出席人数：7 名 一、会议开始 本次机构投资者电话调研会议由中金公司组织，公司副总裁兼董秘章其强先 生应约参加会议，首先向参加此次电话会议的机构投资者表示感谢，其后向投资 者介绍了公司基本情况、公司发展战略规划及近期主要工作的进展情况，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。 二、沟通交流 江苏神通电话会议 调研活动记录 会议地点：公司会议室 会议时间：2025 年 11 月 19 日 会议主持：章其强 会议记录：章其强 问：核级阀门是不是每过几年都要更换整个阀门？ 答：阀门属于易损件和易耗品，在长期运行过程中，其内部零部件会因老化而逐 渐影响整体性能。为确保核电站的安全稳定运行，通常需定期对阀门设备开展检 修与维护，并对性能出现下降的阀门零部件实施预防性更换或维修。随着在运核 电机组有序扩容，叠加老旧机组对备件需求的持续释放，核电备件市场有望为公 司带来稳健且可持续的收入增长。 问：可控核聚变技术发展对行业和公司的影响？ 问：公司与国内同行目前的竞争态势是什么样的？ 答：公司在核电阀门领域与国内同行企业之间更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 ...

Core Viewpoint - The article discusses the selection of reliable manufacturers for aluminum bronze butterfly valves, emphasizing their applications in seawater desalination, marine engineering, and chemical pipelines due to their excellent corrosion resistance, mechanical strength, and wear resistance [2]. Group 1: Company Profiles - **Shuangda Valve Co., Ltd. (Wenzhou)**: A pioneer in using C95800 nickel aluminum bronze and QAl10-3-1.5 material systems, Shuangda combines sand casting and precision investment casting for stable valve body strength and corrosion resistance. Their products are widely used in marine engineering and high-pressure water systems, with a size range from DN15 to DN2600 [3][6]. - **Shanghai Wilton Valve Co., Ltd.**: Focused on C95800 nickel aluminum bronze butterfly valves, Wilton employs a three-dimensional eccentric structure and Monel K400 valve stem to enhance corrosion resistance and torque stability. Their products have been successfully used in coastal power plants and seawater desalination projects, with a notable DN2000 valve running over 50,000 hours without leakage [8][9]. - **Baichuantong Valve Group Co., Ltd. (Hebei Cangzhou)**: Holding multiple certifications, Baichuantong offers a full range of products from small to large diameters. They have over 40 patents, including a three-eccentric metal sealing structure, and their products feature zero leakage and high-pressure capabilities [11]. - **Prevo Valve (Shanghai/Wuhu)**: Utilizing QAl10-4-4 aluminum bronze, Prevo combines precision casting with special strengthening processes, offering superior wear resistance. Their valves are used in high-reliability systems, including seawater desalination and automation equipment [12][13]. - **Valtec CN (China)**: Valtec's aluminum bronze butterfly valves are designed with fire protection features and dual-direction sealing capabilities. Their products have excelled in high-chlorine environments, demonstrating exceptional durability [15][17]. - **YFL Valve (Yufengli, China)**: YFL employs a dual-eccentric structure with EPDM soft sealing, suitable for marine and offshore applications. Their products have passed rigorous salt spray tests, ensuring reliability in harsh conditions [19][20]. Group 2: Selection Criteria - When purchasing aluminum bronze butterfly valves, it is crucial to consider the material based on the medium and working conditions, select the appropriate certification system according to project requirements, and evaluate the budget and lifecycle comprehensively [22][23]. - Specific recommendations include prioritizing C95800 for high-salt and high-chlorine environments, QAl10-4-4 for abrasive conditions, and ensuring compliance with CE certification for EU projects [24]. - Additional considerations involve verifying the manufacturer's material certifications and third-party testing reports, as well as assessing the valve structure type based on installation space and actuation frequency [24].

Core Viewpoint - The company, Niuwei Co., Ltd. (603699.SH), engages in supplying water valve products for cooling systems in computing power centers, although it does not directly supply power valves to these centers [2]. Group 1 - The company confirmed its involvement in power projects but clarified that it does not directly supply power valves to computing power centers [2]. - The electricity for computing power centers primarily comes from thermal power plants or nuclear power stations [2]. - The company supplies water valve products directly to the cooling systems of computing power centers [2].

Group 1: Company Overview and Strategy - The meeting was hosted by the Vice President and Secretary of the Board, emphasizing compliance with disclosure regulations and introducing the company's basic situation and development strategy [2] - The company is actively pursuing market opportunities through technological innovation and market expansion to enhance its market share in nuclear valve products [8] Group 2: Financial Performance and Product Insights - 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 [3] - The gross margin for fourth-generation nuclear reactor valves is comparable to that of third-generation valves, showing no significant difference [7] Group 3: Production Capacity and Market Demand - The current annual production capacity for nuclear valves meets existing market delivery demands, with new production lines expected to enter trial production by the end of 2025 [4] - The domestic localization rate for nuclear valves has reached 85%-90%, indicating significant progress in the domestic valve manufacturing industry [8] Group 4: Market Trends and Challenges - There is currently no trend for price increases in nuclear valves, as the market fundamentals for the Hualong reactor bidding have not changed significantly [5] - The demand for spare parts in the nuclear valve market is expected to contribute steady revenue growth due to the aging of existing units and the orderly expansion of operational units [10] Group 5: International Expansion and Industry Challenges - The company has made significant progress in expanding its export market access and certification this year, laying a solid foundation for obtaining foreign trade orders [12] - The decline in gross margin in the metallurgy sector is attributed to decreased market demand and intensified competition, prompting the company to enhance product development and cost-reduction measures [13]

Industry Overview - The fire valve industry is crucial for controlling water flow in fire protection systems, playing a significant role in extinguishing fires and preventing fire spread [1][13] - The industry in China is experiencing rapid growth, with the market size projected to increase from 10.504 billion yuan in 2020 to 18.345 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 14.96% [1][13] - Growth drivers include stricter fire safety regulations, increased standards for fire protection systems in new buildings, and ongoing upgrades of fire facilities in older communities [1][13] Industry Development History - The fire valve industry in China started late, initially relying on imported technology and producing mainly low-end products [5] - Domestic companies have improved their manufacturing capabilities and product performance through technology imports and increased R&D investment [5] - The industry is transitioning towards smart and digital solutions, utilizing IoT technology for remote monitoring and AI algorithms for emergency response optimization [5] Industry Value Chain - The upstream of the fire valve industry includes raw materials and component suppliers such as forged and cast parts, sealing components, and control devices [7] - The midstream involves the manufacturing of fire valves, while the downstream applications span various sectors including construction, petrochemicals, and municipal engineering [7] Market Trends - The sealing component market, essential for fire valves, is also growing, with the market size expected to rise from 114.13 billion yuan in 2017 to 194.6 billion yuan in 2024, a CAGR of 7.92% [9] - The petrochemical industry is a major application area for fire valves, with the revenue of large-scale enterprises in this sector projected to reach 16.28 trillion yuan in 2024, showing a recovery from a decline in 2023 [11] Competitive Landscape - The global fire valve market features competition between foreign brands and domestic companies, with international leaders like Tyco and Wilo dominating the high-end market [15] - Chinese companies such as Suzhou Neway Valve and Shanghai Qizhong Valve are making significant advancements in technology and product quality, gradually moving from low-end to high-end markets [15] Key Companies - Suzhou Neway Valve Co., Ltd. reported a revenue of 6.072 billion yuan in 2024, marking a 13.69% increase [17] - Shanghai Guanlong Valve Energy-Saving Equipment Co., Ltd. generated 1.46 billion yuan from gate valve products and 4.17 billion yuan from butterfly valve products in 2024 [19] Future Trends - The trend of domestic substitution is deepening as local manufacturers enhance their technology and supply chains, reducing reliance on imported products [21] - The application of IoT and sensor technologies is driving the smart evolution of fire valves, enabling real-time monitoring and automated responses [22] - Digital technologies are transforming production and maintenance processes, improving efficiency and reducing costs in the fire valve industry [23]

Core Viewpoint - The demand for explosion-proof solenoid valves is increasing due to their critical role in industrial automation, particularly in sectors like petrochemicals, pharmaceuticals, and food processing, driven by advancements in technology and safety standards [1][15]. Industry Overview - Explosion-proof solenoid valves are essential components designed to prevent ignition of explosive gas mixtures, ensuring safety in hazardous environments [3]. - The industry is experiencing significant growth, with the market size projected to reach approximately 5.199 billion yuan in 2024, reflecting a year-on-year increase of 12.08% [1][15]. Industry Chain - The upstream of the explosion-proof solenoid valve industry includes raw materials such as stainless steel, copper, aluminum alloys, and electronic components [9]. - The midstream involves the manufacturing processes of the valves, while the downstream applications span across various sectors including petrochemicals, pharmaceuticals, and energy [9]. Market Dynamics - The continuous development of industrial automation and the emergence of new industries like renewable energy and biomedicine are expanding the application scenarios for explosion-proof solenoid valves [1][15]. - The petrochemical industry is a major application area, with revenue from large-scale enterprises projected at 16.28 trillion yuan in 2024, indicating a stable demand for safety equipment like explosion-proof solenoid valves [13]. Competitive Landscape - The global market features both international brands such as NICO, ASCO, and Danfoss, and domestic companies like Shanghai Taiming and Shanghai Paile, which are enhancing their competitiveness through innovation [17][20]. Development Trends - Future trends indicate a focus on higher safety performance, with stricter standards for explosion-proof valves in high-risk industries [26]. - The integration of smart technologies and IoT in explosion-proof solenoid valves is expected to enhance operational efficiency and safety through remote monitoring and predictive maintenance [27]. - Reliability and durability are becoming core competitive advantages, with manufacturers emphasizing quality control and lifecycle management [28].

Industry Overview - The global ball valve market is projected to reach approximately 206.53 billion yuan by 2024, driven by increased industrialization, demand in the oil and gas sector, and a surge in global infrastructure projects [7] - In China, the ball valve market is expected to reach around 29 billion yuan by 2024, reflecting rapid industrial development and urbanization [7][6] - The number of ball valve patents in China from 2016 to 2024 totals 59,993, with notable peaks in 2018, 2019, and 2021, indicating a strong focus on innovation in the sector [6][7] Ball Valve Characteristics - Ball valves are essential fluid control devices in modern industries, particularly in the chemical sector, due to their versatility and ease of operation [4][6] - They can be categorized based on their structure (e.g., floating, fixed, V-type, three-way) and functionality (e.g., high-pressure, low-temperature, sulfur-resistant) [2] Industry Development Status - The ball valve industry has matured over the past 30 years, with a growing emphasis on precision and complexity in industrial production [6] - The increasing complexity of pipeline systems in urban and industrial settings has heightened the importance of valves in fluid control [7] Competitive Landscape - Key players in the domestic ball valve market include Neway Valve, Zhongke Suvalve, Jiangsu Shentong, and others, with Neway Valve leading in terms of product range and revenue [12][15] - Neway Valve's product line includes various types of ball valves, with a production volume of 204,024 units in 2024 [16] Industry Trends - The ball valve industry is moving towards smart technology, with a focus on high precision and sensitivity in control valves, as well as high-pressure and large-diameter cut-off valves [20] - The demand for innovative and reliable ball valves is expected to grow, driven by the evolving industrial landscape and environmental considerations [20]