Group 1 - The core viewpoint of the news is that Jiangsu Shentong's gross margin fluctuations in 2024 are attributed to varying product structures across quarters, with a normal gross margin of 36.75% for nuclear power [1] - The nuclear power units approved in 2024 are expected to be delivered gradually from 2026 to 2027 [1] - The delivery cycle for valve products in metallurgy and energy chemical sectors is 3-6 months, while the execution cycle for energy-saving technology service contracts is 6-8 years [1] Group 2 - The "Valve Butler" business has been launched with multiple steel users and is being promoted to other large steel enterprises [1] - The main revenue source for Ruifan Energy Saving comes from the coal gas power generation project of Handan Steel [1] - The company plans to complete the bidding for valve equipment for ten new units by the end of 2025 to the first quarter of 2026, with deliveries occurring in batches over the next 2-3 years [1] Group 3 - The company supplies various nuclear-grade valves, and the market competition is described as healthy [1] - The equity transfer aims to integrate industry resources to support the future development of Shentong Semiconductor [1] - The company emphasizes that the safe and efficient development of nuclear power aligns with China's established energy strategy, with a growing demand for clean energy leading to continued investment in R&D for high-quality nuclear power valve products [1]

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]