在产品布局方面，公司已构建涵盖核级蝶阀、球阀、地坑过滤器、仪表阀、隔膜阀等在内的全系列产品 矩阵，并持续推进迭代升级。章其强透露，公司正加大资源投入，加速前沿技术研发，纵深拓展高端阀 门产品谱系，旨在为市场提供更完备的系统解决方案。紧跟核能技术发展，积极布局核聚变领域 调研核心要点解读核电阀门市占率稳居行业第一，15万台设备在线运行筑牢竞争壁垒 针对行业竞争情况，公司表示，经过多年技术积累与业绩沉淀，已在核电领域建立显著竞争力。目前， 公司已有15万台核电阀门在线运行，其中核级蝶阀、球阀等核心产品市场占有率超过90%，稳居行业领 先地位。章其强指出，随着核电新项目审批常态化及关键设备国产化战略推进，行业将持续保持规范、 有序的高质量竞争生态，公司凭借技术与品牌优势有望进一步巩固市场份额。存量机组运维高峰来临， 备件市场成稳健增长极 调研中，机构重点关注核电阀门的更换周期与市场需求。公司方面介绍，尽管核电阀门设计使用寿命可 达60年，但长期运行中受材料老化、介质冲刷等因素影响，需定期检修维护并更换关键部件。随着国内 在运核电机组规模扩大，存量机组逐步进入运维高峰期，备件更新需求持续释放。公司明确表示，核电 阀门 ...

江苏神通现场会议 调研活动记录 会议地点：公司会议室 会议时间：2025 年 12 月 19 日 会议主持：章其强 会议记录：陈鸣迪 出席人数：10 名 一、会议开始 本次机构投资者调研由公司副总裁兼董秘章其强先生主持，首先向到公司现 场参加调研活动的研究员表示欢迎，同时强调了关于遵守承诺函的约定和上市公 司信息披露的有关规定。其次，章其强先生向投资者介绍了公司基本情况、公司 发展战略规划及近期主要生产经营工作的进展情况。 二、沟通交流 问：公司与同行企业在核电行业中的竞争情况？ 答：在市场经济环境下，竞争是推动创新与进步的核心动力。经过多年持续的技 术积累与业绩沉淀，公司在核电领域已建立起显著的产品竞争力和品牌影响力。 与核电领域同行企业之间，更多呈现为优势互补、协同发展的良性竞争格局。随 着核电新项目审批与建设步入常态化，叠加关键设备国产化战略的深入推进，核 电阀门行业有望持续保持规范、有序、高质量的竞争生态。目前，公司已有 15 万台核电阀门在线运行，其中核级蝶阀、球阀等核心产品市场占有率超过 90%， 稳居行业领先地位。 问：公司核电领域阀门的备件更换周期是多久？ 答：尽管核电阀门的设计使用寿命可达 ...

Core Viewpoint - The company emphasizes the importance of competition in driving innovation and progress within the market economy, highlighting its strong market competitiveness and brand influence in the nuclear power sector [1] Company Summary - Jiangsu Shentong (002438) announced on November 24 that it has developed a strong market position in the nuclear power valve industry, with over 150,000 nuclear valves online and a market share exceeding 90% for its main products, including nuclear butterfly valves and ball valves [1] Industry Summary - The nuclear valve industry is expected to maintain a healthy and orderly competitive state due to the normalization of new project approvals and the advancement of domestic key equipment manufacturing [1]

Group 1: Company Overview and Strategy - The meeting was organized by CICC, with the company’s Vice President and Secretary of the Board, Zhang Qiqiang, introducing the company’s basic situation, development strategy, and Q3 2025 report [2] - The company aims to enhance the value of each nuclear power unit to over 100 million yuan, with growth expected from the expansion of new product categories [4] - The company is preparing a ten-year strategy and five-year plan in line with the national 14th Five-Year Plan, expected to be completed by the end of this year [12] Group 2: Market and Competition - The main projects for bidding this year are the 10 new units approved this year, while the bidding for last year's 11 units has mostly been completed [3] - The nuclear valve industry is expected to maintain a healthy competitive state due to the normalization of new nuclear project approvals and the promotion of domestic key equipment [7] - The company has strong market competitiveness and brand influence in the nuclear power sector, built over years of accumulation [6] Group 3: Financial Performance - The gross margin for nuclear valves is currently stable, with expectations to remain so unless there are significant changes in the business model or market competition [8] - The decrease in contract liabilities in Q3 was primarily due to the delivery cycle, where old orders have been recognized as revenue while new orders have not yet reached payment milestones [11] Group 4: Research and Development - The company is actively involved in the development of special valves for various nuclear energy applications, including nuclear fusion, and has received small batch orders [9] - The export performance is expected to improve compared to previous years, with a mature team and an increasingly complete qualification system [10]

Core Viewpoint - Jiangsu Shentong (002438) emphasizes the importance of competition in the market economy, stating that it drives innovation and progress [1] Company Summary - The company has developed strong market competitiveness and brand influence in the nuclear power sector through years of accumulation [1] - Jiangsu Shentong's products in the nuclear power field are well-positioned to capitalize on the ongoing approval and construction of new nuclear power projects [1] - The promotion of domestic production of key equipment is expected to contribute to a healthy and orderly competitive environment in the nuclear valve industry [1]