证券代码：603699 证券简称：纽威股份 公告编号：临 2025-099 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、全体董事及相关股东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: 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 775,526,127 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 | 15.68% | | 程章文 | 121,564,912 | 15.68% | | 陆斌 | 83,545,482 | 10.77% | | 席超 | 83,545,482 | 10.77% | | 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 | 4.90% | | 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 | 4.90 ...

Summary of Nuwei Co., Ltd. Conference Call Company Overview - Nuwei Co., Ltd. is transitioning from an oil and gas valve supplier to a player in the natural gas sector, with natural gas business growth reaching 33% of total revenue [2][16] - The company is expanding into the power and water treatment markets through platform-based strategies and acquisitions [2][5] Key Points and Arguments Industry Dynamics - The Middle East is undergoing an energy transition, moving from oil to natural gas, which presents significant opportunities for Nuwei [3][20] - Nuwei's orders are primarily driven by the oil and gas sector, with downstream oil and gas lines accounting for 70% of total orders, and gas orders growing at over 50% [12][16] Financial Performance - Nuwei's current valuation is at 16 times earnings, with an expected 40% growth in performance for 2026, making it attractive compared to other A-share companies [3] - The company has experienced a 20% stock price adjustment recently, raising concerns about natural gas prices due to geopolitical factors, but Nuwei's growth is primarily from the Middle East [3][25] Growth Drivers - Future growth will be supported by low operating leverage, a simple ownership structure, and a young, capable management team [4][9] - Capital expenditures are largely complete, and as depreciation decreases, profits are expected to increase, with revenue growth projected at 30% and profit growth at 40% for 2026 [4][25] Competitive Advantages - Nuwei has strong export capabilities, particularly in the Middle East, and a wealth of overseas sales experience [6] - The management team is innovative and experienced, which is crucial for the company's expansion into new markets [6][10] Market Opportunities - The company is focusing on high-end water valves and power valves, particularly in seawater desalination and AIDC (Automatic Identification and Data Capture) [2][8][23] - The demand for natural gas in the Middle East and the U.S. is robust, providing significant growth potential [8][21] Additional Insights Order Structure and Growth - Nuwei's order growth is approximately 32% year-to-date, with a significant increase in gas-related orders [12][16] - The company is well-positioned to capture market share from leading international firms like Saudi Aramco and ADNOC [5][8] Challenges and Risks - Chinese companies face challenges in the Middle East, such as long certification cycles and disproportionate investment returns, but the expanding capital expenditure in the region offers growth opportunities [18][19] Future Trends - The valve industry is characterized by a few large players, with Emerson holding about 4% market share; future growth will likely come from acquisitions and high-end applications [17] - The Middle East is expected to shift its energy structure, reducing oil-fired power generation and increasing natural gas usage [21] Financial Outlook - Nuwei's financial health is strong, with a fixed asset balance of 500 million yuan and annual depreciation exceeding 100 million yuan, leading to increased profits as depreciation declines [25] - The company anticipates a "Davis Double" effect, where both valuation and profit growth occur simultaneously, potentially reaching a market cap of 60 billion yuan by achieving 2.2 billion yuan in profits at a 25x P/E ratio [25]

Investment Rating - The industry investment rating is "Accumulate" (maintained) [1] Core Insights - The establishment of Vertiv's East China R&D and manufacturing base in Suzhou signifies a rapid increase in global demand for cooling solutions in computing power, particularly driven by the growth in AI computing [1] - The rise in server power density has transformed liquid cooling from an optional solution to a necessity, with projections indicating that the computing server market could exceed 100 billion by 2026-2027 [2] - Vertiv's expansion aims to overcome current capacity bottlenecks, leveraging the robust supply chain in the Yangtze River Delta region, which is home to numerous suppliers of critical components [3] Summary by Sections Industry Potential - The establishment of Vertiv's manufacturing base indicates a significant uptick in demand for liquid cooling solutions, particularly in the context of AI computing [1] Market Dynamics - The liquid cooling market is expected to see substantial growth, with leading companies like Vertiv demonstrating confidence in the long-term prospects of this sector [2] - The introduction of more suppliers into the NV open RVL list and the maturation of the ASIC server supply chain present opportunities for domestic liquid cooling suppliers to gain market share [2] Company Expansion - Vertiv's expansion is a strategic move to address capacity constraints and enhance its competitive edge by integrating local suppliers into its supply chain [3] Investment Recommendations - Recommended companies include: - Vertiv as a leading thermal control provider with strong North American client progress - Hongsheng Co., specializing in plate-fin heat exchangers - Neway Valve, a leader in the valve sector - Additional companies to watch include Feilong Co., Kexin New Source, Yidong Electronics, and Feirongda [4]

Group 1 - The core point of the article highlights the recent performance of Nuway Valve Co., Ltd., with a stock price increase of 5.04% to 49.78 CNY per share, a trading volume of 1.52 billion CNY, and a total market capitalization of 386.06 billion CNY [1] - Nuway Valve Co., Ltd. is located in Suzhou, Jiangsu Province, and was established on November 14, 2002, with its listing date on January 17, 2014. The company's main business involves the design, manufacturing, and sales of industrial valves [1] - The revenue composition of Nuway includes 97.34% from valves and parts, 1.95% from castings and forgings, and 0.71% from other supplementary sources [1] Group 2 - From the perspective of fund holdings, one fund under Wan Jia Fund has a significant position in Nuway, specifically the Wan Jia Xing Heng Return One-Year Holding Period Mixed A Fund (014693), which held 1,300 shares, accounting for 0.15% of the fund's net value, ranking as the eighth largest holding [2] - The Wan Jia Xing Heng Return One-Year Holding Period Mixed A Fund was established on April 15, 2022, with a latest scale of 35.2878 million CNY. Year-to-date returns are 4.71%, ranking 6661 out of 8098 in its category, while the one-year return is 4.87%, ranking 6538 out of 8067 [2] - The fund managers, Su Moudong and Zhang Yongqiang, have cumulative management tenures of 12 years and 2 years respectively, with Su managing assets totaling 3.799 billion CNY and Zhang managing 1.806 billion CNY [2]

Group 1 - The core point of the news is that Nuwai Co., Ltd. experienced a decline of 5.04% in its stock price, reaching 47.45 yuan per share, with a trading volume of 287 million yuan and a turnover rate of 0.79%, resulting in a total market capitalization of 36.799 billion yuan [1] - Nuwai Co., Ltd. is located in Suzhou, Jiangsu Province, and was established on November 14, 2002. The company was listed on January 17, 2014, and its main business involves the design, manufacturing, and sales of industrial valves [1] - The revenue composition of Nuwai Co., Ltd. is as follows: 97.34% from valves and parts, 1.95% from castings and forgings, and 0.71% from other supplementary sources [1] Group 2 - From the perspective of major fund holdings, Dachen Fund has one fund heavily invested in Nuwai Co., Ltd. The Dachen Value Growth Mixed A Fund (090001) held 894,600 shares in the third quarter, accounting for 3.77% of the fund's net value, making it the ninth-largest holding [2] - The Dachen Value Growth Mixed A Fund (090001) was established on November 11, 2002, with a latest scale of 1.063 billion yuan. Year-to-date returns are 13.99%, ranking 5017 out of 8100 in its category; the one-year return is 12.12%, ranking 5243 out of 8065; and since inception, the return is 955.47% [2] - The fund manager of Dachen Value Growth Mixed A Fund (090001) is Yang Ting, who has a cumulative tenure of 11 years and 179 days, with the total asset scale of 1.387 billion yuan. The best fund return during his tenure is 77.63%, while the worst is -36.43% [2]

Group 1 - The company, Suzhou Neway Valve Co., Ltd., has announced the acquisition of the remaining 40% equity of its subsidiary, Wujiang Dongwu Machinery Co., Ltd., for a total of RMB 139 million, resulting in the company holding 100% ownership of Dongwu Machinery [2] - The acquisition was approved during the 34th meeting of the fifth board of directors and the 27th meeting of the fifth supervisory board held on November 4, 2025 [2] - Following the completion of the equity transfer registration, Dongwu Machinery has officially become a wholly-owned subsidiary of the company [3] Group 2 - The new business registration details for Dongwu Machinery include a unified social credit code of 91320509703695427M, a registered capital of RMB 63.6 million, and it operates as a limited liability company [4] - The company’s business scope includes the production and sales of valves, tools, and mechanical parts, as well as related after-sales services and technology development [4] - The change in ownership structure has been officially documented and the new business license has been issued [3][4]

证券代码：603699 证券简称：纽威股份 公告编号：临 2025-098 苏州纽威阀门股份有限公司 关于收购控股子公司少数股东剩余股权的进展 暨完成工商变更登记的公告 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法律责任。 一、交易概述 苏州纽威阀门股份有限公司（以下简称"公司"或"纽威股份"）于2025年11 月04日召开了第五届董事会第三十四次会议、第五届监事会第二十七次会议，审 议通过了《关于拟收购控股子公司少数股东剩余股权的议案》。公司拟以自有资 金人民币1.39亿元收购控股子公司吴江市东吴机械有限责任公司（以下简称"东 吴机械"）40%的股权，本次交易完成后，公司将持有东吴机械100.00%股权，东 吴机械将成为公司的全资子公司，合并报表范围不会因本次股权收购而发生变化。 具 体 内 容 详 见 公 司 于 2025 年 11 月 06 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）及指定信息披露媒体上披露的《关于拟收购控股子公司少数 股东剩余股权的公告》。 二、交易进展情况 截至本公告披露日 ...

Core Viewpoint - The company plans to acquire 40% equity of its subsidiary Dongwu Machinery for 139 million yuan, resulting in full ownership of 100% equity after the transaction is completed [1] Group 1: Acquisition Details - The acquisition will be funded by the company's own funds amounting to 139 million yuan [1] - Following the completion of the transaction, Dongwu Machinery will become a wholly-owned subsidiary of the company [1] - The equity transfer registration has been completed, and a new business license has been obtained [1] Group 2: Company Information - Dongwu Machinery has a registered capital of 63.6 million yuan [1] - The legal representative of Dongwu Machinery is Lu Liangfeng [1]

Group 1 - The company announced that it will hold a staff representative meeting on December 12, 2025, in its conference room [2] - During the meeting, a democratic election will take place to elect two employee representative directors for the sixth board of directors [2] - The elected individuals are Mr. Gao Zewai and Mr. Zhou Guilin [2]

证券代码：603699 证券简称：纽威股份 公告编号：临 2025-097 苏州纽威阀门股份有限公司 关于选举职工代表董事的公告 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法律责任。 苏州纽威阀门股份有限公司（以下简称"公司"）第五届董事会任期即将届满。 根据《公司法》《公司章程》等有关规定，公司董事会由9名董事组成，其中2名 为职工代表董事。 鉴于上述情况，公司于2025年12月12日在公司会议室召开职工代表大会，会 议经过民主选举，职工代表大会同意选举高则伟先生、周桂林先生为公司第六届 董事会职工代表董事，简历详见附件。 本次职工代表大会选举产生的职工代表董事将与公司2025年第六次临时股 东大会选举产生的4名非独立董事及3名独立董事共同组成公司第六届董事会，职 工代表董事任期与公司第六届董事会其他董事一致。 苏州纽威阀门股份有限公司 董事会 2025年12月13日 1 附件：第六届董事会职工代表董事简历： 高则伟先生，1984 年 8 月出生，中国国籍，无境外永久居留权，本科学历。 2008 年至 2022 年历任公司国内营销 ...