Core Viewpoint - Jiangsu Shentong (002438) is actively engaging in the advancement of nuclear energy application technologies, including research and development of valves for nuclear fusion applications [1] Group 1: Company Developments - The company is closely following advancements in nuclear energy application technologies and is participating in research projects related to valve development and supply [1] - Jiangsu Shentong's subsidiary, Jiangsu Shentong Nuclear Equipment Co., has undertaken a project supply for the China National Nuclear Corporation's Southwest Institute of Physics, involving a specific model of ball valve currently in the manufacturing process [1] - The company has established a comprehensive product matrix that includes high-quality nuclear-grade butterfly valves, ball valves, pit filters, nuclear-grade instrument valves, diaphragm valves, control valves, and pneumatic diaphragm valves, and is continuously advancing product iterations [1]

Group 1: Company Overview and Strategy - The company is actively involved in the research and development of valves for nuclear fusion applications, with a focus on high-quality products [3] - The company has established a comprehensive product matrix that includes nuclear-grade butterfly valves, ball valves, and other critical components [5] - The goal is to enhance the value of each unit to over 100 million yuan, driven by product line expansion and increased spare parts market [8] Group 2: Product Development and Market Engagement - The company is increasing resource investment to accelerate the development of advanced technologies and expand its high-end valve product range [6] - The subsidiary, Jiangsu Shentong Semiconductor Technology, has successfully validated and introduced vacuum valves and process gas valves into customer production lines [9] - The company has established partnerships in the aerospace sector, supplying components for satellite propulsion systems and achieving small-scale deliveries [10] Group 3: Operational Insights - Despite a design lifespan of 60 years for nuclear valves, regular maintenance and replacement of key components are necessary due to harsh operational conditions [7] - The company exports nuclear valve products primarily through indirect channels, partnering with large domestic enterprises for overseas projects [4] Group 4: Investor Relations - The investor meeting was held on February 5, 2026, with a total of 10 attendees, emphasizing compliance with disclosure regulations [2] - The meeting concluded without any significant undisclosed information being leaked [12]

Core Viewpoint - Jiangsu Shentong (002438.SZ) is a key supplier of valve equipment necessary for nuclear power construction in China, actively participating in the nuclear power industry chain and providing high-quality nuclear-grade valve products for domestic projects [1] Company Summary - The company has successfully completed the supply tasks for the valves required for the Linglong No. 1 experimental reactor project [1] - Jiangsu Shentong plans to continue its focus on the nuclear energy application field, aiming to provide more reliable and high-end valves for China's nuclear energy initiatives [1]

Core Viewpoint - The company, Jiangsu Shentong, is a key supplier of valve equipment necessary for nuclear power construction in China and has successfully completed the supply of valves for the Linglong No. 1 experimental reactor project [1] Group 1: Company Involvement - Jiangsu Shentong is actively involved in the nuclear power industry chain and has been a core supplier of nuclear-grade valve products for nuclear power construction projects in China [1] - The company has a commitment to follow the development and application of nuclear energy technology in China [1] Group 2: Future Prospects - Jiangsu Shentong plans to continue its focus on the nuclear energy application field and aims to provide more high-quality and reliable high-end valves for China's nuclear energy initiatives [1]

Group 1: Business Overview - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers, covering a temperature range of -271℃ to 200℃ [3] - Key applications of products span across various industries such as food processing, cold chain logistics, industrial refrigeration, and special air conditioning for data centers and nuclear power [3] Group 2: Financial Performance - The low-temperature refrigeration segment experienced a slight decline in revenue during the first three quarters, with the decline rate narrowing each quarter; however, the special air conditioning and thermal management segments showed year-on-year growth [4] Group 3: Data Center Applications - The company’s subsidiaries provide cooling equipment for data centers, including Dunham-Bush, which has a 131-year history and offers products like variable frequency centrifugal chillers [4] - Successful domestic projects include major data centers for China Mobile and China Unicom, while international collaborations extend to North America, Australia, Southeast Asia, and the Middle East [4] Group 4: Nuclear Power Products - The company is actively involved in nuclear power, focusing on core scenarios such as nuclear island cooling and heat recovery, with innovative technologies developed for safe and efficient operation [6] - Recent projects include serving multiple nuclear power stations across China and developing a no-power cooling system for the world's first commercial fourth-generation high-temperature gas-cooled reactor [7] Group 5: Heat Recovery Steam Generators (HRSG) - The joint venture with Yantai Modern Ice Wheel Heavy Industry Co., Ltd. produces HRSGs for combined cycle gas power plants, with expected revenue exceeding 700 million in 2024 [8] Group 6: Thermal Management Sector - The company is committed to energy management through a full range of industrial heat pumps, with a focus on its subsidiary Beijing Huayuan Tailong, recognized as a national-level "little giant" enterprise [8] - The company has filed 96 patents and 33 software copyrights, with several technologies recognized as national champions and included in green technology promotion directories [9]

Group 1 - The International Energy Agency (IEA) projects that global nuclear power generation is expected to reach a historical high by 2026, driven by the restart of nuclear reactors in Japan, strong growth in the US and France, and new nuclear projects in Asia [1] - Nuclear energy currently accounts for nearly 10% of global electricity generation, making it the second-largest low-carbon energy source after hydropower [1] - There are nearly 420 operational nuclear reactors worldwide, with 63 reactors under construction, totaling over 70 gigawatts (GW) of installed capacity, the highest level since 1990 [1] Group 2 - Southeast Asia is witnessing a surge in nuclear power projects, with Vietnam planning to restart a 4 million kilowatt nuclear power plant, Indonesia aiming to build over 20 reactors by 2050, and Thailand planning to introduce two small modular reactors by 2037 [2] - Several European countries are reassessing their nuclear energy policies, with Germany showing signs of easing its opposition to nuclear power, and countries like Belgium, the UK, and Italy planning to restart or expand nuclear facilities [2] - A significant increase in nuclear energy investment is observed, with global nuclear investment reaching approximately $65 billion in 2023, nearly double that of a decade ago [2] Group 3 - Technological innovations are transforming the nuclear energy landscape, with multiple small modular reactor designs under development, expected to be operational by around 2030 [3] - The IEA estimates that the global installed capacity of small modular reactors could reach 40 GW by 2050, with potential growth to 120 GW under supportive policies and regulatory optimization [3] - Small modular reactors are attractive to commercial investors due to their smaller scale and shorter investment return periods, facilitating broader private sector participation in the nuclear industry [3]