聚核拓新，链动未来 引言：当"双碳"战略指引能源转型方向，当核电成为保障国家能源安全的关键力量，一条安全、高效、创新的核产业链，既是产业高质量发展的根基，更是 多方价值共创的载体。 12月23日，由中国核能电力股份有限公司（简称：中国核电，股票代码：601985）主办，上市公司企业家交流中心（简称"上企中心"）联合主办，清华 EMBA产业联盟协办的"聚核拓新·链动未来——核产业链上市公司交流会"在北京上企中心圆满举办。 美国 - r y ri 22 6 f 本次活动汇集了核能产业链的核心力量。中核集团总经理助理、中国核电党委书记、董事长卢铁忠及中国核电副总经理陈富彬带领公司核心高管团队亲临现 场。上企中心邀请了30余位来自核产业链上市公司、顶尖学府及券商的企业家、高管与专家共聚一堂，围绕核能产业高质量发展、产业链协同、创新与资本 融合等关键议题，展开了深度、务实、前瞻的闭门对话。 o A 1 THE LEASE THE - 323 Child of the Press Real Proper River State Card Corporation of A. / tt The Research Proper ...

在产品布局方面，公司已构建涵盖核级蝶阀、球阀、地坑过滤器、仪表阀、隔膜阀等在内的全系列产品 矩阵，并持续推进迭代升级。章其强透露，公司正加大资源投入，加速前沿技术研发，纵深拓展高端阀 门产品谱系，旨在为市场提供更完备的系统解决方案。紧跟核能技术发展，积极布局核聚变领域 调研核心要点解读核电阀门市占率稳居行业第一，15万台设备在线运行筑牢竞争壁垒 针对行业竞争情况，公司表示，经过多年技术积累与业绩沉淀，已在核电领域建立显著竞争力。目前， 公司已有15万台核电阀门在线运行，其中核级蝶阀、球阀等核心产品市场占有率超过90%，稳居行业领 先地位。章其强指出，随着核电新项目审批常态化及关键设备国产化战略推进，行业将持续保持规范、 有序的高质量竞争生态，公司凭借技术与品牌优势有望进一步巩固市场份额。存量机组运维高峰来临， 备件市场成稳健增长极 调研中，机构重点关注核电阀门的更换周期与市场需求。公司方面介绍，尽管核电阀门设计使用寿命可 达60年，但长期运行中受材料老化、介质冲刷等因素影响，需定期检修维护并更换关键部件。随着国内 在运核电机组规模扩大，存量机组逐步进入运维高峰期，备件更新需求持续释放。公司明确表示，核电 阀门 ...

江苏神通现场会议 调研活动记录 会议地点：公司会议室 会议时间：2025 年 12 月 19 日 会议主持：章其强 会议记录：陈鸣迪 出席人数：10 名 一、会议开始 本次机构投资者调研由公司副总裁兼董秘章其强先生主持，首先向到公司现 场参加调研活动的研究员表示欢迎，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。其次，章其强先生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生产经营工作的进展情况。 二、沟通交流 问：公司与同行企业在核电行业中的竞争情况？ 答：在市场经济环境下，竞争是推动创新与进步的核心动力。经过多年持续的技 术积累与业绩沉淀，公司在核电领域已建立起显著的产品竞争力和品牌影响力。 与核电领域同行企业之间，更多呈现为优势互补、协同发展的良性竞争格局。随 着核电新项目审批与建设步入常态化，叠加关键设备国产化战略的深入推进，核 电阀门行业有望持续保持规范、有序、高质量的竞争生态。目前，公司已有 15 万台核电阀门在线运行，其中核级蝶阀、球阀等核心产品市场占有率超过 90%， 稳居行业领先地位。 问：公司核电领域阀门的备件更换周期是多久？ 答：尽管核电阀门的设计使用寿命可达 ...

Core Viewpoint - Jiangsu Shentong (002438) has solidified its market position as a leading supplier of critical nuclear-grade valves and has made significant advancements in product innovation and technology [1] Company Developments - The company has launched new products to expand its market share through continuous research and development [1] - The total order value for various valves provided for a single nuclear power unit has exceeded 80 million RMB [1] - The wholly-owned subsidiary Wuxi Flange has secured orders for nuclear forgings exceeding 20 million RMB for a single nuclear power unit [1] Future Outlook - The company plans to increase R&D investment to meet the growing demand for valves and flanges in domestic nuclear power construction [1] - The company aims to contribute more significantly to national energy development [1]

Company Overview - The company is a leading supplier of critical nuclear-grade valves and has made significant progress in product innovation and technology advancement [3] - The company has a market share exceeding 90% for its main products, including nuclear-grade butterfly and ball valves, with 150,000 valves currently online [5] Financial Performance - The total order value for various valves provided to a single nuclear power unit exceeds 80 million RMB, while the order value for nuclear forgings from its subsidiary Wuxi Flange exceeds 20 million RMB [3] Market Competition - The company has established strong market competitiveness and brand influence in the nuclear sector, characterized by complementary and healthy competition with peers [4] - The nuclear valve industry is expected to maintain a healthy competitive state due to the normalization of new project approvals and the promotion of domestic equipment manufacturing [4] Production and Delivery - Orders are typically delivered in batches over a period of 2-3 years after the order is confirmed and production plans are approved [6] - Nuclear valves are designed for a lifespan of 60 years, but preventive maintenance is necessary due to environmental factors [7] Export and International Expansion - The company primarily exports its nuclear valves indirectly through large domestic engineering contractors [8] - The establishment of an international trade department and a professional team is underway to expand export opportunities, focusing on core areas such as oil refining and gas extraction [9] Compliance and Transparency - The investor survey confirmed that there were no significant undisclosed information leaks during the meeting [11]

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]

Investment Rating - The industry rating is "Outperform the Market" [7][16] Core Insights - Oklo has seen significant stock price increases, with a 51.59% rise in September and a 31.83% increase in the first eight trading days of October. The company is a key player in the Small Modular Reactor (SMR) sector, which is expected to meet the growing energy demands of AI and data centers. The commercialization of fission technology may occur before fusion technology [3][4] - The consensus in the tech industry is that the future of AI is tied to computing power, which in turn relies on electricity. Projections indicate that by 2035, the total computing power in society may increase by 100,000 times, leading to a significant rise in electricity demand from data centers [4] - SMRs are characterized by their inherent safety, lower investment requirements, rapid deployment, and versatility in application. The Chinese government supports the development of advanced nuclear reactors, with ongoing projects like the "Linglong One" ACP100 expected to be completed by 2026 [5] Company Summaries - Jingye Intelligent: Collaborating with Zhejiang University to establish a joint R&D center for micro-reactor/SMR technology, showcasing significant growth potential in the context of rising AI energy demands [5] - Jiadian Co., Ltd.: The main helium fan is the only power device for the fourth-generation high-temperature gas-cooled reactor, with its subsidiary leading in nuclear pump products [5] - Guoguang Electric: The company provides key components for the ITER project, focusing on filter and cladding systems [5] - Lanshi Heavy Industry: Covers upstream nuclear fuel systems, midstream nuclear power plant equipment, and downstream spent fuel processing [5] - Kexin Electromechanical: Produces high-temperature gas-cooled reactor products and has developed new fuel transport containers to replace imports [5] - Hailu Heavy Industry: Services various reactor types, including third and fourth-generation reactors and fusion reactors (ITER) [5] - Jiangsu Shentong: Secured over 90% of orders for nuclear-grade butterfly valves and ball valves for new nuclear power projects in China [5]

Core Viewpoint - Jiangsu Shentong (002438) has established a comprehensive product matrix covering various high-quality valves and filtration solutions, and is committed to accelerating the development of advanced technologies to meet diverse market demands [1] Group 1 - The company has developed a full range of high-quality products including nuclear-grade butterfly valves, ball valves, pit filters, nuclear-grade instrument valves, diaphragm valves, control valves, and pneumatic diaphragm valves [1] - The company is continuously iterating and upgrading its product offerings to enhance its competitive edge in the market [1] - Resources are being allocated to deepen the research and development of cutting-edge technologies, expanding the product spectrum to provide more complete and advanced solutions [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 recent progress [2] - The company emphasizes compliance with commitment letters and regulations regarding information disclosure [2] Group 2: Nuclear Valve Orders and Production - Nuclear valve orders follow a process where production is initiated only after the production plan is approved by the owner, with deliveries typically occurring in the second and third years post-order [3] - Revenue from nuclear valve business is recognized in batches according to actual delivery progress, with a typical revenue recognition cycle of 2-3 years [3] Group 3: Product Development and Market Competition - The company has developed a comprehensive product matrix for nuclear-grade valves and is continuously upgrading its offerings to meet diverse market needs [4] - The nuclear valve industry is expected to maintain a healthy competitive state due to the normalization of new project approvals and the promotion of domestic equipment [5] Group 4: Profitability and Pricing Strategy - The company’s pricing strategy for nuclear valves is based on cost-plus, benefiting from long-term production and delivery experience, with current profit margins being stable [6] - Future profit margins are expected to remain stable as long as there are no significant changes in the business model or market competition [10] Group 5: New Energy Initiatives - The subsidiary, Shentong New Energy, focuses on high-pressure hydrogen valves, covering the entire hydrogen energy industry chain and has gained recognition from numerous domestic hydrogen enterprises [8] - The company has successfully developed 35MPa and 70MPa series products, with the 70MPa combination pressure-reducing valve achieving international leading standards [8] Group 6: Challenges and Strategic Responses - The steel metallurgy sector is experiencing a downturn, leading to reduced demand for valve products; the company is enhancing product R&D and promoting cost-reduction measures [12] - In the energy and chemical sector, the company plans to continue investing in R&D and innovate marketing strategies to improve market share [12] Group 7: International Expansion - The company is actively expanding its export scale and has established an international trade department to facilitate international business development [13] - Future export efforts will focus on core areas such as petroleum refining and oil and gas extraction [13]

Core Viewpoint - The company reported stable revenue growth in the first half of 2025, with significant contributions from the nuclear power sector, indicating a positive outlook for future performance [1][2]. Revenue Performance - In the first half of 2025, the company achieved revenue of 1.068 billion yuan, a year-on-year increase of 1.52% [1]. - The revenue for Q2 2025 was 491 million yuan, reflecting a year-on-year growth of 1.90% [1][2]. - By industry, the company generated revenue of 410 million yuan from nuclear power, 182 million yuan from energy, 197 million yuan from metallurgy, and 200 million yuan from energy-saving services in H1 2025, with nuclear power showing the highest growth at 15.67% [2]. Profitability - The company's gross margin and net profit margin for H1 2025 were 32.33% and 14.08%, respectively, representing increases of 0.75 and 0.43 percentage points year-on-year [3]. - The energy sector's gross margin was 17.83%, up by 3.90 percentage points compared to the previous year [3]. - In Q2 2025, the company maintained stable expense ratios, with sales, management, financial, and R&D expense ratios at 6.20%, 6.41%, 0.31%, and 5.67%, respectively [3]. Order Intake - The company secured new orders totaling 1.072 billion yuan in H1 2025, with nuclear power orders accounting for 483 million yuan, or 45% of the total [4]. - Compared to H1 2024, new nuclear power orders decreased by 4.17% [4]. - The company is in the bidding phase for valve equipment for 10 new nuclear units, expected to be completed by the end of 2025 to early 2026, with product delivery anticipated within 2-3 years [4]. Investment Outlook - The company is positioned as a domestic special valve provider, with steady growth in traditional business and emerging sectors expected to drive continued performance improvement [5]. - Revenue projections for 2025-2027 are 2.417 billion, 2.677 billion, and 2.980 billion yuan, with net profits of 347 million, 408 million, and 469 million yuan, respectively [5]. - The expected EPS for the same period is 0.68, 0.80, and 0.92 yuan per share, with corresponding PE ratios of 19.86, 16.89, and 14.69 times [5].