Investment Rating - The report assigns an "Overweight" rating for the industry [1] Core Insights - The "Strengthening Ocean Economy" strategy is accelerating, with significant developments in offshore wind power, ultra-deepwater platforms, and breakthroughs in high-end shipbuilding [2] - The central government's focus on high-quality development of the marine economy presents long-term growth opportunities for deep-sea technology and related industries [3] Summary by Sections Wind Power - The wind power sector is expected to see a profit restructuring and order expansion, with high demand projected for 2025. The domestic wind power installation reached 19.96 GW from January to April 2025, with a total bidding capacity of 53.4 GW from central state-owned enterprises [3] - The deep-sea wind power projects are entering a substantial advancement phase, with notable projects like the Zhejiang deep-sea demonstration project initiating equipment bidding, creating new opportunities for suppliers [3] - Recommended stocks include XinQiangLian, with related stocks being Tongyu Heavy Industry [3] Oil and Gas Equipment - The marine oil and gas sector is becoming a crucial growth area for China's energy supply, with marine crude oil accounting for nearly 80% of the national crude oil increment [3] - China has made significant advancements in deepwater oil and gas exploration, breaking the monopoly of a few international oil companies, exemplified by the domestically designed and built sixth-generation ultra-deepwater drilling platform "Fenjin" [3] - Recommended stocks include Jereh, Neway, with related stocks being CIMC, CNOOC, PetroChina, and China Oilfield Services [3] Shipbuilding Industry - The policy support is accelerating the construction of deep-sea equipment, with high demand arising from deep-sea oil and gas development, offshore wind power, and marine fisheries [3] - Key breakthroughs have been achieved in high-end ship types such as LNG carriers and ultra-deepwater drilling platforms, with the industry experiencing high levels of new orders and deliveries [3] - Recommended stocks include China Shipbuilding, China Shipbuilding Defense, and Zhenhua Heavy Industry [3]

Industry Overview - The Chinese ball valve industry is projected to reach a market size of approximately 29 billion yuan in 2024, with a compound annual growth rate (CAGR) of 4.92% over the past five years [1]. - The ball valve has been developed in China for over 70 years, with significant advancements in long-distance pipeline ball valves and metal-sealed ball valves since the 21st century [1]. Market Trends - The number of bidding projects in the ball valve industry has shown an upward trend, increasing from around 3,000 projects in 2021 to over 8,000 projects expected in 2024 [4]. Competitive Landscape - Key players in the domestic ball valve manufacturing industry include Neway Valve (纽威股份), Fangzheng Valve (方正阀门), Jiangsu Shentong (江苏神通), Yongsheng Technology (永盛科技), Jintai Meilin (金泰美林), and Zhongde Technology (中德科技) [7]. - Neway Valve is noted for having the most comprehensive product offerings and the largest revenue scale, positioning it in the leading tier of the domestic ball valve market [7]. Product Offerings - Neway Valve specializes in floating ball valves, fixed ball valves, and double ball valves [8]. - Jiangsu Shentong offers hard-sealed ball valves, ceramic ball valves, high-temperature and high-pressure ball valves, and various nuclear-grade ball valves [8]. - Zhongde Technology provides a range of ball valves including floating hard-sealed, fixed soft-sealed, and LNG ultra-low temperature ball valves [8]. - Fangzheng Valve focuses on side-mounted, top-mounted, and fully welded ball valves, among others [8]. - Zhejiang Lino offers various types of ball valves including flange V-type ball valves and floating ball valves [8].

Group 1 - The company held its 29th meeting of the fifth board of directors on July 1, 2025, with all 7 directors present, ensuring compliance with legal and regulatory requirements [2][3][4] - The board approved the draft of the 2025 Restricted Stock Incentive Plan to attract and retain talent, aligning the interests of shareholders, the company, and core team members [3][7][50] - The plan proposes to grant 7,713,799 shares of restricted stock, accounting for 1.00% of the company's total share capital of 768,573,661 shares [45][52] Group 2 - The board also approved the management measures for the implementation of the 2025 Restricted Stock Incentive Plan, ensuring the plan's smooth execution [7][17] - The plan requires approval from the third extraordinary general meeting of shareholders scheduled for July 17, 2025 [6][12] - The incentive plan includes a detailed assessment mechanism to evaluate the performance of the incentive objects, which includes directors, senior management, and key technical personnel [20][70] Group 3 - The company will hold the third extraordinary general meeting of shareholders on July 17, 2025, with both on-site and online voting options available [25][26] - The voting will be conducted through the Shanghai Stock Exchange's network voting system, allowing shareholders to participate conveniently [26][28] - The company emphasizes the importance of the incentive plan in fostering long-term development and aligning interests among stakeholders [50][71]

Group 1 - The core viewpoint of the article is that Suzhou Neway Valve Co., Ltd. has conducted a necessary review of its 2025 Restricted Stock Incentive Plan (Draft) and found it compliant with relevant laws and regulations [1][2][4] - The company has confirmed that the implementation of the incentive plan will not harm the interests of the company and all shareholders, and it aims to enhance management efficiency and sustainable development [2][3] - The incentive plan includes a list of eligible participants, which consists of core business employees, excluding independent directors, supervisors, and shareholders holding more than 5% of the company's shares [3][4] Group 2 - The review by the supervisory board indicates that the incentive plan's implementation assessment management measures are comprehensive and operational, ensuring smooth execution and compliance with regulations [2][4] - The eligible participants for the incentive plan meet the qualifications set forth in the Company Law and other relevant regulations, confirming their legal and effective status [3][4] - The plan aims to establish a good value distribution system and improve the company's governance structure, contributing to its continuous development [2][4]

苏州纽威阀门股份有限公司 | 97 | 李同涛 | 中层管理人员和核心业务（技术）人员 | | --- | --- | --- | | 98 | 恽盛 | 中层管理人员和核心业务（技术）人员 | | 99 | 马良 | 中层管理人员和核心业务（技术）人员 | | 100 | 李建福 | 中层管理人员和核心业务（技术）人员 | | 101 | 张柱柱 | 中层管理人员和核心业务（技术）人员 | | 102 | 沈后兵 | 中层管理人员和核心业务（技术）人员 | | 103 | 陈善海 | 中层管理人员和核心业务（技术）人员 | | 104 | 郑玉华 | 中层管理人员和核心业务（技术）人员 | | 105 | 单玉文 | 中层管理人员和核心业务（技术）人员 | | 106 | 张峰琴 | 中层管理人员和核心业务（技术）人员 | | 107 | 季顺萍 | 中层管理人员和核心业务（技术）人员 | | 108 | 顾平 | 中层管理人员和核心业务（技术）人员 | | 109 | 孟楠 | 中层管理人员和核心业务（技术）人员 | | 110 | 汤乃建 | 中层管理人员和核心业务（技术）人员 | | 111 | 董丽 ...

证券简称：纽威股份 证券代码：603699 苏州纽威阀门股份有限公司 2025 年限制性股票激励计划 （草案） 苏州纽威阀门股份有限公司 二〇二五年七月 苏州纽威阀门股份有限公司 2025 年限制性股票激励计划（草案） 声 明 2 / 37 苏州纽威阀门股份有限公司 2025 年限制性股票激励计划（草案） 特别提示 本公司及全体董事、监事保证本激励计划及其摘要不存在虚假记载、误导性 陈述或重大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 本公司所有激励对象承诺，若公司因信息披露文件中有虚假记载、误导性陈 述或者重大遗漏，导致不符合授予权益或行使权益安排的，激励对象应当自相关 信息披露文件被确认存在虚假记载、误导性陈述或者重大遗漏后，将由本激励计 划所获得的全部利益返还公司。 一、本激励计划系依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司股权激励管理办法》等其他有关法律、法规、规范性文件，以及《苏 州纽威阀门股份有限公司章程》制订。 二、本激励计划采取的激励工具为限制性股票。股票来源为苏州纽威阀门股 份有限公司（以下简称"公司"或"本公司"）向激励对象定向发行公司 A 股普通股 ...

证券代码：603699 证券简称：纽威股份 公告编号：临2025-046 苏州纽威阀门股份有限公司 2025 年限制性股票激励计划（草案）摘要 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。 重要内容提示： 一、公司基本情况 （一）经中国证券监督管理委员会批准，公司于 2014 年 1 月 17 日在上海证 券交易所挂牌上市。公司注册地址为江苏省苏州市苏州高新区泰山路 666 号。公 司经营范围：设计、制造工业阀门（含石油、化工及天然气用低功率气动控制阀） 及管线控制设备，自推式采油机械及零件，销售自产产品并提供相关售后服务， 受托加工阀门系列产品及零件。（依法须经批准的项目，经相关部门批准后方可 开展经营活动）许可项目：货物进出口（依法须经批准的项目，经相关部门批准 后方可开展经营活动，具体经营项目以审批结果为准）一般项目：机械设备销售 （除依法须经批准的项目外，凭营业执照依法自主开展经营活动） （二）近三年主要业绩情况 单位：元 1 股权激励工具：限制性股票 股份来源：苏州纽威阀门股份有限公司（以下简称"纽威股份"或"公司 ...

江苏合展兆丰律师事务所 H&Z LAW FIRM 江苏合展兆丰律师事务所 二〇二五年七月 第 1 页 共 28 页 地址：中国.苏州.人民路 3110 号国发大厦 10 楼 1005-1007 室 邮编：215008 Address：10F,Guo Fa Mansion,3110 Ren Min Rd.,Suzhou,China Pc：215008 电话/Tel：+86 512 65589228 +86 512 65583833 网址/Web：www.suzhou-lawyer.com 电邮/E-mail：hzzf@suzhou-lawyer.com 关于苏州纽威阀门股份有限公司 2025 年限制性股票激励计划（草案） 之 法律意见书 江苏合展兆丰律师事务所 H&Z LAW FIRM 目 录 | 声明事项…………………………………………………………4 | | --- | | 释 义…………………………………………………………6 | | 正 文…………………………………………………………8 | | 一、实施本激励计划的主体资格和实施条件………………8 | | 二、本激励计划内容的合法合规性………………………… ...

苏州纽威阀门股份有限公司 2025 年限制性股票激励计划实施考核管理办法 苏州纽威阀门股份有限公司 2025 年限制性股票激励计划实施考核管理办法 苏州纽威阀门股份有限公司（以下简称"公司"）为进一步完善公司法人治理结 构，健全公司的激励约束机制，形成良好均衡的价值分配体系，充分调动公司董事、 高级管理人员、中层管理人员及核心技术（业务）骨干的积极性，使其更诚信勤勉 地开展工作，以保证公司业绩稳步提升，确保公司发展战略和经营目标的实现，公 司拟实施2025年限制性股票激励计划（以下简称"本激励计划"）。 为保证本激励计划的顺利实施，现根据《中华人民共和国公司法》《中华人民 共和国证券法》《上市公司股权激励管理办法》等有关法律、法规和规范性文件以 及《苏州纽威阀门股份有限公司章程》和本激励计划的相关规定，并结合公司的实 际情况，特制定本办法。 一、考核目的 进一步完善公司法人治理结构，建立和完善公司激励约束机制，保证本激励计 划的顺利实施，并在最大程度上发挥股权激励的作用，进而确保公司发展战略和经 营目标的实现。 二、考核原则 考核评价必须坚持公正、公开、公平的原则，严格按照本办法和考核对象的业 绩进行评价，以 ...

苏州纽威阀门股份有限公司 2025 年第三次临时股东大会 | | | | 2025 年第三次临时股东大会须知 | 3 | | --- | --- | | 2025 年第三次临时股东大会会议议程 | 5 | | 关于公司 2025 年限制性股票激励计划（草案）的议案 | 6 | | 关于公司 2025 年限制性股票激励计划实施考核管理办法的议案 | 7 | | 关于提请股东大会授权董事会办理股权激励相关事宜的议案 | 8 | 2 会议资料 二〇二五年七月 1 纽威股份 2024 年年度股东大会会议资料 纽威股份 2024 年年度股东大会会议资料 苏州纽威阀门股份有限公司 2025 年第三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） ...