2026 年 01 月 07 日 联美控股(600167.SH) 供热主业稳定，氢能布局未来 清洁供热+高铁传媒双轮驱动，业绩稳健，连续多年高比例分红。 公司前身为沈阳新开，2008 年更名为联美控股，2016 年完成资产并 购重组，并入沈阳新北热电、国惠环保，增加了发电蒸汽供应业务， 进一步扩大了公司业务规模。2018 年收购高铁媒体数字运营商兆讯 传媒 100%股权，2022 年兆讯传媒成功分拆上市。截至目前，公司形 成"清洁供热+高铁数字媒体"双主业格局。2018-2020 年，公司营收实 现稳定增长，从 30.37 亿元增长至 35.98 亿元，复合增长率为 8.8%， 归母净利润从 13.17 亿元增加至 16.85 亿元，CAGR 为 13.14%。2020- 2024 年，受到地产周期影响，公司新增供热面积增长趋缓，营收维持 在 35 亿元左右，2024 年公司实现净利润 6.59 亿元，同比下滑 23.29%， 主要系计提子公司福林热力减值损失影响。公司多年来维持较高分红 比例，2022-2024 年分红金额分别为 4.75/4.47/7.11 亿元，分红比 例达 50.26%、52.02%、 ...

Core Insights - The Shandong Provincial Economic Work Conference emphasizes stronger regional coordinated development, focusing on strategic collaboration with provinces along the Yellow River and deep integration with the Beijing-Tianjin-Hebei and Yangtze River Delta regions [1] - The conference outlines a series of initiatives, including the implementation of the Jinan-Qingdao metropolitan area collaborative plan and a new round of actions for the breakthrough of Heze and the high-quality development of county economies [1] Group 1: Regional Development Initiatives - The Jinan-Qingdao metropolitan area is identified as a key strategy for regional integration, contributing over 20% of the province's GDP while occupying one-seventh of its land area [1] - Qingdao is expected to enhance its internal and external collaboration, focusing on technological innovation, high-end industry leadership, and open hub functions [2] - The "Chatou Heat into Jinan" project, which connects three cities and five counties, will add 100 million square meters of clean heating capacity to Jinan this winter [2] Group 2: Economic Growth and Opportunities - Heze has seen significant economic growth, with major indicators ranking among the top in the province, and is set to launch a new round of actions for its development [3] - The province is implementing the "Ten Million Project" to promote rural revitalization, with 2,070 construction areas covering over 18,000 administrative villages [3] - The Qingdao West Coast New Area is leveraging its rural revitalization areas to enhance tourism, attracting over 2.7 million visitors and generating over 220 million yuan in tourism revenue [3] Group 3: Marine Economy Development - The conference highlights the need for coordinated land-sea development and the establishment of a high-quality marine economy policy framework [4] - The Dongying Port area has experienced double-digit growth in throughput, with a focus on wind power and photovoltaic component transportation [5] - Future plans include enhancing port functions and expanding scale to better support regional economic development through industry clustering [5]

Investment Rating - The report does not specify an investment rating for the company [1]. Core Insights - The company reported a slight decrease in total revenue to 1.898 billion yuan in H1 2025, down 2.65% year-on-year, primarily due to a reduction in engineering and connection income [1][4]. - The net profit attributable to the parent company reached 0.525 billion yuan, reflecting a year-on-year growth of 9.87%, while the net profit after deducting non-recurring items was 0.5 billion yuan, up 0.22% year-on-year [1][4]. - The company is focusing on developing multiple patented technologies in the heating supply sector, positioning itself as a technology-driven comprehensive energy service provider [4]. - The company has a strong presence in Shenyang, a key city in Northeast China, with significant growth potential in emerging districts [4][5]. Financial Summary - For H1 2025, the company's main business segments generated the following revenues: heating (1.416 billion yuan, +2.08%), advertising (0.293 billion yuan, -8.81%), power generation (0.068 billion yuan, -9.18%), and engineering construction (0.022 billion yuan, -52.33%) [4]. - The gross profit margins for these segments were 38.99%, 26.78%, 12.01%, and 93.42%, respectively, with notable changes in margins year-on-year [4]. - The company forecasts revenues of 3.570 billion yuan for 2025, with a growth rate of 1.7%, and net profits of 0.843 billion yuan, with a growth rate of 27.9% [7]. Future Outlook - The company aims to leverage its technological advancements and geographical advantages in Shenyang to capture market opportunities in emerging urban areas [4][5]. - The report highlights the potential for growth in the steam supply market in Jiangsu province, where the company is the sole biomass industrial steam supplier [5].

Core Viewpoint - The company demonstrates resilience and strategic determination as a leader in clean heating amidst opportunities and challenges presented by the dual goals of stable economic growth and green transformation in China [3][4]. Group 1: Company Performance - In 2024, the company achieved operating revenue of approximately 3.51 billion yuan, representing a year-on-year increase [3]. - Operating profit was approximately 798.42 million yuan, a decrease of 25.02% year-on-year, while net profit attributable to shareholders was approximately 659.02 million yuan, down 23.29% year-on-year [3][4]. - The decline in profit metrics was primarily due to impairment losses on long-term assets, increased advertising media resource costs, and prior year coal subsidies [3]. Group 2: Business Segments - In the clean heating sector, the company focused on core products such as cooling, heating, electricity, and steam, utilizing advanced technologies like heat pumps and flue gas waste heat recovery to enhance energy services [4][5]. - The company maintained stable cash flow and profitability through cost control strategies, despite a slowdown in the heating market due to various factors [5]. - Key subsidiaries in the clean heating business reported mixed results, with revenue from Hunnan Heating increasing by 2.14% to approximately 1.15 billion yuan, while New Bei Heating saw a revenue decline of 7.13% [5]. Group 3: Digital Media Business - The high-speed rail digital media segment, operated by Zhaoxun Media, experienced a significant revenue decline of 47.35% year-on-year, with net profit down 43.64% [6]. - Zhaoxun Media has established a nationwide media resource network, reaching over 2 billion passengers annually, and is enhancing its offerings with innovative digital content and technology [6]. Group 4: Board and Governance - The board of directors held ten meetings during the reporting period, adhering to relevant regulations and company bylaws [10]. - The board's focus for 2025 includes promoting green and smart initiatives, exploring new business growth paths, and ensuring sustainable, high-quality development [10][12]. Group 5: Financial Management - The company plans to distribute a cash dividend of 1.2 yuan per 10 shares, totaling approximately 266.94 million yuan, reflecting 67.51% of the net profit attributable to shareholders [15][16]. - The company has engaged Zhongxi Accounting Firm for the 2025 audit, ensuring continuity and independence in financial oversight [17].

Core Viewpoint - The establishment of China Resource Recycling Group New Energy Technology Co., Ltd. aims to create a "national team" in the field of new energy device recycling, supporting the integrated development of the Yangtze River Delta and contributing to national resource security and the achievement of carbon neutrality goals [1][2] Group 1 - The company is a national-level, all-category resource recycling central enterprise, focusing on national strategies through technological, management, and business model innovations to enhance core competitiveness [1] - The company will streamline the new energy device recycling industry chain and explore new market opportunities in this sector [1] - The company aims to establish a green low-carbon recycling industry base and implement various business scenarios such as clean heating and mobile energy delivery [1] Group 2 - The company is the first specialized subsidiary established outside the headquarters since the formation of China Resource Recycling Group [2] - Future plans include deepening operations in wind, solar, storage, and thermal energy sectors, and developing a comprehensive lifecycle management and carbon footprint tracing for new energy [2] - The company aspires to become a global leader in the new energy device recycling industry by integrating source, network, load, and storage operations [2]