117,000 tons of evaporation, marking an 11.1% decline compared to the previous year [1] Company and Industry Summary - Listed companies in the industrial boiler sector include Huaguang Huaneng (600475), Chuanrun Co., Ltd. (002272), Hailu Heavy Industry (002255), Huaxi Energy (002630), and Dongfang Electric (600875) [1] - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, which specializes in industry research and consulting services [2]

Group 1 - The core viewpoint of the news highlights a decline in the production of industrial boilers in China, with a reported decrease of 6.1% year-on-year in July 2025, resulting in a total production of 16,000 tons of evaporation capacity [1] - Cumulative production from January to July 2025 reached 103,000 tons of evaporation capacity, marking an 11% decline compared to the previous year [1] Group 2 - Listed companies in the industrial boiler sector include Huaguang Huaneng (600475), Chuanrun Co., Ltd. (002272), Hailu Heavy Industry (002255), Huaxi Energy (002630), and Dongfang Electric (600875) [1] - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, which specializes in industry research and consulting services [2]

Group 1 - The core viewpoint of the news highlights a decline in China's industrial boiler production, with a reported output of 15,000 tons of evaporation in May 2025, representing a year-on-year decrease of 1.3% [1] - Cumulative industrial boiler production from January to May 2025 reached 72,000 tons of evaporation, showing a significant cumulative decline of 10.7% [1] - The report is based on data from the National Bureau of Statistics and is part of a broader market research and development strategy analysis for the industrial boiler industry in China from 2025 to 2031 [1][2] Group 2 - The companies mentioned in the context of the industrial boiler industry include Huaguang Huaneng (600475), Chuanrun Co., Ltd. (002272), Hailu Heavy Industry (002255), Huaxi Energy (002630), and Dongfang Electric (600875) [1] - The report is published by Zhiyan Consulting, a leading industry consulting firm in China, which specializes in providing in-depth industry research reports and tailored consulting services [2]

Group 1 - The core viewpoint of the article highlights a significant decline in the production of industrial boilers in China, with a projected decrease of 15.6% year-on-year in June 2025 [1] - According to the National Bureau of Statistics, the cumulative production of industrial boilers in China for the first half of 2025 is reported at 88,000 tons of evaporation, reflecting a decline of 11.6% [1] - The article mentions several listed companies in the industrial boiler sector, including Huaguang Huaneng (600475), Chuanrun Co., Ltd. (002272), Hailu Heavy Industry (002255), Huaxi Energy (002630), and Dongfang Electric (600875) [1] Group 2 - The report referenced is the "2025-2031 China Industrial Boiler Industry Market Special Research and Development Strategy Analysis Report" published by Zhiyan Consulting [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research reports, business plans, feasibility studies, and customized services [2] - The data used in the analysis is sourced from the National Bureau of Statistics and organized by Zhiyan Consulting [3]

Core Viewpoint - The industrial boiler industry in China is undergoing a new round of technological upgrades and market consolidation driven by the ongoing "dual carbon" goals and accelerated energy structure transformation [2][4]. Financial Performance - In 2024, the company achieved total revenue of 1.065 billion yuan and a net profit attributable to shareholders of 291 million yuan, representing a year-on-year growth of 8.51%. The net profit excluding non-recurring items was 216 million yuan, and the net cash flow from operating activities reached 288 million yuan, up 34.32% year-on-year [2]. Market Position and Competitive Advantage - The company specializes in the research, production, and sales of hot water and steam boilers, holding a leading position in high-efficiency energy-saving and low-nitrogen environmental protection technologies. Its self-developed "water-cooled premixed combustion technology" boasts a thermal efficiency exceeding 99% and nitrogen oxide emissions below 30 mg/m³, significantly surpassing industry standards [3]. - The company has 15 domestic invention patents and 3 overseas patents, and has participated in drafting 5 industry standards, receiving multiple authoritative certifications [3]. Industry Trends and Policy Support - The industrial boiler industry is experiencing a new upgrade opportunity as the national "dual carbon" strategy deepens. Stricter regulations are accelerating the elimination of inefficient and high-pollution capacities, leading to an increase in market share for technologically advanced leading enterprises [4]. - The company possesses core qualifications such as A-level boiler manufacturing and GC2-level pressure pipeline installation, and has established deep cooperation with large heating enterprises under the "coal-to-gas" policy [4]. Research and Development Focus - The company emphasizes technological innovation as its core competitiveness, increasing R&D investment focused on "reducing energy consumption, pollution, and enhancing safety." It collaborates with universities like Zhejiang University to promote the intelligent and green upgrade of boiler products [5]. - The successful development of a single-module 46MW gas boiler breaks foreign technology monopolies and lays the foundation for entering higher power markets [5]. Business Strategy - The company adopts a dual-driven strategy of "hot water boilers + steam boilers," effectively reducing risks associated with single business fluctuations. The hot water boiler segment is widely used in hospitals, schools, hotels, and centralized heating, while the steam boiler business focuses on industrial market demands [6]. Shareholder Returns - As a newly listed company in July 2024, the company implemented a high dividend payout, with cash dividends accounting for 78.15% of net profit attributable to shareholders, reflecting management's commitment to shareholder returns and confidence in future development [7]. - The company's core technological advantages, policy support, and stable financial performance position it as a leader in the industrial boiler industry, with potential for sustainable growth as the "dual carbon" policy advances and industry concentration increases [7].

浙江力聚热能装备股份有限公司 Zhejiang Liju Thermal Equipment Co.,Ltd. （浙江省湖州市吴兴区埭溪镇上强工业园区茅坞路 9 号） 首次公开发行股票并在主板上市 招股说明书 （上会稿） 声明：本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程 序。本招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投 资者应当以正式公告的招股说明书作为投资决定的依据。 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 浙江力聚热能装备股份有限公司 招股说明书（上会稿） 招股说明书(上会稿) 目 录 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行人注 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保证。任何与之相反的 声明均属虚假不实陈述。 根据《证券法》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 ...