中国东方集团(00581)发布公告，于2025年12月22日，本公司附属公司津西重工于深圳证券交易所进行 场内交易，按每股约人民币15.46元(相当于每股约17.10港元)的平均价格，收购江苏神通（002438）200 万股股份(占本公告日期江苏神通已发行股份约0.39%)，总代价约为人民币3091万元(相当于约3420万港 元)。收购事项的总代价将以现金支付，并由本集团内部资源全数拨付。 兹提述本公司日期为2025年12月2日、2025年12月9日及2025年12月11日有关本集团先前收购江苏神通股 份的公告。紧接收购事项前，本集团合共持有700.35万股江苏神通股份(占本公告日期江苏神通已发行 股份约1.38%)。紧接收购事项后，本集团持有总共900.35万股江苏神通股份(占本公告日期江苏神通已发 行股份约1.77%)。 江苏神通为本集团的阀门供应商及设备维护服务提供商。除向钢铁制造商供应冶金阀门外，江苏神通已 开发一套应用5G物联网技术的阀门信息化管理系统，以记录每个阀门的详细生命周期和维护数据。该 系统有助于包括本集团在内的钢铁制造商优化维护计划，并减少不必要的库存水平。江苏神通亦已成功 为本集团营运 ...

鉴于江苏神通长期以来一直是本集团的上游供应商，收购事项构成津西重工对少数股权的纵向收购。该 少数股权投资有助于本集团加强与江苏神通既有商业关系的稳定性，并预期促进本集团与江苏神通之间 的更深入合作，为潜在未来的战略举措奠定基础。此外，作为策略性客户，本集团寻求受惠于江苏神通 的持续增长和技术发展。江苏神通于过去三年已实现稳健及持续的增长。与2022年相比，其于2024年度 的收入及归属于股东的净溢利分别增长约9.6%及29.6%。 本集团对江苏神通的股权投资亦可能带来财务裨益，包括股价的潜在升值及股息。自2010年于深圳证券 交易所上市以来，江苏神通已持续宣派及分派现金股息。在过去三个财务年度，江苏神通的股息派付呈 现明显上升趋势，由2022年度每10股派付人民币0.5元，分别增加至2023年度每10股派付人民币1.6元及 2024年度每10股派付人民币1.75元。 兹提述本公司日期为2025年12月2日、2025年12月9日及2025年12月11日有关本集团先前收购江苏神通股 份的公告。紧接收购事项前，本集团合共持有700.35万股江苏神通股份(占本公告日期江苏神通已发行 股份约1.38%)。紧接收购事项后 ...

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]

Group 1 - The steel metallurgy industry is experiencing a decline in demand, leading to increased competition for valve products [1] - The company is enhancing product research and development, as well as process innovation, to address market challenges [1] - The company is implementing cost reduction and efficiency improvement measures while promoting its "valve steward" service to increase brand influence and market share [1] Group 2 - Global and domestic capital expenditure in the chemical and refining industries is slowing down, intensifying competition for the company's energy and chemical products [1] - The company plans to continue investing in research and development in the energy and chemical sector and innovate marketing strategies to gradually increase market share in the energy and petrochemical valve products [1]

Core Viewpoint - Jiangsu Shentong (002438) reported a slight increase in revenue and net profit for the first half of 2025, indicating stable financial performance despite some fluctuations in cash and receivables [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 1.068 billion yuan, a year-on-year increase of 1.52% - Net profit attributable to shareholders was 150 million yuan, up 4.72% year-on-year - In Q2 2025, revenue was 491 million yuan, reflecting a 1.9% increase year-on-year, while net profit was approximately 60.89 million yuan, up 1.61% year-on-year [1][3]. Profitability Metrics - Gross margin improved to 32.33%, an increase of 2.39% year-on-year - Net margin rose to 13.88%, up 1.93% year-on-year - Total selling, administrative, and financial expenses amounted to 119 million yuan, accounting for 11.18% of revenue, a decrease of 4.29% year-on-year [1][3]. Key Financial Ratios - Earnings per share (EPS) increased to 0.30 yuan, a rise of 4.7% year-on-year - Net asset value per share was 7.07 yuan, up 7.38% year-on-year - Operating cash flow per share improved to -0.07 yuan, a significant increase of 41.15% year-on-year [1][3]. Cash Flow and Investment Activities - Cash and cash equivalents decreased by 40.47% due to cash dividend distribution and bank loan repayments - Investment activities generated a net cash flow increase of 255.08%, attributed to the recovery of investment funds from a partnership [3][4]. - The net increase in cash and cash equivalents was up 32.87%, driven by improved cash flow from investment activities [3]. Business Model and Market Position - The company's return on invested capital (ROIC) was 7.11%, indicating a historically average capital return rate - The business model relies heavily on capital expenditures, necessitating careful evaluation of capital projects [4][5]. - Analysts project a 2025 net profit of 352 million yuan, with an average EPS forecast of 0.69 yuan [5]. Fund Holdings - The largest fund holding Jiangsu Shentong is the Shenwan Lingshin Global New Energy Equity Fund, which holds 195,700 shares and has shown a 13.28% increase over the past year [6]. Industry Insights - The replacement cycle for nuclear valves can last up to 60 years, but regular maintenance is essential due to environmental factors - Metallurgical valves typically require maintenance every 2 to 3 years due to operational conditions [7].

Group 1: Company Overview and Strategy - The company provides various valve products for nuclear power plants, with a single nuclear power unit's valve order value exceeding 8,000,000 RMB [5] - The company emphasizes compliance with commitment letters and information disclosure regulations [2] - Future R&D investments will focus on meeting the growing demand for valves and flanges in domestic nuclear power construction [6] Group 2: Product Lifecycle and Maintenance - Nuclear valves have a design lifespan of up to 60 years, but require preventive maintenance and replacement due to environmental factors [3] - Metallurgical valves typically need maintenance or replacement every 2 to 3 years due to harsh operating conditions [3] - Chemical valves, often cast, also require regular maintenance and replacement under extreme conditions [3] Group 3: Market Position and Product Development - The company has developed a comprehensive product matrix for nuclear-grade valves, including butterfly valves, ball valves, and filter valves [7] - The domestic nuclear valve market has a localization rate of 85%-90%, indicating significant progress in the industry [17] - The company aims to enhance its market share through technological innovation and market expansion [17] Group 4: Certification and Competition - All nuclear-grade valves must undergo rigorous testing and certification, typically taking about two years [8] - The company has established a competitive edge in the nuclear valve market, with over 150,000 nuclear valves currently in operation [9] - Continuous innovation and product iteration are key strategies to maintain competitiveness in the nuclear valve sector [13] Group 5: Energy Efficiency and New Markets - The subsidiary, Shentong New Energy, focuses on high-pressure hydrogen valves, covering the entire hydrogen energy supply chain [12] - The energy-saving service model of the subsidiary Ruifan Energy involves contract energy management, providing stable returns over 5 to 8 years [14] - The company is actively participating in marine engineering projects, leveraging its production capabilities to meet current order demands [10]

Group 1: Company Overview and Strategy - The company has successfully built a comprehensive product matrix in the nuclear valve sector, including various types of valves and filters, and is actively advancing new product development [2] - The company emphasizes compliance with commitment letters and regulations regarding information disclosure [1] Group 2: Project Progress and Capacity - The high-end valve intelligent manufacturing project is expected to add capacity for at least 4 new nuclear power units, with construction progressing to equipment installation and debugging by the end of the year [5] - The construction period for new nuclear power plants in China is generally 60 months, with procurement tenders completed within the first year [12] Group 3: Financial Performance and Market Trends - Revenue from metallurgical valve products was 412 million yuan in 2024, showing a year-on-year increase despite a decline in market demand since mid-2022 [6] - The company's energy-saving services are expected to see accelerated revenue growth due to the operational benefits from the new gas power generation project [7] Group 4: Market Position and Future Outlook - The domestic nuclear valve localization rate has reached 85%-90%, indicating significant progress in the industry and competitive capability in the global market [11] - The company employs a cost-plus pricing strategy for its valve products, which helps stabilize gross margins despite fluctuations in raw material prices [10]