Group 1: Thorium Molten Salt Concept - The thorium molten salt concept has recently gained market attention, leading to significant stock price increases for related companies [1] - Several listed companies have announced or responded regarding their business layouts related to thorium molten salt projects as of November 4 [1] Group 2: Company Specific Developments - Baose Co., Ltd. has been involved in the "Thorium Molten Salt Reactor Comprehensive Simulation Experiment Platform Project," specifically for the TMSR-SF0 main container equipment, with a total contract value of 2.5585 million yuan, delivered in 2018 [1] - Hailu Heavy Industry participated in the thorium molten salt experimental reactor project, successfully passing the acceptance of the safety device for the TMSR-LF1 reactor by experts from the Shanghai Institute of Applied Physics [1] - Jiangsu Shentong has begun research and technical reserves for various valve products required for thorium molten salt reactors [1] - Zhongmi Holdings' cooling salt circulation pump sealing products have been applied in the Gansu thorium molten salt nuclear reactor project, meeting similar sealing requirements as pressurized water reactors [1] - Fushun Special Steel has provided high-performance special steel materials for the thorium molten salt experimental reactor project [1] - Antai Technology is currently not involved in the 2 MW thorium molten salt experimental reactor business [1] Group 3: Asset Restructuring - Electric Power Investment Corporation is advancing a major asset restructuring, divesting existing financial businesses and acquiring quality nuclear power assets primarily engaged in the construction, operation, and management of nuclear power plants; currently, the company is not involved in thorium molten salt reactor-related businesses [2]

Core Viewpoint - The thorium molten salt concept has gained market attention, leading to significant stock price increases for related companies, with several listed firms responding to inquiries regarding their involvement in thorium molten salt projects [1][2][3]. Group 1: Company Involvement - Haili Heavy Industry (002255) has participated in the thorium molten salt experimental reactor project, successfully passing the acceptance of the safety device for the 2MWt liquid fuel thorium molten salt experimental reactor (TMSR-LF1) by experts from the Shanghai Institute of Applied Physics [1]. - Baose Co., Ltd. (300402) undertook the "Thorium Molten Salt Reactor Comprehensive Simulation Experiment Platform Project" in 2017, delivering the main container equipment for the scaled-down simulation device (TMSR-SF0) in 2018, with a total contract value of 2.5585 million yuan. The company is not involved in the TMSR-LF1 project [1]. - Jiangsu Shentong (002438) has initiated research and technical reserves for various valve products required for thorium molten salt reactors [3]. - Zhongmi Holdings (300470) has applied its cooling salt circulation pump sealing products in the Gansu thorium molten salt nuclear reactor project, with sealing requirements similar to those of pressurized water reactors [3]. Group 2: Current Status of Other Companies - Electric Power Investment and Financing (000958) has not yet engaged in any thorium molten salt reactor-related business [2].

Core Viewpoint - Jiangsu Shentong is actively engaging in the research and supply of valves required for nuclear power projects, particularly focusing on advanced technologies in the nuclear energy sector [2] Group 1: Company Developments - The company has been closely following advancements in nuclear energy applications for many years [2] - Jiangsu Shentong is involved in the research and supply of various valve products needed for thorium-based molten salt reactors [2] - The company has established a technical reserve for the development of these valve products [2]

Core Viewpoint - Jiangsu Shentong is actively engaged in the research and supply of valves required for nuclear power projects, focusing on advanced technologies in nuclear energy applications [1] Group 1 - The company has been closely following advancements in nuclear energy technology for many years [1] - Jiangsu Shentong is participating in the construction of nuclear power projects in friendly countries [1] - The company has initiated the research and technical reserve of various valve products needed for thorium-based molten salt reactors [1]

证券代码：002438 证券简称：江苏神通 公告编号：2025-063 江苏神通阀门股份有限公司 关于全资子公司变更民用核安全设备制造许可活动范围的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 表 1 | 设备类别 | 核安全级别 | 材料类别 | 公称直径 （mm） | 主要关键工艺 | 制造活动范围及完成形式 | 活动场所 | 备注 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 1 级 | 不锈钢 | ≤600 | | 根据设备制造技术规格书 的要求，按照确认的施工 | | | | 法兰 | | 不锈钢、 | | 锻造、热处理、 | 图纸和技术条件进行制 | 无锡市滨湖区胡埭镇 | / | | | 2、3 级 | 碳钢、合 | ≤2000 | 最终机加工 | 造，包括完成所有检验和 | 振胡路 288 号 | | | | | 金钢 | | | 试验项目，提供最终产品 | | | | | | | | | 及质量证明文件。 | | | 表 2 | 设备类别 | 设备品种 | 核安全 | ...

Core Points - Jiangsu Shentong's wholly-owned subsidiary, Wuxi Flange Forging Co., Ltd., received approval from the National Nuclear Safety Administration to change its scope of manufacturing licenses for civil nuclear safety equipment [1][2] - The approval indicates that Wuxi Flange meets the necessary conditions for manufacturing civil nuclear safety equipment, enhancing its competitive edge in the nuclear flange and forging sector [2] Summary by Sections Company Developments - Wuxi Flange has been granted a change in its manufacturing license scope, which will allow it to supply a wider range of nuclear power products [2] - The company aims to leverage this approval to contribute more high-quality and reliable flanges and forgings for national nuclear power engineering projects [2] Industry Impact - The approval reflects the growing demand and diversification in the nuclear power sector, positioning Wuxi Flange favorably for future market expansion [2]

Core Viewpoint - Jiangsu Shentong's subsidiary, Wuxi Flange Forging Co., Ltd., has received approval from the National Nuclear Safety Administration to expand its manufacturing license for civil nuclear safety equipment, indicating a strengthening of its competitive position in the nuclear power sector [1][2]. Group 1: Company Developments - Wuxi Flange has been granted a change in the scope of its civil nuclear safety equipment manufacturing license, which reflects compliance with relevant regulations [1]. - The approval allows Wuxi Flange to increase the variety of nuclear power products it can supply, enhancing its competitiveness in the nuclear flange and forging manufacturing sector [2]. Group 2: Market Impact - The change in license scope is expected to positively influence Wuxi Flange's future operations and market expansion, enabling the company to contribute more effectively to national nuclear power project construction [2].

Core Viewpoint - Jiangsu Shentong (002438.SZ) has been actively involved in the research and supply of valves required for nuclear power projects, focusing on advanced nuclear energy applications and thorium-based molten salt reactor technology [1] Group 1 - The company has been closely following advancements in nuclear energy technology for many years [1] - Jiangsu Shentong is participating in the construction of nuclear power projects in friendly countries [1] - The company has initiated the research and technical preparation of various valve products needed for thorium-based molten salt reactors [1]

Group 1: Company Overview and Strategy - The meeting was hosted by the Vice President and Secretary of the Board, emphasizing compliance with disclosure regulations and introducing the company's basic situation and development strategy [2] - The company is actively pursuing market opportunities through technological innovation and market expansion to enhance its market share in nuclear valve products [8] Group 2: Financial Performance and Product Insights - 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 [3] - The gross margin for fourth-generation nuclear reactor valves is comparable to that of third-generation valves, showing no significant difference [7] Group 3: Production Capacity and Market Demand - The current annual production capacity for nuclear valves meets existing market delivery demands, with new production lines expected to enter trial production by the end of 2025 [4] - The domestic localization rate for nuclear valves has reached 85%-90%, indicating significant progress in the domestic valve manufacturing industry [8] Group 4: Market Trends and Challenges - There is currently no trend for price increases in nuclear valves, as the market fundamentals for the Hualong reactor bidding have not changed significantly [5] - The demand for spare parts in the nuclear valve market is expected to contribute steady revenue growth due to the aging of existing units and the orderly expansion of operational units [10] Group 5: International Expansion and Industry Challenges - The company has made significant progress in expanding its export market access and certification this year, laying a solid foundation for obtaining foreign trade orders [12] - The decline in gross margin in the metallurgy sector is attributed to decreased market demand and intensified competition, prompting the company to enhance product development and cost-reduction measures [13]

Group 1: Investor Relations Activity - The investor relations activity included a site visit on November 3, 2025 [2] - Participating institutions included Macquarie Capital, Singularity Asset, Hillhouse, Jinglin Asset, GIC, and Eastspring [2] - The meeting was held in the company conference room [2] Group 2: Meeting Overview - The meeting was led by Vice President Mr. Zhang Qiqiang [2] - Discussions focused on the company's production operations, future development plans, and strategic initiatives [2] - Detailed content of the investor survey meeting is available in the attachment dated November 3, 2025 [2]