Core Viewpoint - The article highlights the advancements and applications of smart valve systems in various sectors, particularly in smart water management, energy, and environmental protection, showcasing significant improvements in efficiency and sustainability. Group 1: Smart Water Management - Far East Valve Group has introduced a remote-controlled smart pressure regulating valve with IoT technology, achieving an 18% reduction in leakage rates during the renovation of old pipelines [1] - Shanghai Qizhong Valve has deployed over 2000 IoT valves in the Shenzhen Maozhou River governance project, resulting in a fault response time of 15 minutes and a pipeline leakage rate of less than 5% [3] - The Southeast Asia smart city project features a remote control system that covers the entire lifecycle of the water supply network, leading to a 30% reduction in energy consumption [4] - Crown Dragon Valve has implemented edge computing technology in smart water management, enhancing response speed to water level changes by five times with a latency of less than 50ms [5] Group 2: Energy and Industrial Applications - Suzhou Neway Valve has developed a 28-inch underwater ball valve for deep-sea oil and gas applications, certified by DNV, with a cost reduction of 40% compared to imported products [6] - LNG ship valves equipped with edge computing technology optimize the low-temperature operation cycle, achieving a global coverage rate of 40% for new LNG ships [7] - China Nuclear Su Valve Technology has established an intelligent processing workshop for forged steel valve bodies, utilizing industrial robots and 5G technology, achieving over 90% localization rate for nuclear-grade valves and a 20% reduction in labor costs [8] - Jiangsu Shentong Valve has integrated an AI fault diagnosis module in the metallurgical blast furnace gas recovery system, improving energy efficiency by 25% [9] Group 3: Environmental and New Energy Innovations - DI Intelligent Control Technology has applied AI health monitoring technology in the smart pipeline network of Beijing's sub-center, achieving a 98% accuracy rate in early warnings and a 90% reduction in burst pipe incidents [10] - In the Xiong'an New Area underground pipeline corridor project, adaptive pressure regulating valves achieve dynamic pressure balance in the pipeline network [11] - Shandong Oubiao has developed a worm gear self-locking control module that allows for millimeter-level adjustment of gate positions, saving over 100,000 yuan in cable costs for solar power supply systems [12] Group 4: Cross-Industry Innovations - The oil and chemical industry has achieved a 45% coverage rate of IoT technology, with corrosion-resistant smart valves supporting the lifecycle modeling of chemical parks [14] - Sanhua Holdings Group has integrated a temperature-pressure dual feedback mechanism in the smart valve for lithium battery cooling systems, resulting in a 35% reduction in failure rates in energy storage projects [14] - Key technological trends include edge computing and digital twin models enhancing response speed and predictive accuracy, green energy adaptation promoting carbon neutrality in water facilities, and the integration of blockchain and AIoT for data security and operational transparency [14]

证券代码：000777 证券简称：中核科技 公告编号：2025-033 中核苏阀科技实业股份有限公司（以下简称"公司"）已分别于 2025 年 4 月 16 日、 2025 年 4 月 29 日在巨潮资讯网披露了《2024 年年度报告》《2024 年年度报告摘要》及《2025 年第一季度报告》。为便于广大投资者更加全面深入地了解公司经营业绩、发展战略等情况， 公司计划于 2025 年 5 月 9 日（星期五）13:00-14:30 举办中核苏阀科技实业股份有限公司 2024 年度暨 2025 年第一季度业绩说明会。 一、说明会召开的时间、地点和方式 会议召开时间：2025 年 5 月 9 日（星期五）13:00-14:30 会议召开方式：现场＋网络及电话会议 网络会议地点：价值在线（www.ir-online.cn） 现场会议地点：苏州市虎丘区珠江路 501 号中核科技 108 会议室 二、参加人员 中核苏阀科技实业股份有限公司 关于举办2024年度暨2025年第一季度 业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 董事长 马瀛，董事、副总 ...

Core Insights - The article discusses the evolving landscape of the valve industry in China, highlighting key players and market dynamics leading up to 2025 [2][3]. Group 1: Industry Restructuring Drivers - Breakthroughs in technology barriers have led to a 60% domestic replacement rate in nuclear power, deep-sea, and hydrogen energy sectors, with Suzhou Neway's deep-sea ball valve breaking the European and American monopoly [2]. - The acceleration of smart technology integration has resulted in a 99.7% quality rate for AI inspections and a 30% reduction in energy consumption for IoT valves [2]. - Emerging markets in Southeast Asia and the Middle East have seen a 40% increase in orders, with Shanghai Guanlong winning contracts for smart water projects through ASEAN free trade agreements [2]. - The imposition of carbon tariffs is pushing for low-carbon technologies, with Far East Valve's low-carbon stainless steel valves reducing carbon footprints by 40% [2]. Group 2: New Brand Landscape in 2025 - The top three companies in terms of comprehensive strength are Suzhou Neway Valve, China Nuclear Su Valve Technology, and Jiangsu Shentong Valve, with significant market shares in their respective fields [2]. - Suzhou Neway Valve holds a global market share in deep-sea ball valves, particularly for LNG ship valves, at 40%, and has a 42% overseas revenue share [2]. - China Nuclear Su Valve is the only domestic company with full qualifications for nuclear-grade valves, achieving over 90% localization in nuclear power valves [2]. - Jiangsu Shentong Valve has a 53% market share in nuclear-grade butterfly valves and has received TÜV certification for its hydrogen valves [2]. Group 3: Sector Leaders in Specific Fields - Shanghai Guanlong Valve leads in municipal and energy-saving sectors, with smart flow control valves covering 80% of municipal projects and reducing pipeline leakage rates to below 5% [2]. - Shanghai Qizhong Valve has seen a 180% annual increase in orders for new energy lithium battery valves and is recognized for its corrosion-resistant titanium alloy valves in military applications [2]. - Zhejiang Chaoda Valve excels in the petrochemical sector, with hydrogen sulfide-resistant valves lasting twice as long as the industry average and ranking among the top three in national export volume [2]. Group 4: Technological Innovation - Sanhua Holdings has a 38% global market share in thermal management valves for new energy vehicles, compatible with Tesla's 4680 battery system, and has reduced CO₂ refrigerant costs by 57% compared to Japanese competitors [3]. - AI monitoring systems from Di Ai Zhi Control Technology have decreased failure rates by 62%, covering smart pipeline networks in Beijing [3]. Group 5: Industry Trends and Procurement Recommendations - In high-end sectors, nuclear power valves should prioritize ASME certification or nuclear-grade qualifications, favoring China Nuclear Su Valve and Neway [3]. - For deep-sea and LNG applications, DNV certification is mandatory, with Neway's deep-sea ball valve setting industry standards [3]. - IoT valves can lower maintenance costs by 30%, while low-carbon valves have a 40% reduction in carbon footprints, with brands like Far East and Sanhua achieving EU certifications [3]. - The acceleration of domestic material substitution is evident, with Tai Steel's super duplex steel showing 30% better corrosion resistance than US standards [3].

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0047 | -0.0040 | 217.5 | -0.0220 | | 每股净资产（元） | 5.81 | 5.17 | 12.38 | 4.64 | | 每股公积金(元) | 0.69 | 0.7 | -1.43 | 0.72 | | 每股未分配利润(元) | 3.20 | 2.85 | 12.28 | 2.43 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 2.38 | 1.55 | 53.55 | 2.46 | | 净利润(亿元) | 0.02 | -0.02 | 200 | -0.08 | | 净资产收益率(%) | 0.08 | -0.08 | 200 | -0.48 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 13391.08万股，累计占流通股比： 34.94% ...

中核苏阀科技实业股份有限公司 经审议，表决结果：同意 9 票，反对 0 票，弃权 0 票，回避 0 票 股票代码: 000777 公司简称：中核科技 公告编号:2025-031 本议案已经公司第八届董事会审计与风险管理（法治合规管理）委员会 2025 年第 4 次 会议审议通过。 第八届董事会第十六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 中核苏阀科技实业股份有限公司第八届董事会第十六次会议于 2025 年 4 月 17日以书面 方式向全体董事发出会议通知，会议于 2025 年 4 月 27 日在公司会议室以现场+视频方式召 开。 会议由董事长马瀛先生主持。会议应参会董事九人，实际参会董事九人。公司监事会成 员及高管列席了本次董事会。本次会议的召开符合《公司法》和《公司章程》的有关规定， 会议合法有效。会议内容如下： 一、审议并通过了关于《2025 年一季度报告》的议案； 二〇二五年四月二十九日 具体内容详见同日刊登于《证券时报》及巨潮资讯网 www.cninfo.com.cn 的《2025 年 一季度报告》（2025-032）。 二、审 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥238,013,381.94, representing a 53.15% increase compared to ¥155,406,894.16 in the same period last year[5]. - Net profit attributable to shareholders was ¥1,806,449.20, a significant turnaround from a loss of ¥1,534,307.60 in the previous year, marking a 217.74% increase[5]. - The net profit after deducting non-recurring gains and losses was ¥242,672.06, compared to a loss of ¥8,162,039.86 in the same period last year, reflecting a 102.97% improvement[5]. - Basic and diluted earnings per share were both ¥0.0047, up 217.50% from a loss of ¥0.0040 per share in the same period last year[5]. - Total operating revenue for the current period reached ¥238,013,381.94, a significant increase from ¥155,406,894.16 in the previous period, representing a growth of approximately 52.9%[21]. - Net profit for the current period was ¥1,806,449.20, compared to a net loss of ¥1,534,307.60 in the previous period, indicating a turnaround in profitability[22]. - Other comprehensive income after tax for the current period was ¥64,946,370.27, compared to a loss of ¥9,570,575.47 in the previous period, indicating a significant recovery[22]. - Total comprehensive income amounted to ¥66,752,819.47, a decrease of ¥11,104,883.07 compared to the previous period[23]. Cash Flow - The company's cash flow from operating activities showed a net outflow of ¥235,861,559.56, which is a 33.53% increase in outflow compared to ¥176,637,399.96 in the previous year[5]. - Cash inflow from operating activities totaled ¥209,379,183.53, up from ¥196,626,362.67 in the previous period[23]. - Cash outflow from operating activities was ¥445,240,743.09, compared to ¥373,263,762.63 in the previous period, resulting in a net cash flow from operating activities of -¥235,861,559.56[23]. - Net cash flow from investing activities was -¥6,694,199.42, an improvement from -¥7,680,943.75 in the previous period[24]. - Net cash flow from financing activities was -¥24,059,299.13, compared to a positive cash flow of ¥17,340,020.11 in the previous period[24]. - The ending balance of cash and cash equivalents was ¥142,838,663.02, an increase from ¥71,818,931.37 in the previous period[24]. - Cash flow from sales of goods and services received was ¥198,229,075.41, compared to ¥188,336,922.40 in the previous period[23]. - Total cash outflow for employee payments was ¥59,122,262.30, down from ¥66,013,667.26 in the previous period[23]. Assets and Liabilities - Total assets at the end of the reporting period were ¥3,595,908,893.62, a decrease of 1.77% from ¥3,660,699,534.48 at the end of the previous year[5]. - Total liabilities decreased to ¥1,369,562,460.66 from ¥1,502,247,450.30, representing a reduction of about 8.8%[19]. - The equity attributable to shareholders increased to ¥2,226,346,432.96 from ¥2,158,452,084.18, showing an increase of approximately 3.1%[19]. - The company's cash and cash equivalents decreased from ¥417,225,901.26 to ¥150,757,701.38, a decline of approximately 64.0%[17]. - Accounts receivable increased slightly from ¥1,179,446,753.07 to ¥1,184,619,280.03, an increase of about 0.3%[17]. - The total current assets decreased from ¥2,454,049,618.78 to ¥2,315,859,316.54, a decline of about 5.6%[17]. - The company's inventory increased by 24.22% to ¥649,920,402.43, primarily due to an increase in work-in-progress[8]. - Inventory increased significantly from ¥523,202,575.89 to ¥649,920,402.43, an increase of approximately 24.1%[17]. - Long-term equity investments increased to ¥654,227,100.06 from ¥634,942,882.06, reflecting a growth of about 3.0%[18]. - The company reported a decrease in deferred tax assets from ¥40,448,762.55 to ¥23,737,927.41, a decline of approximately 41.2%[19]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 57,999[12]. - The largest shareholder, China Nuclear Suzhou Valve Co., Ltd., holds 17.92% of shares, totaling 68,715,360 shares[12]. - The second largest shareholder, Shanghai Nuclear Power Co., Ltd., holds 9.33% of shares, totaling 35,753,819 shares[12]. - The company has no preferred shareholders or significant changes in the top 10 shareholders due to margin trading[13]. - The company has no significant related party transactions with major shareholders[13]. Research and Development - Research and development expenses rose by 41.24% to ¥15,099,424.44, driven by increased experimental costs during the reporting period[9]. - Research and development expenses rose to ¥15,099,424.44 from ¥10,690,275.91, marking an increase of about 41.5%[21]. Other Information - The company is planning to issue shares to acquire assets and raise matching funds, with related announcements made in early January 2025[14]. - The company did not undergo an audit for the first quarter report[25].

Industry Overview - Butterfly valves, also known as flap valves, are crucial for controlling fluid flow in various industries such as oil, chemical, power, and metallurgy [1][2] - The global butterfly valve market is projected to reach approximately $11.34 billion in 2024 and $11.907 billion in 2025 [5] - In China, the demand for butterfly valves is driven by urbanization, particularly in water supply systems, sewage treatment plants, and HVAC systems [7] Market Growth - The pneumatic high-performance butterfly valve industry in China is expected to grow at a rate of about 10% from 2019 to 2024, with a projected growth rate of 15% from 2025 to 2030 [7] Industry Chain - The upstream materials for butterfly valves include non-metal materials like rubber and PTFE, and metal materials such as cast iron, carbon steel, and stainless steel [9] - Stainless steel is increasingly used in butterfly valves due to its excellent corrosion resistance and strength [11] - The downstream applications of butterfly valves are significant in the power engineering sector, with a projected investment of 608.3 billion yuan in power grid projects in 2024, reflecting a year-on-year growth of 15.3% [13] Competitive Landscape - The domestic butterfly valve market is primarily concentrated in the mid-to-low-end segment, while international brands dominate the high-end market [16] - Major domestic companies include Neway Valve, Jiangsu Shentong, and Zhongke Suval [16][19] Company Performance - Neway Valve is the largest industrial valve manufacturer in China, with a butterfly valve production of 22,971 units and sales of 22,111 units in 2023 [19] - Neway Valve reported a revenue of 5.544 billion yuan in 2023, an increase of 1.485 billion yuan from 2022 [21] - Fangzheng Valve generated 39.6459 million yuan in butterfly valve revenue in 2023, an increase of 4.6652 million yuan from 2022, with a gross margin of 25.32% [23] Industry Trends - The development of high-performance butterfly valves is influenced by advancements in materials, control systems, structure, environmental protection, and design [27]

Summary of Nuclear Power Industry Conference Call Industry Overview - The nuclear power industry in China has seen a gradual recovery in approvals since 2015, with a stable growth trend post-2021, driven by the maturity of third-generation reactor technology [1][3][8] - The global nuclear fusion development goals have been accelerated, with countries like the US, Japan, and South Korea intensifying their commercialization efforts [1][6] Key Points Nuclear Power Approvals and Growth - The number of approved nuclear power units has consistently exceeded 10 annually for the past three years, indicating increased attention and investment in the sector [3][10] - The approval volume for nuclear power has significantly increased from 2022 to 2024, driven by the need for stable base-load power sources amid energy structure adjustments [1][10] Capital Expenditure Trends - Capital expenditures in the nuclear energy sector are rapidly increasing, with China National Nuclear Corporation's capital expenditure projected to reach 121.6 billion yuan in 2024, a year-on-year increase of approximately 50% [1][11] - The average annual investment in nuclear fusion projects is around 18 billion yuan, with total investments exceeding 110 billion yuan across various projects [1][5] Market Dynamics - The nuclear power equipment market is characterized by stable competition, with high gross margins for nuclear island equipment. However, previous zero-approval policies have limited capacity expansion [2][12] - The delivery peak for nuclear power equipment is expected in 2025 and 2026, as the industry gradually improves capacity release [2][14] Fusion Technology Developments - China is actively constructing several key fusion projects, including EAST and BEST, with significant investments and frequent tender activities indicating rising capital expenditures [1][4][5] - Global competition in fusion technology is intensifying, with companies like Helion and CES setting ambitious targets for commercial fusion power plants [6] Mixed Reactor Projects - China is advancing mixed reactor projects, including collaborations between China National Nuclear Corporation and Jiangxi, as well as the Chengdu Z-pinch project, with total investments expected to be in the hundreds of billions of yuan [1][7] Financial Performance of Key Companies - China National Nuclear Technology Company reported a revenue of 840 million yuan in 2024, a 35% increase year-on-year, while Jiangsu Shentong's revenue for the same year was 740 million yuan, reflecting stable growth [16][18] - Key suppliers like Jiadian Co. and its parent company Harbin Electric Power are significant players in the third and fourth-generation reactor markets, with Jiadian holding a 70% market share in main pumps for fourth-generation reactors [18][19] Investment Distribution - In a 200 billion yuan investment for a nuclear power unit, 50% is allocated to equipment, with 60% of that for nuclear island equipment, highlighting the importance of various equipment types in overall investment [20][21] Additional Insights - The nuclear power sector's shift towards a more positive and orderly development approach reflects a broader recognition of nuclear energy's role in achieving energy stability and sustainability [10][9]

Core Viewpoint - The company's 2024 performance is below expectations, with revenue of 1.84 billion and net profit of 230 million, reflecting a modest year-on-year growth of 1.86% and 3.29% respectively, primarily due to capacity constraints and delayed project deliveries [1] Financial Performance - In Q4 2024, the company achieved revenue of 820 million, a year-on-year increase of 18.17%, and net profit of 110 million, up 23.84%, indicating a recovery in business during the second half of the year [1] - The revenue breakdown includes oil and petrochemical at 480 million, nuclear engineering valves at 840 million, other valves at 470 million, and forgings at 40 million, with respective year-on-year changes of -20.62%, +35.50%, -11.44%, and +1.60% [1] - The gross margin for the oil and petrochemical business improved significantly, with a year-on-year increase of 8.93% in H1 2024 and an overall annual increase of 3.59 percentage points [1] Regional Sales Performance - Revenue in the North China region surged by 108.06% year-on-year, while the East China region saw a decline of 26.29%, indicating the effectiveness of regional sales strategy adjustments [2] Growth Drivers - The nuclear power business is entering a strategic development phase, with nuclear engineering valve revenue reaching 839 million in 2024, a 35.50% increase, accounting for 45.50% of total revenue [3] - The company has a significant technological advantage in the nuclear valve sector, with key products meeting or exceeding import standards, leading to a steady increase in market share [3] - The approval of 11 new nuclear units in 2024 is expected to drive demand for nuclear valves, supported by a robust order backlog [3] Profit Forecast and Valuation - Due to slight capacity constraints in 2024 and a production cycle of 1-2 years for nuclear products, revenue and net profit forecasts for 2025 have been reduced by 2.9% and 12.5% to 2.05 billion and 260 million respectively [4] - The target price has been adjusted down by 9.2% to 18.7, with a projected increase of 14.8% from the current price [4]

2025年4月16日，中核科技（000777）发布了2024年年报。报告显示，公司实现营业总收入18.43亿元， 同比增长1.86%；归属净利润2.29亿元，同比增长3.29%；扣非净利润2.11亿元，同比增长9.35%。尽管 公司在财务指标上表现稳健，但研发投入同比下降9.77%，显示出在技术创新方面的潜在隐忧。中核科 技主要业务为工业用阀门的研发、生产、销售及服务，产品广泛应用于核工程、石油石化、公用工程等 领域。 财务表现：营收与利润稳步增长，但增速放缓 2024年，中核科技的营业总收入达到18.43亿元，同比增长1.86%，较2023年的20.65%增速明显放缓。归 属净利润为2.29亿元，同比增长3.29%，扣非净利润为2.11亿元，同比增长9.35%。尽管利润增长，但增 速较2023年的29.11%和31.29%大幅下降，显示出公司在高基数下的增长压力。 然而，公司的资产结构仍有待优化。截至2024年末，公司货币资金较上年末增加68.9%，占公司总资产 比重上升3.87个百分点；预付款项较上年末减少28.85%，占公司总资产比重下降1.69个百分点；存货较 上年末减少0.05%，占公司总资产比重下 ...