Group 1 - The company held an investor conference call on December 23, 2025, organized by Xinda Securities, where the Vice President and Secretary of the Board, Zhang Qiqiang, presented the company's basic situation, development strategy, and recent progress [1] - The company emphasized the importance of adhering to commitment letters and information disclosure regulations during the meeting [1] Group 2 - The delivery and revenue recognition cycle for nuclear power valves typically spans 2-3 years, with orders being delivered in batches after the production plan is approved by the owner [2] - The company highlighted that despite the design lifespan of nuclear power valves being up to 60 years, the need for replacement parts is driven by factors such as material aging and environmental conditions, leading to a growing market for replacement parts [3] Group 3 - The company reported significant progress in expanding its overseas market presence, with improvements in export market access and certification [4] - The future target for the value of products in a single unit is to exceed 100 million yuan, with growth expected from new product categories and the replacement parts market [4] - The company is actively investing in research and development for special valves aimed at advanced nuclear energy applications, including nuclear fusion [4] Group 4 - New production capacity is expected to gradually be released starting in early 2026, as the new production line is currently undergoing equipment installation [4]

Company Overview - Jiangsu Shentong (SZ 002438) announced an investor meeting on December 23, 2025, with participation from Vice President and Board Secretary Zhang Qiang and Investor Relations Manager Zhang Jian [1] - As of the report, Jiangsu Shentong has a market capitalization of 7.9 billion yuan [1] Revenue Composition - For the first half of 2025, Jiangsu Shentong's revenue breakdown is as follows: - Nuclear power industry: 38.37% - Energy conservation and environmental protection industry: 18.78% - Metallurgy industry: 18.45% - Energy equipment industry: 17.05% - Other businesses: 7.35% [1]

Group 1: Company Overview and Strategy - The meeting was hosted by the Vice President and Secretary of the Board, who expressed gratitude to participating institutional investors and provided an overview of the company's basic situation, development strategy, and recent progress [2] - The company emphasizes compliance with commitment letters and regulations regarding information disclosure for listed companies [2] Group 2: Nuclear Valve Business Operations - The delivery schedule for nuclear valve orders typically involves staggered deliveries over the second and third years after order confirmation, with revenue recognition occurring in phases based on actual delivery progress [3] - Although nuclear valves have a design lifespan of up to 60 years, components may require replacement due to harsh operating conditions, necessitating preventive maintenance and periodic replacements [4] - The company primarily exports nuclear valves through indirect channels, partnering with large domestic enterprises that have overseas engineering contracting qualifications [5][6] Group 3: Market Expansion and Product Development - The company has made significant progress in expanding its export market access and certification scope, laying a solid foundation for obtaining foreign trade orders [7] - The company aims to increase the value of its products in each nuclear unit to over 100 million yuan, with growth expected from expanding product lines and the spare parts market [9] - The company is actively investing in R&D for special valves aimed at advanced nuclear applications, including nuclear fusion power generation [10] Group 4: Production Capacity and Future Outlook - New production capacity projects are currently in the equipment installation phase, with substantial capacity expected to be gradually released starting in early 2026 [11] - The company is experiencing a growing demand for spare parts as the number of operational nuclear units increases, contributing to a stable and sustainable revenue growth source [8] Group 5: Meeting Conclusion - The investor call lasted from 15:00 to 16:00 on December 23, 2025, and there were no significant undisclosed information leaks during the meeting [12]

证券代码：002438 证券简称：江苏神通 江苏神通阀门股份有限公司投资者关系活动记录表 编号：2025-024 | | □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 | | | □新闻发布会 | □路演活动 | | 类别 | □现场参观 | | | | □√其他（电话调研） | | | 参与单位名称及 | | 信达证券、中信建投证券自营、中信资管、六妙星私募、诺安基 | | 人员姓名 | 金、申万菱信基金 | | | 时间 | 2025 年 12 月 23 日 | | | 地点 | 公司会议室 | | | 上市公司接待人 | 副总裁、董事会秘书：章其强先生 | | | 员姓名 | 投资者关系经理：张健先生 | | | 投资者关系活动 | | 机构投资者就公司生产经营情况、未来发展规划和战略等进行沟 | | 主要内容介绍 | 通交流。 | | | 附件清单（如有） | 具体内容详见附件：2025 年 12 月 | 23 日投资者调研会议记录 | | 日期 | 2025 年 12 月 23 日 | | ...

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 - As of November 30, 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 shareholders was 234 million yuan, with a year-on-year increase of 2.86% [2]. - The company has distributed a total of 369 million yuan in dividends since its A-share listing, with 195 million yuan distributed over the past three years [3]. Stock Performance - On December 24, Jiangsu Shentong's stock price increased by 2.03%, reaching 15.60 yuan per share, with a trading volume of 113 million yuan and a turnover rate of 1.57%. The total market capitalization is 7.918 billion yuan [1]. - Year-to-date, the stock price has risen by 29.73%, with a 2.23% increase over the last five trading days, 15.64% over the last 20 days, and 17.56% over the last 60 days [1]. Shareholder Information - As of November 30, 2025, the number of shareholders is 27,200, a decrease of 1.79% from the previous period. The average circulating shares per person increased by 1.82% to 17,250 shares [2]. - 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 [3]. Business Segmentation - 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 category of machinery equipment - general equipment - metal products. The company is associated with sectors including gas turbines, nuclear fusion, aerospace military industry, machinery, and semiconductor equipment [1].

格隆汇12月23日丨中国东方集团(00581.HK)发布公告，2025年12月23日，公司附属公司津西重工于深交 所进行场内交易，按每股约人民币15.27元(相当于每股约16.91港元)的平均价格，收购江苏神通 (002438.SZ)12.55万股股份(占本公告日期江苏神通已发行股份约0.02%)，总代价约为人民币192万元(相 当于约212万港元)。收购事项的总代价将以现金支付，并由集团内部资源全数拨付。紧接收购事项后， 集团持有总共912.9万股江苏神通股份(占本公告日期江苏神通已发行股份约1.80%)。 ...

中国东方集团(00581)公布，于2025年12月23日，公司附属公司津西重工于深圳证券交易所进行场内交 易，按每股约人民币15.27元(相当于每股约16.91港元)的平均价格，收购江苏神通（002438）12.55万股 股份(占本公告日期江苏神通已发行股份约0.02%)，总代价约为人民币192万元(相当于约212万港元)。收 购事项的总代价将以现金支付，并由集团内部资源全数拨付。 ...

编号：2025-023 | | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活动 | □新闻发布会 □路演活动 | | 类别 | □√现场参观 | | | □其他（电话调研） | | 参与单位名称及 | 赢仕投资、国科龙晖、蜂投基金、疆亘资本、九一私募、光大证 | | 人员姓名 | 券 | | 时间 | 2025 年 12 月 19 日 | | 地点 | 公司会议室 | | 上市公司接待人 | 副总裁、董事会秘书：章其强先生 | | 员姓名 | 证券事务代表：陈鸣迪女士 | | 投资者关系活动 | 机构投资者就公司生产经营情况、未来发展规划和战略等进行沟 | | 主要内容介绍 | 通交流。 | | 附件清单（如有） | 具体内容详见附件：2025 年 12 月 19 日投资者调研会议记录 | | 日期 | 2025 年 12 月 19 日 | 证券代码：002438 证券简称：江苏神通 江苏神通阀门股份有限公司投资者关系活动记录表 ...

Group 1: Company Overview and Market Position - The company has established significant product competitiveness and brand influence in the nuclear power sector, with over 150,000 nuclear valves in operation and a market share exceeding 90% for core products like nuclear butterfly and ball valves [3] - The nuclear valve industry is expected to maintain a regulated, orderly, and high-quality competitive ecosystem due to the normalization of new project approvals and the deepening of key equipment localization strategies [3] Group 2: Product Lifecycle and Maintenance - Although nuclear valves have a design lifespan of up to 60 years, regular maintenance and preventive replacement of key components are necessary due to harsh operational conditions [4] - The nuclear valve parts market is becoming a stable and sustainable source of revenue for the company, driven by the increasing demand for spare parts as the number of operational nuclear units grows [6] Group 3: Export and Development - The company primarily exports nuclear valve products through indirect export channels, partnering with large domestic enterprises that have overseas project contracting qualifications [5] - The company is actively developing a full range of high-quality products, including nuclear butterfly valves, ball valves, and specialized valves for advanced nuclear applications, while investing in cutting-edge technology research [7][8] Group 4: Meeting Details - The investor meeting took place on December 19, 2025, from 16:00 to 17:30, with 10 attendees present [2][9] - There were no significant undisclosed information leaks during the investor meeting [9]

Core Viewpoint - China Oriental Group's subsidiary, Jinxin Heavy Industry, plans to acquire 2 million shares of Jiangsu Shentong, representing approximately 0.39% of the company's issued shares, for a total consideration of about RMB 30.91 million (approximately HKD 34.20 million) [1] Group 1: Acquisition Details - The acquisition will be conducted at an average price of approximately RMB 15.46 per share (approximately HKD 17.10) [1] - Following the acquisition, China Oriental Group will hold a total of 9,003,500 shares in Jiangsu Shentong, representing about 1.77% of the issued shares [1] Group 2: Relationship with Jiangsu Shentong - Jiangsu Shentong serves as a valve supplier and equipment maintenance service provider for China Oriental Group, having developed a 5G IoT-based valve information management system to optimize maintenance plans and reduce inventory levels [2] - The acquisition is characterized as a vertical acquisition of minority equity, aimed at strengthening the existing commercial relationship and fostering deeper cooperation between the two companies [2] Group 3: Financial Benefits - The investment in Jiangsu Shentong is expected to yield financial benefits, including potential share price appreciation and dividends [3] - Jiangsu Shentong has shown a significant upward trend in dividend payments over the past three fiscal years, increasing from RMB 0.5 per 10 shares in 2022 to RMB 1.75 per 10 shares in 2024 [3]