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 ...

Core Insights - The company achieved a revenue of 1,843,447,034.94 yuan in 2024, reflecting a year-on-year growth of 1.86%, indicating stable business growth [1] - The net profit attributable to shareholders was 229,331,122.93 yuan, up 3.29% year-on-year, showcasing enhanced profitability [1] - The company reported a significant increase in net cash flow from operating activities, amounting to 106,579,128.61 yuan, compared to a negative cash flow of -47,216,721.69 yuan in the previous year, marking a 325.72% increase [3] Revenue and Profitability - Revenue from nuclear engineering valve products reached 838,718,216.67 yuan, accounting for 45.50% of total revenue, with a year-on-year growth of 35.50% [1] - Revenue from oil and petrochemical products was 479,331,521.88 yuan, representing 26.00% of total revenue, with a decline of 20.62% year-on-year [1] - Basic earnings per share increased to 0.60 yuan, up 3.45% year-on-year, indicating a solid operational performance [1] Expenses and R&D - Sales expenses decreased by 27.58% to 63,795,920.44 yuan, primarily due to reductions in modern service fees and business entertainment expenses [2] - Research and development expenses fell by 9.77% to 65,592,210.14 yuan, with R&D investment as a percentage of revenue decreasing from 4.02% to 3.56% [2] - The company has a total of 120 undergraduate R&D personnel, a decrease of 3.23%, while the number of master's degree holders increased by 63.33% to 49 [2] Cash Flow and Investment - The net cash flow from investment activities was 69,029,631.75 yuan, a growth of 1.57% year-on-year, supported by dividends received from other companies [3] - The net cash flow from financing activities was -5,182,616.98 yuan, an increase of 93.54% compared to the previous year, primarily due to changes in short-term and long-term borrowings [3] Management and Strategy - The company has implemented measures to address risks, including enhancing project management for non-nuclear key projects and expanding into emerging markets [4] - Management compensation is linked to company performance, with the chairman receiving a pre-tax remuneration of 975,700 yuan, aligning incentives with company growth [5][6] - The company aims to strengthen internal management and enhance technological innovation capabilities to navigate future challenges [6]

关于召开第二十九次股东大会（2024 年年会）的通知 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。 一、召开会议的基本情况 1.会议届次：公司第二十九次股东大会（2024年年会） 2.会议召集人：公司第八届董事会 3.会议召开的合法、合规性：公司第八届董事会第十五次会议审议通过了《关于召开公 司第二十九次股东大会（2024年年会）的议案》，本次股东大会会议召开符合有关法律、行 政法规、部门规章、规范性文件及《公司章程》的有关规定。 股票代码：000777 证券简称：中核科技 公告编号：2025-028 中核苏阀科技实业股份有限公司 于股权登记日2025年4月30日（星期三）收市后在中国证券登记结算有限责任公司深圳 分公司登记在册的公司全体股东均有权出席本次股东大会，并可以以书面形式委托代理人出 席会议和参加表决，该股东代理人不必是本公司股东； （2）公司董事、监事及其他高级管理人员； （3）公司聘请的律师。 1 4.会议召开日期、时间： （1）现场会议时间：2025年5月9日(星期五) 15:00 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的 ...

股票代码: 000777 公司简称：中核科技 公告编号:2025-030 中核苏阀科技实业股份有限公司 第八届监事会第十二次会议决议公告 本公司及监事会全体成员保证公告信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或者重大遗漏。 中核苏阀科技实业股份有限公司第八届监事会第十二次会议于 2025 年 4 月 3 日以书面方式向全体 监事发出会议通知，会议于 2025 年 4 月 14 日在公司会议室以现场+视频方式召开。 会议由监事索春雨主持。会议参会监事 3 人，其中监事陈国辉先生因工作原因未能出席本次会议， 已书面委托监事索春雨女士代为表决。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。 经与会监事讨论并表决，形成以下决议： 一、审议并通过了《2024 年度财务决算报告》的议案； 经审议，表决结果：同意 3 票，反对 0 票，弃权 0 票 具体内容详见同日刊登于巨潮资讯网 www.cninfo.com.cn 的《2024 年度财务决算报告》。 同意将该项议案提交第二十九次股东大会（2024 年年会）审议。 二、审议并通过了《2024 年度公司年报及摘要》的议案； 经审议， ...