Core Insights - The ocean is becoming an important extension of human survival and development, with over 100 countries engaged in offshore oil and gas exploration and production, leading to a daily crude oil output exceeding 1 million tons, accounting for approximately 25% of global production [1][9] - The demand for underwater oil and gas equipment, particularly underwater valves, is increasing as they are critical components in underwater production systems [1][9] - China's underwater valve market is projected to grow from 141 million yuan in 2022 to 164 million yuan in 2024, with a compound annual growth rate (CAGR) of 7.69%, and is expected to reach 180 million yuan by 2026 [1][9] Underwater Valve Industry Overview - Underwater valves, also known as seabed valves, are essential for marine oil and gas production systems, with applications in oil and gas transportation and marine engineering [4] - The industry has evolved through several stages: early development (mid-19th century to 1930s), technological advancement (1940s to 1990s), and intelligent development (21st century to present) [5] - The underwater valve industry chain includes upstream raw materials, midstream manufacturing, and downstream applications in marine oil and gas engineering and other marine projects [6][8] Market Dynamics - The global underwater valve market is expected to grow from $358 million in 2022 to $386 million in 2024, with a CAGR of 3.84%, and is projected to reach $416 million by 2026 [8] - The Chinese underwater valve industry is experiencing rapid growth, supported by the country's rich marine oil and gas resources and the establishment of a new industrial system for marine resource development [1][9] Competitive Landscape - The global underwater valve market is highly concentrated, with major players like Cameron, PetrolValves, and Advanced Technology Valve holding about 60% of the market share [10] - In China, companies such as Neway Valve, China Nuclear Technology, and Jiangsu Shentong are emerging as key players, focusing on technological innovation and market expansion to break international monopolies [10][11] Industry Trends - The underwater valve industry is moving towards intelligent solutions, incorporating smart sensors and remote control technologies to enhance operational precision and reliability [12] - Environmental considerations are driving the development of eco-friendly underwater valves, focusing on leak prevention and the use of low-carbon materials [12] - Modular design is reshaping product development, allowing for flexible combinations and quick replacements, thus improving adaptability and maintenance efficiency [13][14]

Group 1 - The company, Jiangsu Shentong, stated on September 12 that it currently has no undisclosed information that needs to be disclosed to investors [2] - The company emphasized its commitment to timely information disclosure in accordance with relevant laws and regulations if any significant matters arise in the future [2]

Core Insights - The State Council has announced a work plan to promote stable growth in the electric power equipment industry, specifically focusing on the approval and construction of coastal nuclear power projects [1] - Nuclear power concept stocks have seen an average price increase of 35.11% year-to-date, with some stocks doubling in value [1] - Shanghai Electric has recorded the highest price increase among nuclear power stocks, with a year-to-date rise of 147.62% [1] Company Performance - The following nuclear power concept stocks have been highlighted for their performance and social security fund holdings: - Shun'an Environment (盾安环境): Total market value of 13.638 billion, year-to-date increase of 18.41%, social security fund holding of 4.26% [2] - Jiuli Special Materials (久立特材): Total market value of 22.709 billion, year-to-date increase of 3.27%, social security fund holding of 3.35% [2] - Jiadian Co., Ltd. (佳电股份): Total market value of 8.236 billion, year-to-date increase of 6.02%, social security fund holding of 3.30% [2] - Western Superconducting Technologies (西部超导): Total market value of 39.357 billion, year-to-date increase of 43.40%, social security fund holding of 3.17% [2] - Other notable stocks include Libat (利柏特), Yongxing Materials (永兴材料), Jiangsu Shentong (江苏神通), and Western Materials (西部材料) with varying performance metrics [2]

Core Viewpoint - Jiangsu Shentong (002438) reported that as of September 10, 2025, the number of shareholders is 26,317 [1] Summary by Category - **Company Information** - Jiangsu Shentong has a total of 26,317 shareholders as of the specified date [1]

Group 1 - On September 10, Jiangsu Shentong executed a block trade of 2.7 million shares, with a transaction value of 32.535 million yuan, accounting for 21.19% of the total transaction value for that day [1] - The transaction price was 12.05 yuan, which represents a discount of 9.33% compared to the market closing price of 13.29 yuan [1] - The buyer was Shenwan Hongyuan Securities Co., Ltd., while the seller was AVIC Securities Co., Ltd. [2]

Investment Rating - The report maintains a "Buy" rating for Jiangsu Shentong, expecting a favorable return compared to market benchmarks over the next 6-12 months [7]. Core Views - In H1 2025, Jiangsu Shentong achieved a net profit attributable to shareholders of 150 million yuan, representing a year-on-year increase of 4.72% [5]. - The company's revenue for H1 2025 was 1.068 billion yuan, up 1.52% year-on-year, with a non-recurring net profit of 138 million yuan, reflecting an 8.54% increase [5]. - The nuclear power valve business saw a revenue increase of 15.67% in H1 2025, with a gross margin of 39.48% [5]. - The company secured new orders totaling 1.072 billion yuan in H1 2025, which will support future performance [6]. Financial Performance Summary - Revenue and Profit: - H1 2025 revenue: 1.068 billion yuan, up 1.52% YoY - H1 2025 net profit: 150 million yuan, up 4.72% YoY - H1 2025 non-recurring net profit: 138 million yuan, up 8.54% YoY [5] - Segment Performance: - Nuclear power segment revenue: 410 million yuan, up 15.67% YoY, gross margin: 39.48% - Metallurgy segment revenue: 197 million yuan, down 10.91% YoY, gross margin: 24.23% - Energy segment revenue: 182 million yuan, down 19.07% YoY, gross margin: 17.83% - Energy-saving services revenue: 201 million yuan, up 6.82% YoY, gross margin: 31.87% [5] - Future Projections: - Expected revenue for 2025/2026/2027: 2.47 billion, 2.81 billion, and 3.13 billion yuan, respectively, with year-on-year growth rates of 15.2%, 13.8%, and 11.5% [7]. - Expected net profit for 2025/2026/2027: 350 million, 420 million, and 460 million yuan, with year-on-year growth rates of 18.1%, 21.7%, and 9.3% [7]. Order Backlog - The company has a robust order backlog with new orders amounting to 1.072 billion yuan in H1 2025, including significant contributions from various segments [6].

Core Insights - Jiangsu Shentong executed a block trade of 1 million shares on September 8, with a transaction value of 12.2 million yuan, accounting for 6.45% of the total trading volume for the day, and the transaction price was 12.2 yuan, representing a discount of 9.83% compared to the market closing price of 13.53 yuan [1][2]. Group 1 - The block trade involved 1 million shares of Jiangsu Shentong at a price of 12.2 yuan per share [1][2]. - The total transaction amount for the block trade was 12.2 million yuan [1][2]. - The transaction price reflected a discount of 9.83% from the market closing price of 13.53 yuan [1]. Group 2 - The buyer of the block trade was Shenwan Hongyuan Securities Co., Ltd., while the seller was Zhongtai Securities Co., Ltd. [2]. - The trade occurred on September 8, 2025, under the stock code 002438 [2]. - The transaction volume represented 6.45% of the total trading volume for that day [1].

Group 1 - On September 5, Jiangsu Shentong executed a block trade of 2.8 million shares, with a transaction value of 33.46 million yuan, accounting for 19.87% of the total trading volume for that day [1] - The transaction price was 11.95 yuan, which represents an 11.61% discount compared to the market closing price of 13.52 yuan [1] - The buyer's brokerage was Dongfang Caifu Securities Co., Ltd., while the seller's brokerage included Zhonghang Securities Co., Ltd. and others [2]

Group 1 - The company announced that the shares held by its shareholder, Huzhou Fenglin Huoshan Equity Investment Partnership (Limited Partnership), have been released from judicial freeze [1] - The released shares amount to 8,000,000, which represents 66.30% of the shareholder's total holdings and 1.58% of the company's total share capital [1] - The judicial freeze was initially imposed by Ningbo Beilun District People's Court, with the release date set for September 2, 2025 [1] Group 2 - As of the announcement date, the total number of shares that have been frozen for Fenglin Huoshan is 12,066,863, accounting for 2.38% of its total holdings and 0% of the company's total share capital [1] - There are no additional shares currently frozen beyond the aforementioned amount [1]

江苏神通阀门股份有限公司 关于公司股东股份解除司法冻结的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 江苏神通阀门股份有限公司（以下简称"公司"、"本公司"） 于近日通过 中国证券登记结算有限责任公司系统查询，获悉公司股东湖州风林火山股权投资 合伙企业（有限合伙）（以下简称"风林火山"） 所持有的公司股份解除司法冻 结，现将有关事项公告如下： 证券代码：002438 证券简称：江苏神通 公告编号：2025-055 三、备查文件 1、证券质押及司法冻结明细表。 股东 名称 是否为 控股股 东或第 一大股 东及其 一致行 动人 本次解除 司法冻结 股份数量 占其所 持股份 比例（%） 占公司 总股本 比例 （%） 是否为 限售股 司法冻结 起始日 解冻日期 司法冻结 执行人名 称 备注 风林 火山 否 8,000,000 66.30 1.58 否 2025 年 4 月 22 日 2025 年 9 月 2 日 宁波市北 仑区人民 法院 解除 司法 冻结 合计 — 8,000,000 66.30 1.58 — — — — — 一、股东股份解除司法冻结的基本情况 ...