证券日报网讯江苏神通（002438）11月24日发布公告，在公司回答调研者提问时表示，随着公司的稳健 发展，扩大出口规模、走国际化道路已成为提升企业规模与促进技术进步的关键路径。基于对国际国内 市场竞争态势的了解，公司正积极布局国际化业务拓展。目前，公司已设立国际贸易部，组建起一支资 深的专业团队，外部许可及认证工作也已陆续成熟，市场渠道的开拓正按计划有序开展。未来，出口业 务将聚焦于石油炼化、油气开采等核心领域全力推进，以实现公司的长远发展目标。 ...

Group 1: Company Overview and Market Position - The company has a strong market presence in the nuclear valve sector, with over 150,000 nuclear valves installed and a market share exceeding 90% for key products like butterfly and ball valves [3] - The company has invested significantly in the development of specialized valves for various sectors, including nuclear power, coal chemical, and LNG, with promising results expected to enter the market soon [4] Group 2: Product Development and Technology - The company is actively developing new nuclear-grade products, focusing on advanced technologies for third and fourth generation nuclear reactors, ensuring compliance with increasing performance requirements [6] - The gross margin for nuclear valves in fourth generation reactors is comparable to that of third generation reactors, showing no significant difference [7] Group 3: Operational Insights - The revenue recognition for nuclear valve business occurs in batches, typically over a 2-3 year period following order confirmation and production scheduling [8] - Although nuclear valves are designed for a 60-year lifespan, preventive maintenance and part replacements are necessary due to environmental factors affecting certain components [10] Group 4: International Expansion - The company is pursuing international market opportunities, establishing an international trade department and a professional team to enhance export capabilities, particularly in oil refining and gas extraction sectors [9]

Core Viewpoint - The company emphasizes the importance of expanding export scale and pursuing internationalization as key strategies for enhancing its scale and promoting technological advancement [1] Company Strategy - The company has established an international trade department and assembled a team of experienced professionals to facilitate its international business expansion [1] - The company is actively engaging in external licensing and certification processes, which are progressing as planned [1] Market Focus - Future export efforts will concentrate on core areas such as petroleum refining and oil and gas extraction to achieve long-term development goals [1]

Core Insights - The 2025 CPHI event in Frankfurt showcased Watson Bio's significant presence and engagement with global partners, highlighting its commitment to expanding its international footprint [1] Group 1: Event Overview - The CPHI exhibition theme was "Shaping the Future of the Pharmaceutical Industry," featuring 2,400 exhibitors from 166 countries and approximately 62,000 professional visitors [1] - Watson Bio's booth size and display quality were notably enhanced, facilitating deeper interactions with global partners [1] Group 2: Business Development - Watson Bio engaged in productive discussions with over 20 existing clients from key markets including the Middle East, Central Asia, Latin America, Africa, Eastern Europe, South Asia, and Southeast Asia, strengthening existing partnerships [1] - The company successfully connected with dozens of potential clients, exploring collaboration opportunities around its existing products and pipelines, laying the groundwork for future market expansion [1] Group 3: International Recognition - Watson Bio's products have gained widespread international recognition, with successful exports to 24 countries [1] - The company is advancing over 30 international product registration projects, covering approximately 20 countries, indicating a robust international business strategy [1] Group 4: Future Outlook - Continuous participation in events from Milan to Frankfurt has demonstrated Watson Bio's growing influence in the global market [1] - The company aims to collaborate with global partners to contribute more to the establishment of a global health community [1]

Core Viewpoint - Alibaba and Ant Group are making a significant move towards internationalization by investing $925 million (approximately 6.6 billion RMB) to acquire a 13-story commercial building in Hong Kong, establishing their headquarters there, which reflects their confidence in Hong Kong's economy and business environment [2][3]. Group 1: Investment and Expansion - The acquisition of the Hong Kong landmark property is seen as a strategic step for Alibaba and Ant Group to further expand their international business from Hong Kong [3]. - Alibaba has had a long-standing presence in Hong Kong since its inception in 1999, with significant milestones including the launch of Taobao in 2005 and the establishment of Alibaba Cloud in 2014 [3]. - Ant Group has also been active in Hong Kong, launching AlipayHK in 2017, which now serves over 4.5 million active users [4]. Group 2: Market Dynamics - The Hong Kong market is viewed as a critical platform for internet giants to expand overseas, leveraging its robust legal system, international financial services, and talent resources [5]. - As the domestic market becomes saturated, internet companies are seeking new growth opportunities in Hong Kong, which offers diverse consumer needs and a high acceptance of new business models and technology applications [5]. Group 3: Competitive Landscape - Other major internet companies are also increasing their investments in the Hong Kong market, including Meituan, JD.com, and Douyin, indicating a competitive landscape for local services and e-commerce [4]. - Recently, JD.com completed the acquisition of Hong Kong-based Jia Bao Food Supermarket, further accelerating its expansion in the local retail market [4].

Core Insights - Didi's subsidiary 99 has launched its food delivery service, 99Food, in Rio de Janeiro, marking a significant expansion in Brazil's second-largest market [1][2] - The service aims to cover 20 major cities in Brazil by January 2026 and expand to 100 cities by mid-2026 [2] Group 1: Service Launch and Market Presence - 99Food has begun operations in Rio de Janeiro, with 17,000 restaurants already registered on the platform, including major chains like Burger King, McDonald's, and KFC [1] - The service will also extend to seven surrounding cities in the Greater Rio area, indicating a broad market strategy [2] Group 2: Strategic Importance and User Base - Rio de Janeiro is considered a strategic market for 99, which has a significant presence in the two-wheeler service sector, with over 55 million active users and 1.5 million drivers across Brazil [2] - The company has achieved over 1 billion orders in its two-wheeler service in the past three years, showcasing its growth and market penetration [2] Group 3: International Expansion - Didi's international operations now span 14 countries across Latin America, Asia-Pacific, and Africa, indicating a robust global strategy [3]

Group 1 - The core point of the article is that Liyuanheng has successfully delivered its self-developed energy storage production equipment to Malaysia, marking a significant milestone in its international expansion [1] - Liyuanheng's business now covers 17 countries, including Germany, Poland, Switzerland, the UK, the US, Canada, Hungary, South Korea, Japan, the Czech Republic, and Malaysia, indicating a broadening of its global footprint [1]

Core Viewpoint - Jiangsu Shentong (002438) is focusing on expanding its export scale and pursuing internationalization as a key strategy for enhancing company growth and technological advancement [1] Group 1: Internationalization Strategy - The company has established an international trade department and formed a professional team to support its international business expansion [1] - The company is actively engaging in external licensing and certification processes, which are progressing well [1] - Market channel development is being carried out in an orderly manner according to plan [1] Group 2: Focus Areas for Export Business - Future export efforts will concentrate on core areas such as petroleum refining and oil and gas extraction [1] - The aim is to achieve long-term development goals through these focused export initiatives [1]

Group 1: Company Overview and Strategy - The company expressed gratitude to institutional investors and introduced its basic situation, development strategy, and the 2025 semi-annual report [2] - The company emphasizes compliance with commitment letters and regulations regarding information disclosure [2] Group 2: Project Updates - The high-end valve intelligent manufacturing project initiated in Q2 2024 has completed civil engineering and is moving into equipment installation and debugging, expected to enter trial production by the end of 2025 [2] - New production capacity will cover various valve types including butterfly valves, ball valves, diaphragm valves, and instrument valves [6][7] Group 3: Nuclear Power Orders and Market Dynamics - In May 2025, five projects with a total of 10 new nuclear power units were approved, with procurement bidding expected to start in the second half of 2025 [3] - There has been a slight decline in nuclear power orders compared to the same period last year due to differences in bidding progress and long-cycle processes [4][5] - The company's product pricing follows a cost-plus method, benefiting from long-term production and delivery experience [8] Group 4: Financial Performance and Future Outlook - The company's nuclear valve product gross margin is currently stable, with expectations to maintain this stability unless there are significant changes in the business model or market competition [9] - The company aims to expand its export scale and international presence, focusing on core areas such as oil refining and gas extraction [10] Group 5: Challenges and Responses - The steel metallurgy sector has seen a decline, leading to reduced market demand for valve products; the company is enhancing product R&D and promoting cost-reduction measures [13] - The company is committed to increasing its market share in the energy and chemical sectors despite intensified competition [13]

Core Viewpoint - Jiangsu Shentong (002438) is focusing on expanding its international business as a strategic choice for scale enhancement and technological advancement [1] Group 1 - The company has established an international trade department to facilitate market channel development [1] - Future export business will primarily target the oil refining sectors in the Middle East and Southeast Asia [1] - The company is actively exploring international markets in response to competitive conditions both domestically and internationally [1]