Core Viewpoint - The domestic valve brands in China are evolving from "domestic alternatives" to "international standard setters," focusing on core technology breakthroughs, smart transformation, and global expansion, with an emphasis on green low-carbon technology and AI integration in the future [14]. Group 1: Leading Brands and Market Position - NEWAY Valve leads in deep-sea applications, having developed the world's first 25,000 psi 28-inch deep-sea ball valve, covering 40% of new LNG transport ship projects, with costs 40% lower than European and American competitors [2]. - The company has an annual production capacity exceeding 600,000 units and exports to energy projects in 60 countries, also leading the revision of ISO international standards for deep-sea valves [4]. - Jiangsu Shentong Valve dominates the nuclear-grade butterfly valve market with a 53% market share and has a 60% market share in valves for metallurgical blast furnace gas recovery systems [6]. Group 2: Technological Innovations and Certifications - NEWAY Valve has obtained DNV certification for its deep-sea ball valves, which cover 40% of the global market, while its corrosion-resistant valves have a lifespan twice that of industry averages [8]. - Shanghai Qizhong Valve has seen a 180% annual increase in orders for its lithium battery valves, with titanium alloy valves meeting ASTM standards for corrosion resistance [9]. - The AI health monitoring system from DI AI Smart Control has reduced pipeline failure rates by 62%, and Guanlong Valve's smart control valves have decreased energy consumption by 30%, covering 80% of municipal water supply projects [10]. Group 3: International Competition and Market Expansion - China Nuclear Su Valve leads the national standard formulation for nuclear valves, with technical parameters adopted by the International Atomic Energy Agency (IAEA) [11]. - Imports of Chinese valves have surged by 40% in emerging markets like Vietnam and Mexico, with Guanlong Valve winning contracts for smart water projects in Southeast Asia due to zero tariffs under the ASEAN Free Trade Agreement [11]. - Sanhua Holdings has established a European R&D center in Munich, achieving a 38% global market share in thermal management valves for new energy vehicles [11]. Group 4: Industry Trends and Future Directions - The industry is witnessing a shift towards smart and green transformations, with AI quality inspection achieving a defect rate of only 0.3% at Shanghai Qizhong, and low-carbon valves reducing carbon footprints by 40% [12]. - NEWAY Valve's smart manufacturing covers the entire process, while Jiangsu Shentong's AI fault diagnosis has an accuracy rate of 98% [13]. - The domestic nuclear valve market has a localization rate exceeding 90%, breaking the monopoly of European and American technologies in the deep-sea sector [14].

证券代码：603699 证券简称：纽威股份 公告编号：临 2025-034 苏州纽威阀门股份有限公司 第五届董事会第二十八次会议决议的公告 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。 表决结果：7 票同意，0 票反对，0 票弃权。 2、 审议通过《关于补选公司第五届董事会董事的议案》； 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"）第五届董事会第二十八次会 议于 2025 年 04 月 18 日以电子邮件、电话通知的方式发出会议通知，于 2025 年 04 月 29 日下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 年第一季度报告的议案》； 本 ...

证券代码：603699 证券简称：纽威股份 公告编号：临 2025-036 苏州纽威阀门股份有限公司 关于补选第五届董事会董事的公告 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。 一、关于董事辞职的情况说明 审议。 特此公告。 苏州纽威阀门股份有限公司 董事会 2025 年 04 月 30 日 2 苏州纽威阀门股份有限公司（以下简称"公司"）董事会于 2025 年 4 月 23 日收到公司董事吴真林先生提交的书面辞职报告。吴真林先生因个人原因申请辞 去公司董事职务，同时辞去董事会审计委员会委员、董事会薪酬与考核委员会委 员职务，辞职后将不再担任本公司任何职务。公司董事会对吴真林先生在任职期 间对公司做出的贡献表示衷心的感谢。截至本公告披露日，吴真林先生未持有公 司股份。 根据《公司法》《公司章程》等有关规定，吴真林先生辞职不会导致公司董 事会成员低于法定最低人数，但其辞职将导致公司董事会审计委员会人数低于法 定人数。为确保董事会审计委员会的正常运作，吴真林先生的辞职申请将在公司 补选产生新任董事会审计委员会委员后生效。在此期 ...

一、 股东大会有关情况 1. 股东大会的类型和届次： 2024年年度股东大会 证券代码：603699 证券简称：纽威股份 公告编号：临 2025-037 苏州纽威阀门股份有限公司 关于2024年年度股东大会增加临时提案的公告 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。 召开日期时间：2025 年 5 月 15 日 14 点 00 分 召开地点：江苏省苏州市高新区泰山路 666 号会议室 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 603699 | 纽威股份 | 2025/5/8 | 二、 增加临时提案的情况说明 公司已于2025 年 4 月 23 日公告了 2024 年年度股东大会召开通知，合计直 接持有53.28%股份的股东王保庆、程章文、陆斌、席超，在2025 年 4 月 29 日 提出临时提案并书面提交股东大会召集人。股东大会召集人按照《上市公司股东 大会规则》有关规定，现予以公告。 2. 股东大会召开日期：2025 年 5 月 15 ...

苏州纽威阀门股份有限公司 2024 年年度股东大会 会议资料 二〇二五年五月 1 纽威股份 2024 年年度股东大会会议资料 | | | | 年年度股东大会须知 4 2024 | | --- | | 年年度股东大会会议议程 6 2024 | | 关于 年度董事会工作报告的议案 8 2024 | | 关于 2024 年度监事会工作报告的议案 19 | | 关于 2024 年度财务决算报告的议案 23 | | 关于 2025 年度财务预算报告的议案 30 | | 关于 2024 年度利润分配预案的议案 32 | | 关于 2025 年度中期利润分配预案的议案 33 | | 关于 年年度报告及摘要的议案 34 2024 | | 关于公司及子公司 年度向银行申请综合授信额度的议案 35 2025 | | 关于公司 年度为下属控股子公司提供担保额度的议案 39 2025 | | 关于公司使用自有资金购买理财产品的议案 41 | 2 纽威股份 2024 年年度股东大会会议资料 | 关于续聘容诚会计师事务所（特殊普通合伙）为公司审计机构及内部控制审计机构的议 | | | | --- | --- | --- | | 案 | ...

证券代码：603699 证券简称：纽威股份 公告编号：临 2025-035 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）的《纽 威股份 2025 年第一季度报告》。 特此公告。 苏州纽威阀门股份有限公司（以下简称"公司"）第五届监事会第二十一次会 议于 2025 年 04 月 18 日以电子邮件、电话通知的方式发出会议通知，于 2025 年 04 月 29 日下午在公司会议室召开，应到监事 3 名，实到监事 3 名。会议由监 事会主席邹琴女士主持，会议的召开符合有关法律、行政法规、部门规章、规范 性文件和公司章程的规定。 二、监事会会议审议情况 会议审议了以下议案： 1. 审议通过《关于公司 2025 年第一季度报告的议案》； 表决结果：3 票同意，0 票反对，0 票弃权。 苏州纽威阀门股份有限公司 第五届监事会第二十一次会议决议的公告 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、监事会会议召开情况 苏州纽威阀门股份有限公司 监事会 2025 年 04 月 30 日 1 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 1,555,897,420.93, representing a 14.44% increase compared to CNY 1,359,630,107.92 in the same period last year[4] - Net profit attributable to shareholders was CNY 262,693,988.46, a 33.52% increase from CNY 196,750,299.59 year-over-year[4] - The net profit after deducting non-recurring gains and losses was CNY 245,339,008.85, reflecting a 26.75% increase compared to CNY 193,563,393.28 in the previous year[4] - Basic earnings per share increased by 30.77% to CNY 0.34 from CNY 0.26 in the previous year[4] - Net profit for Q1 2025 was ¥265,346,631.68, compared to ¥199,394,203.24 in Q1 2024, representing a growth of 33.0%[21] - Earnings per share for Q1 2025 was ¥0.34, an increase from ¥0.26 in Q1 2024[22] Cash Flow - The net cash flow from operating activities was CNY 325,436,576.41, a significant improvement from a negative cash flow of CNY -103,015,204.72 in the same period last year[4] - The net cash inflow from operating activities was CNY 325,436,576.41, a significant improvement compared to a net outflow of CNY -103,015,204.72 in the previous period[26] - Total cash inflow from operating activities was CNY 1,675,964,763.10, compared to CNY 1,338,517,032.54 in the previous period[26] - The total cash outflow from operating activities was CNY 1,350,528,186.69, down from CNY 1,441,532,237.26 year-over-year[26] - Cash received from sales of goods and services in Q1 2025 was ¥1,553,068,945.87, compared to ¥1,259,711,163.24 in Q1 2024, indicating a growth of 23.3%[25] Assets and Liabilities - Total assets at the end of the reporting period were CNY 8,703,936,437.11, a slight decrease of 0.09% from CNY 8,711,353,802.58 at the end of the previous year[5] - Total current assets amounted to ¥7,083,603,393.61, slightly down from ¥7,113,167,895.65, indicating a decrease of approximately 0.4%[15] - Total liabilities decreased to ¥4,006,519,934.87 from ¥4,295,367,049.28, a reduction of 6.7%[17] - The company's total non-current assets were ¥1,620,333,043.50, up from ¥1,598,185,906.93, reflecting a growth of 1.4%[16] Shareholder Equity - Shareholders' equity attributable to the parent company increased by 6.43% to CNY 4,600,789,025.63 from CNY 4,322,901,433.91 at the end of the previous year[5] Non-Recurring Items - Non-recurring gains and losses amounted to CNY 17,354,979.61 after tax, with significant contributions from government subsidies and other non-operating income[7] Investment Activities - Total cash inflow from investment activities amounted to CNY 561,711,257.38, up from CNY 119,530,262.54 year-over-year[26] - The net cash flow from investment activities was CNY 273,556,397.82, recovering from a net outflow of CNY -123,250,937.60 in the prior period[26] Financial Management - The company reported a financial expense of -¥17,442,521.28 in Q1 2025, compared to -¥974,689.07 in Q1 2024, indicating a significant improvement in financial management[21] Operational Insights - The increase in operating revenue and net profit was primarily driven by sales growth and the resulting economies of scale[8] - The company has no significant new product launches or technological developments reported in the current quarter[13] - There are no updates on market expansion or mergers and acquisitions during this reporting period[13] - The company has not disclosed any new strategic initiatives in the recent earnings call[13] - There are no significant changes in the shareholding structure or major shareholders participating in financing activities[12]

Core Viewpoint - Nuclear power is recognized for its "clean, efficient, stable, and relatively controllable" attributes, making it a key solution for countries reshaping their energy supply systems. The current global nuclear power development is experiencing a positive resonance, and the entire industry chain is expected to benefit significantly [1][11]. Group 1: Importance of Nuclear Power - The importance of baseload power is increasing, with nuclear power's role becoming more prominent. The power grid is facing a baseload shortage, and nuclear power can effectively mitigate the impact of renewable energy fluctuations on the grid. It operates at full capacity regardless of climate conditions, making it an ideal substitute for fossil fuels as a baseload power source [2]. - Several countries, including the UK and South Korea, are actively promoting nuclear power, with the UK aiming to increase its share from 15% to 25% and South Korea planning for nuclear power to account for 34.6% of total electricity generation by 2036 [2]. Group 2: Nuclear Power Industry Chain - The nuclear power industry chain encompasses key stages from uranium mining and nuclear material processing to nuclear power plant operation and maintenance. The upstream includes uranium mining, fuel component manufacturing, and fuel recycling, while the midstream focuses on nuclear equipment manufacturing, and the downstream is centered on power plant construction and operation [3]. Group 3: Acceleration of Nuclear Power Approvals - The "dual carbon" goals are reshaping the status of nuclear power as a low-carbon energy source in China. The development of nuclear power has gone through four stages, with a recent rapid restart under the "dual carbon" policy. Since 2019, the approval of nuclear power units has accelerated, with projections indicating a potential installed capacity of 120 GW by 2030 [5][6]. Group 4: Positive Changes in the Nuclear Power Sector - Recent developments indicate a multi-dimensional positive shift in the nuclear power sector, driven by policy, technology, and cost optimization. In April 2025, the State Council approved five nuclear power projects totaling 10 units, with an investment exceeding 200 billion yuan. The domestic nuclear power industry is entering a phase of normalized rapid development [10]. - The domestic nuclear power construction cost has decreased to 18,000 yuan per kilowatt, a 22% reduction from 2020, while operational costs have also seen a decline due to extended fuel replacement cycles and digital operations [10]. Group 5: Investment Logic and Key Stocks - The nuclear power sector is entering a new growth cycle, benefiting from policy support, technological advancements, and cost reductions. Key stocks in the nuclear power industry include companies involved in equipment and materials, operators, and construction firms [11][12].

证券研究报告·行业跟踪周报·机械设备 机械设备行业跟踪周报 关注人型机器人灵巧手的技术迭代；工程机 械持续重点推荐 增持（维持） [Table_Tag] [Table_Summary] 1.推荐组合：北方华创、三一重工、中微公司、恒立液压、中集集团、拓荆科技、海天 国际、柏楚电子、晶盛机电、杰瑞股份、浙江鼎力、杭叉集团、迈为股份、先导智能、 长川科技、华测检测、安徽合力、精测电子、纽威股份、芯源微、绿的谐波、海天精 工、杭可科技、伊之密、新莱应材、高测股份、纽威数控、华中数控。 2.投资要点： 【工程机械】 CME 预测 4 月国内挖机销量同比+25%，超市场预期 CME 预测 2025 年 4 月中国挖掘机市场销量预计 22000 台，同比增长 17%，其中： 国内市场销量预计 13500 台，同比增长 25%左右，超市场预期。展望后续，我们预计 后续可以期待一系列内需提振的政策或者补贴出台，继续刺激内需向上。出口来看， CME 预测 4 月出口市场销量预计 8500 台，同比增长 6%左右，出口继续温和复苏。结 合小松开工小时数来看，2025 年 3 月日本/欧洲/北美/印尼开工小时数同比分别 +1.5% ...

证券研究报告·行业跟踪周报·机械设备 机械设备行业跟踪周报 关注人型机器人灵巧手的技术迭代；工程机 械持续重点推荐 增持（维持） [Table_Tag] [Table_Summary] 1.推荐组合：北方华创、三一重工、中微公司、恒立液压、中集集团、拓荆科技、海天 国际、柏楚电子、晶盛机电、杰瑞股份、浙江鼎力、杭叉集团、迈为股份、先导智能、 长川科技、华测检测、安徽合力、精测电子、纽威股份、芯源微、绿的谐波、海天精 工、杭可科技、伊之密、新莱应材、高测股份、纽威数控、华中数控。 2.投资要点： 【工程机械】 CME 预测 4 月国内挖机销量同比+25%，超市场预期 CME 预测 2025 年 4 月中国挖掘机市场销量预计 22000 台，同比增长 17%，其中： 国内市场销量预计 13500 台，同比增长 25%左右，超市场预期。展望后续，我们预计 后续可以期待一系列内需提振的政策或者补贴出台，继续刺激内需向上。出口来看， CME 预测 4 月出口市场销量预计 8500 台，同比增长 6%左右，出口继续温和复苏。结 合小松开工小时数来看，2025 年 3 月日本/欧洲/北美/印尼开工小时数同比分别 +1.5% ...