Group 1 - The heating season has begun in northern China, with cities like Tangshan and Cangzhou starting early heating to ensure residents stay warm during winter [2][4] - In Cangzhou, heating was initiated three days ahead of the scheduled time, with 565 heat exchange stations monitored for operational status [4] - The heating service department in Cangzhou has established four service centers and 24-hour support for consultations, complaints, and repairs, ensuring prompt response to emergencies [4] Group 2 - Zhengzhou has entered the trial operation phase of its heating system, with 16 heating plants gradually starting to provide heat [5] - The city is promoting new energy heating solutions while enhancing smart heating network systems for better control and efficiency [5][8] - In Zhengzhou, air source heat pump equipment is being installed in residential areas, and a large electronic screen displays real-time data from the heating system [8] Group 3 - In Jinan, the heating adjustment process has officially started, marking a busy period for heating departments [10][11] - Heating managers, like Zhao Qiang, are addressing numerous user repair requests, with a significant portion being simple issues that can be resolved easily [13] - The service approach includes on-site assistance for elderly residents who may struggle with basic troubleshooting tasks [13]

Core Viewpoint - In the third quarter of 2025, Lianmei Holdings (600167.SH) reported revenue growth and profit increase, driven by a dual focus on carbon reduction and efficiency enhancement in the clean energy sector [1][6]. Financial Performance - For the first three quarters of 2025, Lianmei Holdings achieved a revenue of 2.155 billion yuan and a net profit attributable to shareholders of 543 million yuan, representing a year-on-year growth of 6.88% [1][6]. Policy Environment - Since 2025, national policies have provided strong momentum for the development of the clean energy heating industry, including the release of the "Action Plan for High-Quality Development of the Heat Pump Industry" which aims for over 20% efficiency improvement in heat pump products by 2030 [2][6]. Clean Energy Strategy - Lianmei Holdings is focusing on technological innovation to drive the transition to clean energy, expanding into biomass energy, heat pumps, hydrogen energy, and energy storage while upgrading traditional coal heating operations to low-carbon models [2][6]. Biomass Energy Development - The company’s subsidiary, Jiangsu Lianmei Bioenergy Co., is a key player in the biomass energy sector, utilizing agricultural and forestry waste for integrated power generation and heating, thus contributing to local energy supply and waste management [3][6]. Heat Pump Technology - Lianmei Holdings is optimizing air-source heat pump applications to meet winter heating demands in cold regions, investing in R&D to enhance the conversion of low-grade heat to high-grade heat, thereby reducing reliance on fossil fuels [4][6]. Coal Heating Optimization - The company is upgrading its traditional coal heating business by investing in advanced combustion technologies and pollution control equipment, significantly reducing emissions of sulfur dioxide, nitrogen oxides, and particulate matter [5][6]. Future Outlook - Looking ahead, Lianmei Holdings plans to continue aligning with national energy policies, increasing investment in technology R&D and project implementation to further enhance its clean energy industry layout [6].