Group 1: Company Performance - The overall revenue growth in 2025 is consistent with the previous three quarters, with profit growth outpacing revenue growth [3][4] - The overseas business revenue has increased compared to the previous year, becoming a significant support for revenue growth and diversifying the income structure [4] Group 2: Overseas Market Expansion - The high growth in the overseas market is attributed to three main factors: enhanced product competitiveness, solid customer relationships in Europe and the US, and efficient supply chain and service advantages [5] - The company plans to continue focusing on overseas market expansion, leveraging its core capabilities in products, customers, and services for sustainable growth [5] Group 3: Production Capacity and New Facilities - The overall production capacity utilization is at a high level, with ongoing automation upgrades and optimization of core production processes to enhance capacity [6] - The new facility construction is progressing as planned, with production expected to commence in the second half of the year without significant cost pressure [6] Group 4: Business Development and Acquisitions - The acquisition of Wolan has progressed smoothly, with significant growth in the planting business in 2025 due to integration effects and market demand [7] - The 3D printing business is developing well and is expected to become a core revenue driver, with significant efficiency improvements and market potential identified [8] Group 5: Shareholder Actions and Financial Management - Two pre-IPO shareholders plan to reduce their holdings by a total of 3,196,930 shares, representing 3.0000% of the total share capital, as part of normal financial exit actions [9] - The company currently has no ongoing refinancing projects and is evaluating potential acquisitions to strengthen its market position [11] Group 6: Raw Material Supply and Pricing - The price of yttrium oxide has increased due to stricter export controls since 2025, which may lead to cost pressures for the company [12] - The company is actively managing supply chain optimization and production efficiency to mitigate the impact of rising raw material costs [12]

Group 1: Business Strategy and Integration - The company is integrating its "large chassis" to align with the trends of electrification and intelligent development in the automotive industry, addressing the need for centralized operations in core products like chassis, shock absorbers, and steering systems [2][3] - This integration aims to break down internal operational barriers, optimize revenue structure, and enhance competitiveness by adapting to systematic procurement and synchronized development needs of vehicle manufacturers [3] Group 2: Competitive Advantages - The core competitive advantage of the company lies in its deep system integration capabilities and self-controlled core technologies, rather than relying on low-price competition [3] - The company leverages its integrated R&D and manufacturing capabilities, along with technological accumulation in chassis, thermal management, electronic control shock absorbers, and automotive electronics, to provide comprehensive solutions from design to delivery [3] Group 3: Market Communication and Value Management - The company acknowledges the gap between its market performance and fundamentals, and is taking steps to enhance market communication to clarify its long-term growth path in transformation and business layout [3] - Focus is placed on improving operational efficiency through technological upgrades and business expansion to solidify the foundation for value recovery [3]

Group 1: Investment and Expansion - The company has registered a project in the UAE for an annual production capacity of 500,000 tons of photovoltaic glass, which aligns with its global development strategy and aims to reduce production costs while expanding market share [3][4] - The new production base in Ordos, Inner Mongolia, is part of the company's strategic layout in northern regions, utilizing local resources to lower costs and enhance production efficiency [4][6] Group 2: Technology and Product Development - The company has achieved mass production capability for ITO glass, which offers advantages such as large size, lightweight, high conductivity, and high transparency compared to FTO glass [3][4] - As the first company in the industry to mass-produce 1.6mm photovoltaic glass, it positions itself in the thin glass sector, differentiating from competitors [4][6] Group 3: Market Performance and Future Strategy - The company is currently assessing its financial data for 2025 and will disclose performance forecasts as required by regulations [3][5] - The future strategy focuses on a "dual-wheel drive" development model for photovoltaic glass and consumer electronics glass, optimizing product structure and enhancing market share while managing risks [6]

Group 1: Company Performance and Challenges - The company's performance in 2025 showed a decline, with profits in the first half followed by losses in the third and fourth quarters due to falling product prices and weak downstream demand [1] - The main reason for the losses was the significant drop in product prices, which outpaced the reduction in costs from raw materials, leading to an expanded gap between the two [1] - The company is focusing on optimizing its product structure and enhancing high-value product development to improve margins and production efficiency [1] Group 2: Cash Flow and Financial Stability - Despite overall losses in 2025, the company maintained a stable cash flow, supported by improved credit ratings and financing conditions after joining an energy group [2] - The average financing cost in 2025 decreased by 0.49 percentage points compared to the previous year, significantly reducing financing expenses [2] - Measures such as reducing accounts receivable and optimizing inventory have been implemented to ensure healthy cash flow [2] Group 3: Market Dynamics and Product Pricing - The recent surge in butadiene prices was attributed to multiple facility maintenance shutdowns, leading to tightened market supply and increased export orders, particularly from Southeast Asia and South Korea [2] - The demand for synthetic rubber is expected to grow due to the transition from traditional to electric vehicles and ongoing infrastructure projects [2] Group 4: Capital Expenditure and Future Investments - Capital expenditure for 2026 is projected to increase compared to 2025, focusing on optimizing and upgrading existing production lines [3] - The company is advancing an 8,000 tons/year catalytic materials project, which aims to enhance its capabilities in high-end catalyst production and break foreign technology monopolies [3] Group 5: Operational Efficiency and Industry Outlook - The company’s main production facilities are operating at over 90% capacity, with a comprehensive product matrix covering over 30 types of chemicals [3] - The industry is expected to see a turning point in 2026, driven by the exit of foreign capacities and the ongoing removal of inefficient production, which may stabilize product prices and restore market confidence [3] Group 6: Innovation and New Applications - The company is exploring new applications for its products, such as acetone in electronic cleaning and maleic anhydride in eco-friendly materials [3] - Ongoing collaborations with research institutions aim to accelerate the development of key technologies and the commercialization of new high-performance resin materials [3]

Group 1: Acquisition Overview - The acquisition of Haofei New Materials positions Dinglong Holdings in the lithium battery functional materials sector, enhancing its market presence [2][4] - Haofei is a leading domestic player in lithium battery auxiliary materials, with a strong competitive position and significant market share [2][5] - The acquisition is valued at 900 million RMB, with a price-to-earnings ratio not exceeding 10 times [7] Group 2: Market Potential - The lithium battery industry is experiencing rapid growth, with global lithium battery shipments expected to increase by over 47% year-on-year by 2025 [4] - The market for lithium binders and dispersants is projected to exceed 20 billion RMB by 2030, with an annual compound growth rate exceeding 15% [4] - There is a significant opportunity in the functional materials sector, as many products are still imported, and few companies focus on innovation in this area [4] Group 3: Strategic Integration - The integration of Haofei's technology and team will enhance Dinglong's capabilities in lithium battery materials, leveraging existing product scenarios and management systems [3][6] - The collaboration aims to accelerate the development of high-end lithium battery materials, including new conductive agents and solid-state electrolytes [6][3] - The combined expertise is expected to improve product stability and meet the qualifications of top-tier clients [3][6] Group 4: Future Plans - Post-acquisition, Dinglong plans to expand its product matrix and accelerate technology iteration in the lithium materials sector [6][7] - The focus will be on developing high-value products that align with future mainstream technologies, such as solid-state and sodium-ion batteries [6][7] - Ongoing communication with leading lithium battery clients is anticipated to foster collaborative product development from the design phase [6][7]

Group 1: Industry Situation and Company Strategy - The industry remains competitive, prompting the company to actively pursue channel reforms and internal management changes [1] - In 2025, the company focused on retail channel construction, emphasizing refined operational management to enhance store efficiency, which significantly boosted retail revenue [1] - The company plans to expand the store efficiency enhancement project to cover more stores in 2026, promoting sustained growth across channels [1] Group 2: Product and Marketing Initiatives - The company will continue to implement a dual-driven strategy of product and marketing, enhancing product strength and optimizing sales structure to improve gross margins [1] - In 2025, the company launched new products like the Harmony Smart Shower, and will further advance collaboration with Harmony Smart in 2026 to enhance internal operational capabilities [1] Group 3: International Market Expansion - The company is committed to internationalization, increasing strategic investments in overseas markets while establishing partnerships with local distributors [2] - As of now, the company has opened offline stores in several key overseas markets and is expanding online sales through major e-commerce platforms [2] - Despite a decline in revenue from the North American market due to international trade environment changes, overall overseas revenue showed significant growth in markets outside North America [2] Group 4: Impact of National Subsidy Policies - National subsidy policies have effectively stimulated consumption in the home furnishing sector, and the company aims to leverage these opportunities to optimize its sales structure [2] - The impact of national subsidy policies on the company's operational strategy is noted, but the focus remains on the continuous advancement of refined management practices [2]

Group 1: Company Overview and Strategy - The roadshow was organized by CITIC Securities, with key executives presenting the company's basic situation, development strategy, and recent progress [2] - The company emphasizes compliance with commitment letters and regulations regarding information disclosure for listed companies [2] Group 2: Research and Development in Nuclear Fusion Valves - Jiangsu Shentong Nuclear Equipment Co., Ltd. is dedicated to R&D in nuclear energy applications, currently manufacturing pneumatic ball valves for a project with China National Nuclear Corporation [3] - The company possesses significant technical advantages in the field of fusion valves, particularly in sealing components, ensuring stability and reliability under harsh conditions [4] Group 3: Semiconductor and Aerospace Applications - Jiangsu Shentong Semiconductor Technology Co., Ltd. has developed vacuum valves and process gas valves, with some products already validated and ready for small-scale production [5] - The company has established partnerships in the aerospace sector, supplying components for satellite electric propulsion systems and achieving small batch deliveries [6] Group 4: Data Center and International Market Expansion - The company has developed products for liquid cooling systems in data centers, including pipe valves and quick-connect fittings, with small-scale samples sent for validation [7] - Significant progress has been made in expanding export market access and certification, laying a solid foundation for obtaining foreign trade orders [8] Group 5: Future Goals and Product Development - The company aims to increase the supply value of nuclear valves in a single nuclear power unit to over 100 million yuan, with growth expected from new product development and spare parts market expansion [9] - A comprehensive product matrix has been established, including various high-quality nuclear-grade valves, with ongoing efforts to enhance product iterations and accelerate R&D in advanced technologies [11]

证券代码：002438 证券简称：江苏神通 江苏神通阀门股份有限公司投资者关系活动记录表 编号：2026-001 | | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活动 | □新闻发布会 □√路演活动 | | 类别 | □现场参观 | | | □其他（电话调研） | | | 中信证券、广发证券、华泰证券、国投证券、申万宏源证券、国 盛证券、国信证券、光大证券、国元证券、中金证券、华源证券、 | | 参与单位名称及 | 山西证券、东方财富证券、浙商证券、国联民生证券、中信建投 | | | 证券、中泰证券、华安证券、半夏投资、玄元投资、浙商资管、 | | 人员姓名 | 建信资管、钧犀投资、犇牛投资、健顺投资、启元投资、星火基 | | | 金、水璞私募、安宇资本、宁银理财、辰韬资本 | | 时间 | 2026 年 1 月 26 日 | | 地点 | 上海浦东新区保利浦开金融中心 T1 办公楼 | | | 常务副总裁：吴昱成先生 | | 上市公司接待人 | 副总裁、神通核能总经理：陈林先生 | | 员姓名 | 副总裁、董事会秘书：章其强先生 | ...

Group 1: Company Overview and Financial Performance - The company's cash flow from operating activities is expected to remain stable from 2021 to 2024, aligning with the steady development of its traditional smart city business [2][3] - The core business of smart city information system integration has maintained a robust growth trend over the years, supported by a strong cash flow management capability [2][3] Group 2: Robotics Business Development - The company is strategically investing in the robotics industry through an industrial fund, focusing on high-quality enterprises within the robotics supply chain [4] - A notable investment has been made in Beijing Galaxy General Robotics Co., leveraging its technical resources to enhance the company's ecological layout in the robotics sector [4] - The company has developed an AI corridor inspection robot designed for complex underground environments, which integrates self-developed AI risk identification algorithms for real-time monitoring and reporting [4] Group 3: Optical Technology Applications - The company's subsidiary, Guangdong Guanghong Precision Technology Co., specializes in high-performance optical components, applicable in emerging fields such as drones, smart vehicles, and optical communications [4] - Non-spherical glass lenses produced by Guanghong Precision have been utilized in optical communication, enhancing signal transmission efficiency and stability [4] Group 4: AI Technology Integration - The company is exploring AI applications based on industry client needs, incorporating AI-assisted development and intelligent analysis into its operations [5][6] - The self-developed HTS platform supports a private AI model, ensuring data security while offering deep customization and high-precision document parsing capabilities [6] - Future plans include further integration of AI technologies into business operations to enhance synergy with industry scenarios [6] Group 5: Investment Risks - The company cautions investors about potential uncertainties in investment returns and ecological layout due to industry development pace and operational conditions of investment targets [4][6] - Investors are advised to refer to official announcements for accurate information regarding the company's development strategies and future business layouts [6]

Group 1: Company Background and Strategic Value - The company is a traditional chlor-alkali chemical enterprise, operating in a cyclical industry with significant scale benefits, and is actively seeking business transformation to enhance profitability and reduce reliance on a single product structure [2] - The decision to participate in the bankruptcy proceedings of Limu Mining is seen as strategically valuable, aligning with the company's overall development strategy and enhancing its risk resistance and profitability [2] Group 2: Current Operations and Developments - Limu Mining received a "Notice of Resumption of Work" on January 17, 2026, and is currently advancing its mining, ore selection, and smelting project construction according to plan [2] - The company aims to leverage the rich mineral resources of Limu Mining to establish a comprehensive circular economy industrial park, integrating mining, production, processing, manufacturing, and trade [3] Group 3: Future Development Plans and Funding - The company plans to accelerate its business transformation and upgrade efforts, focusing on strategic layout in mineral resource development [3] - Funding for Limu Mining's future construction will be sourced through equity financing via capital increase, with an emphasis on diversifying and marketizing funding channels to ensure sustainability [3]