证券日报网讯江苏神通（002438）8月27日发布公告，在公司回答调研者提问时表示，随着公司持续发 展，扩大出口、走国际化道路是实现规模提升和技术进步的战略选择。公司将根据国际国内市场竞争形 势，积极拓展国际化业务。目前，公司已成立国际贸易部，市场渠道开拓工作正在稳步推进。未来，出 口业务市场将重点关注中东、东南亚等地区的石油炼化等领域。 ...

Company Overview - The meeting was held on June 19, 2025, with 17 attendees, hosted by the company's Vice President and Secretary, Zhang Qiqiang, who introduced the company's basic situation and development strategy [2]. Market Position and Competition - The company has established a comprehensive product matrix in the nuclear valve sector, including nuclear butterfly valves, nuclear ball valves, and various other types, enhancing its market competitiveness [3]. - The company has over 150,000 nuclear valves in operation, demonstrating a strong market presence and good performance in recent years [4]. Product Delivery and Revenue Recognition - The delivery cycle for nuclear valve equipment typically spans from two to three years post-order, with revenue recognition aligned with actual delivery progress [5]. Industry Barriers - Key entry barriers in the nuclear valve industry include design and manufacturing licenses, as well as past supply performance, which are critical for qualification in bidding processes [6]. International Expansion - The company is actively pursuing international business expansion, focusing on core areas such as oil refining and gas extraction, with plans to enhance export capabilities [7]. Maintenance and Spare Parts Demand - Although nuclear valves have a design lifespan of up to 60 years, regular maintenance and parts replacement are necessary, particularly for valves in seawater systems, leading to an anticipated increase in spare parts demand [8][9]. Production Capacity - Current annual production capacity meets existing market demand, with plans to enhance capacity through a new high-end valve smart manufacturing project expected to be operational by the end of the year [10]. Future Prospects - The company is increasing R&D investment to align with advancements in nuclear technology, aiming to enhance its market share in new nuclear projects [11]. - The company has developed valve products that meet the standards for third and fourth generation nuclear technologies, positioning itself for future growth in the nuclear valve market [12].

Group 1: Business Growth Strategies - The company aims to expand its gypsum board business by targeting the home decoration and rural markets, enhancing product development, and increasing profitability through high-value products and technological innovation [2] - The industrial coatings segment will focus on niche markets, including powder coatings and marine and automotive coatings, while exploring synergies with the overall product system [2][3] Group 2: Market Outlook and Pricing - The company expresses hope for price recovery in the waterproofing industry, encouraging collaboration among industry players to promote healthy development and transformation [3] Group 3: International Expansion - The international business strategy focuses on Southeast Asia, Central Asia, and the Middle East, implementing a "gypsum board first" approach and adapting to market conditions for coatings and waterproofing [3] Group 4: Performance and Incentives - The company will concentrate on three main product systems: gypsum board, waterproof systems, and coatings, aiming for both internal growth and external development to achieve high-quality growth [3]