Core Viewpoint - Niuwei Co., Ltd. (603699.SH) provides water valve products to cooling systems of computing power centers, while its electricity supply involvement is indirect, primarily through power projects [1] Group 1 - The electricity for computing power centers comes from thermal power plants or nuclear power stations [1] - The company participates in power projects but does not directly supply power valves to computing power centers [1] - The company directly supplies water valve products to the cooling systems of computing power centers [1]

Core Points - The stock price of Nuwai Co., Ltd. decreased by 2.04% on November 10, trading at 51.92 CNY per share with a market capitalization of 40.265 billion CNY [1] - The company has seen a significant stock price increase of 153.89% year-to-date, with a recent decline of 3.30% over the last five trading days [1] - Nuwai Co., Ltd. reported a revenue of 5.603 billion CNY for the first nine months of 2025, reflecting a year-on-year growth of 25.76% [2] Financial Performance - The net profit attributable to shareholders for the same period was 1.114 billion CNY, showing a year-on-year increase of 34.54% [2] - Cumulative cash dividends since the company's A-share listing amount to 4.598 billion CNY, with 2.280 billion CNY distributed over the last three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 10.65% to 13,800, while the average number of circulating shares per person decreased by 9.63% to 54,711 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 40.565 million shares to 103 million shares [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 5.603 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 25.76%, and a net profit attributable to shareholders of 1.114 billion yuan, up 34.54% year-on-year, exceeding expectations [4][9] - In Q3 2025, the company achieved a revenue of 2.2 billion yuan, a year-on-year increase of 35.95%, and a net profit of 477 million yuan, reflecting a significant growth rate of 40.43% year-on-year [4][5] - The gross profit margin for the first three quarters of 2025 was 36.93%, a slight increase of 0.21 percentage points year-on-year, while the gross profit margin for Q3 reached 38.73%, up 2.64 percentage points from Q2 [4][5] - The company has implemented a rolling stock incentive plan to bind its core team, covering top executives and key personnel [6] - The company plans to invest approximately 1.5 billion yuan in a high-end casting project to enhance production capacity and operational efficiency, with an expected annual output of 40,000 tons of various castings [7] Financial Forecasts and Valuation - The revenue forecasts for 2025-2027 are adjusted to 7.698 billion yuan, 9.399 billion yuan, and 11.243 billion yuan, respectively, with net profits projected at 1.518 billion yuan, 1.843 billion yuan, and 2.217 billion yuan [9][13] - The estimated earnings per share (EPS) for 2025-2027 are 1.96 yuan, 2.38 yuan, and 2.86 yuan, respectively [9][13] - The current stock price corresponds to price-to-earnings (PE) ratios of 27, 22, and 19 times for the years 2025-2027 [9]

Core Viewpoint - Niuwei Co., Ltd. plans to acquire 40% of its subsidiary Dongwu Machinery for 139 million yuan, aiming to enhance operational efficiency and resource allocation, making Dongwu a wholly-owned subsidiary [1]. Group 1: Acquisition Details - The acquisition is valued at 139 million yuan, with Dongwu Machinery's equity assessed at 373 million yuan, reflecting an appreciation of 170 million yuan, or 83.89% [1]. - Dongwu Machinery's products are utilized in various demanding industrial sectors, including refining, chemicals, and renewable energy [1]. Group 2: Financial Performance - For the first seven months of 2025, Dongwu Machinery reported revenue of 96.82 million yuan and a net profit of 11.63 million yuan [1]. - In 2024, Dongwu Machinery achieved an annual revenue of 170 million yuan and a net profit of 23.74 million yuan [1]. - Niuwei Co., Ltd. reported a net profit of 1.114 billion yuan for the first three quarters of 2025, indicating a significant performance gap compared to Dongwu Machinery [1]. Group 3: Shareholder Actions - Niuwei Group, the controlling shareholder, reduced its stake by 6.55 million shares (0.84% of total shares) between July 22 and September 10, 2025, and a total of 7.49 million shares (0.97%) from July 18 to October 17, 2025, raising 259 million yuan [2]. - The share price of Niuwei Co., Ltd. doubled within the year, reaching 54.60 yuan per share, with a market capitalization of 42.34 billion yuan as of November 6 [3]. Group 4: Market Implications - The simultaneous occurrence of a high-value acquisition and significant share sell-off by the controlling shareholder raises questions about the rationale behind the acquisition pricing and the future valuation of the company [4]. - The actions of the controlling shareholder during a period of strong performance and high stock prices suggest a complex outlook on the company's future prospects [4].

更正前： 调整 2023 年限制性股票激励计划回购价格的更正公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 苏州纽威阀门股份有限公司（以下简称"公司"）于 2025 年 11 月 06 日披露 了《关于回购注销部分限制性股票及调整 2023 年限制性股票激励计划回购价格 的公告》，经公司事后复核，公告部分内容表述有误，对部分内容更正公告如下： 二、本次回购注销限制性股的原因、数量、价格及资金来源 （三）调整方法 1、首次授予部分 证券代码：603699 证券简称：纽威股份 公告编号：临 2025-082 苏州纽威阀门股份有限公司 关于回购注销部分限制性股票及 根据《激励计划》第十四章中，就公司发生派息事项的调整方法具体如下： P＝P0-V 其中：P为调整后的每股限制性股票回购价格，P0为调整前的每股限制性股 票回购价格；V为每股的派息额。经派息调整后，P仍须大于0。 （1）2023年年度权益分派后的调整 P=（P0-V）=7.33-0.52=6.81元/股 （2）2024年半年度权益分派后的调整 P=（P0-V）=6.8 ...

Core Viewpoint - Nuwei Co., Ltd. has experienced significant stock price growth in 2023, with a year-to-date increase of 163.08% as of November 7, 2023, indicating strong market performance and investor interest [1][2]. Financial Performance - For the period from January to September 2025, Nuwei Co., Ltd. reported a revenue of 5.603 billion yuan, representing a year-on-year growth of 25.76% [2]. - The net profit attributable to the parent company for the same period was 1.114 billion yuan, showing a year-on-year increase of 34.54% [2]. Shareholder Information - As of September 30, 2025, the number of shareholders for Nuwei Co., Ltd. increased by 10.65% to 13,800 [2]. - The average number of circulating shares per shareholder decreased by 9.63% to 54,711 shares [2]. Dividend Distribution - Since its A-share listing, Nuwei Co., Ltd. has distributed a total of 4.598 billion yuan in dividends, with 2.280 billion yuan distributed over the past three years [3]. Major Shareholders - As of September 30, 2025, Hong Kong Central Clearing Limited is the third-largest circulating shareholder, holding 103 million shares, an increase of 40.5653 million shares from the previous period [3]. - Jiashi Value Longqing Mixed A (010273) is the ninth-largest circulating shareholder, holding 6.4016 million shares, a decrease of 2.9998 million shares from the previous period [3]. - Jiashi Value Zhenxuan Mixed A (011518) is a new entrant among the top ten circulating shareholders, holding 3.104 million shares [3].

格隆汇11月6日丨纽威股份(603699.SH)在投资者互动平台表示，公司有计划参与第四代核电钍基熔盐堆 的阀门研发和供货。 ...

Core Viewpoint - The company, Niuwei Co., Ltd. (603699.SH), is actively expanding its market share by leveraging both incremental and stock markets for its products [1] Group 1 - The company's products can be categorized into incremental and stock markets based on application scenarios [1] - The company has ongoing business from both incremental and stock markets [1] - The company does not differentiate gross margins between incremental and stock markets [1]

Core Viewpoint - The company, Nuway Co., Ltd. (603699), announced plans to participate in the research and supply of valves for the fourth-generation thorium molten salt reactor [1] Group 1 - The company is engaging in the development of valves specifically for advanced nuclear technology [1] - The focus on thorium molten salt reactors indicates a strategic move towards innovative and potentially safer nuclear energy solutions [1]

纽威股份 2025 年第五次临时股东大会会议资料 苏州纽威阀门股份有限公司 2025 年第五次临时股东大会 会议资料 二〇二五年十一月 1 纽威股份 2025 年第五次临时股东大会会议资料 目 录 | 2025 年第五次临时股东大会须知 | | 3 | | --- | --- | --- | | 2025 年第五次临时股东大会会议议程 | | 5 | | 关于拟收购控股子公司少数股东剩余股权的议案 | | 6 | | 关于变更公司注册资本并修订《公司章程》议案 | | 24 | 2 苏州纽威阀门股份有限公司 2025 年第五次临时股东大会须知 为维护苏州纽威阀门股份有限公司（以下简称"公司"）全体股东的合法权益， 确保本次股东大会的正常秩序和议事效率，保证大会顺利进行,根据中国证券监 督管理委员会发布的《上市公司股东大会规则》《上市公司治理准则》等有关规 定，特制定本次会议须知如下： 一、会议按照法律、法规、有关规定和公司章程、股东大会议事规则的规定 进行，请参会人员自觉维护会议秩序，防止不当行为影响其他股东合法权益。 二、参会股东（或股东代理人）应严格按照本次会议通知所记载的会议登记 方法及时全面的办理会议 ...