Core Viewpoint - Jiangsu Shentong (002438) announced that its current nuclear valve production capacity can meet existing order delivery requirements, and the high-end valve intelligent manufacturing project is expected to enhance capacity for future nuclear power projects [1] Group 1: Current Capacity and Orders - The company has sufficient nuclear valve production capacity to fulfill current orders [1] - The high-end valve intelligent manufacturing project is under construction and will increase capacity to support at least four new nuclear power units [1] Group 2: Future Capacity Planning - The additional capacity from the new project is expected to meet demand for the next 3-5 years [1] - The company will adjust production plans based on actual market demand for other products as needed [1]

证券日报网讯江苏神通（002438）10月31日发布公告，在公司回答调研者提问时表示，未来公司将继续 坚持高质量发展，公司的客户主要为国内大中型钢铁企业、核电站及石油石化企业，资信状况良好，回 款风险总体可控。此外，公司已按照会计准则有关规定足额计提坏账准备，并通过加强客户信用评价、 对账和法务催收等措施降低和控制回款风险。 ...

证券日报网讯江苏神通10月31日发布公告，在公司回答调研者提问时表示，2025年三季度，公司经营活 动产生的现金流量净额为0.54亿元，同比增长846.22%。 （文章来源：证券日报） ...

Core Viewpoint - Jiangsu Shentong is a leading enterprise in the domestic industrial special valve sector, particularly in the nuclear power valve market, with significant technological strength and product quality advantages [1] Group 1: Business Performance - In Q3 2025, Jiangsu Shentong achieved operating revenue of 1.638 billion yuan, ranking 23rd among 82 industry companies [2] - The net profit for the same period was 231 million yuan, placing the company 8th in the industry [2] - The industry leader, China International Marine Containers (CIMC), reported revenue of 117.061 billion yuan and net profit of 2.395 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Jiangsu Shentong's debt-to-asset ratio was 39.06%, lower than the industry average of 39.81% [3] - The gross profit margin for the same period was 34.55%, exceeding the industry average of 22.64% [3] Group 3: Executive Compensation - The chairman, Han Li, received a salary of 1.043 million yuan in 2024, a decrease of 10,400 yuan from 2023 [4] - The president, Wu Jianxin, earned 836,000 yuan in 2024, an increase of 14,800 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 3.46% to 27,100 [5] - The average number of circulating A-shares held per shareholder increased by 3.58% to 17,300 [5] Group 5: Business Highlights - In H1 2025, the nuclear power valve business revenue grew by 15.67%, with a gross margin of 39.48% [5] - The company secured new orders worth 1.072 billion yuan in H1 2025, supporting future performance [5] - Revenue projections for 2025, 2026, and 2027 are 2.47 billion, 2.81 billion, and 3.13 billion yuan, respectively, with expected net profits of 350 million, 420 million, and 460 million yuan [5][6]

Company Overview - Jiangsu Shentong Valve Co., Ltd. is located at No. 8, Shengtong Road, Qidong City, Jiangsu Province, established on January 4, 2001, and listed on June 23, 2010. The company specializes in the research, production, and sales of industrial special valves [1][2]. Financial Performance - For the period from January to September 2025, Jiangsu Shentong achieved operating revenue of 1.638 billion yuan, representing a year-on-year growth of 0.22%. The net profit attributable to the parent company was 234 million yuan, with a year-on-year increase of 2.86% [2]. - Cumulative cash dividends since the A-share listing amount to 369 million yuan, with 195 million yuan distributed over the past three years [3]. Stock Performance - As of October 31, Jiangsu Shentong's stock price decreased by 2.02%, trading at 14.09 yuan per share, with a total market capitalization of 7.151 billion yuan. The stock has increased by 17.17% year-to-date, with a 5-day increase of 5.54%, a 20-day increase of 6.90%, and a 60-day increase of 3.53% [1]. - The number of shareholders as of October 20 is 28,200, an increase of 3.92% from the previous period, with an average of 16,650 circulating shares per person, a decrease of 3.77% [2]. Shareholding Structure - As of September 30, 2025, Hong Kong Central Clearing Limited is the third-largest circulating shareholder, holding 10.4045 million shares, an increase of 6.5399 million shares from the previous period. The Southern Transformation Growth Flexible Allocation Mixed A Fund has exited the top ten circulating shareholders [3]. Business Segments - The main business revenue composition includes: butterfly valves (23.83%), flanges and forgings (23.09%), energy-saving services (18.78%), non-standard valves (9.66%), and others (7.35%), with ball valves (6.94%), blind plates (4.84%), pit filters (3.79%), and gate valves (1.72%) [1]. Industry Classification - Jiangsu Shentong is classified under the Shenwan industry as machinery equipment - general equipment - metal products, and is involved in sectors such as nuclear power, ultra-supercritical power generation, offshore wind power, carbon neutrality, and hydrogen energy [1].

南财智讯10月31日电，江苏神通在投资者关系活动中表示，公司原丝生产线项目正在有序推进中，全资 子公司浙江精工碳材科技有限公司作为项目试验与示范基地，正全力推进高性能纤维项目建设；目前首 台套原丝生产线即将开展整机调试工作，后续将尽快启动试生产。 ...

编号：2025-017 | | □特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系活动 | □媒体采访 | □√业绩说明会 | | 类别 | □新闻发布会 | □路演活动 | | | □现场参观 | | | | □其他（电话调研） | | | 参与单位名称及 | | 通过全景网"投资者关系互动平台"（https://ir.p5w.net）参 | | 人员姓名 | 与本次业绩说明会的广大投资者 | | | 时间 | 2025 年 10 月 30 日 | | | 地点 | 公司总部 1006 会议室 | | | | 董事、总裁吴建新先生 | | | | 副总裁、董事会秘书章其强先生 | | | 上市公司接待人 | 财务总监林冬香女士 | | | 员姓名 | 独立董事肖潇女士 | | | | 审计总监洪学超先生 | | | | 证券事务代表陈鸣迪女士 | | | 投资者关系活动 | 公司介绍了 2025 | 年三季度生产经营情况以及未来发展趋势等。 | | 主要内容介绍 | | | | 附件清单（如有） | 具体内容详见附件：2025 年 10 | 月 30 日投资者调研会 ...

Financial Performance - The company's revenue for Q3 2025 was 163,753.09 million, representing a year-on-year growth of 0.22% [4][9] - The net profit attributable to shareholders for the same period was 23,433.94 million, with a year-on-year increase of 2.86% [4][9] - The net cash flow from operating activities reached 54 million, showing a significant year-on-year growth of 846.22% [13] Nuclear Power Orders and Delivery - In 2024, the company secured new nuclear power valve orders worth 1.102 billion, a 37% increase year-on-year, with deliveries locked in for 2025-2027 [3] - The delivery of nuclear valves for 2025 will primarily come from orders placed in 2022 and 2023, ensuring stable revenue growth for the year [3] Strategic Development and Market Positioning - The company aims to strengthen its core business in high-end valves while expanding into new sectors such as nuclear chemical, hydrogen fuel power, and semiconductor equipment [6][15] - The high-end valve intelligent manufacturing project is expected to generate an additional annual output value of 300-400 million once fully operational [16] - The company maintains a competitive edge in the nuclear power sector by continuously investing in R&D and developing products that meet advanced nuclear technology requirements [14][20] Accounts Receivable Management - As of Q3 2025, accounts receivable stood at 1.297 billion, representing a significant portion of revenue [11] - The company has implemented measures to manage accounts receivable effectively, including credit evaluations and legal collections, to mitigate bad debt risks [11] Production Capacity and New Projects - New production capacity from the high-end valve intelligent manufacturing project is expected to be released gradually starting in early 2026 [7][21] - The current production capacity is sufficient to meet existing nuclear valve order demands, with plans to adjust based on market needs [24] International Market Expansion - The company has made significant progress in expanding its export market access and certification, laying a solid foundation for future international orders [22]

Core Viewpoint - Jiangsu Shentong (002438) reported a decrease in contract liabilities in the third quarter, primarily due to the impact of delivery cycles, with old orders recognized as revenue and new orders not yet reaching the payment stage [1] Summary by Relevant Sections - **Company Performance** - The company indicated that the decline in contract liabilities was influenced by the delivery cycle [1] - Revenue recognition from old orders has been completed, while new orders are still pending payment [1]

Core Viewpoint - Jiangsu Shentong (002438) announced on October 29 that the main focus of current bidding is for 10 newly approved units this year, while the bidding for valve equipment segments for units approved last year has been largely completed in the first half of this year [1] Group 1 - The company is currently engaged in bidding for 10 new units approved this year [1] - The bidding process for valve equipment segments related to last year's approvals has been mostly completed [1]