证券代码：603699 证券简称：纽威股份 公告编号：临 2025-048 苏州纽威阀门股份有限公司 监事会关于公司 2025 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 2、关于公司监事会对拟激励对象的核查方式 本公司监事会及全体监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。 一、公示及核查情况 2025 年 07 月 01 日，苏州纽威阀门股份有限公司（以下简称"公司"）第五 届董事会第二十九次会议审议通过了《关于<公司 2025 年限制性股票激励计划 （草案）>及其摘要的议案》（以下简称"激励计划"或"本激励计划"）等议案， 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）的相关规定， 公司对激励对象的姓名和职务在公司内部进行了公示，公司监事会结合公示情况 对激励对象进行了核查，相关公示情况及核查方式如下： 1、公司对激励对象的公示情况 公司除在上海证券交易所网站（www.sse.com.cn）上公告了《苏州纽威阀门 股份有限公司 2025 年限制性股票激励计划激励对象名单》（以下简称"激励对象 名单"）外，亦 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the machinery industry, highlighting the importance of both domestic and overseas markets for growth opportunities [1][2]. Core Insights and Arguments - **Domestic Demand Stabilization**: The general equipment sector is stabilizing, and if combined with an increase in external demand, it presents a favorable investment direction [1][5]. - **Overseas Factory Construction**: In the medium to long term, building factories overseas will become a significant driver of equipment demand, leading to marginal changes in demand structure [1][2][5]. - **Emerging Technologies**: New technology sectors such as solid-state batteries, humanoid robots, and controlled nuclear fusion are expected to have substantial capacity and ongoing marginal changes, indicating investment opportunities in the second half of the year [1][2][10]. - **Learning from Japan**: The call references Japan's experience in finding growth through exports during economic downturns, suggesting that Chinese companies can similarly benefit from diversifying supply chains and seeking overseas markets [3][4]. - **Oil Extraction Equipment Spending**: The oil extraction industry is projected to see long-term growth in equipment spending over the next three to five years, particularly in the Middle East, creating revenue opportunities for Chinese companies like Nuway and Jereh [6]. - **Manufacturing Extension**: The extension of manufacturing into upstream processes will drive demand for equipment in the steel and chemical industries, marking a long-term development direction worth monitoring [7]. Additional Important Insights - **Impact of Global Tariffs**: The global tariff situation has led to significant changes in production capacity locations, with regions that have a solid manufacturing base, abundant resources, and good infrastructure becoming potential manufacturing hubs [4]. - **Digital Printing Industry**: Changes in domestic demand structures are expected to enhance the penetration rate of the digital printing industry, although overall market elasticity remains limited [8]. - **Stock Selection Criteria**: When selecting stocks, focus should be on cyclical positioning, overseas competitive landscape, and valuation. Stocks that are stabilizing at the bottom and have overseas expansion potential are particularly promising [9]. - **Trends in Solid-State Batteries and Humanoid Robots**: The solid-state battery industry is driven by policy and industry chain dynamics, while humanoid robots present opportunities in core components and application scenarios [10]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the machinery industry's current landscape and future opportunities.

Group 1: Engineering Machinery - The engineering machinery industry is experiencing a cyclical recovery, with domestic demand showing signs of improvement and export growth driven by emerging markets such as Southeast Asia, Africa, and the Middle East [4][6] - Domestic engineering machinery demand is expected to continue its upward trend, supported by a peak in equipment replacement and increased investment in infrastructure projects, with local government bond issuance rising by 84% year-on-year in the first four months of 2025 [6] - The export value of engineering machinery reached USD 5.152 billion in April 2025, marking a year-on-year increase of 12.7%, with total exports from January to April amounting to USD 18.07 billion, up 9.01% year-on-year [6][8] Group 2: Semiconductor Equipment - The domestic semiconductor equipment industry is poised for expansion, with significant capital expenditure expected for 300mm wafer fabs in China, projected to exceed USD 100 billion from 2025 to 2027 [10][13] - The trend towards self-sufficiency in semiconductor equipment is accelerating, with low domestic localization rates in critical equipment categories, indicating substantial room for import substitution [11][13] - Investment opportunities are highlighted in companies such as Zhongwei Company, Northern Huachuang, and Quick Intelligent [13][25] Group 3: Industrial Mother Machines - The machine tool industry is on an upward cycle due to ongoing domestic substitution and increasing demand for high-end machine tools, with government policies supporting tax incentives and talent development [14][16] - Short-term performance improvements are anticipated as the industry enters a renewal phase [16] Group 4: Traditional Energy Equipment - The traditional energy equipment sector is benefiting from low oil inventories in the U.S. and the upcoming peak consumption season, which is expected to support rising oil prices [17][19] - Geopolitical factors, including U.S.-Iran negotiations and the Russia-Ukraine conflict, are influencing market dynamics [19] - Companies such as Nuwei Co., Xizhuang Co., and Jerry Co. are recommended for investment [19][25] Group 5: New Energy Equipment - The controlled nuclear fusion sector is witnessing increased capital expenditure and technological advancements, with a growing number of startups and active financing in the past five years [20][24] - Significant progress in nuclear fusion technology has been made, with multiple records achieved in plasma operation [24] - Investment opportunities include companies like Hezhuan Intelligent, Xizhuang Co., and Jingda Co. [24][25]

Core Viewpoint - The Chinese control valve industry is experiencing rapid growth, with a projected market size of approximately 27 billion yuan in 2024 and a compound annual growth rate (CAGR) of 7.38% over the past four years [1]. Industry Overview - Control valves are essential components used to regulate flow, pressure, and temperature in various industrial processes, and the industry has evolved over 60 years, currently entering a phase of high-quality development [1]. - The main application markets for control valves in China include the petrochemical sector, power generation, biomedicine, air separation, and nuclear power [4]. Application Market - The petrochemical market and the power market are the two largest segments within the Chinese control valve industry, accounting for 38% and 19% of the market share, respectively, in 2024 [4]. Industry Competition - Leading companies in the domestic control valve industry include Zhejiang Lino, Wuzhong Instrument, Chuan Yi Co., Intelligent Control, and Zhejiang Control Valve [6]. - Chuan Yi Co. is expected to have a production capacity of 185,000 units in 2024, leading the domestic market [6]. Company Production Capacity - Zhejiang Lino has a production capacity utilization rate close to saturation, with a production of 243,000 units in 2023 and an estimated capacity of 50,000 units for 2024 [7]. - Wuzhong Instrument and its subsidiaries have a manufacturing capability of 200,000 customized products annually [7]. - Intelligent Control has an estimated production capacity of 32,000 units for control valves in 2023 [7]. - Zhejiang Control Valve has a production capacity of approximately 15,000 units annually, supported by advanced manufacturing technologies [7].

Core Viewpoint - The large-diameter butterfly valve market is expected to reach a size of $27.95 billion by 2031, with a compound annual growth rate (CAGR) of 6.9% from 2025 to 2031 [1]. Market Overview - The global market for large-diameter butterfly valves is characterized by a compact and lightweight design, easy installation, and efficient performance in confined spaces [1]. - The primary product type dominating the market is DN600mm-1000mm, accounting for approximately 30.9% of the market share [9]. - The oil and gas sector is the main demand source, representing about 22.5% of the market [11]. Key Players - Major manufacturers in the global large-diameter butterfly valve market include Emerson, FLSmidth, Kitz Corporation, Cameron (SLB), KSB Group, AVK Group, Crane, IMI Process Automation, ADAMS Armaturen GmbH, and Tomoe Valve [7]. - The top ten manufacturers hold around 12.0% of the market share as of 2024 [7]. Industry Drivers - The integration of sensors, IoT, and AI is driving automation and smart development in the large-diameter butterfly valve industry [16]. - High-performance materials and advanced manufacturing technologies are meeting the stringent requirements of industries such as oil and chemicals [16]. Industry Challenges - Direct material costs account for 50%-60% of manufacturing costs, significantly constraining global expansion [17]. - The industry's heavy reliance on raw materials like stainless steel and cast iron makes it vulnerable to price fluctuations, impacting profit margins and production costs [17][18]. Opportunities for Development - Energy-saving technologies and the development of eco-friendly products are aligned with the increasing demand for efficiency in water treatment and oil and gas sectors [19]. - The growing number of desalination plants is further stimulating demand for high-quality butterfly valves [19].

Group 1 - The A-share market saw a surge in the combustible ice concept stocks in the afternoon session [1] - Haimer Technology experienced a rapid increase of over 8% [1] - Guangzhou Development also followed with a rise, while stocks like Neway and Qianeng Hengxin narrowed their declines [1]

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry [1] Core Insights - The solid-state battery industry is rapidly developing, with equipment manufacturers expected to benefit in the early stages of industrialization. Solid-state batteries offer high energy density and safety, with applications anticipated in various fields by 2030 [2][17] - The humanoid robot sector is advancing with the release of the DM series 17-degree-of-freedom dexterous hand, which enhances operational capabilities and is crucial for the commercialization of humanoid robots [3][26] - The forklift industry shows promising growth, with May sales reaching 123,000 units, a 12% year-on-year increase, indicating strong performance from leading companies [4] Summary by Sections Solid-State Battery Equipment - Solid-state batteries are expected to transition from pilot testing to small-scale production between 2026 and 2027, with mass production anticipated by 2028-2029. The equipment value for a single GWh is projected to decrease from 500-600 million to 250 million yuan as production scales up [2][17][18] - Key equipment manufacturers include: - XianDai Intelligent, which has achieved mass production of pilot line equipment [19] - Winbond Technology, focusing on front-end equipment [19] - Mannesmann, which has completed dual-line layouts for dry and wet processes [19] Humanoid Robots - The DM series dexterous hand features advanced drive and transmission systems, enhancing its operational capabilities. The integration of sensors allows for high sensitivity and durability, crucial for the interaction between humanoid robots and their environment [3][26] - Investment recommendations in this sector include: - Zhaowei Electromechanical for dexterous hands and micro drive systems [3] - Fulei New Materials for sensors and electronic skin [3] Forklift Industry - The forklift industry saw a significant increase in sales, with domestic sales reaching 79,000 units and exports at 44,000 units in May, reflecting a strong demand for domestic manufacturers [4] - Recommended companies in this sector include: - Anhui Heli, which has strategic partnerships with major logistics companies [4] - Hangcha Group, focusing on intelligent logistics solutions [4] - Zhongli Group, investing in automation and intelligent solutions [4]

Investment Rating - The report assigns an "Overweight" rating for the industry [1] Core Insights - The "Strengthening Ocean Economy" strategy is accelerating, with significant developments in offshore wind power, ultra-deepwater platforms, and breakthroughs in high-end shipbuilding [2] - The central government's focus on high-quality development of the marine economy presents long-term growth opportunities for deep-sea technology and related industries [3] Summary by Sections Wind Power - The wind power sector is expected to see a profit restructuring and order expansion, with high demand projected for 2025. The domestic wind power installation reached 19.96 GW from January to April 2025, with a total bidding capacity of 53.4 GW from central state-owned enterprises [3] - The deep-sea wind power projects are entering a substantial advancement phase, with notable projects like the Zhejiang deep-sea demonstration project initiating equipment bidding, creating new opportunities for suppliers [3] - Recommended stocks include XinQiangLian, with related stocks being Tongyu Heavy Industry [3] Oil and Gas Equipment - The marine oil and gas sector is becoming a crucial growth area for China's energy supply, with marine crude oil accounting for nearly 80% of the national crude oil increment [3] - China has made significant advancements in deepwater oil and gas exploration, breaking the monopoly of a few international oil companies, exemplified by the domestically designed and built sixth-generation ultra-deepwater drilling platform "Fenjin" [3] - Recommended stocks include Jereh, Neway, with related stocks being CIMC, CNOOC, PetroChina, and China Oilfield Services [3] Shipbuilding Industry - The policy support is accelerating the construction of deep-sea equipment, with high demand arising from deep-sea oil and gas development, offshore wind power, and marine fisheries [3] - Key breakthroughs have been achieved in high-end ship types such as LNG carriers and ultra-deepwater drilling platforms, with the industry experiencing high levels of new orders and deliveries [3] - Recommended stocks include China Shipbuilding, China Shipbuilding Defense, and Zhenhua Heavy Industry [3]

Summary of Conference Call Notes Industry Overview - The conference call discusses the advancements in China's deep-sea oil extraction technology, highlighting the country's capability to explore depths of 3,000 to 5,000 meters and extract oil from depths of 1,500 to 3,000 meters, breaking the monopoly of international oil companies [1][3][4]. Key Points and Arguments - **Technological Advancements**: China has transitioned from a follower to a leader in deep-sea oil extraction technology, achieving significant breakthroughs over the past decade. This includes the development of the "Huanmai System" for seismic exploration, which has disrupted foreign monopolies [1][5]. - **Self-Sufficiency**: China is now one of the few countries globally capable of independently developing ultra-deepwater resources, ranking among the top three in this field [1][4][5]. - **Equipment Capabilities**: The "982" semi-submersible drilling platform can drill to depths exceeding 9,000 meters and operate in water depths of 1,800 meters. Additionally, the Blue Whale 1 and Blue Whale 2 platforms, built by CIMC, can operate at water depths of 3,600 meters and drill to depths of 15,000 meters, making them among the most advanced platforms worldwide [1][6]. Recommended Companies - **Core Technology and Equipment**: Companies such as CNOOC Services and CIMC are recommended for their core technologies and significant equipment capabilities [1][6]. - **Middle East Market Competitors**: Companies like Jereh and Neway are highlighted for their rapid order growth in the Middle East gas sector and potential inclusion in Saudi Aramco's supplier list, indicating promising future performance [1][6]. Impact on Related Industries - The deep-sea technology policies not only affect traditional energy sectors but also extend to wind power, shipping, and underwater robotics, suggesting a broader impact on technological development and application across these industries [2][7]. Additional Insights - The conference emphasizes the importance of deep-sea oil extraction for China's energy security, with marine oil contributing nearly 80% of the domestic oil increment as of 2024 [3]. - The challenges associated with deep-sea extraction, including complex geological conditions and high-pressure environments, are noted, indicating the increasing difficulty of operations as exploration depths increase [4]. This summary encapsulates the critical insights from the conference call, focusing on the advancements in deep-sea oil extraction technology, the companies involved, and the broader implications for related industries.

Industry Overview - The Chinese ball valve industry is projected to reach a market size of approximately 29 billion yuan in 2024, with a compound annual growth rate (CAGR) of 4.92% over the past five years [1]. - The ball valve has been developed in China for over 70 years, with significant advancements in long-distance pipeline ball valves and metal-sealed ball valves since the 21st century [1]. Market Trends - The number of bidding projects in the ball valve industry has shown an upward trend, increasing from around 3,000 projects in 2021 to over 8,000 projects expected in 2024 [4]. Competitive Landscape - Key players in the domestic ball valve manufacturing industry include Neway Valve (纽威股份), Fangzheng Valve (方正阀门), Jiangsu Shentong (江苏神通), Yongsheng Technology (永盛科技), Jintai Meilin (金泰美林), and Zhongde Technology (中德科技) [7]. - Neway Valve is noted for having the most comprehensive product offerings and the largest revenue scale, positioning it in the leading tier of the domestic ball valve market [7]. Product Offerings - Neway Valve specializes in floating ball valves, fixed ball valves, and double ball valves [8]. - Jiangsu Shentong offers hard-sealed ball valves, ceramic ball valves, high-temperature and high-pressure ball valves, and various nuclear-grade ball valves [8]. - Zhongde Technology provides a range of ball valves including floating hard-sealed, fixed soft-sealed, and LNG ultra-low temperature ball valves [8]. - Fangzheng Valve focuses on side-mounted, top-mounted, and fully welded ball valves, among others [8]. - Zhejiang Lino offers various types of ball valves including flange V-type ball valves and floating ball valves [8].