截至本公告披露日，王世文先生未持有公司股份。 特此公告。 附件：王世文先生简历 苏州纽威阀门股份有限公司 证券代码：603699 证券简称：纽威股份 公告编号：临 2025-040 苏州纽威阀门股份有限公司 关于王世文先生当选公司董事的公告 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。 根据公司 2024 年年度股东大会决议，王世文先生当选公司董事。 根据公司第五届董事会第二十八次会议决议，王世文先生当选公司第五届董 事会审计委员会委员、薪酬与考核委员会委员。 2025 年 05 月 16 日 1 简历：王世文，1969 年出生，中国国籍，无境外永久居留权，博士学历、 硕士生导师、苏州市政协委员。1994 年 7 月至 2002 年 8 月，先后任华北工学院 分院讲师、系副主任。2002 年 8 月至今，任苏州科技大学商学院教授、江苏省 资本市场研究会理事；2019 年 12 月至 2022 年 12 月任苏州昀冢电子科技股份有 限公司独立董事；2021 年 3 月至 2024 年 5 月任苏州可川电子科技股份有限公司 独立 ...

证券代码：603699 证券简称：纽威股份 公告编号：临 2025-039 苏州纽威阀门股份有限公司 2024年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事长鲁良锋先生主持，本次会议的召集、召开程序符合《公 司法》及《公司章程》的规定，表决方式及表决结果合法、有效。 (五)公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 (一)非累积投票议案 1、 议案名称：公司关于 2024 年度董事会工作报告的议案 审议结果：通过 (一)股东大会召开的时间：2025 年 5 月 15 日 (二)股东大会召开的地点：江苏省苏州市高新区泰山路 666 号会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 248 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数 ...

Core Points - Wang Shiwun has been elected as a director of Suzhou Neway Valve Co., Ltd. according to the resolution of the 2024 annual general meeting of shareholders [1] - Wang Shiwun has also been appointed as a member of the Audit Committee and the Compensation and Assessment Committee of the fifth board of directors [1] - As of the announcement date, Wang Shiwun does not hold any shares in the company [1] Summary of Wang Shiwun's Background - Wang Shiwun, born in 1969, is a Chinese national with a doctoral degree and serves as a master's supervisor and a member of the Suzhou Political Consultative Conference [1] - He has held various academic positions, including lecturer and deputy director at North China Institute of Technology from July 1994 to August 2002, and has been a professor at Suzhou University of Science and Technology since August 2002 [1] - Wang has served as an independent director for several companies, including Suzhou Yunzong Electronics Technology Co., Ltd. and Suzhou Kechuan Electronics Technology Co., Ltd., and has been involved with Kunshan Rural Commercial Bank and Suzhou Traffic Investment Group [1]

Meeting Details - The annual general meeting of Suzhou Neway Valve Co., Ltd. was held on May 15, 2025, at the meeting room located at 666 Taishan Road, Suzhou High-tech Zone, Jiangsu Province [1] - The meeting was presided over by the chairman, Mr. Lu Liangfeng, and complied with the provisions of the Company Law and the Articles of Association [1][3] - A total of 79.1446% of the shares were represented at the meeting [1] Voting Results - All non-cumulative voting proposals were approved with a high level of agreement, with the majority of votes in favor exceeding 99.99% for several proposals [1][2] - Specific voting results included: - Proposal 1: 608,229,686 votes in favor (99.9909%), 500 against (0.0000%), 54,700 abstentions (0.0091%) [1][2] - Proposal 2: 608,146,086 votes in favor (99.9771%), 500 against (0.0000%), 138,300 abstentions (0.0229%) [1] - Proposal 3: 607,484,832 votes in favor (99.8684%), 745,354 against (0.1225%), 54,700 abstentions (0.0091%) [2] Legal Compliance - The meeting's procedures and voting results were confirmed to be legal and valid by the attending lawyers, ensuring compliance with relevant laws and regulations [3][4]

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 2024 年年度股东大会的 法律意见书 苏兆证字（2025）第 00515 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，指派郭新花律师、顾静梅律师（以下简称"本所 律师"）出席了公司 2024 年年度股东大会（以下简称"本次股东大会"）的现场会 议，现本所根据《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"）、《上市公司股东大会规则》等我国现行法律、 法规以及《上海证券交易所上市公司股东大会网络投票实施细则》等规范性文 件和《苏州纽威阀门股份有限公司章程》（以下简称"《公司章程》"）、上市公司 股东大会规则的有关规定，就本次股东大会的有关事宜出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的有关文件及其复印件， 核对了其中相关文件的原件，并取得公司向本所作出的如下保证：公司已向本 所提供了出具本法律意见书所必须的、真实的、完整的原始书面材料、副本材 料、复印件 ...

Core Viewpoint - The company is experiencing rapid growth in performance, with a significant increase in contract liabilities year-on-year, indicating a strong order backlog. The ongoing globalization and diversification strategies are supporting long-term growth [1][2]. Financial Performance - The company achieved a revenue of 6.238 billion yuan in 2024, representing a year-on-year increase of 12.50%, and a net profit attributable to shareholders of 1.156 billion yuan, up 60.10% year-on-year [2]. - In Q1 2025, the company reported a revenue of 1.556 billion yuan, a 14.44% increase year-on-year, and a net profit of 263 million yuan, reflecting a 33.52% year-on-year growth [2]. - The gross margin and net margin for 2024 were 38.10% and 18.69%, respectively, showing an increase of 6.70 percentage points and 5.44 percentage points year-on-year [2]. - For Q1 2025, the gross margin and net margin were 35.38% and 17.05%, respectively, with increases of 2.07 percentage points and 2.39 percentage points year-on-year [2]. Contract Liabilities and Cash Flow - By the end of 2024, the company's contract liabilities reached 354 million yuan, nearly doubling year-on-year, confirming a robust order backlog [3]. - The net operating cash flow for 2024 and Q1 2025 was 1.112 billion yuan and 325 million yuan, respectively, showing significant improvements of 74.50% and 415.91% year-on-year [3]. Globalization and Diversification Strategy - The company offers a comprehensive range of industrial valve solutions, including gate valves, globe valves, check valves, ball valves, butterfly valves, control valves, and nuclear valves, catering to diverse customer needs [4]. - The company is actively responding to market demands in emerging sectors such as renewable energy, nuclear power, and marine engineering, accelerating technological upgrades and achieving breakthroughs in key technology areas [4]. - The globalization strategy is advancing, with the establishment of sales subsidiaries or offices in over 90 countries across five continents, including North America, Europe, Southeast Asia, the Middle East, and West Africa [4]. - The company plans to invest approximately 11 million USD to establish a wholly-owned subsidiary in Saudi Arabia for local production capacity development [4].

Summary of Conference Call on Tariff Impact on Machinery Export Chain Industry Overview - The conference call discusses the impact of recent tariff adjustments between China and the United States on the machinery industry, particularly focusing on companies like Zhejiang Dingli, Lingxiao Pump Industry, and others in the machinery export chain [1][2][3]. Key Points and Arguments - **Tariff Adjustments**: The machinery industry faces a new total tariff rate of 30%, which includes a 20% anti-dumping tax and a 10% global equivalent tariff. This is a significant increase from previous rates, but companies like Zhejiang Dingli have managed to mitigate the impact through cost control and price adjustments [2][3]. - **Zhejiang Dingli's Performance**: After successfully appealing against high anti-dumping duties, Zhejiang Dingli's effective tariff increase is only 11%. The company expects to maintain profit margins and has seen stable customer demand despite the tariff changes [3]. - **Other Chinese Manufacturers**: Companies such as Lingxiao Pump Industry and Chunfeng are positioned to pass on the new tariffs to downstream markets, maintaining their cost advantages. Low-value products like textiles and toys can also increase prices to offset tariff impacts [4]. - **Caterpillar's Outlook**: Caterpillar indicates that North American demand remains supported by order backlogs due to manufacturing reshoring, which extends delivery times. This environment is favorable for Zhejiang Dingli's growth in the U.S. market [5]. - **Jack Co. as an Investment**: Jack Co. is highlighted as a viable investment option due to its overseas production capabilities, which benefit from improved market confidence stemming from tariff negotiations. The company can effectively pass on costs to downstream markets [6][7]. - **Potential Beneficiaries**: Companies like Juxing, Yongda, and Jiechang are expected to benefit from improved demand in the U.S. market and stable domestic demand, which enhances their profit margins [8]. - **Global Tariff Environment**: The current global tariff landscape suggests that if average tariffs are around 10%, the impact on consumer purchasing power will be limited, leading to less severe demand disruptions for export chain companies [9]. - **Impact of U.S.-China Relations**: The lack of decoupling between the U.S. and China is expected to stabilize domestic demand in the manufacturing sector, particularly for consumer goods, potentially leading to a recovery in orders that were previously affected by tariffs [10]. Other Important Insights - The machinery industry is experiencing a shift in expectations due to tariff changes, with leading companies likely to achieve excess returns as the market stabilizes [10]. - The overall sentiment is cautiously optimistic, with companies adapting to the new tariff environment and finding ways to maintain profitability despite challenges [1][2][3][4][5][6][7][8][9][10].

Summary of Conference Call Notes Industry or Company Involved - The notes primarily discuss the export chain industry, particularly companies affected by tariffs and their strategies to mitigate impacts. Specific companies mentioned include Jiangxin Home, Juxing Technology, and Chunfeng Power, as well as companies related to the Belt and Road Initiative and the fruit chain (electronics industry). Core Points and Arguments - **Impact of Tariffs on Profitability**: In 2019, the implementation of a 25% tariff on exports to the US resulted in a 5-10 percentage point decrease in gross margins and a 2-3 percentage point decline in net profits for listed companies. Some companies managed to mitigate these impacts through transfer or hedging measures [1][3][4]. - **Establishment of Overseas Factories**: Between 2023 and 2024, export chain companies established overseas factories in Southeast Asia, Europe, and Mexico, effectively reducing the impact of the 25% tariff and achieving historically high profitability, although valuations did not significantly improve [1][3]. - **Stock Performance and Market Reactions**: In the second half of 2024, stock returns for some export chain companies increased significantly due to expectations surrounding Trump's potential re-election. However, in 2025, the implementation of global tariffs led to notable declines in stock prices for companies like Jiangxin Home and Juxing Technology [1][3][4]. - **Recent Stock Recovery**: Recently, stocks of companies like Jiangxin Home have rebounded, indicating a 10-20% increase from their lows. The uncertainty surrounding new tariffs is expected to have a limited impact on financial statements, although overall rates remain higher than before [4][5]. - **Future Profitability of Export Companies**: The ability of export companies to maintain profitability will depend on global trade policies, corporate strategies, and market demand. Many companies have adapted by establishing overseas factories and implementing pricing strategies to offset tariff impacts [5][6]. - **Market Response in 2025**: The market's response to the machinery export sector in the first half of 2025 is complex, with traditional export chains facing limited opportunities despite potential short-term profit impacts from tariffs. The US is expected to accelerate inventory replenishment, which may positively affect export data in late May to June [6][7]. - **Concerns for North American Machinery Exporters**: North American machinery exporters should monitor tariff impacts, short-term demand fluctuations post-inventory replenishment, and long-term demand trends influenced by interest rates and consumer behavior [7]. - **Prospects for Belt and Road Initiative Companies**: Companies involved in the Belt and Road Initiative, such as construction machinery and oil and gas equipment manufacturers, are expected to perform well due to favorable fundamentals and potential marginal profit increases [2][8]. - **Outlook for the Fruit Chain**: The fruit chain (electronics industry) is anticipated to have a positive growth trajectory over the next one to two years, benefiting from tariff reductions and domestic substitution strategies [9]. - **Recommended Investment Directions**: In the current high-volatility environment, the focus should be on military and robotics-related assets, which have performed well due to geopolitical events. Additionally, opportunities in companies with high exposure to the Belt and Road Initiative and domestic construction should be prioritized [10]. Other Important but Possibly Overlooked Content - The notes highlight the importance of strategic adjustments by companies in response to tariff changes and market conditions, emphasizing the need for flexibility in operational strategies to sustain profitability amidst evolving trade environments [5][6]. - The potential for recovery in stock prices suggests a market that is responsive to both macroeconomic signals and company-specific strategies, indicating a dynamic investment landscape [4][6].

Summary of Conference Call Records Industry or Company Involved - Focus on the impact of US-China tariff adjustments on various industries, including technology, communication, manufacturing, and the internet sector. Core Points and Arguments US-China Tariff Adjustments - The US has reduced tariffs on China from 145% to 30%, including the cancellation of 91% of pressure tariffs and a delay on some reciprocal tariffs, leading to positive market reactions. However, uncertainty remains regarding the full implementation of the 34% reciprocal tariffs [1][2][34]. - The market is optimistic about the potential cancellation of the 20% fentanyl tariff due to China's strict management since 2018, but the 24% delayed reciprocal tariffs are less likely to be removed [2][3]. Domestic Policy Shifts - The Chinese government is adopting an active fiscal policy, including accelerated bond issuance and interest rate cuts, to stabilize growth. This policy response is expected to be quicker than in previous years [1][4]. - Investment opportunities include high-yield assets, overseas expansion, and gold assets due to global order restructuring [1][4]. Stock Market Dynamics - The US-China agreement is expected to enhance market risk appetite, primarily driven by changes in the intrinsic logic of the Chinese stock market, such as declining discount rates and risk-free rates, making equities more attractive [1][5][6]. - The Shanghai Composite Index is projected to reach 3,500-3,600 points before July, with the Hang Seng Index expected to hit new highs in the second half of the year [1][6]. Export Chain and Technology Sector - The export chain, particularly in sectors related to Apple, Nvidia, and Tesla, is anticipated to recover significantly, supported by favorable liquidity and risk appetite [1][7]. - The technology sector is expected to continue its growth trajectory, driven by trends in AI and robotics, which present substantial market opportunities [7]. Hong Kong Stock Market - The investment value of the Hong Kong internet sector has improved due to the easing of US-China geopolitical tensions, with strong fundamentals and reasonable valuations. Key stocks to watch include Alibaba and Kuaishou [1][8][45][46]. Communication Industry - The communication sector has been significantly impacted by tariff changes, with major players experiencing notable adjustments in stock prices. However, strong capital expenditure growth in North America is expected to drive demand for optical modules and related technologies [2][21][23][24][25]. Manufacturing Supply Chain Trends - There is a trend of global manufacturing supply chains relocating to third countries, with China focusing on a "China for China" strategy to serve its domestic market [2][35]. Investment Opportunities - In the current environment, there are promising investment opportunities in financials and high-dividend assets, particularly as risk-free rates decline [9][10]. - Companies with strong overseas production capabilities and those involved in the AI supply chain are recommended for investment [18][20][28][32]. Long-term Market Outlook - The long-term outlook for the Hong Kong stock market is positive, driven by strong fundamentals in technology and new consumer sectors, alongside increased capital inflows from mainland investors [11][14]. Other Important but Possibly Overlooked Content - The impact of the H20 chip ban on domestic cloud manufacturers is significant, affecting their capital expenditure and market expectations [27]. - The home appliance industry is seeing a shift due to tariff reductions, with high-margin products like robotic vacuums gaining competitive advantages [53][54][57][58]. - The textile manufacturing sector is experiencing accelerated capacity transfer overseas, particularly to Southeast Asia, driven by economic factors [41][43]. This summary encapsulates the key insights from the conference call records, highlighting the implications of tariff adjustments and domestic policies on various sectors and investment opportunities.

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry, suggesting a positive outlook for the sector in the next 6 to 12 months [1]. Core Insights - The recent US-China trade agreement provides a 90-day window for negotiations, which is expected to benefit companies with strong export capabilities and high profit margins [1]. - The adjustment in tariffs allows for a significant reduction in the effective tariff rate on Chinese exports to the US, from 145% to 30% during the 90-day period, enhancing the competitiveness of certain companies [1]. - Companies like Zhejiang Dingli are highlighted for their strong profit margins and ability to withstand tariff increases, with an estimated capacity to absorb about 60% of the new tariffs [2]. - Other companies with potential benefits from the tariff reductions include Juxing Technology, Yindu Co., and Haoyang Co., which have higher exposure to the US market [3]. Summary by Sections Trade Agreement Impact - The US-China trade agreement includes a temporary suspension of certain tariffs, providing a buffer for companies to maintain market share in the US [1]. - The effective tariff rate on Chinese exports will increase to 54% after the 90-day period, emphasizing the importance of this window for strategic planning [1]. Company Recommendations - Zhejiang Dingli is recommended due to its strong profit base and ability to maintain good profitability despite tariff changes [2]. - Other companies with lower direct exposure to the US market, such as Anhui Heli and Hangcha Group, are also suggested as they may benefit from the overall market conditions despite their limited direct exposure [3]. Market Outlook - The report indicates a positive outlook for the mechanical equipment industry, driven by the potential recovery in domestic demand and the favorable trade environment [6].