Core Viewpoint - Shun'an Environment has established itself as a leading supplier in the nuclear HVAC sector in China, with a comprehensive product line and unique qualifications in seismic analysis [1] Company Overview - The company entered the nuclear HVAC field in 2008 and has since become the only enterprise in this sector with seismic analysis qualifications [1] - Shun'an Environment has provided equipment to a total of 34 nuclear power plants and military nuclear projects, covering 96 units [1] Market Position - The company has achieved a 100% coverage rate of domestic nuclear power plant clients [1] - The market share of its nuclear water-cooled screw chillers exceeds 70%, indicating a leading technical position in the domestic nuclear HVAC sector [1] Product Offerings - The product line includes nuclear-grade chillers, air conditioning units, fans, dampers, and heat exchangers [1] - Notable products include the first domestic nuclear-grade water-cooled screw chiller, top-of-the-stack fans, direct evaporative cooling units, and seismic-resistant cooling systems [1]

Group 1: Company Performance - In 2024, the company achieved a revenue of 620 million yuan, with a net profit attributable to shareholders of 74.4851 million yuan [4] - In Q1 2025, the company reported a revenue of 136 million yuan, reflecting a year-on-year growth of 21.85% [4] - The revenue growth in 2024 was primarily driven by the nuclear power sector, which saw an increase of 67.24% compared to the previous year [4][6] Group 2: Business Development and Strategy - The company focused on digital transformation and human resource management while expanding market opportunities, including overseas markets [3] - In 2024, the company acquired minority shareholder rights in its subsidiary, Southern Additive, and invested 50 million yuan to support its expansion in 3D printing and nuclear material procurement [5] - The company successfully secured contracts for several major projects, including CW and CS nuclear power projects and multiple subway lines, enhancing its market presence in air treatment systems [3][4] Group 3: Research and Development - In 2024, the company developed 12 new technologies, including a safety-grade pneumatic quick isolation valve in collaboration with China General Nuclear Power Group, which was recognized as a leading product in its category [2] - The company adheres to ISO9001 and HAF003 quality assurance systems to ensure product quality [3] Group 4: Market Outlook - The company is optimistic about the future of the nuclear power industry, which is supported by national policies aimed at promoting clean energy and achieving carbon neutrality [4] - The company plans to continue expanding its overseas market presence, although its current operations are primarily domestic [3]