Core Points - Wang Shiwun has been elected as a director of Suzhou Neway Valve Co., Ltd. according to the resolution of the 2024 annual general meeting of shareholders [1] - Wang Shiwun has also been appointed as a member of the Audit Committee and the Compensation and Assessment Committee of the fifth board of directors [1] - As of the announcement date, Wang Shiwun does not hold any shares in the company [1] Summary of Wang Shiwun's Background - Wang Shiwun, born in 1969, is a Chinese national with a doctoral degree and serves as a master's supervisor and a member of the Suzhou Political Consultative Conference [1] - He has held various academic positions, including lecturer and deputy director at North China Institute of Technology from July 1994 to August 2002, and has been a professor at Suzhou University of Science and Technology since August 2002 [1] - Wang has served as an independent director for several companies, including Suzhou Yunzong Electronics Technology Co., Ltd. and Suzhou Kechuan Electronics Technology Co., Ltd., and has been involved with Kunshan Rural Commercial Bank and Suzhou Traffic Investment Group [1]

Meeting Details - The annual general meeting of Suzhou Neway Valve Co., Ltd. was held on May 15, 2025, at the meeting room located at 666 Taishan Road, Suzhou High-tech Zone, Jiangsu Province [1] - The meeting was presided over by the chairman, Mr. Lu Liangfeng, and complied with the provisions of the Company Law and the Articles of Association [1][3] - A total of 79.1446% of the shares were represented at the meeting [1] Voting Results - All non-cumulative voting proposals were approved with a high level of agreement, with the majority of votes in favor exceeding 99.99% for several proposals [1][2] - Specific voting results included: - Proposal 1: 608,229,686 votes in favor (99.9909%), 500 against (0.0000%), 54,700 abstentions (0.0091%) [1][2] - Proposal 2: 608,146,086 votes in favor (99.9771%), 500 against (0.0000%), 138,300 abstentions (0.0229%) [1] - Proposal 3: 607,484,832 votes in favor (99.8684%), 745,354 against (0.1225%), 54,700 abstentions (0.0091%) [2] Legal Compliance - The meeting's procedures and voting results were confirmed to be legal and valid by the attending lawyers, ensuring compliance with relevant laws and regulations [3][4]

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 关于苏州纽威阀门股份有限公司 2024 年年度股东大会的 法律意见书 苏兆证字（2025）第 00515 号 致：苏州纽威阀门股份有限公司 江苏合展兆丰律师事务所（以下简称"本所"）接受苏州纽威阀门股份有限公 司（以下简称"公司"）的委托，指派郭新花律师、顾静梅律师（以下简称"本所 律师"）出席了公司 2024 年年度股东大会（以下简称"本次股东大会"）的现场会 议，现本所根据《中华人民共和国公司法》（以下简称"公司法"）、《中华人民共 和国证券法》（以下简称"证券法"）、《上市公司股东大会规则》等我国现行法律、 法规以及《上海证券交易所上市公司股东大会网络投票实施细则》等规范性文 件和《苏州纽威阀门股份有限公司章程》（以下简称"《公司章程》"）、上市公司 股东大会规则的有关规定，就本次股东大会的有关事宜出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的有关文件及其复印件， 核对了其中相关文件的原件，并取得公司向本所作出的如下保证：公司已向本 所提供了出具本法律意见书所必须的、真实的、完整的原始书面材料、副本材 料、复印件 ...

Core Viewpoint - The company is experiencing rapid growth in performance, with a significant increase in contract liabilities year-on-year, indicating a strong order backlog. The ongoing globalization and diversification strategies are supporting long-term growth [1][2]. Financial Performance - The company achieved a revenue of 6.238 billion yuan in 2024, representing a year-on-year increase of 12.50%, and a net profit attributable to shareholders of 1.156 billion yuan, up 60.10% year-on-year [2]. - In Q1 2025, the company reported a revenue of 1.556 billion yuan, a 14.44% increase year-on-year, and a net profit of 263 million yuan, reflecting a 33.52% year-on-year growth [2]. - The gross margin and net margin for 2024 were 38.10% and 18.69%, respectively, showing an increase of 6.70 percentage points and 5.44 percentage points year-on-year [2]. - For Q1 2025, the gross margin and net margin were 35.38% and 17.05%, respectively, with increases of 2.07 percentage points and 2.39 percentage points year-on-year [2]. Contract Liabilities and Cash Flow - By the end of 2024, the company's contract liabilities reached 354 million yuan, nearly doubling year-on-year, confirming a robust order backlog [3]. - The net operating cash flow for 2024 and Q1 2025 was 1.112 billion yuan and 325 million yuan, respectively, showing significant improvements of 74.50% and 415.91% year-on-year [3]. Globalization and Diversification Strategy - The company offers a comprehensive range of industrial valve solutions, including gate valves, globe valves, check valves, ball valves, butterfly valves, control valves, and nuclear valves, catering to diverse customer needs [4]. - The company is actively responding to market demands in emerging sectors such as renewable energy, nuclear power, and marine engineering, accelerating technological upgrades and achieving breakthroughs in key technology areas [4]. - The globalization strategy is advancing, with the establishment of sales subsidiaries or offices in over 90 countries across five continents, including North America, Europe, Southeast Asia, the Middle East, and West Africa [4]. - The company plans to invest approximately 11 million USD to establish a wholly-owned subsidiary in Saudi Arabia for local production capacity development [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In Q1 2025, the company achieved operating revenue of 1.556 billion yuan, representing a year-on-year increase of 14.44%, and a net profit attributable to shareholders of 263 million yuan, reflecting a year-on-year growth of 33.52% [2][6]. - The company continues to strengthen its advantages in traditional sectors such as pipelines, refining, LNG, offshore, and chemicals, while gradually enhancing its market position in emerging fields like power generation (both thermal and renewable), water treatment, and renewable energy (nuclear, LNG, hydrogen) [6]. - The gross profit margin for Q1 2025 increased by 2.18 percentage points to 35.38%, and the net profit margin rose by 2.41 percentage points to 16.88% [6]. - As of the end of Q1 2025, the company's contract liabilities amounted to 321 million yuan, a year-on-year increase of over 52.4%, indicating a strong order acquisition capability [6]. - The company plans to establish production bases globally to meet international standards, with ongoing projects in Saudi Arabia [6]. - The net cash flow from operating activities for Q1 2025 reached 325 million yuan, with cash on hand at 1.9 billion yuan, demonstrating healthy order quality and cash collection [6]. - The company forecasts net profits attributable to shareholders of 1.456 billion, 1.766 billion, and 2.041 billion yuan for 2025, 2026, and 2027, respectively, corresponding to PE ratios of 15, 12, and 10 [6]. Financial Summary - In Q1 2025, the company reported a net profit of 263 million yuan, with a gross profit margin of 35.38% and a net profit margin of 16.88% [2][6]. - The total revenue for 2024 is projected at 6.238 billion yuan, with a gross profit of 2.376 billion yuan, leading to a gross profit margin of 38% [14]. - The company expects to maintain a strong financial position with significant cash reserves and healthy cash flow from operations [6][14].

Investment Rating - The industry investment rating is "Overweight" [3][30]. Core Viewpoints - The humanoid robot industry is expected to see significant growth, with a projected cumulative demand of approximately 2 million units by 2030, indicating a critical breakthrough phase from 0 to 1 [6][24]. - The report highlights key companies to watch in the humanoid robot supply chain, including Tier 1 suppliers and core component manufacturers [6][24]. - The report emphasizes the importance of technological advancements in various sectors, including photovoltaic equipment, energy storage, semiconductor equipment, automation, and hydrogen energy, suggesting a favorable outlook for leading companies in these areas [6][25][26]. Summary by Sections Humanoid Robots - Recent developments include the launch of the first domestic AI-powered exoskeleton robot by Zhiyuan, which features advanced technology for various applications [7]. - The first batch of 220 humanoid robots was delivered by Chery, showcasing their capabilities in customer service and sales guidance [17]. - The World Humanoid Robot Sports Competition is set to take place in August, highlighting the growing interest and innovation in the humanoid robotics field [23]. Photovoltaic Equipment - The penetration rate of N-type photovoltaic technology is accelerating, strengthening the competitive edge of leading companies [25]. - The report suggests focusing on companies that are innovating in cost-reduction technologies and expanding production capacity [25]. Energy Storage - Favorable policies are expected to drive growth in both generation-side and user-side energy storage [25]. - Companies like Xingyun Co. are positioned to benefit from strategic partnerships in the energy storage sector [25]. Semiconductor Equipment - The semiconductor equipment market is projected to reach $140 billion by 2030, with a focus on domestic alternatives due to low current localization rates [26]. - The report recommends monitoring companies that are well-positioned to capitalize on this trend [26]. Automation - The market for industrial tools is expected to grow from approximately 40 billion to 55.7 billion by 2026, with opportunities for leading companies to gain market share through increased concentration and import substitution [26]. Hydrogen Energy - The report highlights the potential of green hydrogen in achieving carbon neutrality, with a focus on companies that integrate the hydrogen supply chain [25].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a net profit attributable to shareholders of 1.156 billion yuan in 2024, representing a year-on-year increase of 60.1%. In Q1 2025, the net profit reached 263 million yuan, up 33.52% year-on-year [4][5] - The company's revenue for 2024 was 6.238 billion yuan, a year-on-year increase of 12.5%, while Q1 2025 revenue was 1.556 billion yuan, up 14.44% year-on-year. Domestic sales slightly declined due to industry conditions, but export sales grew significantly [5] - The company has made continuous investments in R&D, with R&D expenses reaching 167 million yuan in 2024, accounting for 2.68% of revenue. This has led to breakthroughs in high-end products across multiple fields [6] - The company has expanded its upstream production capacity and customer base, establishing four foundries and enhancing its product applications in various industries, including clean energy [7] Financial Summary - The company’s revenue projections for 2025-2027 are 7.282 billion, 8.379 billion, and 9.556 billion yuan, respectively. The net profit forecasts for the same period are 1.447 billion, 1.654 billion, and 1.900 billion yuan, respectively [8][10] - The projected EPS for 2025-2027 is 1.88, 2.15, and 2.47 yuan, with corresponding PE ratios of 14.8, 12.9, and 11.3 times [8][10] - The company’s gross margin for 2024 is expected to be 38.1%, with a net profit margin of 18.69% [10]

Group 1 - The core viewpoint of the news is that Nuwai Co., Ltd. has seen a recent increase in stock price, but its price-to-earnings (PE) ratio is significantly lower than the industry average, indicating potential undervaluation [1] - As of May 9, Nuwai's stock closed at 27.81 yuan, up 1.50%, with a rolling PE ratio of 17.50, marking a new low in 24 days and a total market capitalization of 21.374 billion yuan [1] - The average PE ratio for the general equipment industry is 78.78, with a median of 40.37, placing Nuwai at the 60th position in the industry ranking [1] Group 2 - Nuwai Co., Ltd. specializes in the research, manufacturing, and sales of industrial valves, with key products including gate valves, globe valves, check valves, ball valves, butterfly valves, forged steel valves, oil and gas extraction equipment, safety valves, and castings [1] - The company received a "Five-Star Equipment Supplier" performance evaluation certificate from China General Nuclear Power Group for 2024, reflecting high recognition of its product quality and service in the nuclear power industry [1] - In the first quarter of 2025, Nuwai reported revenue of 1.556 billion yuan, a year-on-year increase of 14.44%, and a net profit of 263 million yuan, up 33.52%, with a gross profit margin of 35.38% [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - In 2024, the company achieved operating revenue of 6.238 billion yuan, a year-on-year increase of 12.5%, and a net profit attributable to shareholders of 1.156 billion yuan, a year-on-year increase of 60.1%, which is in line with the performance forecast [2][6] - In Q4 2024, the company reported operating revenue of 1.782 billion yuan, a year-on-year increase of 36.6%, and a net profit attributable to shareholders of 328 million yuan, a year-on-year increase of 145.73% [2][6] - The gross profit margin for the year reached 38.1%, an increase of 6.7 percentage points compared to 2023, with Q4 2024 gross profit margin at 41.55% [12] - The company has a strong order backlog, with contract liabilities reaching 354 million yuan by the end of 2024, nearly doubling from the previous year [12] - The company plans to establish production bases globally to meet international standards, with ongoing projects in Saudi Arabia [12] Summary by Sections Financial Performance - The company reported total operating revenue of 6.238 billion yuan and a gross profit of 2.376 billion yuan in 2024, with a gross margin of 38% [16] - The net profit attributable to shareholders for 2024 was 1.156 billion yuan, with an EPS of 1.52 yuan [16] Market Position and Growth - The company continues to strengthen its position in traditional sectors such as pipelines, refining, and LNG, while expanding into emerging fields like power generation and renewable energy [12] - Significant projects won in 2024 include contracts for major LNG and petrochemical projects [12] Future Outlook - Forecasted net profits for 2025, 2026, and 2027 are 1.456 billion yuan, 1.766 billion yuan, and 2.041 billion yuan respectively, with corresponding PE ratios of 14, 12, and 10 [12]

证券代码：603699 证券简称：纽威股份 公告编号：临 2025-038 苏州纽威阀门股份有限公司 关于控股股东部分股份质押的公告 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个别及连带责任。 重要内容提示: 截至本公告日，苏州纽威阀门股份有限公司（以下简称"公司"）总股本 为 768,573,661 股，控股股东、实际控制人及其一致行动人持股情况如下： | 股东名称 | 持股数量（股） | 持股比例 | | --- | --- | --- | | 王保庆 | 121,564,912 | 15.82% | | 程章文 | 121,564,912 | 15.82% | | 陆斌 | 83,545,482 | 10.87% | | 席超 | 83,545,482 | 10.87% | | 北京恒德时代私募基金管理有限公司－ 注 1 恒德智信 20 号私募证券投资基金 | 38,019,430 | 4.95% | | 北京恒德时代私募基金管理有限公司－ 2 恒德远征金锐 号私募证券投资基金注 1 | 38,019,430 | 4.95% ...