Core Viewpoint - The company reported stable revenue growth in the first half of 2025, with significant contributions from the nuclear power sector, indicating a positive outlook for future performance [1][2]. Revenue Performance - In the first half of 2025, the company achieved revenue of 1.068 billion yuan, a year-on-year increase of 1.52% [1]. - The revenue for Q2 2025 was 491 million yuan, reflecting a year-on-year growth of 1.90% [1][2]. - By industry, the company generated revenue of 410 million yuan from nuclear power, 182 million yuan from energy, 197 million yuan from metallurgy, and 200 million yuan from energy-saving services in H1 2025, with nuclear power showing the highest growth at 15.67% [2]. Profitability - The company's gross margin and net profit margin for H1 2025 were 32.33% and 14.08%, respectively, representing increases of 0.75 and 0.43 percentage points year-on-year [3]. - The energy sector's gross margin was 17.83%, up by 3.90 percentage points compared to the previous year [3]. - In Q2 2025, the company maintained stable expense ratios, with sales, management, financial, and R&D expense ratios at 6.20%, 6.41%, 0.31%, and 5.67%, respectively [3]. Order Intake - The company secured new orders totaling 1.072 billion yuan in H1 2025, with nuclear power orders accounting for 483 million yuan, or 45% of the total [4]. - Compared to H1 2024, new nuclear power orders decreased by 4.17% [4]. - The company is in the bidding phase for valve equipment for 10 new nuclear units, expected to be completed by the end of 2025 to early 2026, with product delivery anticipated within 2-3 years [4]. Investment Outlook - The company is positioned as a domestic special valve provider, with steady growth in traditional business and emerging sectors expected to drive continued performance improvement [5]. - Revenue projections for 2025-2027 are 2.417 billion, 2.677 billion, and 2.980 billion yuan, with net profits of 347 million, 408 million, and 469 million yuan, respectively [5]. - The expected EPS for the same period is 0.68, 0.80, and 0.92 yuan per share, with corresponding PE ratios of 19.86, 16.89, and 14.69 times [5].

· 中小企业：国内数量众多的中小型企业主要集中在福建、江苏等地，它们多凭借价格优势和快速响应客户需求的能力，专注于本地区市场或特定细分领 域，产品主要应用于民用、轻工业等对阀门要求相对较低的领域，在中低端市场展开激烈竞争。 根据《2025 年中国整体斜面球阀市场调查研究报告》，截至 2025 年，国内前十大斜面球阀制造企业合计占据约 62.7% 的市场份额，其中排名前三的企业分 别为福建德特森阀门有限公司、上品森（江苏）阀门有限公司以及福建森科阀门制造有限公司，三家企业的合计市场占有率约为 38.4%。 倾斜式球阀市场的主要参与者包括国际知名企业、国内大型企业和众多中小企业，具体如下： · 国际知名企业：如德特森（DETESEN），凭借强大的技术研发实力、广泛的全球销售网络和较高的品牌知名度，在高端倾斜式球阀市场占据主导地位，其 产品主要应用于石油、化工、电力等对阀门性能要求极高的行业。 · 国内大型企业：像福建德特森阀门有限公司等，具备一定技术研发和生产规模，产品质量逐步提升，既能满足国内中高端市场需求，也在积极拓展国际市 场，在国内市场和部分国际市场中与国际企业展开竞争。 ...

核盾铸魂！大连大高匠心守护中国核电安全门 解决毫秒级可靠触发世界性难题；可造全球最大口径核级爆破阀 ◎邹俭朴记者李苑 0.001秒，核一级爆破阀的响应精度；60年，爆破阀的最低寿命保障；2000万元，单台机组较进口产品 节省的成本……在这些数字背后，大连大高阀门股份有限公司（简称"大连大高"）用二十年时间，将一 个老牌企业锻造成守护国家核安全的"隐形冠军"。这家企业的蜕变，镌刻着大国工匠对"安全"二字的极 致诠释，更见证着中国从核电大国迈向核电强国的铿锵步伐。 核盾兴企：核电禁区重塑企业基因 1999年夏天，大连高压阀门厂内弥漫着焦虑和不安。新任厂长于传奇面前摊着两份文件：一份是拖欠 3000名工人8个月工资的财务报表，另一份是刚刚起草的《核电阀门资质申报计划书》。 彼时的大连高压阀门厂，正经受着亚洲金融危机的冲击，工厂长期为国外品牌贴牌生产低压小口径阀 门，90%以上的产品依赖外销。危机来袭后，订单骤减，车间停摆。 "连饭都吃不上，还搞什么核电？"面对质疑声，于传奇却异常坚定："最高端的阀门市场在核电，我们 必须啃下这块硬骨头，不容退缩。" 当时，中国核电产业尚处萌芽期，核级阀门市场被国际巨头垄断。在这样的 ...

Core Insights - The signing ceremony for key projects in Suzhou High-tech Zone's Taihu Science City took place on August 18, with a total investment of 2.41 billion yuan aimed at enhancing the local photonics and intelligent manufacturing industries [1] Investment Projects - The projects are focused on emerging fields such as photonics and intelligent manufacturing, with plans to add 198.62 acres of industrial land and an expected annual output value of 3.1 billion yuan upon completion [1] - The second phase of the Nuway Fluid high-end precision valve expansion project is expected to invest 500 million yuan, adding an intelligent production line for high-end industrial valves, with an anticipated annual output value of 800 million yuan [1] - The third phase of the Hanlin Micro-Nano mobile optical lens components and semiconductor packaging expansion project plans a total investment of 760 million yuan, aiming for an additional annual output value of 870 million yuan [1] - The second phase of Kema Technology's advanced ceramic structural functional modular products expansion project is set to invest 600 million yuan, with an expected annual output value exceeding 600 million yuan [1] - The second phase of Moli Electronics' power electronic liquid cooling products expansion project plans to invest 550 million yuan, constructing 15 production lines for various liquid cooling products, with an anticipated annual output value of 800 million yuan [1]

Group 1 - The article highlights the emergence of Chinese manufacturing companies that focus on their core competencies and innovate within their industries, showcasing a trend of "dedicated craftsmanship" [1][2][3] - Dalian Rongke Energy has developed over 300 patents in the vanadium flow battery technology, establishing a significant technological barrier and positioning "Chinese vanadium flow" as a key solution for large-scale renewable energy integration [1] - Dalian Dagaoh has achieved impressive metrics in nuclear safety, including a response precision of 0.001 seconds for its primary products and a 60-year lifespan commitment for its explosion-proof valves, emphasizing safety and cost advantages over foreign competitors [1] Group 2 - Lianlong is recognized as a global leader in polymer materials and anti-aging additives, transitioning towards health consumer products while maintaining its technological edge in industrial additives [2] - The growth trajectories of these companies illustrate a broader narrative of private enterprises in China that are committed to their core businesses and strengthening their industrial capabilities [2] - The article suggests that the rise of these exemplary private enterprises reflects the transformation of China from a manufacturing power to a manufacturing stronghold [3]

Group 1: Rongke Energy - Rongke Energy has developed the world's first 100 MW large-scale vanadium flow battery energy storage demonstration project, which serves as a technical benchmark in long-duration energy storage [12] - The company has established a comprehensive patent portfolio covering key aspects of the energy storage industry, positioning itself as a leader in the global energy storage technology competition [12][15] - In 2022, Rongke Energy completed a Series A financing round and subsequently raised over 5.48 billion yuan in Series C financing, primarily for capacity expansion and R&D investment [15][16] - The company has built the world's largest vanadium flow battery key materials and equipment manufacturing base, with a projected output value exceeding 1 billion yuan in 2024 [16] - Rongke Energy's vanadium flow battery technology is recognized for its long lifespan of over 25 years and high safety, making it a viable solution for large-scale renewable energy integration [13][17] Group 2: Li'anlong - Li'anlong is a leading global supplier of polymer material aging resistance additives, with a focus on transitioning from industrial additives to health consumer products [19][20] - The company has established a comprehensive logistics and sales network, serving over 100 of the world's top 500 companies [20] - Li'anlong's products are widely used in various sectors, including automotive, coatings, and packaging materials, contributing significantly to its profitability [20][21] - The company has invested over 50 million yuan in automation and digital systems to enhance safety and operational efficiency in its production processes [22][23] - Li'anlong emphasizes green development and has implemented extensive environmental protection measures, ensuring compliance with high environmental standards [25][26] Group 3: Baoma Xingqing - Baoma Xingqing has transformed from a traditional iron alloy producer to a leading supplier of special casting materials, focusing on high-value-added products [36][37] - The company has developed over 100 types of multi-element alloy inoculants, achieving a 30% market share in China's special casting materials sector [39] - Baoma Xingqing has implemented a "waste-to-resource" strategy, recycling industrial waste to create new products, significantly reducing production costs [40][41] - The company has invested in advanced equipment and technology to enhance precision manufacturing and meet customer-specific requirements [42][43] - Baoma Xingqing's revenue increased by 23% year-on-year, demonstrating resilience and adaptability in a competitive market environment [43]

苏州纽威阀门股份有限公司 第五届董事会第三十一次会议决议的公告 证券代码：603699 证券简称：纽威股份 公告编号：临 2025-055 本议案已经公司第五届董事会审计委员会 2025 年第三次会议审议通过，并 同意将此项议案提交公司董事会审议。 表决结果：同意 7 票、反对 0 票、弃权 0 票。 案》； 表决结果：同意 7 票、反对 0 票、弃权 0 票。 表决结果：同意 7 票、反对 0 票、弃权 0 票。 特此公告。 苏州纽威阀门股份有限公司 董事会 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、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"）第五届董事会第三十一次会 议于 2025 年 08 月 11 日以电子邮件、电话通知的方式发出会议通知，于 2025 年 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、 ...

人民财讯8月21日电，纽威股份（603699）8月21日晚间披露2025年半年度报告，上半年实现营业收入 34.04亿元，同比增长19.96%；归母净利润6.37亿元，同比增长30.44%；基本每股收益0.83元。公司拟向 全体股东每10股派发现金红利人民币5.8元(含税)。2025年上半年，公司核级阀门交付量再创新高。2025 年下半年随着智能智造产线投入使用，核级阀门产能将实现进一步提升。 ...

证券代码：603699 证券简称：纽威股份 公告编号：临 2025-057 苏州纽威阀门股份有限公司 关于 2025 年中期利润分配预案的公告 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个别及连带责任。 重要内容提示： ? 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日 期将在权益分派实施公告中明确。 ? 如在实施权益分派的股权登记日前公司总股本发生变动的，拟维持按每 中披露。 ? 公司已于 2024 年 5 月 15 日召开 2024 年年度股东大会审议通过了《关于 利润分配相关事宜。本次利润分配方案无需提交股东大会审议。 一、利润分配预案的内容 根据公司 2025 年半年度报告，2025 年半年度公司合并报表归属于母公司实 现的净利润为 636,597,878.46 元人民币。经董事会决议，公司 2025 年半年度拟 以实施权益分派股权登记日登记的总股本为基数分配利润，公司 2025 年中期利 润分配预案为： 日，公司总股本 768,573,661 股，以此计算合计拟派发现金红利 445,772,723.38 元 ...

Summary of Nuwei Co., Ltd. Conference Call Company Overview - Nuwei Co., Ltd. primarily operates in the oil and gas sector, with traditional oil and gas business accounting for 85% of its operations. The global oil and gas industry capital expenditure remains stable at $600-700 billion, providing a solid foundation for growth opportunities in the Middle East market, particularly benefiting from increased capital expenditure by Saudi Aramco [2][3][7]. Key Points and Arguments Oil and Gas Business Performance - Nuwei's oil and gas valve business covers upstream extraction, midstream storage, and downstream refining. The company has seen strong growth due to increased investment across the Middle East oil and gas value chain and a favorable marine engineering market [3][5]. - The company holds a small market share globally but has significant room for growth, especially in the Middle East, where Saudi Aramco's capital expenditure is expected to rise [3][7]. - Nuwei's revenue from overseas markets is increasing, with projections indicating that marine engineering will account for 15-20% of total orders by 2024 [3][9]. Non-Oil and Gas Business Expansion - To mitigate oil and gas cycle fluctuations, Nuwei is actively expanding into non-oil and gas sectors, such as water treatment and nuclear power, which contributed 13% to overall orders in 2024 [2][5]. - The water treatment and power markets are both valued at over $10 billion, presenting substantial growth opportunities for the company [2][5]. Natural Gas Investment in the Middle East - The Middle East holds approximately 35% of global natural gas reserves, and countries in the region are investing in natural gas power generation to address future fossil fuel demand risks [6][7]. - The region's investment in LNG supply chains is expected to grow, driven by increased demand for electricity and natural gas due to data center developments [6][7]. Market Share and Competitive Position - Nuwei's market share in Saudi Aramco is currently below 3%, but there is potential for growth as product quality and service levels improve [7][8]. - The company has successfully penetrated overseas markets due to oil price volatility, increased demand for cost-effective solutions, and enhanced supply chain security [8][10]. Marine Engineering and Shipbuilding Prospects - Nuwei's marine engineering segment is projected to grow significantly, with FPSO and LNG transport vessel valves expected to account for 15-20% of total orders by 2024 [9][10]. - The company has a market share of approximately 10% in FPSO orders, with significant growth potential as demand is forecasted to reach $650 million annually from 2025 to 2027 [9][10]. Emerging Business Developments - Nuwei has been expanding its water treatment business, focusing on wastewater treatment and seawater desalination, with a projected order intake of 300 million RMB in 2024 [12][13]. - The company is also entering the data center market, having secured a project with Google in Europe valued at approximately €2 million [12][13]. Nuclear Power Sector Engagement - Nuwei has over a decade of experience in the nuclear power sector, with orders expected to double in 2025. The company plans to expand its product offerings to include ball and butterfly valves [15][16]. - Participation in international projects, such as those in the UK, is expected to enhance Nuwei's market presence and contribute to overall revenue growth [15][16]. Additional Important Insights - Nuwei's traditional business is expected to maintain a compound annual growth rate (CAGR) of over 20%, with projected profits of approximately 1.5 billion RMB in 2025 [3][16]. - The company aims to achieve a revenue target of 10 billion RMB by 2028, with a commitment to maintaining a high dividend payout [16].