Core Viewpoint - Jiangsu Shentong announced on August 27 that the construction of its high-end valve intelligent manufacturing project, which is part of its original fundraising investment plan for the second quarter of 2024, has been completed and is now moving into the equipment installation and debugging phase, with trial production expected to commence by the end of 2025 [1] Group 1 - The civil engineering work for the high-end valve intelligent manufacturing project has been completed [1] - The company is currently working on outdoor supporting facilities and water supply and drainage projects [1] - Equipment installation and debugging are the next steps in the project timeline [1] Group 2 - Trial production is anticipated to begin gradually before the end of 2025 [1]

Group 1 - The steel metallurgy industry is experiencing a decline in demand, leading to increased competition for valve products [1] - The company is enhancing product research and development, as well as process innovation, to address market challenges [1] - The company is implementing cost reduction and efficiency improvement measures while promoting its "valve steward" service to increase brand influence and market share [1] Group 2 - Global and domestic capital expenditure in the chemical and refining industries is slowing down, intensifying competition for the company's energy and chemical products [1] - The company plans to continue investing in research and development in the energy and chemical sector and innovate marketing strategies to gradually increase market share in the energy and petrochemical valve products [1]

Core Viewpoint - Qingdao Weilon Valve Co., Ltd. has approved the 2025 Restricted Stock Incentive Plan and has publicly disclosed the list of incentive objects, confirming compliance with relevant regulations and internal procedures [1][2]. Summary by Sections Public Disclosure and Verification - The company held meetings on August 15, 2025, to review and approve the draft of the 2025 Restricted Stock Incentive Plan [1]. - The list of incentive objects was publicly disclosed internally from August 18 to August 27, 2025, allowing employees to provide feedback [1]. - No objections were received from employees or organizations regarding the disclosed incentive objects [1]. Verification Method - The Compensation and Assessment Committee verified the incentive objects' names, identification documents, labor contracts, and positions held within the company [2]. - The committee confirmed that the incentive objects met the conditions set forth by the Company Law and relevant regulations [2]. Committee's Verification Opinion - The committee stated that the incentive objects listed are compliant with the legal and regulatory requirements [2]. - Independent directors, supervisors, and shareholders holding more than 5% of the company's shares were excluded from the incentive objects [2]. - The committee found no falsehoods or significant omissions in the basic information of the incentive objects [2]. - The incentive objects do not fall under any disqualifying conditions as per the relevant regulations [2].

Group 1 - The company, Fangzheng Valve (920082), announced a semi-annual report distribution plan, proposing a cash dividend of 0.7 yuan per share (including tax), with a total cash dividend distribution expected to be 10.17 million yuan [2] - For the first half of the year, the company reported an operating income of 390 million yuan, a year-on-year decrease of 3.97%, while net profit reached 45.44 million yuan, reflecting a year-on-year increase of 23.12%. Earnings per share were 0.31 yuan, and the weighted average return on equity was 8.62% [2] - As of the end of the first half, the total number of shareholders increased to 7,402, representing a growth of 420 shareholders or 6.02% compared to the previous quarter [3] Group 2 - The company primarily engages in the design, manufacturing, and sales of industrial valves [3] - The latest closing price of the stock was 22.69 yuan, with a cumulative decline of 0.09% over the past five days, and a total turnover rate of 56.98% [3]

内容概要：开关阀是一种通过启闭件控制流体通断的工业设备，属于阀门式样的开关。阀门行业是我国 机械制造业中的一个重要领域，而机械制造业是实体经济的重要组成部分。近年来，国家及相关部门不 断出台一系列政策，推动我国阀门行业发展。开关阀广泛应用于石油、化工、电力、冶金、环保、水处 理等传统行业，随着工业自动化的推进，电动、气动等自动化开关阀的市场需求正逐步扩大，同时在新 能源、生物医药、环保、电子半导体等新兴领域的应用也在不断拓展。2024年，我国开关阀市场规模从 2016年的116.2亿元增长至212.3亿元，预计2025年我国开关阀市场规模有望达到262.7亿元，预计2031年 有望突破400亿元。 开关阀的分类方式多样，按驱动方式也是最常见的分类方式可以分为手动开关阀、气动开关阀、电动开 关阀、液动开关阀。 上市企业：纽威股份(603699)、中核苏阀(000777)、上海冠龙阀门（301151）、江苏神通(002438)、永盛 科技(874497)、方正阀门(920082)、浙江力诺(300838) 相关企业：烟台金泰美林科技股份有限公司、浙江中德自控科技股份有限公司、上海永项阀门制造有限 公司、大连大高阀 ...

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]