证券代码：603699 证券简称：纽威股份 公告编号：临 2025-064 苏州纽威阀门股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 苏州纽威阀门股份有限公司（以下简称"公司"）于 2025 年 9 月 30 日召开了 第五届董事会第三十二次会议和第五届监事会第二十五次会议，审议通过了《关 于回购注销部分限制性股票及调整预留授予部分回购价格的议案》，根据公司 2023 年第二次临时股东大会的授权，对公司 3 名激励对象因个人层面绩效考核 结果为 B,其已获授但尚未解除限售的 4,210 股限制性股票进行回购注销；同时， 鉴于公司 2024 年半年度权益分派方案和 2024 年权益分派方案均已实施，公司应 对预留授予限制性股票回购价格进行相应调整。现将有关事项公告如下： 一、本激励计划已履行的相关审批程序 1、2023年9月8日，公司第五届董事会第六次会议审议通过了《关于<苏州纽 威阀门股份有限公司2023年限制性股票激励计划（草案）>及其摘要的议案》、 《关于制定<苏州纽威阀门股份有限公司202 ...

证券代码：603699 证券简称：纽威股份 公告编号：临 2025-063 苏州纽威阀门股份有限公司 关于 2023 年限制性股票激励计划预留授予部分 第一个解除限售期解除限售条件成就的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 2、公司内部对激励对象名单进行了公示，公示期自2023年9月9日至2023年9月19日。 1/7 公示期满后，监事会对本次激励计划激励对象名单进行了核查，并于2023年9月21日出具了 《监事会关于公司2023年限制性股票激励计划激励对象名单的核查意见及公示情况说明》。 3、2023年9月28日，公司召开了2023年第二次临时股东大会，审议并通过了《关于<苏 州纽威阀门股份有限公司2023年限制性股票激励计划（草案）>及其摘要的议案》、《关于 制定<苏州纽威阀门股份有限公司2023年限制性股票激励计划实施考核管理办法>的议案》、 《关于提请股东大会授权董事会办理2023年限制性股票激励计划相关事宜的议案》，并对 《关于公司2023年限制性股票激励计划内幕信息知情人买卖公司股票 ...

江苏合展兆丰律师事务所 H&Z LAW FIRM 江苏合展兆丰律师事务所 关于 苏州纽威阀门股份有限公司 2023 年限制性股票激励计划预留授予部分 第一个解除限售期解除限售条件成就、 回购注销部分限制性股票及调整预留授予部分回购价格事项 之 法律意见书 苏兆证字（2025）第 0930 号 致：苏州纽威阀门股份有限公司 江苏合展兆丰律师事务所（以下简称"本所"）接受苏州纽威阀门 股份有限公司（以下简称"公司"）的委托，并指派张知烈律师、吴开 征律师（以下简称"本所律师"）根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券 法》"）、中国证券监督管理委员会（以下简称"中国证监会"）、《上市 公司股权激励管理办法》（以下简称"《管理办法》"）等有关法律、 法规和规范性文件以及《苏州纽威阀门股份有限公司章程》（以下简 称"《公司章程》"）、《苏州纽威阀门股份有限公司 2023 年限制性股 票激励计划（草案修订稿）》（以下简称"《激励计划》"或"本次激励 地址：中国.苏州.人民路 3110 国发大厦 10 楼 1006 室 邮编：215008 Address：10F ...

江苏合展兆丰律师事务所 H&Z LAW FIRM 江苏合展兆丰律师事务所 关于 致：苏州纽威阀门股份有限公司 江苏合展兆丰律师事务所（以下简称"本所"）接受苏州纽威阀门 股份有限公司（以下简称"公司"）的委托，并指派张知烈律师、吴开 征律师（以下简称"本所律师"）根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券 法》"）、中国证券监督管理委员会（以下简称"中国证监会"）、《上市 公司股权激励管理办法》（以下简称"《管理办法》"）等有关法律、 法规和规范性文件以及《苏州纽威阀门股份有限公司章程》（以下简 称"《公司章程》"）、《苏州纽威阀门股份有限公司 2023 年限制性股 票激励计划（草案修订稿）》（以下简称"《激励计划》"或"本次激励 地址：中国.苏州.人民路 3110 国发大厦 10 楼 1006 室 邮编：215008 Address：10F,Guo Fa Mansion,3110 Ren Min Rd.,Suzhou,China Pc：215008 电话/Tel：+86 512 65589228 +86 512 6558383 网址/Web：www. ...

Core Viewpoint - The company plans to implement a capacity expansion project to enhance overall production capacity and operational efficiency through investment in high-end cast steel pump valve components and structural components manufacturing [1] Group 1: Investment and Project Details - The total investment for the high-end cast steel pump valve components and structural components manufacturing project is approximately 1.5 billion yuan, funded by the company's own resources [1] - The expected construction period is from September 2026 to December 2027, lasting about 16 months, with an anticipated annual production capacity of 40,000 tons of various cast steel components and an estimated annual output value of 1 billion yuan [1] Group 2: Company Background and Operations - Niuwei Industrial Materials (Suzhou), established in 2005, is located in the High-tech Zone of Suzhou, Jiangsu Province, and serves as one of the company's production bases for cast and forged components, primarily producing various sand castings [1] - The company will organize the overall relocation of Niuwei Industrial Materials (Suzhou) after the new manufacturing facility for high-end cast steel components is fully constructed, equipment is debugged, and operations are stable, to achieve capacity replacement and expansion [1]

Summary of Conference Call on Oil Service Equipment Industry Overview - The conference call focuses on the oil service equipment industry, specifically highlighting the companies **Jereh** and **Neway** as key players in this sector [1][2]. Key Insights and Arguments - **Performance of Jereh and Neway**: Both companies have shown outstanding performance, with market capitalizations exceeding 30 billion yuan and profits of approximately 3 billion yuan for Jereh and 1.5 billion yuan for Neway. Their current price-to-earnings ratios are 12x and 15x respectively, indicating strong earnings elasticity [1][2]. - **China-Middle East Relations**: The close relationship between China and Middle Eastern countries benefits Chinese companies in engineering machinery, mining, and oil service equipment sectors. China is transitioning from a financial investor to a project contractor and shareholder, deepening cooperation with Middle Eastern nations [1][4]. - **Energy Supply-Demand Mismatch**: The Middle East faces challenges due to a mismatch in fossil energy supply and demand, exacerbated by the rise of electric vehicles reducing oil demand. The region aims to maintain high oil prices by reducing oil supply while increasing natural gas extraction, creating market opportunities for Chinese natural gas equipment exports [1][5]. - **Long-term Energy Strategy**: In the medium to long term, the Middle East plans to decrease oil extraction to stabilize oil prices and increase natural gas production to meet domestic electricity needs. The cost of natural gas for domestic use is significantly lower than LNG exports, allowing for better supply-demand balance and sustained high income [6][7]. - **Gas Turbine Market Demand**: The global gas turbine market is expected to grow by 30% in 2025, with significant demand concentrated in North America and the Middle East. The U.S. market is projected to grow by 147%, while the Middle East is expected to see a 200% increase, primarily driven by data center applications [8]. Additional Important Points - **Investment in AI Data Centers**: Middle Eastern countries, particularly Saudi Arabia and the UAE, are investing heavily in AI data centers, purchasing significant quantities of high-end chips to transform into high-tech and service-oriented economies [3][10]. - **Challenges in Energy Development**: The Middle East faces challenges such as water scarcity and a singular energy structure reliant on oil and gas. The region is focusing on increasing natural gas capital expenditure to reduce oil-fired power generation and stabilize oil prices [9]. - **Opportunities for Chinese Companies**: Companies like Jereh and Neway are positioned to capitalize on opportunities in the Middle East, with expectations of increased participation in project contracting and integrated service solutions [13]. - **Future Prospects for Jereh and Neway**: Both companies are expected to benefit from China's growing strength and improved relations with the Middle East. Their low valuations suggest significant investment potential, with Jereh at 12x and Neway at 15x by 2026 [18][19]. This summary encapsulates the critical insights from the conference call, emphasizing the strategic positioning of Jereh and Neway within the evolving landscape of the oil service equipment industry and the broader implications of geopolitical and market dynamics.

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry, with a focus on AI equipment and oil service equipment [1]. Core Insights - The rapid development of AI chips is expected to drive demand for advanced testing and packaging equipment, particularly in the semiconductor sector [2][20]. - The PCB equipment market is set to benefit from significant investments in AI infrastructure, with major players expanding their production capacities [3][44]. - The oil service equipment sector is poised for growth due to Saudi Aramco's plans to initiate 85 major projects over the next three years, which will create substantial demand for related products and services [9]. Summary by Sections Semiconductor Equipment - The demand for high-performance testing machines is increasing due to the complexity of AI chips and advanced storage chips, which require enhanced testing capabilities [2][21]. - The advanced packaging technology CoWoS is crucial for GPU and HBM interconnects, leading to a surge in demand for advanced packaging equipment [2][22]. - The semiconductor testing equipment market is projected to exceed $13.8 billion by 2025, with significant contributions from SoC and storage testing machines [21]. PCB Equipment - The AI infrastructure investment by Alibaba is expected to significantly boost the PCB market, with leading companies expanding their high-end HDI production capacities [3][4]. - The report highlights the increasing complexity and investment inflation in PCB production processes, particularly in drilling and exposure stages [4][44]. - Major PCB manufacturers are actively expanding their capacities to meet the rising demand for high-performance PCBs driven by AI servers [44][46]. Oil Service Equipment - Saudi Aramco's upcoming projects will require extensive procurement of materials and equipment, benefiting companies with technological advantages in the oil service sector [9]. - Companies like Neway and Jereh are well-positioned to capitalize on the growing demand for oil service equipment due to their established relationships and capabilities [9]. Carbon Silicon - The report emphasizes the potential of single crystal silicon carbide (SiC) in enhancing the performance of CoWoS structures, which is critical for high-power GPU applications [5]. - The successful launch of a 12-inch SiC substrate processing line by Jing Sheng marks a significant advancement in domestic SiC technology [5]. Investment Recommendations - The report suggests focusing on companies such as Huafeng Measurement and Changchuan Technology for testing equipment, and Jing Sheng for packaging equipment, as they are expected to benefit from the growth in AI chip production [2][22]. - In the PCB sector, companies like Dazhu CNC and East China Electric are recommended for their strong market positions and growth potential [43][46].

Core Viewpoint - The general machinery industry in China is experiencing growth driven by infrastructure development and the rapid expansion of new energy sectors, with significant demand for equipment such as pumps, valves, and compressors [1][5][6]. Overview - General machinery is a foundational industry widely used in various sectors including petroleum, chemicals, electricity, and metallurgy, consisting of equipment like pumps, fans, compressors, and valves [2][3]. Market Policy - The Chinese government has implemented several policies to support the development of the general machinery industry, including the "2024-2025 Energy Saving and Carbon Reduction Action Plan" and other initiatives aimed at promoting high-quality development and digital transformation [3][4]. Industry Chain - The industry chain includes upstream suppliers of raw materials like steel and non-ferrous metals, midstream manufacturers of general machinery, and downstream application markets across various sectors [5]. Current Development - In the first half of 2025, the revenue of 8,842 large-scale enterprises in the general machinery industry reached 521.815 billion yuan, a year-on-year increase of 4.45%, with total profits of 36.598 billion yuan, up 3.95% [1][6]. Competitive Landscape - The general machinery industry is characterized by a fragmented market with numerous participants. In the first half of 2025, 210 key member enterprises accounted for only 11.94% of the total revenue of the industry [6][7]. Key Companies - Major listed companies in the industry include Hengli Hydraulic, Shaanxi鼓动力, and Neway Valve, with Hengli Hydraulic achieving a revenue of 5.171 billion yuan in the first half of 2025 [7][8]. Development Trends - The industry is expected to transition towards digitalization and service provision, focusing on improving production efficiency and product quality through advanced technologies and offering comprehensive services beyond equipment sales [9].

Core Viewpoint - The international oil price has been declining this year, yet the oil service equipment sector is experiencing significant growth, particularly with multiple large contracts awarded to Chinese oil service companies in the Middle East [2][3]. Group 1: Recent Contracts and Orders - China National Petroleum Engineering Co. announced a $2.524 billion contract with a Middle Eastern client, equivalent to approximately 18.032 billion RMB [2]. - Earlier, the same company secured another contract worth $1.601 billion, approximately 11.538 billion RMB [4]. - CNOOC Engineering also won a contract valued at around $4 billion for a project in the Middle East [4]. Group 2: Market Dynamics and Analysis - The Middle East remains a traditional oil and gas production area with high demand for oil services due to numerous new projects [2]. - The "Belt and Road" initiative has facilitated increased investment by Chinese oil companies in the region, enhancing the competitiveness of oil service firms [2][3]. - Analysts suggest that the success of Chinese companies in securing contracts is partly due to challenges faced by international competitors, including internal restructuring and mergers [4]. Group 3: Financial Performance - In the first half of 2025, 17 listed oil service companies reported a total revenue of 121.681 billion RMB, a year-on-year increase of 3.73%, and a net profit of 5.688 billion RMB, up 3.78% [6]. - Companies like Jereh and Neway have shown significant revenue growth, with Jereh's revenue increasing by 39.21% year-on-year [7]. - The total investment in energy projects by China in six Middle Eastern countries is projected to reach $50.28 billion from 2020 to 2024, driving rapid growth in oil service equipment exports [7]. Group 4: Future Outlook - The Middle East continues to advance oil and gas development, with Saudi Aramco planning to execute 85 major projects over the next three years, focusing on oil, gas, and petrochemical facilities [10]. - Saudi Aramco's capital expenditure guidance for 2025 is set between $52 billion and $58 billion, indicating a year-on-year increase of 3% to 15% [10].

Group 1 - The stock price of Niuwei Co., Ltd. has reached a new historical high, with the stock showing a continuous upward trend, having refreshed its historical record on 10 trading days in the past month [2] - As of 09:53, the stock is up 2.38%, priced at 45.25 yuan, with a trading volume of 1.7799 million shares and a transaction amount of 79.243 million yuan, resulting in a turnover rate of 0.24% [2] - The latest total market capitalization of the stock in A-shares is 35.093 billion yuan, with a circulating market value of 34.150 billion yuan [2] Group 2 - In the mechanical equipment industry, to which Niuwei Co., Ltd. belongs, the overall decline is 1.05%, with 130 stocks rising, including Hailun Zhe, Xinjin Power, and Aike Optoelectronics, which have increased by 15.20%, 8.03%, and 6.21% respectively [2] - Conversely, 450 stocks have declined, with Changfu Co., Liou Co., and Dayuan Pump Industry showing declines of 6.90%, 6.63%, and 6.50% respectively [2] Group 3 - The latest margin trading data as of September 25 shows a margin balance of 158 million yuan for the stock, with a financing balance of 155 million yuan, which has increased by 57.5317 million yuan over the past 10 days, representing a growth of 58.80% [2] - The company's semi-annual report indicates that it achieved an operating income of 3.404 billion yuan in the first half of the year, a year-on-year increase of 19.96%, and a net profit of 637 million yuan, a year-on-year increase of 30.44% [2] - The basic earnings per share are 0.8300 yuan, with a weighted average return on net assets of 13.66% [2]