公司发布2025 年半年度报告：2025 年半年度公司实现营收10.68 亿元，同比增长1.52%；分别实现归母/ 扣非归母净利润1.50/1.38 亿元，同比分别增长4.72%/8.54%。其中第二季度公司实现收入4.91 亿元，同 比增长1.90%，实现归母/扣非归母净利润分别为0.61/0.48 亿元，同比分别增长1.61%/2.59%。 新增订单总体保持稳定，核电机组产品逐步交付核电业务方面，核电业务新增订单总体保持稳定，已成 为公司增长的核心驱动力。2025 年上半年，公司取得新增订单10.72 亿元，其中神通核能4.83 亿元，占 比45%。相比于2024 年上半年的新增订单12.08 亿元（神通核能5.04 亿元），2025 年核电新增订单同比 下降4.17%。2025 年通过审批的10 台新机组项目的阀门设备招标阶段工作预计本年底至2026 年初将逐 步完成，并需2-3 年完成产品交付。单价方面，核电机组阀门订单价值突破8000 万元。此外公司全资子 公司无锡法兰在单个核电机组提供的核电法兰及锻件订单也超过了2000 万元。公司现已构建起覆盖核 级蝶阀、球阀、地坑过滤器、核级仪表阀、隔膜阀、调 ...

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 strategic planning [2] - The company is actively increasing R&D investment in the nuclear power sector, launching products that meet third and fourth generation nuclear technology standards [6] Group 2: Nuclear Power Orders and Delivery - The delivery of nuclear power product orders is stable, primarily sourced from orders received in 2023 and some from 2022 [3] - Approximately 85% of the nuclear valve business orders are contributed by products required for newly approved nuclear units [4] Group 3: Product Development and Profitability - The company has developed a diverse product matrix, including various types of nuclear valves, and is continuously optimizing its product system to meet market demands [7] - The gross margin for nuclear valve products is currently stable, with expectations to maintain this stability under unchanged business models and market conditions [8] Group 4: Export and Market Presence - The company's nuclear products are primarily exported indirectly through domestic large engineering contractors [9] Group 5: Technical Barriers and Industry Standards - The nuclear valve industry has high entry barriers, requiring design and manufacturing licenses, strict quality assurance systems, and consideration of past performance in bidding processes [11]

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]

Company Overview - The meeting was held on June 19, 2025, with 17 attendees, hosted by the company's Vice President and Secretary, Zhang Qiqiang, who introduced the company's basic situation and development strategy [2]. Market Position and Competition - The company has established a comprehensive product matrix in the nuclear valve sector, including nuclear butterfly valves, nuclear ball valves, and various other types, enhancing its market competitiveness [3]. - The company has over 150,000 nuclear valves in operation, demonstrating a strong market presence and good performance in recent years [4]. Product Delivery and Revenue Recognition - The delivery cycle for nuclear valve equipment typically spans from two to three years post-order, with revenue recognition aligned with actual delivery progress [5]. Industry Barriers - Key entry barriers in the nuclear valve industry include design and manufacturing licenses, as well as past supply performance, which are critical for qualification in bidding processes [6]. International Expansion - The company is actively pursuing international business expansion, focusing on core areas such as oil refining and gas extraction, with plans to enhance export capabilities [7]. Maintenance and Spare Parts Demand - Although nuclear valves have a design lifespan of up to 60 years, regular maintenance and parts replacement are necessary, particularly for valves in seawater systems, leading to an anticipated increase in spare parts demand [8][9]. Production Capacity - Current annual production capacity meets existing market demand, with plans to enhance capacity through a new high-end valve smart manufacturing project expected to be operational by the end of the year [10]. Future Prospects - The company is increasing R&D investment to align with advancements in nuclear technology, aiming to enhance its market share in new nuclear projects [11]. - The company has developed valve products that meet the standards for third and fourth generation nuclear technologies, positioning itself for future growth in the nuclear valve market [12].

Group 1: Company Overview and Strategy - The company emphasizes adherence to commitment letters and regulations regarding information disclosure [2] - The company is focused on developing a professional marine valve production base and expanding its business scale in the marine engineering sector [3] Group 2: Product and Market Insights - The company has a diverse product matrix in the nuclear valve sector, including nuclear butterfly valves, nuclear ball valves, and other specialized products, fostering a healthy competitive landscape [5] - The hydrogen valve products cover a pressure range of 35-105 MPa, with successful development of 35 MPa and 70 MPa series products, gaining recognition in the domestic hydrogen energy market [6] Group 3: Financial and Operational Projections - The delivery cycle for valves related to the newly approved ten units is expected to take 2-3 years, with the bidding phase anticipated to complete by late 2025 to early 2026 [7] - The company aims to expand its export business, focusing on the Middle East and Southeast Asia, particularly in oil refining and gas extraction sectors [8] Group 4: Future Outlook - The company is committed to high-quality development in the nuclear energy sector, aligning with national energy strategies to meet the increasing demand for clean energy [11] - The subsidiary, Ruifan Energy, is expected to generate revenue from ongoing projects, including significant coal gas power generation initiatives in 2024 [10]

Group 1: Company Overview and Strategy - The roadshow was organized by Founder Securities, with the company's Vice President and Secretary of the Board, Mr. Zhang Qiqiang, participating to introduce the company's basic situation and development strategy [2] - The company emphasizes compliance with the commitment letter and relevant regulations on information disclosure [2] Group 2: Project Timelines and Deliverables - The ten newly approved nuclear power units are expected to complete the valve equipment bidding phase by the end of 2025 to the first quarter of 2026, with delivery to occur in 2-3 years [3] - The bidding for valves required for the 2024 approved nuclear power units is ongoing, with deliveries expected in 2026 and 2027 [4] Group 3: Financial Performance and Profitability - The gross profit margin for nuclear power valve products in 2024 is reported at 36.75%, which is within the normal fluctuation range [5] - The company has implemented effective measures for accounts receivable management to mitigate bad debt risks, ensuring overall controllable repayment risks [10] Group 4: Market Position and Product Development - The company is focusing on the development of nuclear-grade valves and has diversified its product offerings, including various types of nuclear valves and filters [9] - The company aims to establish a specialized production base for marine valves, leveraging the industrial advantages of the Nantong marine engineering base [8] Group 5: Future Growth Areas - Future growth is concentrated in nuclear power, hydrogen energy, semiconductor equipment, and marine engineering, with ongoing R&D investments to maintain technological leadership [11] - The company is also exploring opportunities in nuclear fusion technology and has committed resources to develop specialized valves for nuclear energy applications [12] Group 6: International Expansion and Market Trends - The company is actively expanding its international business, focusing on markets in the Middle East and Southeast Asia, particularly in oil refining and gas extraction [13] - The shift towards clean energy presents new opportunities for the company, which plans to enhance production efficiency and competitiveness through technological innovation and smart manufacturing projects [14]

Group 1: Company Overview and Strategy - The meeting was organized by GuoXin Securities, Daiwa Securities, and Fangzheng Securities, with the company’s Vice President and Secretary of the Board, Zhang Qiqiang, participating to introduce the company's basic situation and development strategy [2] - The company emphasized compliance with the commitment letter and regulations regarding information disclosure [2] Group 2: Financial Performance and Projections - The gross margin for the nuclear power sector in 2024 is projected to be 36.75%, which is considered within the normal fluctuation range [4] - The delivery of valves for the newly approved nuclear power units is expected to begin in 2026 and 2027 [5][10] Group 3: Product Delivery and Business Operations - The delivery cycle for valve products in metallurgy and energy chemical sectors is generally 3-6 months, while the execution period for energy-saving technology services contracts is typically 6-8 years [6][7] - The "Valve Steward" service has been effectively implemented in the metallurgy sector since 2021, with ongoing promotion to other large steel enterprises [8] Group 4: Future Projects and Market Outlook - The company is optimistic about the future construction prospects of nuclear power projects, aligning with the national strategy for clean energy development [14] - The company is actively expanding its product range beyond butterfly and ball valves in the nuclear sector, with a focus on maintaining healthy competition in the market [11][12]

Core Viewpoint - The domestic valve brands in China are evolving from "domestic alternatives" to "international standard setters," focusing on core technology breakthroughs, smart transformation, and global expansion, with an emphasis on green low-carbon technology and AI integration in the future [14]. Group 1: Leading Brands and Market Position - NEWAY Valve leads in deep-sea applications, having developed the world's first 25,000 psi 28-inch deep-sea ball valve, covering 40% of new LNG transport ship projects, with costs 40% lower than European and American competitors [2]. - The company has an annual production capacity exceeding 600,000 units and exports to energy projects in 60 countries, also leading the revision of ISO international standards for deep-sea valves [4]. - Jiangsu Shentong Valve dominates the nuclear-grade butterfly valve market with a 53% market share and has a 60% market share in valves for metallurgical blast furnace gas recovery systems [6]. Group 2: Technological Innovations and Certifications - NEWAY Valve has obtained DNV certification for its deep-sea ball valves, which cover 40% of the global market, while its corrosion-resistant valves have a lifespan twice that of industry averages [8]. - Shanghai Qizhong Valve has seen a 180% annual increase in orders for its lithium battery valves, with titanium alloy valves meeting ASTM standards for corrosion resistance [9]. - The AI health monitoring system from DI AI Smart Control has reduced pipeline failure rates by 62%, and Guanlong Valve's smart control valves have decreased energy consumption by 30%, covering 80% of municipal water supply projects [10]. Group 3: International Competition and Market Expansion - China Nuclear Su Valve leads the national standard formulation for nuclear valves, with technical parameters adopted by the International Atomic Energy Agency (IAEA) [11]. - Imports of Chinese valves have surged by 40% in emerging markets like Vietnam and Mexico, with Guanlong Valve winning contracts for smart water projects in Southeast Asia due to zero tariffs under the ASEAN Free Trade Agreement [11]. - Sanhua Holdings has established a European R&D center in Munich, achieving a 38% global market share in thermal management valves for new energy vehicles [11]. Group 4: Industry Trends and Future Directions - The industry is witnessing a shift towards smart and green transformations, with AI quality inspection achieving a defect rate of only 0.3% at Shanghai Qizhong, and low-carbon valves reducing carbon footprints by 40% [12]. - NEWAY Valve's smart manufacturing covers the entire process, while Jiangsu Shentong's AI fault diagnosis has an accuracy rate of 98% [13]. - The domestic nuclear valve market has a localization rate exceeding 90%, breaking the monopoly of European and American technologies in the deep-sea sector [14].