Core Viewpoint - Dalian Thermal Power reported a decrease in revenue and continued losses in the first half of 2025, but showed signs of reduced losses compared to the previous year, indicating a focus on operational efficiency and cost management [1][2]. Financial Performance - The company achieved an operating revenue of 379 million yuan, a year-on-year decrease of 6.41% [1]. - The total profit was -40.76 million yuan, slightly improved from -41.43 million yuan in the same period last year [1][2]. - The net profit was -40.69 million yuan, compared to -41.36 million yuan in the previous year [1]. - The non-recurring net profit was -42.67 million yuan, an improvement from -43.81 million yuan year-on-year [1]. - Basic earnings per share were -0.1 yuan [1]. Sales and Production - The company sold 99.38 million kWh of electricity, an increase of 14.58 million kWh year-on-year [1]. - Steam sales decreased by 1.6 million tons to 0.4 million tons [1]. - High-temperature water sales dropped by 44,000 GJ to 632,000 GJ [1]. - The area charged at the end of the period was 18.47 million square meters, an increase of 52,000 square meters year-on-year [1]. Operational Strategies - The company focused on reducing losses and improving operational management, optimizing production methods, and managing heating energy consumption effectively [2]. - The increase in electricity sales was attributed to optimized production organization and reduced auxiliary power consumption [1]. - The decline in steam and high-temperature water sales was mainly due to higher temperatures and reduced demand from industrial and commercial sectors [1]. Future Outlook - The company plans to enhance its profitability as coal prices stabilize and aims to implement specific management plans to improve operations and seek new profit growth points [3]. - Ongoing projects, such as the renovation of the heating network and the transition to a heat supply service model, are expected to significantly reduce operational costs and improve profitability [4]. - The company is exploring market-oriented strategies to enhance its sustainable profitability and is leveraging resources from the Dalian state-owned platform for future growth [4].

Core Viewpoint - The industrial steam market in China is experiencing significant growth due to the increasing demand from various industrial sectors, with a projected market size of 19.346 billion yuan by 2024 and a consumption volume of 48,730 million GJ [1][17]. Group 1: Industry Overview - The industrial steam industry is characterized by high energy utilization efficiency and environmental benefits, making combined heat and power (CHP) a key development trend in regional heating [1]. - The industrial steam market in China is the largest globally, with industrial heat demand nearly double that of electricity consumption [17]. - The supply of industrial steam in China is projected to reach 67,161 million GJ in 2024, indicating a robust growth trajectory [14]. Group 2: Market Structure - The competitive landscape of the industrial steam industry includes three main types of companies: heating companies, self-owned heating enterprises, and self-owned industrial enterprises, with heating companies holding approximately 54% of the market share [2]. - The industry is regionally concentrated, with companies establishing operations in industrial parks to leverage local demand and create competitive advantages [2][20]. - Major players in the industrial steam sector include Ningbo Energy, New Zhonggang, Hangzhou Thermal Power, and others [20][22]. Group 3: Market Dynamics - The industrial steam industry is supported by a comprehensive supply chain, with upstream activities involving equipment manufacturing and raw material supply, while downstream applications span various sectors such as chemicals, paper, food, and textiles [10][11]. - The market price for industrial steam is approximately 39.7 yuan per GJ, reflecting the industry's pricing dynamics [17]. Group 4: Research and Analysis - The research team employs various analytical models, including SCP, SWOT, and PEST, to assess the market environment, competitive landscape, and potential investment opportunities within the industrial steam sector [3]. - A detailed report titled "2025-2031 China Industrial Steam Industry Development and Investment Potential Forecast" has been compiled to provide insights for enterprises and investment institutions [28].

日前，永兴股份（601033）下属从化环保能源有限公司在广州市从化特色标杆工业园开园活动上，与有 关单位签约达成蒸汽保障合作。合作布局将以移动供热与管道供热双轨并行，形成应急与长效兼顾的供 热业务合作。 其中，移动供热项目在7月份投运，为园区企业提供灵活高效的应急用热保障；管道供热工程计划铺设 东西两向固定管网，覆盖周边产业聚集区，项目目前正在有序推进。 据了解，传统垃圾焚烧发电项目采用纯发电模式，汽轮机做完功的乏汽直接进凝汽器，热量被冷却 塔"放掉"，大量热能通过冷源损失浪费，全厂热效率较低。通过实施热电联产，即在发电的同时抽出部 分蒸汽对外供热，可以减少乏汽量并降低冷端损失。这种能源梯级利用方式不仅在发电量降低的情况下 能够额外提供可销售的工业蒸汽，而且根据热电联产技术原理，有效提高了能源利用效率。欧盟通过 R1指标来衡量垃圾焚烧厂能效利用水平，数据显示纯发电项目R1值仅为0.51，而热电联产项目R1值达 0.78，远超0.65的合格标准。 从全行业看，垃圾焚烧发电项目正积极推进热电联产，对外售汽业务正经历"从配角到主角"的切换。 2024年，A股主要垃圾焚烧上市公司的对外售汽业务的营收总额已达到十亿元级 ...

Core Viewpoint - The Jiangsu province is experiencing record peaks in electricity demand, with coal power serving as a crucial stabilizer for energy supply. The commissioning of the National Energy Group's Changzhou Power Plant Phase II is a significant development in meeting this demand [1][2]. Group 1: Project Details - The Changzhou Power Plant Phase II's Unit 3 has completed a 168-hour full-load trial run and is now in commercial operation [1]. - The project includes two coal-fired power generation units with a total capacity of 1 million kilowatts, expected to generate 16 billion kilowatt-hours annually, accounting for approximately 25% of Changzhou's total electricity consumption [1]. - The plant employs innovative technologies such as efficient heating flexible recovery and adaptive start-stop capabilities, achieving a reduction of over 20 grams in coal consumption per kilowatt-hour at 20% load [1]. Group 2: Environmental Initiatives - The Changzhou Power Plant aims to function as an "energy island" and an "environmental island," contributing to local pollution reduction and carbon emission control [2]. - The plant not only generates electricity but also supplies heat, industrial steam, and assists in sludge disposal, processing about 150,000 tons of municipal sludge annually, which constitutes 40% of the city's total sludge [2]. - The plant's hot wastewater, previously discharged into the Yangtze River, is now being utilized for LNG gasification, thereby reducing energy consumption at the LNG receiving station and promoting water recycling [2].

Core Viewpoint - The "Heqi No.1" project, China's first industrial nuclear steam supply project, has successfully operated for one year, providing significant industrial steam and contributing to green energy solutions in the petrochemical sector [1][2]. Group 1: Project Overview - The "Heqi No.1" project has supplied 3.17 million tons of industrial steam as of June 19, marking a stable output of approximately 400 tons of steam per hour at 260 degrees Celsius [1][2]. - The project is located at the Tianwan Nuclear Power Base in Lianyungang, adjacent to the Tianwan Nuclear Power Units 3 and 4, and utilizes a unique three-loop system to generate steam [1]. Group 2: Impact on Industry - The project addresses a 37.5% steam supply gap for the Lianyungang petrochemical industrial base, ensuring sufficient steam supply for downstream chemical enterprises [2]. - The use of industrial steam from "Heqi No.1" has led to a reduction of 264,200 tons of standard coal combustion and a decrease of 706,600 tons of CO2 emissions over the past year [2]. Group 3: Technological Innovations - "Heqi No.1" has achieved significant technological milestones, including 1 utility model patent and 5 invention patents, along with the publication of 2 standards [2]. - The project has also sparked international interest in its seawater desalination technology, which is the largest in the nuclear power industry, producing 1,520 tons of fresh water per hour [3]. Group 4: Future Developments - Future plans for the company include advancing projects in tidal photovoltaic, pumped storage, and nuclear hydrogen production, contributing to the establishment of a large clean energy base [3].