Core Insights - VAG China has successfully differentiated itself in the competitive valve industry through an "innovation-driven, quality-based" strategy, achieving over 95% localization in production, which has significantly reduced costs and established a controllable supply chain [1][2] - The company has transitioned from being a "manufacturing base" to an "innovation engine," with 70% of its products being non-standard and innovative, contributing to global markets [2][3] - VAG China's unique business model and technological advancements have allowed it to break through local market limitations and accelerate its global expansion [1][4] Localization and Innovation - VAG China has implemented a fully localized supply chain, from raw material procurement to finished product delivery, enhancing its operational efficiency [4][5] - The company focuses on customized production, allowing rapid design, validation, and manufacturing processes to meet diverse market demands [3][4] - VAG China has developed products tailored to local needs, which have successfully been exported back to global markets, showcasing its innovative capabilities [3][4] Technological Leadership - The company maintains a leading position in technology by investing in R&D and establishing a rapid response mechanism to market demands, exemplified by the quick development of a large-diameter valve within 18 months [4][6] - VAG China's products are integrated into significant infrastructure projects, including major water treatment facilities, demonstrating its technical strength and commitment to quality [5][6] Global Market Expansion - VAG China has expanded its market reach globally, exporting to all continents except Antarctica, and is actively involved in major government projects that enhance its industry standing [5][11] - The company is focusing on the Southeast Asian market, recognizing the rapid growth and potential in countries like Indonesia, Vietnam, and Thailand [12] Sustainability and Environmental Impact - VAG China emphasizes energy-saving technologies in its products, contributing to sustainability goals and reducing energy consumption in various applications [6][7] - The company’s valves play a crucial role in wastewater treatment, enhancing efficiency and reducing environmental impact [7] Talent Management and Corporate Culture - VAG China fosters a strong corporate culture based on trust and collaboration, which enhances operational efficiency and employee satisfaction [9][10] - The company offers competitive benefits and a supportive work environment, resulting in low employee turnover and high morale [9][10]

Company Overview - The meeting was held on June 19, 2025, with 17 attendees, hosted by the company's Vice President and Secretary, Zhang Qiqiang, who introduced the company's basic situation and development strategy [2]. Market Position and Competition - The company has established a comprehensive product matrix in the nuclear valve sector, including nuclear butterfly valves, nuclear ball valves, and various other types, enhancing its market competitiveness [3]. - The company has over 150,000 nuclear valves in operation, demonstrating a strong market presence and good performance in recent years [4]. Product Delivery and Revenue Recognition - The delivery cycle for nuclear valve equipment typically spans from two to three years post-order, with revenue recognition aligned with actual delivery progress [5]. Industry Barriers - Key entry barriers in the nuclear valve industry include design and manufacturing licenses, as well as past supply performance, which are critical for qualification in bidding processes [6]. International Expansion - The company is actively pursuing international business expansion, focusing on core areas such as oil refining and gas extraction, with plans to enhance export capabilities [7]. Maintenance and Spare Parts Demand - Although nuclear valves have a design lifespan of up to 60 years, regular maintenance and parts replacement are necessary, particularly for valves in seawater systems, leading to an anticipated increase in spare parts demand [8][9]. Production Capacity - Current annual production capacity meets existing market demand, with plans to enhance capacity through a new high-end valve smart manufacturing project expected to be operational by the end of the year [10]. Future Prospects - The company is increasing R&D investment to align with advancements in nuclear technology, aiming to enhance its market share in new nuclear projects [11]. - The company has developed valve products that meet the standards for third and fourth generation nuclear technologies, positioning itself for future growth in the nuclear valve market [12].

证券代码：002438 证券简称：江苏神通 江苏神通阀门股份有限公司投资者关系活动记录表 编号：2025-009 | | □特定对象调研 □分析师会议 | | | | --- | --- | --- | --- | | | □媒体采访 □业绩说明会 | | | | 投资者关系活动 | □新闻发布会 □路演活动 | | | | 类别 | □现场参观 | | | | | □√其他（电话调研） | | | | 参与单位名称及 | 摩根大通、3W FUND、CLOUDALPHA CAPITAL、GIC、GSAM、GAAM、 HIMENSION CAPITAL、LYGH CAPITA、LYGH CAPITAL、SMDAM、TREE | | | | 人员姓名 | LINE、国元证券、长盛基金、淳厚基金 | | | | 时间 | 2025 6 月 19 | 年 | 日 | | 地点 | 董事会秘书办公室 | | | | 上市公司接待人 | 副总裁：章其强先生 | | | | 投资者关系活动 | 机构投资者就公司生产经营情况、未来发展规划和战略等进行沟 | | | | 主要内容介绍 | 通交流。 | | | | | 日投资者 ...

Group 1 - The stock of Fangzheng Valve (920082) increased by 8.85% today, with a turnover rate of 37.79% and a trading volume of 271 million yuan, showing a volatility of 15.93% [1] - Institutional investors net bought 2.77 million yuan, while brokerage seats collectively net sold 2.59 million yuan [1][2] - The stock has appeared on the Dragon and Tiger list 26 times in the past six months, with an average price increase of 0.20% the day after being listed and an average decline of 1.24% over the following five days [3] Group 2 - The top five brokerage seats on the Dragon and Tiger list had a total transaction volume of 57.93 million yuan, with a net buying amount of 183,200 yuan [2] - The leading buying seat was an institutional special seat, with a buying amount of 5.23 million yuan and a selling amount of 2.45 million yuan, resulting in a net purchase of 2.77 million yuan [3]

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]

内容概况：节流阀作为一种重要的流体控制元件，广泛应用于液压系统、空气动力系统、供水系统、石 化工业、食品饮料等多个领域。其核心作用是通过改变节流截面或节流长度来控制流体的流量，进而实 现对系统压力、温度、流速等参数的精确调控。节流阀不仅能够调节流量，保持其在一定范围内的稳 定，还能在流体通过时产生压力损失，实现压力调节和能量调节。此外，节流阀还能防止液压冲击，保 证系统安全运行，平衡多管道系统中的流量，提高整体效率和稳定性。近年来，随着基础设施建设的加 速和工业自动化的推进，节流阀市场需求不断增长。数据显示，2024年中国节流阀行业市场规模约为 73.69亿元。未来，随着智能化、物联网等技术的不断发展，节流阀行业也开始向着智能化、自动化的 方向发展，以提高系统的运行效率和管理水平。 相关上市企业：恒立液压（601100）、纽威股份（603699）、冠龙节能（301151）、江苏神通 （002438）、中核科技（000777）、南方阀门（833678）、伟隆股份（002871）、太钢不锈 （000825）、沙钢股份（002075）、鞍钢股份（000898）等。 相关企业：上海奇众阀门制造有限公司、江苏苏盐阀门机 ...

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]