Core Viewpoint - The recognition system plays a crucial role in building trust in global trade, facilitating international mutual recognition of testing, inspection, and certification results, which helps small and medium-sized enterprises (SMEs) confidently enter global markets [1] Group 1: Recognition System and Market Impact - The number of recognized qualified assessment institutions in China has surpassed 20,000, with over 20 government and industry authorities accepting recognition results, and 16 international mutual recognition agreements signed, covering 133 economies that account for over 96% of the global economy [1] - The recognition system supports industry development and enhances supply chain efficiency, particularly in the automotive sector, where recognized institutions help improve the credibility of testing data and boost the competitiveness of products in international markets [2] Group 2: Empowering SMEs and Industry Growth - The recognition system empowers manufacturing enterprises to expand their global market share, as evidenced by a valve company that increased its foreign trade order proportion from 40% to 50% over three years due to CNAS recognition [3] - The recognition of testing laboratories has facilitated the export of domestic zirconium alloy products to over 10 countries, enhancing the credibility of domestic materials in international nuclear power projects [3] - A recognized assessment institution in the superconducting materials sector has achieved a 50% global market share for MRI superconducting wire, supplying major international companies like General Electric and Siemens [3] Group 3: Quality Management and International Competitiveness - The recognition system helps SMEs establish efficient quality management systems and continuous improvement mechanisms, which are essential for integrating into global supply chains [4] - Initiatives such as the collaboration between the Hong Kong Quality Assurance Agency and the Fujian Provincial Market Supervision Administration have successfully promoted high-quality geographical indication products to international markets, demonstrating the strong role of recognition in supporting enterprises' international expansion [4]

Core Viewpoint - The throttle valve industry is experiencing significant growth driven by increasing demand across various sectors, including hydraulic systems, air dynamics, water supply, petrochemicals, and food and beverage industries. The market size for throttle valves in China is projected to reach approximately 7.369 billion yuan by 2024, with advancements in smart technology and automation further propelling the industry forward [1][15]. Industry Overview - Throttle valves control fluid flow by altering the flow area or length, ensuring precise regulation of system parameters such as pressure, temperature, and flow rate. They are essential in maintaining flow stability and preventing hydraulic shocks [1][15]. - The throttle valve market is expanding due to accelerated infrastructure development and industrial automation, with a projected market size of 7.369 billion yuan in China by 2024 [1][15]. Industry Chain - The upstream of the throttle valve industry includes raw materials such as metals (stainless steel, cast iron, copper alloys, alloy steel) and non-metals (PTFE, nylon, engineering plastics). The midstream involves the manufacturing of throttle valves, while the downstream encompasses applications in various sectors [9]. Performance Requirements - Key performance requirements for throttle valves include a wide flow adjustment range, minimal internal and external leakage, and low adjustment torque for sensitivity [4]. Development Trends - The throttle valve industry is moving towards high-end product development through technological upgrades, focusing on special materials, sealing technologies, and smart control systems. The demand for intelligent throttle valves is increasing due to rising industrial automation levels [23]. - The application of throttle valves is expanding beyond traditional sectors into new areas such as renewable energy, wastewater treatment, and medical devices, enhancing market resilience and creating new growth opportunities [24]. Key Companies - Leading companies in the throttle valve industry include: - **Hengli Hydraulic**: Specializes in hydraulic components and systems, with a projected revenue of 9.325 billion yuan in 2024, reflecting a 4.47% growth [19]. - **Neway Valve**: Focuses on high-end industrial valves, with a revenue forecast of 6.072 billion yuan in 2024, marking a 13.69% increase [21]. - **Other notable companies**: Jiangsu Shentong, Guandong Energy Saving, and Zhongke Technology, which are also making significant contributions to the industry [17][18]. Market Dynamics - The throttle valve industry is witnessing a shift towards domestic substitution, with local companies achieving breakthroughs in high-end markets, particularly in petrochemicals and nuclear power [17]. - The industry is also expanding its international presence, leveraging competitive pricing and technology transfer to penetrate markets in the Middle East and Southeast Asia [25].

证券代码：002438 证券简称：江苏神通 公告编号：2025-032 个月。 二、权益分派方案 江苏神通阀门股份有限公司 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"或"本公司"）2024 年年度 权益分派方案已获 2025 年 5 月 7 日召开的 2024 年年度股东大会审议和通过，2024 年年度股东大会决议公告刊载于 2025 年 5 月 8 日的《证券时报》《中国证券报》 例固定的原则进行调整。本分配方案自披露至实施期间，公司股本总额未发生变 化。 调整原则一致。 《上海证券报》及巨潮资讯网 www.cninfo.com.cn 上（公告编号：2025-029）。 现将权益分派事宜公告如下： 一、股东大会审议通过权益分派方案情况 数，向全体股东每 10 股派发现金红利 1.75 元(含税)，共计派发现金红利 未分配利润结转以后年度。 本公司 2024 年年度权益分派方案为：以公司现有总股本 507,537,461 股为 基数，向全体股东每 10 股派 1.750000 元人民币现金（含税；扣税后 ...

Group 1 - Jiangsu Province's Ministry of Industry and Information Technology announced the list of advanced intelligent factories for 2025, with three companies from Suzhou High-tech Zone's Xushuguan successfully selected: Suzhou Xingye Material Technology Co., Ltd., China Nuclear Valve Technology Co., Ltd., and Carel Electronics (Suzhou) Co., Ltd. [1] - Suzhou Xingye Material Technology Co., Ltd. was established in 1996 and has developed into a high-tech enterprise occupying 286 acres, a publicly listed company, and a national "specialized, refined, and innovative" small giant enterprise. The company has a 4,543 square meter R&D center and offers over 200 specifications and varieties of products, with its main products ranking first in the domestic market for cold core box resin and self-hardening furan resin. [1] - China Nuclear Valve Technology Co., Ltd. integrates R&D, design, manufacturing, and sales of industrial valves, providing solutions for various industries including oil, natural gas, nuclear power, and pharmaceuticals. It was listed on the Shenzhen Stock Exchange in 1997 and is the first listed company in China's valve industry and under China National Nuclear Corporation. [1] Group 2 - Carel Group, founded in 1973 and headquartered in Padova, Italy, focuses on providing commercial air conditioning, refrigeration, and humidification control solutions. Carel Electronics (Suzhou) Co., Ltd. was established in 2005 as the Asia-Pacific headquarters and has developed a diversified product matrix covering commercial refrigeration and industrial humidification, achieving a digital intelligent factory status and recognized as a provincial green benchmark. [2] - China Nuclear Technology has focused on self-reliance in technology, enhancing its independent innovation capabilities in R&D, technical services, and equipment manufacturing. The company utilizes 5G networks for real-time interconnection of devices and cloud platforms for dynamic data collection and analysis, forming a closed-loop intelligent management system covering production, equipment, quality management, and supply chain collaboration. [2] Group 3 - The Xushuguan area has established a tiered cultivation system of "smart workshops - smart factories - lighthouse factories," promoting the deep integration of new-generation information technology and manufacturing. Currently, the area has built five provincial benchmark factories and advanced intelligent factories, along with 34 smart workshops, forming industrial clusters in high-end equipment, new-generation information technology, and biomedicine. [3]

Core Viewpoint - Zhejiang Lino plans to acquire 100% equity of Xuzhou Chemical Machinery Co., Ltd. for 260 million yuan, which will enhance its technical capabilities and market presence in the control valve sector [1][2]. Company Overview - Xuzhou Chemical Machinery was established in 2004 from the restructuring of Xuzhou Chemical Machinery Factory and is a pioneer in the production of control valves in China, with a strong technical foundation [2]. - The company has a significant history in the industry, having introduced German technology in 1995 and developed into a high-tech enterprise with complete independent intellectual property rights [2]. Market Position and Product Offering - Control valves are categorized into regulating valves and switching valves, with Zhejiang Lino's revenue composition showing over 60% from switching valves and only about 25% from regulating valves [3]. - The acquisition of Xuzhou Chemical Machinery will help Zhejiang Lino address its deficiencies in regulating valve technology and product variety, thereby enhancing its overall strength [3]. Industry Application and Expansion - Xuzhou Chemical Machinery's products are widely used in coal chemical, petrochemical, and cryogenic industries, providing valuable application experience and brand recognition [3]. - Zhejiang Lino primarily serves the fine chemical and paper industries, with limited high-end applications in coal chemical and petrochemical sectors, indicating potential for market expansion [3]. Strategic Benefits of Acquisition - The acquisition will allow Zhejiang Lino to expand its industrial layout in Northern China, leveraging Xuzhou's strong industrial base [4]. - The integration of both companies' resources and brand strengths is expected to create synergies, enhance competitiveness, and accelerate business development for sustainable growth [4].

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]

Core Insights - The Chinese butterfly valve industry is projected to reach a market size of approximately 13 billion yuan in 2024, with a compound annual growth rate (CAGR) of 5.86% over the past three years [1][3]. Industry Overview - Butterfly valves are designed to control fluid flow through a rotating disc, making them suitable for quick opening and closing applications, as well as flow regulation [1]. - The industry is experiencing a shift towards high-quality development, integrating advanced control technologies and sensors for remote control, automatic adjustment, and fault diagnosis, enhancing precision and reliability [1]. Application Market - The primary downstream applications for butterfly valves in China include natural gas, electric power, chemical, and water treatment industries, with the chemical and electric power sectors holding the largest market share [3]. - In the chemical sector, butterfly valves are crucial for managing various corrosive, toxic, and flammable media, accounting for approximately 25%-30% of the application market [3]. Industry Competition - The market concentration in the Chinese butterfly valve industry is relatively low, with key players including global leaders like Emerson and Flowserve, as well as domestic companies such as Neway and Jiangsu Shentong [5]. - Emerson offers a range of butterfly valve products, including the KEYSTONE series, while Flowserve provides various types of valves, including lined butterfly valves and high-performance options [5]. - Jiangsu Shentong is recognized as a leading domestic manufacturer, with a diverse range of butterfly valves used across multiple sectors, including metallurgy, nuclear power, and oil and gas [5].

Core Viewpoint - The article discusses the recent trends in IPO counseling registrations in China, highlighting a decrease in the number of new registrations in May compared to previous months, and provides insights into specific companies undergoing the process, including their financial performance and investor interest [1]. Group 1: IPO Counseling Registrations - In May, the China Securities Regulatory Commission (CSRC) disclosed 17 new companies for IPO counseling, bringing the total for 2025 to 123 [1]. - The number of new counseling registrations decreased in May compared to the first four months of the year, which saw monthly registrations of 32, 29, 23, and 22 respectively [1]. Group 2: Company Highlights - Huaxin New Materials (华鑫新材) is noted as the fourth globally and the first domestically to achieve mass production of high-performance polyimide (PI) films, attracting investments from prominent institutions such as CRRC Capital and the National Development Bank [1][2]. - Tianhai Fluid (天海流体) is preparing for a second application to list on the Beijing Stock Exchange after its initial application was not accepted, and it has faced disciplinary actions from the National Equities Exchange and Quotations [1][6][8]. - Chengdu Super Pure (成都超纯) has received backing from major investors including BYD and TCL Venture Capital, and has submitted its IPO counseling application [1][9][10]. - Chengfeng Technology (乘风科技) has experienced a decline in net profit for two consecutive years, despite serving major clients like ExxonMobil and Chevron [1][11][12]. Group 3: Financial Performance - Huaxin New Materials has undergone five rounds of financing since its establishment in 2019, with significant participation from various investment firms [3][4][5]. - Tianhai Fluid reported revenues of 202 million, 253 million, and 287 million yuan for 2022, 2023, and 2024 respectively, with net profits showing a slowdown in growth [7][8]. - Chengdu Super Pure has completed multiple financing rounds, with significant investments from various venture capital firms, including a unique investment from BYD in its B round [10]. - Chengfeng Technology's revenue figures for 2022, 2023, and 2024 were 809 million, 742 million, and 745 million yuan, with net profits declining from 91.21 million to 83.77 million yuan over the same period [12].

材料创新持续推进：开发新型高强度、高耐蚀合金及高性能塑料，进一步提高阀体强度和耐蚀性；密封材料向耐更高温、高压及耐磨损方向发展，如新型橡 胶复合材料或碳纳米管增强密封材料等。 结构设计优化升级：德特森运用先进模拟技术，使流道优化更精准，进一步降低流阻；采用新型连接技术和紧凑布局，实现更紧凑、轻量化的设计，同时保 证结构强度和稳定性。 智能化与自动化程度进一步提高： 融入先进控制技术：以微处理器、PLC 为核心的控制系统会更广泛应用，实现更复杂的逻辑运算与控制策略，使阀门能根据多种工况精确调节开度，优化 流体控制。 深化远程监控功能：借助物联网、5G 等技术，远程监控的稳定性、实时性增强，可实现对阀门的精准远程操作，还能通过大数据分析提供智能决策支持。 强化故障诊断与预测性维护：智能传感器精度和可靠性提升，能监测更多阀门运行参数，结合人工智能算法，更准确地预测故障，给出维护建议，减少停机 时间。 追求更高的性能与可靠性： 电动水泵房蝶阀行业内的技术创新趋势主要体现在以下几个方面： 执行器性能显著提升：控制精度可提高至 ±1% 以内，满足高端应用需求；响应速度大幅提升，开启或关闭时间缩短至数秒；福建森科阀门制造有 ...

Core Insights - The article discusses the leading domestic valve brands in China for various industries, highlighting their market positions, technological advancements, and future trends. Group 1: Leading Brands and Market Position - Suzhou Neway Valve is recognized as a global benchmark for deep-sea valve technology, with 42% of its revenue coming from overseas and a production capacity exceeding 600,000 units per year [11][12] - China Nuclear Su Valve Technology is the only domestic company with full qualifications for nuclear-grade valves, achieving over 90% localization in nuclear power valves and securing over 1.5 billion yuan in nuclear power orders [12][13] - Shanghai Qizhong Valve holds a 53% market share in nuclear-grade butterfly valves, with a 180% annual increase in orders for new energy lithium battery valves [14][15] Group 2: Industry Trends and Innovations - The trend towards domestic substitution is accelerating, particularly in high-end fields such as semiconductor special gas valves and ultra-high pressure hydrogen valves, with leading companies investing over 8% of their revenue in R&D [32] - Green technology is expected to dominate municipal and energy project tenders, with low-carbon valves and smart water management solutions leading the way [33] - The global competition is intensifying, driven by infrastructure demands in Southeast Asia and the Middle East, with China's valve export expected to exceed 12 billion USD by 2025 [34]