Core Viewpoint - Jiangsu Shentong (002438) aims to increase the value of each unit to over 100 million yuan, with growth expected from the expansion of new product categories [1] Company Strategy - The company is currently expanding its product line, focusing on the development of new categories to drive incremental growth [1]

Core Viewpoint - Jiangsu Shentong (002438) announced on October 29 that it has obtained the Class I manufacturing license for products such as shut-off valves [1] Company Summary - The company has successfully acquired the Class I manufacturing license, which is a significant regulatory achievement [1]

Core Viewpoint - Jiangsu Shentong (002438) is a major supplier of nuclear power valve equipment in China, focusing on advancements in national nuclear energy application technology and investing in research and development for various nuclear energy application technologies, including special valves for nuclear fusion scientific devices, and has secured small batch orders [1] Company Summary - Jiangsu Shentong is actively engaged in the research and development of special valves required for nuclear energy applications [1] - The company has received small batch orders for its products related to nuclear energy technology [1] Industry Summary - The company is positioned as a key player in the nuclear power equipment supply sector in China [1] - There is a growing emphasis on nuclear energy technology advancements within the industry, particularly in the context of nuclear fusion [1]

Group 1: Company Overview and Strategy - The meeting was organized by CICC, with the company’s Vice President and Secretary of the Board, Zhang Qiqiang, introducing the company’s basic situation, development strategy, and Q3 2025 report [2] - The company aims to enhance the value of each nuclear power unit to over 100 million yuan, with growth expected from the expansion of new product categories [4] - The company is preparing a ten-year strategy and five-year plan in line with the national 14th Five-Year Plan, expected to be completed by the end of this year [12] Group 2: Market and Competition - The main projects for bidding this year are the 10 new units approved this year, while the bidding for last year's 11 units has mostly been completed [3] - The nuclear valve industry is expected to maintain a healthy competitive state due to the normalization of new nuclear project approvals and the promotion of domestic key equipment [7] - The company has strong market competitiveness and brand influence in the nuclear power sector, built over years of accumulation [6] Group 3: Financial Performance - The gross margin for nuclear valves is currently stable, with expectations to remain so unless there are significant changes in the business model or market competition [8] - The decrease in contract liabilities in Q3 was primarily due to the delivery cycle, where old orders have been recognized as revenue while new orders have not yet reached payment milestones [11] Group 4: Research and Development - The company is actively involved in the development of special valves for various nuclear energy applications, including nuclear fusion, and has received small batch orders [9] - The export performance is expected to improve compared to previous years, with a mature team and an increasingly complete qualification system [10]

Group 1: Investor Relations Activity - The investor relations activity was conducted via a telephone survey on October 27, 2025 [2] - Participants included major financial institutions such as CICC, Bosera Fund, CITIC Securities, and others [2] - The meeting was held in the Board Secretary's office, hosted by the Vice President and Board Secretary, Mr. Zhang Qiqiang, along with Ms. Chen Mingdi, the Securities Affairs Representative [2] Group 2: Discussion Topics - The main discussion focused on the company's production and operational status, future development plans, and strategic direction [2] - The meeting aimed to facilitate communication between institutional investors and the company regarding its business outlook [2] - Detailed content of the discussions is available in the attachment from the investor survey meeting record dated October 27, 2025 [2]

Core Insights - Jiangsu Shentong (002438.SZ) reported its Q3 2025 results, revealing that institutional investors hold a total of 112 million shares, accounting for 22.08% of the company's total equity, with a decrease of 3.87 percentage points from the previous quarter [1] Institutional Holdings - A total of 7 institutional investors disclosed their holdings in Jiangsu Shentong, including notable entities such as Ningbo Juyuan Ruili Venture Capital Partnership, Hong Kong Central Clearing Limited, and several funds managed by Shanghai Benniu Investment Management [1] - The total institutional holding percentage decreased by 3.87 percentage points compared to the last quarter [1] Public Fund and Social Security Fund - In the current period, 53 public funds were not disclosed compared to the previous quarter, including South Fund Transformation Growth Flexible Allocation Mixed A and South Fund Balanced Growth Mixed A [1] - One social security fund was not disclosed in this period, specifically the Huatai-PineBridge Fund Management Co., Ltd. - Social Security Fund 17022 Portfolio [1] Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 1.29% compared to the previous period [2]

Core Insights - Jiangsu Shentong (002438.SZ) reported a decline in Q3 revenue and net profit compared to the previous year, indicating potential challenges in the current market environment [1] - However, the company showed slight growth in revenue and net profit for the first three quarters of 2025 compared to the same period last year, suggesting some resilience [1] Financial Performance - Q3 2025 revenue was 569 million yuan, a year-on-year decrease of 2.13% [1] - Q3 2025 net profit was 83.9471 million yuan, a year-on-year decrease of 0.32% [1] - Revenue for the first three quarters of 2025 reached 1.638 billion yuan, a year-on-year increase of 0.22% [1] - Net profit for the first three quarters of 2025 was 234 million yuan, a year-on-year increase of 2.86% [1]

Core Insights - Jiangsu Shentong (002438.SZ) reported a revenue of 1.638 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 0.22% [1] - The company's net profit attributable to shareholders reached 234 million yuan, marking a year-on-year increase of 2.86% [1] - The non-recurring net profit was reported at 221 million yuan, showing a year-on-year growth of 7.11% [1] - Basic earnings per share stood at 0.4617 yuan [1]

Group 1 - Jiangsu Shentong (SZ 002438) held its seventh board meeting on October 24, 2025, to review the proposal for the Q3 2025 report [1] - For the first half of 2025, Jiangsu Shentong's revenue composition was as follows: Nuclear power industry accounted for 38.37%, energy-saving and environmental protection industry 18.78%, metallurgy industry 18.45%, energy equipment industry 17.05%, and other businesses 7.35% [1] - As of the report date, Jiangsu Shentong's market capitalization was 6.8 billion yuan [1]

Group 1 - Jiangsu Shentong reported Q3 performance with revenue of approximately 1.638 billion yuan, a year-on-year increase of 0.22% [1] - The net profit attributable to shareholders was about 234 million yuan, reflecting a year-on-year increase of 2.86% [1] - Basic earnings per share reached 0.4617 yuan, marking a year-on-year increase of 2.85% [1] Group 2 - As of the report, Jiangsu Shentong's market capitalization stands at 6.8 billion yuan [2]