苏州纽威阀门股份有限公司 （2）最近一个会计年度财务报告内部控制被注册会计师出具否定意见或无 法表示意见的审计报告； （3）上市后最近36个月内出现过未按法律法规、公司章程、公开承诺进行 利润分配的情形； （4）法律法规规定不得实行股权激励的； （5）中国证监会认定的其他情形。 监事会关于公司 2025 年限制性股票激励计划（草案） 相关事项的核查意见 苏州纽威阀门股份有限公司（以下简称"公司"）监事会根据《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》"）、《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、法规和规范性文件及《公司章程》的规定，对《苏州纽威阀门股份 有限公司 2025 年限制性股票激励计划（草案）》（以下简称"《激励计划（草案）》"） 及相关事项进行了必要的核查，现发表核查意见如下： 一、关于公司《2025 年限制性股票激励计划（草案）》及其摘要的核查意见 1、公司不存在《管理办法》等法律、法规规定的禁止实施限制性股票的情 形，包括： （1）最近一个会计年度财务会计报告被注册会计师出具否定意见或者无法 表示意见的审计报 ...

证券代码：603699 证券简称：纽威股份 公告编号：临 2025-044 苏州纽威阀门股份有限公司 第五届董事会第二十九次会议决议的公告 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。 一、董事会会议召开情况 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 议于 2025 年 06 月 25 日以电子邮件、电话通知的方式发出会议通知，于 2025 年 07 月 01 日上午在公司会议室以现场结合通讯表决方式召开。本次会议应参加董 事 7 名，实际参加董事 7 名。会议由董事长鲁良锋先生主持，公司全体监事、董 事会秘书及其他部分高级管理人员列席了会议。会议的召集、召开及表决程序符 合有关法律、法规、部门规章、规范性文件和公司章程的规定，会议程序合法、 有效。 二、董事会会议审议情况 本次会议经与会董事认真审议，以投票表决方式做出如下决议： 1、 审议通过《关于公司 2025 年限制性股票激励计划（草案）的议案》； 为了进一步建立、健全公司长效激励机制，吸引和留住优秀人才，充分调动 公司（含分、子公司）董事 ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China's Manufacturing Sector - **Key Themes**: Transition driven by domestic consumption shifts, global trade dynamics, and technology innovation [1][2] Core Insights - **Demand Recovery**: Recovery in demand remains uneven and fragile, with weak performance reported in Q2, particularly from April to May due to deteriorating consumer sentiment and tariff-related uncertainties [2][3] - **Bright Spots**: Industrial robots and painting sectors show signs of demand bottoming out, while exports have emerged as a relative bright spot for several companies [2][3] - **Manufacturing Evolution**: China's manufacturing is evolving through differentiation, globalization, localization, and new economies, rather than losing competitiveness [3][4] Company-Specific Insights Skshu (603737 CH) - **Performance**: Retail sales growth remained in single digits due to a high base in Q2 2024, with a full-year target near 10% [13][16] - **New Retail Strategy**: Aims to increase new retail's revenue contribution from 23% to 40% by 2025, targeting 15% market penetration in 3-5 years [13][16] - **Profitability Goals**: Long-term profit margin target above 10%, with a focus on reducing expense ratios and increasing gross margins [16][19] Shuanghuan (002472 CH) - **Demand Momentum**: NEV gear sales estimated to grow over 30% YoY in Q2, with strong demand from major clients like Xiaomi and XPeng [11][8] - **Expansion Plans**: Adding capacity in Hungary due to strong local demand, with a focus on maintaining competitive pricing despite cost inflation [4][11] Jack Technology (603337 CH) - **Sales Growth**: Management targets around 20% YoY sales growth in 2025, with strong overseas sales expected to outperform domestic growth [20][24] - **Product Differentiation**: Focus on hardware-software integration and innovative product offerings to compete with Japanese brands [24][25] Weixing (002003 CH) - **Market Challenges**: Domestic demand is weak, particularly in mid-to-high-end apparel accessories, with a cautious outlook for 2025 [29][30] - **Overseas Opportunities**: Gaining share in Adidas and Nike's supply chains, despite overall U.S. consumer sentiment weakening [29][30] Vasen New Building Materials (002372 CH) - **Weak Domestic Demand**: Q2 performance worse than Q1, with shipment volumes declining over 10% YoY [31][33] - **Market Position**: Holds a 20% national market share in China's PPR pipes market, with ambitions to reach 40% over the next decade [33] Yinlun (002126 CH) - **Customer Base**: Serves a diversified customer base across passenger vehicles, commercial vehicles, and digital energy, with Tesla as the largest customer [37][36] - **Growth Projections**: Targets a CAGR of 20% over the next five years, driven by overseas expansion [37][36] Additional Insights - **Tariff Impact**: The indirect impact of tariffs has led to cautious order behavior among clients, affecting overall demand [2][29] - **Investment Trends**: Companies are increasingly focusing on product innovation and customization to differentiate themselves in a competitive landscape [4][20] - **Market Dynamics**: The global valve market is projected to grow significantly, with Neway aiming for Rmb10 billion in revenue by 2028 [59][62] Conclusion The conference call highlighted the complexities and challenges facing China's manufacturing sector, with a focus on evolving strategies for differentiation and globalization. Companies are navigating a fragile recovery landscape while seeking to capitalize on emerging opportunities both domestically and internationally.

Core Insights - The report emphasizes a focus on the technology sector for investment opportunities, particularly in growth stocks, as the market index has shown upward momentum [2][6]. - The report outlines a selection of ten key stocks, highlighting their respective industries, market capitalizations, earnings per share (EPS) forecasts, and price-to-earnings (PE) ratios for 2026 and 2027 [2][68]. Group 1: Key Stock Recommendations - **Neway Valve (603699.SH)**: A leading global industrial valve manufacturer, benefiting from a surge in LNG and marine engineering sectors, with expected overseas order growth of over 50% year-on-year in the first half of 2025 [11][12]. - **Yongxing Environmental (601033.SH)**: The sole operator of waste incineration in Guangzhou, with a projected capacity utilization rate of 79% and a commitment to high dividends, expecting a 174% increase in free cash flow in 2024 [17][18]. - **Aerospace Electronics (600879.SH)**: Focused on aerospace electronics and unmanned systems, with anticipated high growth driven by the commercial space industry and demand for satellite communication technologies [26][27]. - **Miaokelando (600882.SH)**: Positioned for long-term growth in the dairy sector, with a focus on product innovation and cost management, expecting significant revenue growth in the upcoming quarters [31][32]. - **Laopu Gold (6181.HK)**: A high-end gold jewelry brand with strong revenue growth, projected to achieve 8.51 billion yuan in revenue in 2024, benefiting from the expanding market for traditional gold products [36][38]. - **Jingzhida (688627.SH)**: Engaged in the semiconductor testing equipment sector, with significant market potential and expected strong performance due to key customer orders [42][43]. - **Shensanda A (000032.SZ)**: Positioned to benefit from the increasing demand for AI infrastructure and applications, with a strong foothold in public data services [47][48]. - **Sanqi Interactive (002555.SZ)**: Anticipating strong performance from new game releases, particularly the upcoming "Douluo Dalu: Hunting Soul World," with high player interest [53][56]. - **CATL (300750.SZ)**: Expected to maintain strong profit growth, with projected net profits of 66.1 billion yuan in 2025, driven by increasing demand for electric vehicle batteries [59][60]. - **Borui Pharmaceutical (688166.SH)**: Forecasted to achieve net profits of 2.6 billion yuan in 2025, with significant potential in the Amylin pipeline, which has attracted substantial investment interest [63][64]. Group 2: Financial Data Overview - The report provides detailed financial forecasts for the ten key stocks, including projected revenues and net profits for 2025 to 2027, highlighting the growth potential across various sectors [68]. - For instance, Neway Valve is expected to generate 74.53 billion yuan in revenue in 2025, with a net profit of 14.49 billion yuan, reflecting strong operational performance [68]. - CATL's projected revenue for 2025 is 472.43 billion yuan, with a net profit forecast of 66.13 billion yuan, indicating robust growth in the electric vehicle battery market [68].

Group 1 - Hengbang Co., Ltd. plans to establish a joint venture with Huasheng Development with a registered capital of 10 million yuan, where Hengbang will contribute 8 million yuan (80%) and Huasheng will contribute 2 million yuan (20%) [1] - Hunan Gold's subsidiary Anhua Zhazi Creek Smelting Plant will undergo temporary maintenance starting from the end of June 2025, expected to last no more than 30 days [2] - Defu Technology's subsidiary signed supply agreements for lithium battery copper foil products with two leading global companies, with contract durations of 3 years and 5 years respectively [3] Group 2 - Binjiang Group won the rights to two residential land parcels for a total price of 4.368 billion yuan [5] - Zhong'an Technology announced the resignation of its executive vice president and board secretary due to personal reasons [7] - Changqing Technology's project for special polymer materials and electronic materials has officially commenced production, adding a capacity of 120,500 tons per year [10] Group 3 - Gansu Energy received approval from the China Securities Regulatory Commission to publicly issue bonds totaling up to 2 billion yuan [10] - Shuoshi Biology obtained a medical device registration certificate for an in vitro diagnostic reagent, valid until June 2030 [12] - Yawen Co., Ltd. plans to issue shares to specific investors, with the application accepted by the Shenzhen Stock Exchange [13] Group 4 - Guoyao Modern's subsidiary received approval for the listing of a raw material drug, which is a selective anticholinergic agent [16] - Inner Mongolia First Machinery's subsidiary signed a railway freight car procurement contract worth 130 million yuan [18] - Xining Special Steel plans to raise up to 1 billion yuan through a private placement to its controlling shareholder [39] Group 5 - Huadong Medicine's subsidiary received approval for a clinical trial of a new injectable drug targeting advanced solid tumors [29] - Warner Pharmaceutical's compound potassium hydrogen phosphate injection passed the consistency evaluation for generic drugs [30] - North Special Technology plans to raise up to 300 million yuan through a private placement for a production base project in Thailand [30] Group 6 - Xiangyang Technology is the first candidate for a 533 million yuan Airbus project [45] - Haishun New Materials intends to acquire 100% of Guangdong Zhengyi Packaging [46] - Jida Zhengyuan's shareholder plans to reduce their stake by up to 0.73% due to personal financial needs [47]

为契合"全国低碳日"主题，各地化工企业也积极行动，开展了形式多样的活动。 争做"碳"路先锋 共筑绿动未来 6月25日"全国低碳日"到来之际，生态环境部、浙江省人民政府联合在杭州举办了2025年"全国低碳 日"主场活动。与此同时，国内多家化工企业也以多种形式践行"碳路先锋、绿动未来"的"全国低碳 日"主题。 在当日举办的2025年"全国低碳日"主场活动上，生态环境部发布《产品碳足迹管理体系建设进展报告 (2025)》(下称《报告》)。这是中国首次发布产品碳足迹管理体系建设进展报告。《报告》显示，我国 碳足迹管理体系建设开局良好，"两大基石"和"三项制度"初步建立。下一步，生态环境部将按照"急用 先行"原则，加快填补重点产品碳足迹核算标准空白，为推进我国产品碳足迹管理体系建设提供标准化 支撑。 在6月25日"全国低碳日"主场活动上，生态环境部发布了2025年绿色低碳典型案例名单，河南心连心化 学工业集团股份有限公司(下称心连心公司)凭借全链条绿色低碳创新实践，成为全国化肥行业及河南省 唯一入选企业，其绿色低碳经验还被列为国家级推广范本。 心连心公司董事长刘兴旭表示，作为行业"碳路先锋"，该公司从源头控碳到末端固碳 ...

Market News - US stock indices collectively rose, with Nasdaq up 0.97%, Dow Jones up 0.94%, and S&P 500 up 0.8%, marking near historical closing highs for Nasdaq and S&P 500 [1] - Major tech stocks mostly increased, with Netflix, Amazon, and Meta rising over 2%, while Apple and Tesla saw slight declines [1] - International oil prices showed slight fluctuations, with WTI crude oil up 0.46% at $65.22 per barrel and Brent crude oil up 0.41% at $66.70 per barrel [1] - The Nasdaq China Golden Dragon Index fell 0.29%, with mixed performance among Chinese concept stocks [1] Industry Insights - The Hong Kong government released the "Hong Kong Digital Asset Development Policy Declaration 2.0," aiming to position Hong Kong as a global innovation center for digital assets [3] - The declaration emphasizes a combination of prudent regulation and market innovation to create a robust digital asset ecosystem [3] - The People's Bank of China highlighted the role of blockchain technology in promoting the development of central bank digital currencies and stablecoins, enhancing transaction stability and cross-border payment capabilities [3] - The digitalization and capitalization of real-world assets (RWA) are being promoted, with the China Mobile Communications Association seeking partners for RWA ecosystem collaboration [4] - Recent price surges in DDR4 memory have been noted, with prices for DDR4 16Gb exceeding those of DDR5 for the first time, driven by reduced supply from major manufacturers [5][6] - The reduction in DDR4 production is expected to lead to a supply-demand improvement by the second half of 2025, with potential price increases anticipated [6] Company Actions - Several companies announced plans for share reductions by major shareholders, including Kai Run Co., Neway Group, and Huai Green Ecology, with reductions ranging from 0.97% to 3% of total shares [7][8]

Group 1 - The Ministry of Commerce of China has approved a certain number of compliant applications for rare earth exports from the EU, emphasizing the importance of maintaining global supply chain stability [2] - The National Development and Reform Commission announced that the third batch of funds for the old-for-new consumption policy will be distributed in July, along with new policies to stimulate economic growth [3] - The onshore and offshore RMB against the US dollar both broke the 7.16 mark, reaching new highs since November last year, driven by a weaker dollar and a stable domestic economy [4] Group 2 - The National Medical Insurance Administration has issued guidelines for the adjustment of the 2025 basic medical insurance directory, marking a significant step for commercial health insurance in the multi-tiered medical security system [5][6] - The Hong Kong government released the "Hong Kong Digital Asset Development Policy Declaration 2.0," aiming to establish Hong Kong as a global innovation center for digital assets [7] - Xiaomi launched its first SUV, the Xiaomi YU7, with a starting price of 253,500 yuan, achieving over 289,000 pre-orders within an hour [13] Group 3 - Alibaba reported a significant change in its partnership structure, with nine partners exiting, reducing the total to 17, reflecting a focus on core business operations [14] - Yushutech has surpassed 1 billion yuan in annual revenue, showcasing its growth in the robotics sector [15] - Honor has initiated the IPO counseling process, potentially becoming the first AI terminal ecosystem company listed in A-shares [16][17] Group 4 - The solid-state electrolyte membrane strategic layout is accelerating, leading to stock price fluctuations among A-share diaphragm companies [18] - The paper industry is under pressure, with leading companies working to reshape the competitive landscape [18] - The tourism and cultural market is collaborating to boost consumption as the summer travel peak approaches [18]

Core Viewpoint - The announcement details a share reduction plan by the controlling shareholder, Niuwei Group, which intends to sell up to 7,490,620 shares, representing 0.97% of the total share capital, through centralized bidding within a specified period [1][2]. Shareholder Information - As of the announcement date, Niuwei Group holds 7,490,620 shares, accounting for 0.97% of the company's total share capital, with shares acquired prior to the IPO [1]. - The controlling shareholders include Wang Baoqing, Lu Bin, Cheng Zhangwen, and Xi Chao, who collectively hold significant stakes and have signed an "Action Agreement" confirming their unified control over the company [1]. Reduction Plan Details - The planned reduction will occur from July 18, 2025, to October 17, 2025, with the selling price determined by market conditions [2]. - The reason for the share reduction is stated as a need for shareholder funds [2]. - Niuwei Group has previously made commitments regarding shareholding, including a 36-month lock-up period post-IPO, which has been adhered to [2][3]. Compliance and Risk - The share reduction plan is consistent with prior commitments made by Niuwei Group and complies with relevant regulations [3]. - The company will monitor the implementation of the reduction plan and fulfill its disclosure obligations as required by law [3].

| 股东名称 | 纽威集团有限公司 | | | | --- | --- | --- | --- | | 股东身份 | 控股股东、实控人及一致行动人 | √是 | □否 | | | 直接持股 5%以上股东 | □是 | √否 | | | 董事、监事和高级管理人员 | □是 | √否 | | | 其他：无 | | | | 持股数量 | 7,490,620股 | | | | 持股比例 | 0.97% | | | | 当前持股股份来源 | IPO 前取得：7,490,620股 | | | 一、减持主体的基本情况 上述减持主体存在一致行动人： | | | 证券代码：603699 证券简称：纽威股份 公告编号：临 2025-043 苏州纽威阀门股份有限公司 控股股东的一致行动人 集中竞价减持股份计划公告 本公司董事会、全体董事及相关股东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： 1 股东持股的基本情况：截至本公告日，股东纽威集团有限公司（以下 简称"纽威集团"）持有公司股份 7,490,620 股，占公司总股本的 0.97%； 股份来源为 ...