江苏神通（002438）公告，2025年第一季度营收为5.77亿元，同比增长1.21%；净利润为8950.26万元， 同比增长6.94%。 ...

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]

Group 1: Investor Relations Activity - The investor relations activity was an earnings briefing held on April 17, 2025 [1] - Participants included the company's president, vice president, financial director, audit director, independent director, and securities representative [1] Group 2: Company Overview - The company presented its production and operational performance for the year 2024 [1] - Future development trends were also discussed during the meeting [1]

江苏神通 2024 年度网上业绩说明会 活动记录 会议地点：公司总部 1106 会议室 会议时间：2025 年 4 月 17 日下午 15:00-下午 17:00 会议主持：章其强 会议记录：陈鸣迪 出席人数：现场 5 名嘉宾、网上 1 名嘉宾及网上若干名投资者 一、会议开始 本次江苏神通 2024 年网上业绩说明会，公司董事兼总裁吴建新、副总裁兼 董秘章其强、财务总监林冬香、独立董事孙健、审计总监洪学超等领导参加了会 议。 二、沟通交流 问：请问今年利润增速预期多少呢 答：你好，感谢你对本公司的关注与支持，公司将继续以"诚信创新、争先向善" 作为基本理念，以"树行业标杆、创国际品牌"为公司阶段性奋斗目标，瞄准标 杆企业和标杆产品，持续改进和完善，努力成为多个细分市场的单打冠军，在营 业收入和利润等方面按照年度经营目标计划保持稳健发展，谢谢。 问：请问公司 2025 年营业收入预期如何，增长点在什么，订单较去年增长情况 如何？ 答：你好，感谢你对本公司的关注与支持， 2025 年相关经营数据尚未披露，具 体信息请留意公司定期报告，谢谢。 问：公司第二大股东减持完毕了吗，大股东是否有承接二股东减持的意愿 答：你 ...

Core Viewpoint - The company held its 2024 annual performance briefing, showcasing a strong interaction with investors and highlighting its strategic focus on innovation and market expansion in the energy and petrochemical sectors. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 2.14 billion yuan, a year-on-year increase of 0.48% [4] - Operating profit reached 327.05 million yuan, up 10.21% year-on-year [4] - Net profit attributable to shareholders was 294.88 million yuan, reflecting a year-on-year growth of 9.68% [4] - The company reported a net cash flow from operating activities of 398 million yuan, a significant increase of 114.70% year-on-year [18] Group 2: Research and Development - The company invested 100.96 million yuan in R&D in 2024, representing a 6.81% increase from 2023 [5] - As of the end of 2024, the company held 550 valid patents, including 76 invention patents [5] Group 3: Strategic Initiatives - The company plans to focus on technological innovation and R&D to enhance product competitiveness in fine chemicals and green low-carbon energy [2] - The company aims to expand its market presence in nuclear power, hydrogen energy, and semiconductor equipment, while also enhancing its capabilities in intelligent manufacturing [14][12] - The company has secured new orders totaling 2.52 billion yuan in 2024, with significant contributions from various sectors including nuclear energy and metallurgy [6] Group 4: Market Position and Future Outlook - The company is positioned as a leader in the valve industry, actively participating in various marine engineering projects and aiming to establish a specialized production base for marine valves [8][28] - The company is committed to maintaining high-quality development and enhancing core competitiveness to achieve sustainable growth [10] - The company is exploring international markets, particularly in the Middle East and Southeast Asia, to expand its export business [19] Group 5: Profit Distribution - The profit distribution plan for 2024 includes a cash dividend of 1.75 yuan per 10 shares, totaling 88.82 million yuan, which is 30.12% of the net profit attributable to shareholders [7]

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]

登录新浪财经APP 搜索【信披】查看更多考评等级 （三）募集资金专户存储情况 1、非公开发行股票募集资金存储专户 截至2024年12月31日，公司募集资金投资项目全部结项，募集资金专用账户全部注销，募集资金余额为 0元。 2、用闲置募集资金进行现金管理情况 公司于2022年1月20日召开第五届董事会第二十五次会议和第五届监事会第二十一次会议，审议通过了 《关于使用部分闲置募集资金进行现金管理的议案》，为提高闲置募集资金使用效率，合理利用暂时闲 置募集资金，在不影响募集资金投资项目建设和募集资金使用的情况下，根据《深圳证券交易所股票上 市规则》《深圳证券交易所上市公司自律监管指引第1号一一主板上市公司规范运作》《上市公司监管 指引第2号一一上市公司募集资金管理和使用的监管要求》等有关法律法规的规定，公司、全资子公司 无锡市法兰锻造有限公司拟使用不超过人民币3亿元的暂时闲置募集资金进行现金管理，用于购买不超 过12个月的保本型理财产品或结构性存款，使用期限自公司董事会审议通过之日起12个月内有效。 公司于2023年1月16日召开第六届董事会第五次会议和第六届监事会第五次会议，审议通过了《关于继 续使用部分闲置募集 ...

Core Viewpoint - The company has reported a slight increase in revenue and profit for the year, with a focus on expanding its nuclear power and energy equipment business while maintaining its leadership in the metallurgy valve sector [18][31]. Company Overview - The company primarily engages in the production and sales of specialized valves and flanges for various industries, including metallurgy, nuclear power, and petrochemicals [4][10]. - The company has established itself as a leading supplier of nuclear valves in China, with over 150,000 units in operation since 2008 [10]. Financial Performance - The company achieved an operating revenue of 2.14 billion yuan, a year-on-year increase of 0.48% [18]. - Operating profit reached 327 million yuan, reflecting a growth of 10.21% year-on-year [18]. - The net profit attributable to shareholders was 294 million yuan, up 9.68% from the previous year [18]. Business Strategy - The company aims to consolidate its position in metallurgy, develop its nuclear power segment, and expand into petrochemical services while focusing on high-end products for high-end customers [17]. - The company has initiated a transition from valve manufacturing to broader equipment and lifecycle services in the nuclear energy sector [10]. Product Development - The company has successfully developed a series of specialized equipment for nuclear applications, contributing significantly to its growth in the nuclear energy sector [11]. - In metallurgy, the company has implemented innovative technologies for gas recovery in blast furnaces, enhancing its market presence [11]. Market Position - The company is recognized as a key player in the nuclear valve market, actively participating in the construction of new nuclear power units in China [10]. - The company has also made strides in the hydrogen energy sector, developing high-pressure valves for hydrogen applications [13]. Research and Development - The company has expanded its R&D efforts to improve the performance and reliability of its products, including the development of new valve technologies [19][20]. - The company has established a project aimed at providing comprehensive lifecycle services for valves, enhancing customer satisfaction and operational efficiency [22]. Shareholder Returns - The company has proposed a cash dividend of 1.75 yuan per 10 shares for the 2024 fiscal year, totaling approximately 88.82 million yuan [31].

容诚专字[2025]200Z0212 号 江苏神通阀门股份有限公司全体股东： 募集资金存放与使用情况鉴证报告 江苏神通阀门股份有限公司 容诚专字[2025]200Z0212 号 容诚会计师事务所(特殊普通合伙) 中国·北京 目 录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 募集资金年度存放与使用情况鉴证报告 | 1-2 | | 2 | 募集资金年度存放与使用情况专项报告 | 1-9 | 募集资金年度存放与使用情况鉴证报告 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 我们审核了后附的江苏神通阀门股份有限公司（以下简称江苏神通公司）董 事会编制的 2024 年度《关于募集资金年度存放与使用情况的专项报告》。 一、 对报告使用者和使用目的的限定 本鉴证报告仅供江苏神通公司年度报告披露之目的 ...

容诚会计师事务所(特殊普通合伙) 中国·北京 审计报告 江苏神通阀门股份有限公司 容诚审字[2025]200Z0140 号 我们审计了江苏神通阀门股份有限公司（以下简称"江苏神通"）财务报表，包 括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润 表、合并及母公司现金流量表、合并及母公司所有者权益变动表以及相关财务报 表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制， 公允反映了江苏神通 2024 年 12 月 31 日的合并及母公司财务状况以及 2024 年度 的合并及母公司经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册 会计师对财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照 中国注册会计师职业道德守则，我们独立于江苏神通，并履行了职业道德方面的 其他责任。我们相信，我们获取的审计证据是充分、适当的，为发表审计意见提 供了基础。 目 录 | 序号 | 容 内 | 页码 | | | --- | --- | --- | --- | | 1 | 审计报告 | ...