「纪念彼得·德鲁克中国管理奖」旨在传承「现代管理学之父」彼得·德鲁克的博雅管理思想，推动中国 企业管理进步，是中国管理界具有高含金量的权威奖项。论坛期间，浙江力诺董事长陈晓宇受邀发表 《德鲁克思想的体和用》主题演讲。他从「体用结合」的视角，生动分享了德鲁克管理思想在企业中的 实践应用，展现了浙江力诺如何将经典管理理论转化为推动企业发展的具体行动，获得与会嘉宾的一致 好评。 据浙江力诺（300838）官方微信号消息，11月11日，2025纪念彼得·德鲁克中国管理论坛暨第12届江苏 企业家高层论坛在南京圆满落幕。论坛现场揭晓了备受关注的「纪念彼得·德鲁克中国管理奖」评选结 果。浙江力诺流体控制科技股份有限公司从近百家企业中脱颖而出，荣获该重要奖项，成为本届十家获 奖企业之一，也是该奖项自2019年设立以来温州地区的首家获奖企业。 展望未来，浙江力诺表示将以此次获奖为新起点，继续秉持卓越绩效与人文精神并重的管理理念，致力 于打造中国控制阀领域的领导品牌，并向国际流体控制行业知名品牌的目标迈进。 浙江力诺的成功源于多年来在管理创新与绩效提升上的持续投入。公司已发展成为国家级高新技术企 业、国家火炬计划项目企业，并先后 ...

Core Insights - Zhejiang Lino has recently achieved two significant qualification reviews, highlighting its ongoing strength in specialized development and business reputation [1][2][4] - The company successfully passed the national-level "specialized and innovative small giant" enterprise review for 2025, reflecting its deep expertise and continuous innovation in the industrial control valve sector [1][2] - Additionally, Zhejiang Lino has been re-evaluated as an AAA-level "contract-abiding and trustworthy" enterprise by the Zhejiang Provincial Market Supervision Administration, indicating its commitment to legal compliance and business integrity [2][4] Summary by Categories Company Achievements - Zhejiang Lino has received recognition for its specialized development and business credibility through two important qualification reviews [1][2] - The company has been acknowledged as a national-level "specialized and innovative small giant" for 2025, showcasing its innovation capabilities in the industrial control valve field [1][2] - The AAA-level "contract-abiding and trustworthy" status reflects the company's adherence to contract obligations and its robust credit management system [2][4] Business Philosophy - The successful reviews are seen as both an encouragement and a responsibility for the company to continue its service-oriented approach [5] - Zhejiang Lino emphasizes its commitment to customer service and integrity, aligning with its operational philosophy of "customer first, full commitment, and honoring promises" [4][5] Future Outlook - The company plans to leverage these achievements as a catalyst for further exploration and efforts in the control valve sector [5] - Zhejiang Lino aims to contribute to the high-quality development of China's manufacturing industry while establishing itself as a trusted brand in the global fluid control market [5]

Industry Overview - The import valve market, particularly for plug valves, is crucial in fluid control, with applications in petrochemical, power, metallurgy, and water treatment industries [1] - There is a growing demand for plug valves that not only provide basic on-off control but also emphasize durability, safety, and system compatibility [1] Company Profiles - USA KNKE Industry Inc, based in Colorado, offers a complete fluid control system including valves, pumps, actuators, and flow meters, with a focus on local support in the Asia-Pacific market through its Shenzhen subsidiary [3] - KNKE emphasizes the coordination and safety of the overall system, particularly in petrochemical and environmental sectors, with products certified for ATEX and SIL, ensuring reliable operation in complex conditions [3] - USA VTON International Group, headquartered in Utah, specializes in the development and manufacturing of valves, pumps, and actuators, ensuring stable performance under high pressure, high temperature, and corrosive conditions through advanced production techniques [4] - VTON's sales and service in China are managed by Shenzhen Mingfa Import and Export Trade Co., providing timely technical support and after-sales service [4] - Germany's Lit Group has been a representative in the fluid control industry since 1985, maintaining stable development in plug valves with a focus on sealing and reliability for large industrial applications [4] - Lit emphasizes compatibility with other valve products, ensuring efficient system experiences under unified standards, supported by strong R&D capabilities and a comprehensive service network [4] Market Dynamics - The import plug valve market features diverse international manufacturers, including Japan's KTM, known for precision manufacturing, and the UK's Crane, recognized for comprehensive fluid control solutions [5] - The value of import plug valves extends beyond individual products to their role in the entire fluid control system, with KNKE focusing on systematic solutions, VTON enhancing local support, and Lit leveraging global scale and R&D advantages [5] - Future applications of plug valves will increasingly prioritize durability, safety, and intelligent development, with ATEX and SIL certified products becoming standard configurations, reflecting a global emphasis on reliability and safety [5]

Core Viewpoint - As of April 30, 2024, a total of 2,462 A-share listed companies in China have published their sustainable development reports, with a notable focus on tax compliance management practices within these reports [1][3]. Group 1: Implementation of Sustainable Development Reporting - The "Guidelines for Sustainable Development Reporting of Listed Companies" came into effect on May 1, 2024, marking a new phase in the standardized disclosure of sustainable information [3]. - Companies included in major indices must disclose their 2025 sustainable development reports by April 30, 2026, while other companies are encouraged to voluntarily adopt these guidelines [3]. Group 2: Tax Compliance Commitments - Listed companies contributed a total of 4.54 trillion yuan in taxes in 2024, accounting for 25.96% of the national tax revenue, with many companies making commitments to comply with tax laws in their reports [3][5]. - Baoshan Iron & Steel Co., Ltd. outlined seven commitments regarding tax compliance, emphasizing adherence to local tax laws and transparent relationships with government entities [4]. Group 3: Tax Management Practices - Zhejiang Lino Fluid Control Technology Co., Ltd. highlighted its tax management procedures and commitment to tax compliance, reflecting the growing importance of tax issues among stakeholders [6]. - New Wind Technology Co., Ltd. adapted its internal tax management processes to align with business model changes and conducted employee training to enhance tax awareness [7]. Group 4: Digitalization and Risk Management - ZTE Corporation has established a global tax compliance committee to oversee tax governance and ensure compliance, reflecting a trend towards digitalization in tax management [9]. - Tianma Microelectronics Co., Ltd. developed a tax risk control system to monitor and manage tax risks proactively, shifting from reactive to preventive measures [10].

Core Viewpoint - The article discusses the recent trends in IPO counseling registrations in China, highlighting a decrease in the number of new registrations in May compared to previous months, and provides insights into specific companies undergoing the process, including their financial performance and investor interest [1]. Group 1: IPO Counseling Registrations - In May, the China Securities Regulatory Commission (CSRC) disclosed 17 new companies for IPO counseling, bringing the total for 2025 to 123 [1]. - The number of new counseling registrations decreased in May compared to the first four months of the year, which saw monthly registrations of 32, 29, 23, and 22 respectively [1]. Group 2: Company Highlights - Huaxin New Materials (华鑫新材) is noted as the fourth globally and the first domestically to achieve mass production of high-performance polyimide (PI) films, attracting investments from prominent institutions such as CRRC Capital and the National Development Bank [1][2]. - Tianhai Fluid (天海流体) is preparing for a second application to list on the Beijing Stock Exchange after its initial application was not accepted, and it has faced disciplinary actions from the National Equities Exchange and Quotations [1][6][8]. - Chengdu Super Pure (成都超纯) has received backing from major investors including BYD and TCL Venture Capital, and has submitted its IPO counseling application [1][9][10]. - Chengfeng Technology (乘风科技) has experienced a decline in net profit for two consecutive years, despite serving major clients like ExxonMobil and Chevron [1][11][12]. Group 3: Financial Performance - Huaxin New Materials has undergone five rounds of financing since its establishment in 2019, with significant participation from various investment firms [3][4][5]. - Tianhai Fluid reported revenues of 202 million, 253 million, and 287 million yuan for 2022, 2023, and 2024 respectively, with net profits showing a slowdown in growth [7][8]. - Chengdu Super Pure has completed multiple financing rounds, with significant investments from various venture capital firms, including a unique investment from BYD in its B round [10]. - Chengfeng Technology's revenue figures for 2022, 2023, and 2024 were 809 million, 742 million, and 745 million yuan, with net profits declining from 91.21 million to 83.77 million yuan over the same period [12].

Financial Data and Key Metrics Changes - Revenue in Q1 2025 declined by 4% compared to the same period last year, primarily due to weaker capital shipments in the Industrial Processing segment [11][19] - Adjusted EBITDA decreased by 8% to $48 million, with an adjusted EBITDA margin of 20%, down from 21% in Q1 2024 [11][21] - Free cash flow increased by 15% to $19 million in Q1 2025 compared to $16.6 million in Q1 2024 [22] - GAAP EPS decreased by 3% to $2.04, while adjusted EPS decreased by 12% to $2.10, exceeding the high end of guidance by $0.05 [21][22] Performance by Business Segment - **Flow Control Segment**: Bookings increased by 6% to $100 million, with Q1 revenue up 7% to $92 million, driven by strong demand for Fluid Handling products [12][13] - **Industrial Processing Segment**: Q1 revenue declined by 15% to $90 million, primarily due to a significant drop in capital shipments, although aftermarket parts revenue made up a record 80% of total revenue in this segment [14][15] - **Material Handling Segment**: Revenue was slightly up to $57 million, with aftermarket parts comprising 65% of Q1 revenue, while overall bookings remained flat [15][17] Market Data and Key Metrics Changes - Aftermarket parts bookings represented 74% of total bookings, reaching a record $190 million, benefiting from a large installed base [11][12] - The company noted that the geopolitical climate and trade uncertainties have introduced transitory headwinds, particularly affecting the Industrial Processing segment [13][17] Company Strategy and Industry Competition - The company is assessing supply chain vulnerabilities due to tariffs and exploring alternative supply sources to mitigate impacts [7][8] - Management emphasized the importance of maintaining high levels of customer support while adapting to changing economic circumstances [8][18] - The company expects strong performance in the Flow Control segment despite geopolitical challenges, while the Industrial Processing segment faces more uncertainty [13][17] Management's Comments on Operating Environment and Future Outlook - Management indicated that the uncertainty from tariffs has delayed capital equipment orders, but they remain confident in the long-term fundamentals of their markets [9][18] - The company anticipates that the second half of 2025 will be significantly stronger than the first half, with a revised revenue guidance of $1.02 billion to $1.04 billion [30][31] - Management acknowledged that while there is a healthy level of quote activity for capital equipment, customers are delaying orders due to uncertainty [29][63] Other Important Information - The company expects incremental material costs of approximately $5 million to $6 million due to tariffs, impacting adjusted EPS by $0.32 to $0.39 [28][30] - The effective tax rate for Q1 was 24.3%, influenced by tax benefits related to equity awards [21] Q&A Session Summary Question: Insights on order book and potential deferrals - Management noted that while there is a pause in project timing, discussions and activity levels remain strong, with no projects canceled [36][38] Question: Impact of tariffs on discretionary capital projects - Management indicated that while tariffs create uncertainty, significant project cancellations are rare, and they expect projects to eventually move forward [50][52] Question: Guidance on capital bookings needed for a strong second half - Management stated that a 15% to 20% increase in capital order flow is necessary to achieve a strong second half, with ongoing discussions on several projects [58][60] Question: Understanding the impact of tariffs on pricing and margins - Management confirmed that they are implementing surcharges to mitigate tariff impacts, but the timing of these adjustments may vary [73][76] Question: Expectations for capital project recovery in the back half of the year - Management emphasized the need for capital bookings to materialize in Q2 to support revenue expectations for the second half of 2025 [78][79]