证券日报网讯江苏神通（002438）11月24日发布公告，在公司回答调研者提问时表示，市场经济环境下 竞争是永恒的，有了竞争才能促进创新和进步。经过多年来的技术进步和业绩积累，公司在核电领域的 各类产品已具备较强的市场竞争力和品牌影响力，与同行企业之间大多体现为互补性的良性竞争。随着 核电新项目审批建设进入常态化，以及关键设备国产化的推进，核电阀门行业有望保持良性有序的竞争 状态。当前，公司核电阀门在线15万台，核级蝶阀球阀等主打产品的市场占有率超90%。 ...

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]