公司发布2025 年半年度报告：2025 年半年度公司实现营收10.68 亿元，同比增长1.52%；分别实现归母/ 扣非归母净利润1.50/1.38 亿元，同比分别增长4.72%/8.54%。其中第二季度公司实现收入4.91 亿元，同 比增长1.90%，实现归母/扣非归母净利润分别为0.61/0.48 亿元，同比分别增长1.61%/2.59%。 新增订单总体保持稳定，核电机组产品逐步交付核电业务方面，核电业务新增订单总体保持稳定，已成 为公司增长的核心驱动力。2025 年上半年，公司取得新增订单10.72 亿元，其中神通核能4.83 亿元，占 比45%。相比于2024 年上半年的新增订单12.08 亿元（神通核能5.04 亿元），2025 年核电新增订单同比 下降4.17%。2025 年通过审批的10 台新机组项目的阀门设备招标阶段工作预计本年底至2026 年初将逐 步完成，并需2-3 年完成产品交付。单价方面，核电机组阀门订单价值突破8000 万元。此外公司全资子 公司无锡法兰在单个核电机组提供的核电法兰及锻件订单也超过了2000 万元。公司现已构建起覆盖核 级蝶阀、球阀、地坑过滤器、核级仪表阀、隔膜阀、调 ...

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: Company Overview and Strategy - The company emphasizes adherence to commitment letters and regulations regarding information disclosure [2] - The company is focused on developing a professional marine valve production base and expanding its business scale in the marine engineering sector [3] Group 2: Product and Market Insights - The company has a diverse product matrix in the nuclear valve sector, including nuclear butterfly valves, nuclear ball valves, and other specialized products, fostering a healthy competitive landscape [5] - The hydrogen valve products cover a pressure range of 35-105 MPa, with successful development of 35 MPa and 70 MPa series products, gaining recognition in the domestic hydrogen energy market [6] Group 3: Financial and Operational Projections - The delivery cycle for valves related to the newly approved ten units is expected to take 2-3 years, with the bidding phase anticipated to complete by late 2025 to early 2026 [7] - The company aims to expand its export business, focusing on the Middle East and Southeast Asia, particularly in oil refining and gas extraction sectors [8] Group 4: Future Outlook - The company is committed to high-quality development in the nuclear energy sector, aligning with national energy strategies to meet the increasing demand for clean energy [11] - The subsidiary, Ruifan Energy, is expected to generate revenue from ongoing projects, including significant coal gas power generation initiatives in 2024 [10]