Group 1 - The company maintains the leading position in the nuclear valve market with over 150,000 units in operation, achieving a market share exceeding 90% for core products like nuclear butterfly and ball valves [1] - The demand for spare parts is expected to grow steadily as existing nuclear power units enter a maintenance peak, providing a sustainable revenue source for the company [1] - The company is committed to continuous product iteration and technological advancement, expanding its product matrix to include a full range of valves and filters [1] Group 2 - The company is actively investing in research and development for special valves aimed at advanced nuclear applications, including nuclear fusion, aligning with national energy technology advancements [1] - The company emphasizes a focus on core business and technological innovation to drive product upgrades and capitalize on industry growth opportunities [2]

Group 1: Company Overview and Market Position - The company has established significant product competitiveness and brand influence in the nuclear power sector, with over 150,000 nuclear valves in operation and a market share exceeding 90% for core products like nuclear butterfly and ball valves [3] - The nuclear valve industry is expected to maintain a regulated, orderly, and high-quality competitive ecosystem due to the normalization of new project approvals and the deepening of key equipment localization strategies [3] Group 2: Product Lifecycle and Maintenance - Although nuclear valves have a design lifespan of up to 60 years, regular maintenance and preventive replacement of key components are necessary due to harsh operational conditions [4] - The nuclear valve parts market is becoming a stable and sustainable source of revenue for the company, driven by the increasing demand for spare parts as the number of operational nuclear units grows [6] Group 3: Export and Development - The company primarily exports nuclear valve products through indirect export channels, partnering with large domestic enterprises that have overseas project contracting qualifications [5] - The company is actively developing a full range of high-quality products, including nuclear butterfly valves, ball valves, and specialized valves for advanced nuclear applications, while investing in cutting-edge technology research [7][8] Group 4: Meeting Details - The investor meeting took place on December 19, 2025, from 16:00 to 17:30, with 10 attendees present [2][9] - There were no significant undisclosed information leaks during the investor meeting [9]

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]