Core Viewpoint - Jiangsu Shentong (002438) focuses on the research and supply of valve equipment for metallurgy, energy, nuclear power, offshore engineering, hydrogen energy, and semiconductor fields, as well as the development and manufacturing of flanges and forgings for the chemical and nuclear power sectors [1] Group 1 - The company aims to provide energy-saving and CO governance technology services for industries such as steel metallurgy [1] - The management's goal is to achieve stable operational performance while enhancing overall competitiveness [1] - The company is committed to delivering sustainable and predictable returns to investors [1] Group 2 - The company emphasizes the importance of collective efforts from the board and all employees to achieve its objectives [1] - The long-term vision includes building a century-old Shentong and becoming a respected enterprise [1]

Core Viewpoint - Jiangsu Shentong (002438) is focusing on expanding its international business as a strategic choice for scale enhancement and technological advancement [1] Group 1 - The company has established an international trade department to facilitate market channel development [1] - Future export business will primarily target the oil refining sectors in the Middle East and Southeast Asia [1] - The company is actively exploring international markets in response to competitive conditions both domestically and internationally [1]

Group 1 - The steel metallurgy industry is experiencing a decline in demand, leading to increased competition for valve products [1] - The company is enhancing product research and development, as well as process innovation, to address market challenges [1] - The company is implementing cost reduction and efficiency improvement measures while promoting its "valve steward" service to increase brand influence and market share [1] Group 2 - Global and domestic capital expenditure in the chemical and refining industries is slowing down, intensifying competition for the company's energy and chemical products [1] - The company plans to continue investing in research and development in the energy and chemical sector and innovate marketing strategies to gradually increase market share in the energy and petrochemical valve products [1]

Group 1: Investor Relations Activity - The investor relations activity was categorized as an earnings briefing meeting [2] - The meeting took place on August 25, 2025, at the company's headquarters [2] - Key personnel included the President, Vice President, CFO, Independent Director, and Securities Representative [2] Group 2: Meeting Content - The company presented its production and operational status for the first half of 2025 [2] - Future development trends were also discussed during the meeting [2] - Detailed content can be found in the attachment: meeting records from August 25, 2025 [2]

Group 1: Company Performance and Goals - The company focuses on valve equipment R&D and supply in metallurgy, energy, nuclear power, marine engineering, hydrogen energy, and semiconductor fields, aiming for steady operational performance and enhanced competitiveness to provide sustainable returns to investors [3] - The company has set a profit distribution plan for 2024, proposing a cash dividend of 1.75 yuan per 10 shares, totaling approximately 88.82 million yuan distributed on June 18, 2025 [9] - As of June 30, 2025, the company's inventory balance was approximately 1.006 billion yuan, with a provision for inventory impairment of about 9.137 million yuan [13] Group 2: Market and Investment Strategies - The company emphasizes value management and aims to enhance core competitiveness through continuous innovation and effective communication with investors [6] - The company plans to expand its international business, focusing on markets in the Middle East and Southeast Asia, particularly in the oil refining sector [21] - The company is currently in the "verification-small batch supply" stage for its semiconductor valve business, with significant upfront costs impacting short-term profitability [7] Group 3: Nuclear Power Business Insights - The company achieved new orders worth 483 million yuan in the first half of 2025, corresponding to approximately 6-7 newly approved nuclear power units [24] - The nuclear valve business is expected to see a growth rate of 15% in the first half of the year, with revenue recognition based on the actual delivery schedule of products [8] - The company has developed valve products that meet the standards for third and fourth-generation nuclear power plants, covering major domestic reactor types [25]

8月26日，江苏神通大宗交易成交380万股，成交额4864万元，占当日总成交额的21.9%，成交价12.8元，较市场收盘价13.73 元折价6.77%。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交軍 | 成交全额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2025-08-26 | 002438 | 江苏神通 | 12.80 | 340.00 | | 4,352.00东方财富证券股份 | 中航证券有限公司 | | | | | | | | 有限公司扬州文昌 | 杭州莫干山路证券 | | | | | | | | 中路证券营业部 | 营业部 | | 2025-08-26 | 002438 | 江苏神通 | 12.80 | 40.00 | 512.00 | 东方财富证券股份 | 中泰证券股份有限 | | | | | | | | 有限公司扬州文昌 | 公司南昌团结路证 | | | | | | | | 中路证券营业部 | 券营业部 | ...

内容概要：开关阀是一种通过启闭件控制流体通断的工业设备，属于阀门式样的开关。阀门行业是我国 机械制造业中的一个重要领域，而机械制造业是实体经济的重要组成部分。近年来，国家及相关部门不 断出台一系列政策，推动我国阀门行业发展。开关阀广泛应用于石油、化工、电力、冶金、环保、水处 理等传统行业，随着工业自动化的推进，电动、气动等自动化开关阀的市场需求正逐步扩大，同时在新 能源、生物医药、环保、电子半导体等新兴领域的应用也在不断拓展。2024年，我国开关阀市场规模从 2016年的116.2亿元增长至212.3亿元，预计2025年我国开关阀市场规模有望达到262.7亿元，预计2031年 有望突破400亿元。 开关阀的分类方式多样，按驱动方式也是最常见的分类方式可以分为手动开关阀、气动开关阀、电动开 关阀、液动开关阀。 上市企业：纽威股份(603699)、中核苏阀(000777)、上海冠龙阀门（301151）、江苏神通(002438)、永盛 科技(874497)、方正阀门(920082)、浙江力诺(300838) 相关企业：烟台金泰美林科技股份有限公司、浙江中德自控科技股份有限公司、上海永项阀门制造有限 公司、大连大高阀 ...

Core Viewpoint - Jiangsu Shentong has established a subsidiary focused on the development of specialized valves for semiconductor equipment, indicating a strategic move into the semiconductor and photovoltaic sectors [2] Group 1: Company Developments - The company set up Shentong Semiconductor Technology (Nantong) Co., Ltd. in December 2022 to focus on the independent research and development of vacuum control butterfly valves and ultra-pure process gas valves [2] - Some key products have entered the prototype verification stage with customers, and some have achieved small-scale introduction into customer production lines, indicating readiness for market promotion [2] Group 2: Industry Focus - The company is building a research and development system that integrates multiple disciplines, including mechanics, electronics, software, and measurement and control, to provide customized services [2] - The focus is on meeting the high-end demands of industries such as integrated circuits, photovoltaics, and display panels [2]

证券日报网讯江苏神通（002438）8月25日在互动平台回答投资者提问时表示，根据公司于2025年7月8 日发布的《关于股东减持计划期间届满暨实施情况的公告》，湖州风林火山股权投资合伙企业(有限合 伙)的减持计划已届满并实施完毕，截至2025年7月6日风林火山的持股比例为4.11%。 ...

Group 1: Target Price Increases - The target price increases for listed companies from August 18 to August 24 show significant growth, with Hengmingda (002947) leading at 63.83%, followed by Jiangsu Shentong (002438) at 62.24%, and Dongfang Caifu (300059) at 60.29% [1][2] Group 2: Broker Recommendations - A total of 559 listed companies received broker recommendations during the same period, with Beixin Building Materials (000786) receiving the highest number of recommendations at 22, followed by Yanghe Co., Ltd. (002304) with 21, and Runben Co., Ltd. (603193) with 20 [3][4] Group 3: Rating Upgrades - Nine companies had their ratings upgraded, including Changhai Co., Ltd. (300196) from "Hold" to "Buy" by Northeast Securities, and Chuanjinno (300505) from "Hold" to "Buy" by Pacific Securities [5][6] Group 4: Rating Downgrades - Eleven companies experienced rating downgrades, such as Taoli Bread (603866) from "Recommended" to "Cautious Recommendation" by Minsheng Securities, and Southern Airlines (600029) from "Hold" to "Increase" by Zhongyin International Securities [7][8] Group 5: First Coverage - A total of 97 instances of first coverage were reported, with Southern Airlines receiving an "Increase" rating from Zhongyin International Securities, and Cuihua Jewelry (002731) receiving a "Buy" rating from Tianfeng Securities [9][10]