Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - In 2024, the company achieved total revenue of 6.2 billion yuan, a year-on-year increase of 13%, and a net profit attributable to shareholders of 1.16 billion yuan, up 60% year-on-year, with non-recurring net profit at 1.14 billion yuan, increasing by 53% [2] - The company reported a significant increase in gross margin to 38.10%, up 6.7 percentage points year-on-year, with a net profit margin of 18.7%, up 5.5 percentage points year-on-year [3] - The outlook for 2025 indicates stable growth in orders and performance, driven by geopolitical factors and increased investment in the oil and gas industry, particularly in the Middle East [4] Summary by Sections Financial Performance - Total revenue for 2023 was 5.54 billion yuan, projected to grow to 6.24 billion yuan in 2024, with a year-on-year growth rate of 12.50% [1] - The net profit attributable to shareholders for 2023 was 721.80 million yuan, expected to rise to 1.16 billion yuan in 2024, reflecting a growth rate of 60.10% [1] - The earnings per share (EPS) is projected to increase from 0.94 yuan in 2023 to 1.50 yuan in 2024 [1] Revenue Breakdown - In Q4, the company achieved total revenue of 1.78 billion yuan, a year-on-year increase of 37%, with net profit of 330 million yuan, up 146% year-on-year [2] - Revenue from exports reached 3.8 billion yuan, a 26% increase, accounting for 61% of total revenue, while domestic sales decreased by 3% to 2.4 billion yuan [2] Profitability Metrics - The sales gross margin for 2024 is projected at 38.10%, with a net profit margin of 18.7% [3] - The company’s cost control remains stable, with a total expense ratio of 13.1%, down 0.7 percentage points year-on-year [3] Market Outlook - The company is expected to benefit from high visibility in demand from the Middle East and strategic capacity expansion in new products [4] - Major clients such as Saudi Aramco and ADNOC are expected to contribute to significant order growth [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation for future stock performance [1][10]. Core Views - The company achieved a total revenue of 6.2 billion yuan in 2024, representing a year-on-year growth of 13%, with a net profit attributable to shareholders of 1.16 billion yuan, up 60% year-on-year [2][10]. - The company reported a significant increase in Q4 revenue, with a 37% year-on-year growth, driven by overseas markets and expansion into emerging sectors [2]. - The company’s gross profit margin improved significantly to 38.1%, up 6.7 percentage points year-on-year, benefiting from structural optimization and lower steel prices [3]. - The outlook for 2025 is positive, with expectations of continued order growth and stable performance, particularly in the Middle East and emerging sectors like nuclear power and water treatment [4]. Financial Performance Summary - Total revenue projections for the company are as follows: 5.54 billion yuan in 2023, 6.24 billion yuan in 2024, and expected growth to 10.42 billion yuan by 2027, with a compound annual growth rate of approximately 17.32% [1][11]. - The net profit attributable to shareholders is projected to grow from 721.8 million yuan in 2023 to 2.06 billion yuan by 2027, reflecting a robust growth trajectory [1][11]. - The earnings per share (EPS) are expected to increase from 0.94 yuan in 2023 to 2.69 yuan in 2027, indicating strong profitability growth [1][11].

Summary of Nuwai Co., Ltd. Conference Call Company Overview - Nuwai Co., Ltd. reported a revenue of 6.2 billion yuan for 2024, representing a year-on-year growth of 13%, with a net profit attributable to shareholders of 1.2 billion yuan, up 60% year-on-year, driven by growth in overseas markets, particularly in the Middle East and the LNG industry [1][2][5] Key Financial Metrics - Gross margin significantly improved to 38%, reaching 41.6% in Q4, attributed to product mix optimization, favorable steel prices, exchange rates, and enhanced management efficiency [1][4] - The company expects a net profit of 1.45 billion yuan for 2025, a 25% increase year-on-year, with a mid-term target of 10 billion yuan in revenue and a projected compound annual growth rate (CAGR) of around 15% by 2028 [1][5] Market Dynamics - Nuwai's performance has become less correlated with oil prices, benefiting from domestic refining projects, the development of the photovoltaic industry, and breakthroughs in overseas markets, especially in the context of changing LNG energy supply dynamics and growing demand in the Middle East [1][6][8] - The company has diversified its operations and expanded into downstream sectors such as nuclear power and water treatment, providing a stable growth trajectory [1][8] Regional Performance - Domestic revenue for 2024 was 2.4 billion yuan, down 3% year-on-year, while overseas revenue reached 3.8 billion yuan, up 26% year-on-year, driven by sustained demand in the Middle East and recovery post-pandemic [2][4] Competitive Positioning - Compared to peers, Nuwai's full industry chain layout reduces sensitivity to oil price fluctuations, with significant growth in the Middle East due to "Belt and Road" initiatives and cost-reduction demands [3][9] - The impact of U.S. tariffs is limited, as the U.S. market accounts for only about 8% of overseas revenue, and the company has established production bases in Vietnam and Saudi Arabia to mitigate tariff effects [10] Future Growth Drivers - Key growth drivers include a robust order backlog and rapid growth in new orders, with a conservative estimate of over 30% profit growth in Q1 2025 due to a low base from the previous year [5][6] - The company is well-positioned to benefit from increased project volumes from Chinese EPC contractors in the Middle East, with an estimated market space of around 1 billion USD [12][13] Notable Highlights - Nuwai is a leader in underwater valve technology, being the first domestic company to obtain deep-water certification, and has established long-term strategic agreements with major players [14] - The company is enhancing its automation and smart technology capabilities in the valve sector, with plans for mergers or independent R&D to improve revenue and profitability [14] Overall Assessment - Nuwai Co., Ltd. is characterized by its technological leadership, low valuation, and stable growth, with unique competitive advantages in the oil service chain industry. The projected profit for 2025 is 1.45 billion yuan, corresponding to a valuation of 14 times earnings, with a mid-term goal of 10 billion yuan in revenue and a CAGR of approximately 15% [15]

证券代码：603699 证券简称：纽威股份 公告编号：临 2025-033 苏州纽威阀门股份有限公司 关于董事辞职的公告 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。 一、基本情况 苏州纽威阀门股份有限公司（以下简称"公司"）董事会于近日收到公司董 事吴真林先生提交的书面辞职报告。吴真林先生因个人原因申请辞去公司董事职 务，同时辞去董事会审计委员会委员、董事会薪酬与考核委员会委员职务，辞职 后将不再担任本公司任何职务。公司董事会对吴真林先生在任职期间对公司做出 的贡献表示衷心的感谢。截至本公告披露日，吴真林先生未持有公司股份。 根据《公司法》《公司章程》等有关规定，吴真林先生辞职不会导致公司董 事会成员低于法定最低人数，但其辞职将导致公司董事会审计委员会人数低于法 定人数。为确保董事会审计委员会的正常运作，吴真林先生的辞职申请将在公司 补选产生新任董事会审计委员会委员后生效。在此期间，吴真林先生将按照法律 法规和《公司章程》的有关规定，继续履行董事、董事会审计委员会委员、董事 会薪酬与考核委员会委员职责。公司将尽快完成 ...

Core Points - The Shanghai Composite Index closed at 3296.36 points, below the six-month moving average, with a slight decline of -0.10% [1] - The total trading volume of A-shares reached 12,624.62 billion yuan [1] - A total of 176 A-shares have surpassed the six-month moving average, with notable stocks showing significant deviation rates [1] Summary of Stocks Exceeding Six-Month Moving Average - Stocks with the highest deviation rates include: - Jiyang Precision (13.55% deviation, latest price 22.22 yuan) [1] - Weimao Electronics (10.89% deviation, latest price 29.94 yuan) [1] - Sanmu Group (9.55% deviation, latest price 4.06 yuan) [1] - Other notable stocks with smaller deviation rates include: - David Medical (just above the six-month line) [1] - Ice Wheel Environment (just above the six-month line) [1] - Ningbo United (just above the six-month line) [1] Additional Stock Performance Data - The performance of several stocks on the day includes: - Dongbei Group (9.98% increase, latest price 5.62 yuan) [1] - Fenghua Co. (10.03% increase, latest price 13.05 yuan) [1] - Niuwei Co. (7.78% increase, latest price 26.33 yuan) [1] - The trading turnover rates for these stocks vary, with some exceeding 30% [1]

Group 1 - Neway Valve West Africa Fze is a wholly-owned subsidiary with total audited assets of 28.96 million yuan and a net profit of 6.52 million yuan for 2024 [1] - Neway Fluid Equipment Vietnam Company Limited, another wholly-owned subsidiary, reported total audited assets of 153.37 million yuan and a net profit of 9.32 million yuan for 2024 [2] - NEWAY ENERGY, a wholly-owned subsidiary, has total audited assets of 25.28 million yuan but reported a net loss of 0.70 million yuan for 2024 [3] Group 2 - C?NG TY TNHH NEWAY VALVE VI?T NAM, a proposed overseas subsidiary, has total audited assets of 11.89 million yuan and a net loss of 0.38 million yuan for 2024 [4] - Neway Flow Control Inc. has total audited assets of 35.48 million yuan and a net profit of 4.48 million yuan for 2024, despite a negative net asset position [5] - NEWAY VALVE (MALAYSIA) SDN. BHD. has total audited assets of 0.039 million yuan and reported a net loss of 0.0114 million yuan for 2024 [6] Group 3 - The company provides a guarantee for its subsidiaries with a total guarantee amount not exceeding 3.43 billion yuan [9] - The board believes that providing guarantees supports the normal operations of subsidiaries and aligns with the company's overall interests [10] - The supervisory board agrees that the guarantees benefit the subsidiaries' development and comply with legal regulations [11] Group 4 - The company has no overdue guarantees as of the announcement date [12] - The total guarantees provided to subsidiaries amount to 741 million yuan, representing 16.77% of the company's latest audited net assets [13] Group 5 - The company plans to use its own funds to purchase financial products up to 600 million yuan, with a maximum investment period of one year [20] - The financial products will be issued only by banks, securities companies, or trust companies to control risks [21] - The decision to invest will not affect the company's main business operations and aims to enhance fund utilization efficiency [27] Group 6 - The company intends to renew the appointment of Rongcheng Accounting Firm as its auditing and internal control auditing institution [29] - Rongcheng Accounting Firm has a strong track record, with no criminal penalties in the last three years and a good investor protection capability [34] - The audit fee for the annual report is set at 1.24 million yuan, excluding VAT [40]

Core Insights - Nuwei Co., Ltd. reported a total revenue of 6.238 billion yuan for 2024, marking a year-on-year increase of 12.50%, with a net profit attributable to shareholders of 1.156 billion yuan, up 60.10% [1] - The company faces challenges in expanding its international market presence despite strong financial performance [1] Industrial Materials Division: Capacity Enhancement and Digital Management - In 2024, the Industrial Materials Division made significant progress in nuclear power, oil and gas equipment, and wind energy equipment sectors [4] - The company implemented digital management in production processes using 3D design and simulation software, achieving multiple international certifications such as EN15085 and ISO9001 [4] - Despite advancements in digital management, the company needs to enhance its competitiveness in the international market amid rising global trade protectionism [4] Energy Solutions: Shaping the Energy Future with Global Clients - Nuwei Co., Ltd. deepened cooperation with global energy companies in 2024, providing industrial valve solutions applicable to various downstream industries, including LNG, water treatment, and nuclear power [5] - The company signed long-term strategic cooperation agreements with downstream energy enterprises, increasing product recognition [5] - However, the company's market share in the clean energy sector remains limited, and achieving greater breakthroughs in this area will be a focus for future development [5] New Product Development: Filling Market Gaps and Technological Innovation - In 2024, the company obtained API6D certification for its plug valves and completed the development of several new products, including high-temperature oxygen shut-off ball valves [7] - These innovations not only fill market gaps but also demonstrate the company's strength in technological innovation, particularly in high-pressure and explosive environments [7] - Nevertheless, the company needs to improve its competitiveness in the high-end market, especially against global leaders [7] Overall Summary - Nuwei Co., Ltd. achieved significant revenue growth in 2024 but continues to face challenges in international market expansion and technological innovation [6][7] - The company must increase investments in global market positioning and technology development to navigate the increasingly complex international environment [7]

Group 1: Major Announcements - China Energy Engineering Corporation's subsidiary won an EPC project worth approximately 5.118 billion yuan for the construction of a thermal power project [1] - Aladdin plans to invest 41.17 million yuan to acquire a 25% stake in Yamei Biological, a company focused on life science research tools [3] - ST Mingcheng intends to sell a 45% stake in its subsidiary, Time Media, which will positively impact the company's capital efficiency [4] - Chengdi Xiangjiang's subsidiary is a candidate for a 1.632 billion yuan EPC project with China Mobile [5] - YTO Express's controlling shareholder plans to increase its stake in the company by 100 million to 200 million yuan [6] Group 2: Financial Performance - Baofeng Energy reported a net profit of 2.437 billion yuan for Q1 2025, a year-on-year increase of 71.49% [7] - Chunzhong Technology's net profit for 2024 is expected to grow by 390.75%, with a proposed cash dividend of 2.5 yuan per 10 shares [8] - Ruixin Microelectronics anticipates a net profit increase of 341.01% for 2024, proposing a cash dividend of 6.5 yuan per 10 shares [9] - Hunan Gold's Q1 2025 net profit increased by 104.63% to 332 million yuan [14] - Zhejiang Shibao's Q1 2025 net profit grew by 123.77% to 48.735 million yuan [15] - ZTE Corporation reported a net profit decline of 10.5% for Q1 2025, totaling 2.453 billion yuan [16] Group 3: Shareholder Actions - Double Tower Foods plans to repurchase shares worth 200 million to 300 million yuan for employee stock ownership plans [11] - BYD announced a profit distribution plan involving a cash dividend of 39.74 yuan per 10 shares and a stock dividend of 8 shares for every 10 shares held [12] - Yuanxin Industrial expects a net profit increase of 164.1% for 2024, proposing a cash dividend of 3 yuan per 10 shares [17]

纽威股份 2024 年度独立董事述职报告 苏州纽威阀门股份有限公司 2024 年度独立董事述职报告 （周玫芬） 作为苏州纽威阀门股份有限公司（以下简称"公司"）的独立董事，在 2024 年的工作中，本人严格按照《公司法》《证券法》《上市公司独立董事管理办法》 等法律法规及《公司章程》《独立董事制度》的规定，本着对全体股东负责的态 度，勤勉、忠实地履行独立董事的职责，对公司重大事项发表客观、审慎、公正 的事前认可或独立意见，维护了公司整体利益和中小股东的合法权益。现将本人 2024 年度（以下简称"报告期"）主要工作汇报如下： 一、独立董事的基本情况 周玫芬，1963 年出生，中国国籍，无境外永久居留权，毕业于苏州大学商学 院，大学本科学历。苏州市第十二届、十三届、十四届政协委员、民建会员；1994 年 3 月入职苏州中惠会计师事务所，1998 年 11 月起，任该所副所长，因该所几 经合并、改制，本人作为核心团队成员留任，故现任职于天衡会计师事务所（特 殊普通合伙）苏州分所，任副所长。曾任公司独立董事，未持有公司股份。 2、独立性的情况说明 本人通过进行独立董事独立性情况年度自查，符合中国证监会《上市公司独 ...

苏州纽威阀门股份有限公司 章 程 （2025 年第一次修订） 二〇二五年四月 | | | | | | 苏州纽威阀门股份有限公司章程 第一章 总则 第一条 为维护苏州纽威阀门股份有限公司（以下简称"公司"）、股东和 债权人的合法权益，规范公司的组织和行为，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》"）、《上市公司章程指引》以及和其他有关规定，制订本章程。 第二条 公司系依照《公司法》和其他有关规定，由苏州纽威阀门有限公 司整体变更，以发起设立的方式成立的股份有限公司。 第三条 公司在江苏省苏州市行政审批局注册登记，取得营业执照，统一 社会信用代码 91320500743905732G。 第四条 公司于 2013 年 12 月 30 日经中国证券监督管理委员会（以下简称 "中国证监会"）批准，首次公开发行人民币普通股 8,250 万股；公司股票于 2014 年 1 月 17 日在上海证券交易所上市。 第五条 公司注册名称：苏州纽威阀门股份有限公司。 公司英文名称：Neway Valve (Suzhou) Co., Ltd. 公司住所：江苏省苏州市苏州 ...