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， ...

股票代码: 000777 公司简称：中核科技 公告编号:2025-022 中核苏阀科技实业股份有限公司 第八届董事会第十五次会议决议公告 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十五次会议于 2025 年 4 月 3 日以书面 方式向全体董事发出会议通知，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，其中董事孙治 国先生因工作原因未能出席本次会议，已书面委托董事马瀛先生代为表决。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、听取了《2024 年度经营层工作报告》的汇报； 二、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 9 票，反对 0 票，弃权 0 票，回避 0 票 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 3 次 会议审议通过。 具体内容详见同日刊登于巨潮资讯网 w ...

证券代码：000777 证券简称：中核科技 公告编号：2025-024 中核苏阀科技实业股份有限公司 2024 年度利润分配方案的公告 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。 3.根据中国证监会《关于进一步落实上市公司现金分红有关事项的通知》《上市公司监 管指引第 3 号——上市公司现金分红》的规定和《公司章程》规定的利润分配现金分红政策， 结合公司经营发展阶段需要和年度计划重大资金支出安排的实际情况，为维护股东权益，促 进公司长期发展，2024 年度税后拟进行的利润分配方案为：以 2024 年末公司总股本 383,417,593.00 股为基数, 向全体股东每 10 股派发现金红利 1.74 元(含税)，不进行资本 一、审议程序 1.中核苏阀科技实业股份有限公司（以下简称"公司"）《2024 年度利润分配方案》， 经 2025 年 4 月 13 日召开的第八届董事会独立董事专门会议 2025 年第二次会议、第八届董 事会审计与风险管理（法治合规管理）委员会 2025 年第三次会议审议，同意将本议案提交 董事会审议；经 2025 年 4 月 14 日召 ...

2025年中期分红方案的公告 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。 中核苏阀科技实业股份有限公司（以下简称"公司"）根据《中华人民共和国公司法》 《上市公司监管指引第3号——上市公司现金分红》《公司章程》的有关规定，并结合公司 实际情况，公司拟在确保公司持续稳健经营及长远发展的前提下，通过增加分红频次方式进 一步增强投资者获得感，董事会提请股东大会授权董事会制定 2025 年中期分红方案。现将 具体内容公告如下： 1、公司当期归属于上市公司股东的净利润为正，且累计未分配利润亦为正数； 证券代码：000777 证券简称：中核科技 公告编号：2025-025 中核苏阀科技实业股份有限公司 关于提请股东大会授权董事会制定 一、2025 年中期现金分红安排 （一）中期分红条件 公司在 2025 年度进行中期分红的，应同时满足下列条件： 2、公司的现金流能够满足正常经营活动及持续发展的资金需求； 3、符合《上市公司监管指引第 3 号—上市公司现金分红》等法律法规及《公司章程》 相关规定。 （二）中期分红的授权内容 公司董事会提请公司股东大会批准授权董事会在满足 ...

中核苏阀科技实业股份有限公司 2024 年度 非经营性资金占用及其他关联资金往来的 专项说明 | 索引 | 页码 | | --- | --- | | 专项说明 | 1-2 | | 非经营性资金占用及其他关联资金往来情况汇总表 | 1-4 | | 信永中和会计师事务所 北京市东城区朝阳门北大街 联系电话: | | | +86(010)6554 2288 | | --- | --- | --- | --- | | 8号富华大厦A座9层 | | telephone: | +86(010)6554 2288 | | 9/F, Block A. Fu Hua Mansion, | | | | | ShineWing | No.8, Chao yangmen Beidajie, | | | | Dongcheng District, Beijing, | | 传真: | +86(010)6554 7190 | | certified public accountants 100027, P.R.China | | facsimile: | +86(010)6554 7190 | 关于中核苏阔科技实业股份有限公司 2024 ...