Group 1 - A new company, Shijiazhuang Baiqiang Valve Co., Ltd., has been established with a registered capital of 1 million RMB [1] - The legal representative of the company is Zhang Panpan [1] - The business scope includes manufacturing ordinary valves and cocks, hardware products manufacturing, hardware product research and development, sales of metal products, sales of metal accessories for construction, sales of valves and cocks, and wholesale of hardware products [1]

7月份，资本市场迎来一轮减持公告潮。 据统计，共有超400家上市公司发布股东减持公告，涉及减持股东超800位次。从减持主体看，控股股东、实际控制人仍是主力 之一。Wind数据显示，7月以来，已有超60名实控人公告减持。 目光投向青岛资本市场，近日，青岛伟隆阀门股份有限公司（以下简称"伟隆股份"）一则减持公告，在资本市场激起微澜。 8月8日，伟隆股份披露关于控股股东的一致行动人减持计划的预披露公告。 | | | 图片来源：伟隆股份官网 公司大股东范庆伟的一致行动人青岛惠隆企业管理有限公司（以下简称"惠隆管理"）拟减持公司股份不超189.28万股，减持比例 不超过0.7664%。 这份看似常规的减持公告，在减持主体、股东结构和市场时机的微妙交织中，折射出值得玩味和深究的资本棋局。 公开资料显示，伟隆股份成立于1992年，注册地址位于青岛高新区，是一家专业从事给排水阀门产品的设计研发、生产制造和 销售服务的高新技术企业，为城镇给排水系统、城镇天然气管网系统、消防给水系统、空调暖通系统以及污水处理系统等下游 应用领域提供产品及解决方案。 2017年5月，伟隆股份在深交所挂牌上市，成为中国第一家给排水与消防领域阀门A股 ...

Company Overview - Shanghai Liangong Valve Manufacturing Co., Ltd. has been established with a registered capital of 10 million RMB [1] - The legal representative of the company is Lin Lianfang [1] Business Scope - The company is involved in the manufacturing of civil nuclear safety equipment and civil nuclear safety equipment installation [1] - It also engages in the manufacturing and installation of civil air defense engineering protection equipment [1] - General projects include the manufacturing of ordinary valves and cocks, hardware products, and valve and cock research and development [1] - Additional services offered include technical services, consulting, sales of metal products, equipment repair, and supply chain management [1]

Core Viewpoint - The A-share market in 2025 experienced a significant regulatory storm, highlighting issues such as financial fraud, information disclosure violations, and involvement of actual controllers in legal cases, leading to severe consequences for investors [1] Group 1: Delisting Wave - The delisting of ST Tianmao marked the beginning of a wave of forced delistings, with ST Gaohong and ST Suwu following due to continuous financial fraud, including ST Suwu inflating profits by over 200 million yuan [2] - A new regulation establishes a clear red line: companies that commit fraud exceeding 200 million yuan for two consecutive years, accounting for over 30% of revenue, or commit fraud for three consecutive years will face direct delisting [2] - In 2025, 127 actual controllers were penalized for financial fraud, and 25 companies were directly delisted, indicating a stringent regulatory environment [2] Group 2: Regulatory Actions - Recent regulatory actions targeted three companies for investigation, one company proposed for delisting, and two companies nearing forced delisting, with nine companies receiving warning letters [4] - Companies failing to disclose annual reports on time are being penalized, with the potential for direct delisting if financial reports are delayed by over four months [4] - The new regulatory logic emphasizes that if a company violates regulations, the actual controller is equally culpable [4] Group 3: Warning Signals and Investment Directions - Warning Signal 1: Revenue shrinkage and profit manipulation, as seen in the case of Jihua Group, indicates that continuous revenue loss undermines any financial engineering [8] - Warning Signal 2: High pledge rates of controlling shareholders, such as ST Mubang pledging 99% of shares, pose significant risks to investors [8] - Warning Signal 3: Companies leveraging concepts to mask share reductions, exemplified by Dou Shen Education's stock price manipulation, should be approached with caution [8] - Safe Investment Direction 1: High dividend yield companies like Yangtze Power and China Construction Bank are recommended during weak economic recovery phases [10] - Safe Investment Direction 2: Leading firms in hard technology, such as SMIC and CATL, are favored due to their advantages in domestic substitution technology breakthroughs and high R&D investments [10] - Safe Investment Direction 3: Industries benefiting from policy support, such as pumped storage sectors, have promising development prospects due to central government subsidies [10]

Summary of Key Points Group 1: Convertible Bond Issuance - The company issued a total of 26,971,000 CNY in convertible bonds on August 19, 2024, with a face value of 100 CNY per bond, totaling 2,697,100 bonds [1] - The net proceeds from the issuance, after deducting issuance costs of 7,074,189.65 CNY, amounted to 262,635,810.35 CNY [1] Group 2: Listing and Conversion Details - The convertible bonds, named "伟隆转债" (Wei Long Convertible Bonds), were listed on the Shenzhen Stock Exchange starting August 28, 2024 [2] - The initial conversion price was set at 8.60 CNY per share, which will be adjusted to 8.26 CNY per share effective May 29, 2025, due to the company's profit distribution plan [2] Group 3: Redemption Conditions - The company has the right to redeem the bonds if the stock price exceeds 10.74 CNY (130% of the conversion price) for 15 consecutive trading days, which has been triggered [3] - The redemption price is set at 100.485 CNY per bond, including accrued interest, with the interest calculated based on a 0.5% annual rate [4][5] Group 4: Redemption Implementation - As of July 31, 2025, there were 8,919 bonds remaining unconverted, and the total redemption amount will be 896,225.71 CNY [5] - The bonds will be delisted from the Shenzhen Stock Exchange on August 11, 2025, following the redemption [6] Group 5: Impact on Share Capital - The total share capital increased by 32,542,158 shares due to the conversion of the bonds, which may dilute earnings per share in the short term [5][7] - The updated share structure reflects the changes post-redemption, with a significant portion of shares now being unrestricted [7]

Competitive Landscape - The Chinese fluorine-lined butterfly valve market features a coexistence of domestic and international companies, with distinct competition between high-end and mid-to-low-end markets [1] - International companies dominate the high-end market, with European and American firms recognized for high precision and reliability. For instance, Detson holds a 10%-15% market share in the high-end pneumatic special valve market, while Emerson exceeds 20% market share in critical sectors like nuclear power and LNG [1] - Domestic large enterprises are rising, such as Fujian Detson Valve Co., Ltd., which is a leading global manufacturer of fluorine-lined valves, known for strong R&D capabilities and a significant presence in the chemical and petroleum industries [1] - The mid-to-low-end market is characterized by intense competition among numerous domestic small and medium-sized enterprises, where product homogenization is prevalent, and competition primarily revolves around pricing [1] Regional Competition - Domestic companies are mainly concentrated in regions like Jiangsu and Fujian, where industrial support and technical talent are abundant, providing a competitive advantage [2] Product Competition - There is a shortage of high-end fluorine-lined butterfly valve products, with the domestic market still reliant on imports for large-diameter and high-performance intelligent fluorine-lined valves. The high-end market is tightly controlled by a few well-known domestic and international companies that meet the demands of high-end sectors like chemicals and semiconductors [3] - The mid-to-low-end market exhibits widespread product homogenization, with most products showing minimal differences in basic performance and functionality. Price has become the primary competitive factor, although companies are increasingly focusing on improving product quality and cost-effectiveness [3]

Meeting Overview - The board meeting of Jiangsu Shentong Valve Co., Ltd. was held in a hybrid format, combining on-site and remote voting [1] - The meeting followed the regulations of the Securities Law and the company's articles of association [1] Board Resolutions - Mr. Han Li was elected as the chairman of the seventh board of directors, with a term starting from the approval date of this resolution until the end of the current board term. The voting results were 9 votes in favor, 0 against, and 0 abstentions [1] - The board approved the appointment of Mr. Wu Jianxin as the president, with the same term conditions as the chairman. The voting results were also 9 votes in favor, 0 against, and 0 abstentions [2] - Mr. Zhang Qiqiang was reappointed as the board secretary, with the term starting from the approval date until the end of the current board term. The voting results were 9 votes in favor, 0 against, and 0 abstentions [2][3] - Mr. Hong Xuechao was reappointed as the internal audit head, with the same term conditions. The voting results were 9 votes in favor, 0 against, and 0 abstentions [4] Committee Appointments - The composition of the specialized committees of the board was established, with independent directors included in each committee [1] - Audit Committee: Ms. Xiao Xiao (Chair), Mr. Shi Bingfeng, Mr. Zhu Guiying [1] - Nomination Committee: Mr. Shi Bingfeng (Chair), Ms. Ma Jing, Mr. Han Li [1] - Compensation and Assessment Committee: Ms. Ma Jing (Chair), Ms. Xiao Xiao, Mr. Wu Jianxin [1] - Strategy Committee: Mr. Han Li (Chair), Mr. Wu Jianxin, Ms. Xiao Xiao, Ms. Ma Jing, Mr. Shi Bingfeng, Mr. Zhao Wenhao, Ms. Chen Li [1] Governance Improvements - The board approved the establishment and revision of governance-related systems to enhance company operations and governance levels, with voting results of 9 votes in favor, 0 against, and 0 abstentions [5]

交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板 上市公司规范运作》等法律法规及规范性文件的相关规定，为进一步规范公司运 作，提高公司治理水平，结合公司实际情况，对公司治理相关制度予以新制定和 修订。现将具体情况公告如下： 一、本次制定暨修订的公司相关制度列表 本公司及董事会全体成员保证公告内容真实、准确和完整，并对公告中的虚 假记载、误导性陈述或重大遗漏承担责任。 江苏神通阀门股份有限公司（以下简称"公司"）于 2025 年 8 月 8 日召开第 七届董事会第一次会议，审议通过了《关于制定暨修订公司相关治理制度的议案》。 根据《公司法》 《证券法》 《上市公司治理准则》 《上市公司章程指引》 《深圳证券 证券代码：002438 证券简称：江苏神通 公告编号：2025—048 江苏神通阀门股份有限公司 序号 文件名称 审议机构 备注 制定暨修订后的相关治理制度全文内容详见 2025 年 8 月 9 日巨潮资讯网 （www.cninfo.com.cn）。 二、备查文件 特此公告。 江苏神通阀门股份有限公司董事会 ...

Core Insights - Nuwei Co., Ltd. reported stable growth in operating performance, achieving a total revenue of 3.404 billion yuan in the first half of 2025, a year-on-year increase of 19.96%, and a net profit of 637 million yuan, up 30.47% [1] - The company attributed its performance growth to favorable market trends, product improvements, and enhanced cost control [1] Financial Performance - In the first half of 2025, Nuwei's total revenue exceeded 3 billion yuan for the first time, with net profit and non-recurring net profit both surpassing 600 million yuan, marking historical highs for the company [1] - For the full year of 2024, Nuwei achieved total revenue of 6.238 billion yuan, a 12.5% increase, and a net profit of 1.156 billion yuan, reflecting a significant year-on-year growth of 60.1% [1] Market Position and Strategy - Nuwei has been recognized as the largest industrial valve manufacturer and exporter in China since its establishment in 1997, and it successfully went public in 2014 [2] - The company has actively expanded its market presence, leading to improvements in orders and sales [1] Asset and Financial Management - As of the end of the first half of 2025, Nuwei's total assets reached 8.881 billion yuan, a 1.94% increase year-on-year [2] - The company has maintained high efficiency in financial management, with negative financial expenses recorded for four consecutive years from 2021 to 2024 [2] - As of the end of the first quarter of 2025, Nuwei had cash and cash equivalents of 1.921 billion yuan, a year-on-year increase of 86.95%, with a debt ratio of 46.03%, down 2.59 percentage points year-on-year [2]

Group 1 - Company achieved a total operating revenue of 3.404 billion yuan in the first half of 2025, representing a year-on-year growth of 19.96% [1] - The net profit attributable to shareholders reached 637 million yuan, with a year-on-year increase of 30.47% [1] - The basic earnings per share were reported at 0.83 yuan [1] Group 2 - The global energy demand is expected to continue rising by 2050, while the share of fossil fuels will decline, with renewable energy sources like wind, solar, and hydrogen becoming the main drivers of future energy development [2] - The electrification and digitalization trends are becoming core driving forces for energy transition, with valves playing a crucial role in energy extraction, production, transmission, and storage [2] - Chinese valve companies have made significant advancements in technology innovation, product performance, quality control, and service capabilities, particularly in intelligent manufacturing [2] Group 3 - The company is actively responding to the market demand for special valve products in emerging fields such as renewable energy, nuclear power, and marine engineering [3] - The company has made breakthroughs in key technology areas through its independent R&D system, successfully undertaking multiple core projects [3]