国浩律师（上海）事务所 见证法律意见书 上海市静安区山西北路 99 号苏河湾中心 25-28 层 邮编：200048 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai, China 电话/Tel: +86 21 5234 1668 传真/Fax: +86 21 5234 1670 网址/Website: http://www.grandall.com.cn 2025 年 5 月 关 于 江苏万达特种轴承股份有限公司 2024 年年度股东会 之 国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于江苏万达特种轴承股份有限公司 2024 年年度股东会之见证法律意见书 致：江苏万达特种轴承股份有限公司 江苏万达特种轴承股份有限公司（以下简称"公司"）2024 年年度股东会于 2025 年 5 月 28 日 15 时在公司会议室召开，国浩律师（上海）事务所（以下简 称"本所"）接受公司的委托，指派黄雨桑律师、龚晓璇律师（以下简称"本所律 师"）出席会议，并依据《中华人民共和国证券法》（以下简称《证券法》）、 《中华 ...

Core Viewpoint - Wanda Bearing has enhanced its corporate governance and brand influence through its listing on the Beijing Stock Exchange, while focusing on expanding its core business in forklift bearings and venturing into new fields such as industrial and humanoid robots [1][2]. Group 1: Company Overview - Wanda Bearing has been in the bearing business for approximately 60 years, transitioning from standard bearings to specialized forklift bearings in the 1990s due to performance pressures [2]. - The company has developed a complete supply chain from steel procurement to finished product assembly, significantly reducing costs and external dependencies [2]. - Wanda Bearing's product range includes forklift bearings for capacities from 0.5 tons to 55 tons and has entered the slewing bearing market with over 300 varieties [2]. Group 2: Technological Advancements - The company has developed eight core technologies, including innovative design and optimization of bearing structures, which enhance the performance and durability of its products [3]. - Wanda Bearing collaborates with universities and research institutions to advance technology and develop new products, focusing on high-precision bearing manufacturing and lightweight slewing bearings [3][4]. Group 3: Market Expansion - The company is actively seeking new growth areas, particularly in slewing bearings, which have higher profit margins but currently represent a smaller sales proportion [4]. - The demand for Automated Guided Vehicles (AGVs) is expected to grow significantly, with a projected compound annual growth rate of 49.98% from 2022 to 2027, presenting opportunities for Wanda Bearing's slewing bearing business [4]. - Wanda Bearing is also expanding into the industrial robot sector, leveraging its existing technology and experience to meet diverse customer needs [5].

Group 1 - Wanda Bearings (stock code: 920002) is a leading manufacturer in the general equipment manufacturing industry, focusing on the research, production, and sales of forklift bearings and slewing bearings, recognized as a "little giant" enterprise and a national champion in manufacturing [1] - In the 2024 annual report, the company achieved operating revenue of 345.70 million yuan, a year-on-year increase of 0.64%, and a net profit of 57.57 million yuan, with a significant year-on-year growth of 16.30%, indicating improved operational efficiency [1] - The first quarter report showed operating revenue of 88.37 million yuan, a year-on-year growth of 3.31%, and a net profit attributable to shareholders of 18.53 million yuan, a year-on-year increase of 29.95% [1] Group 2 - The overall industry is experiencing growth, with 148 major enterprises in the bearing industry achieving a total operating income of 119.34 billion yuan, a year-on-year increase of 6.19%, and a total profit of 9.38 billion yuan, with a year-on-year growth of 14.29% [2] - Over 60% of enterprises reported revenue growth, and 55.4% saw profit increases, with bearing production reaching 9.12 billion units and sales at 9.14 billion units, reflecting a production-sales rate of 100.31% [2] - Domestic forklift sales reached 1.29 million units, a year-on-year increase of 9.52%, marking a new milestone in industry development [2] Group 3 - Wanda Bearings has established deep strategic partnerships with leading manufacturers such as Anhui Heli and Hangcha Group, covering all provinces and regions in China, maintaining the largest market share domestically and the second largest globally [3] - The company has developed a global supply chain system, exporting products to over 30 countries and regions, and providing services to the top 20 global industrial vehicle companies [3] - In the context of overall industry growth, Wanda Bearings has achieved simultaneous revenue and profit growth due to its rich industry experience, quality customer resources, and strong technical capabilities [3] Group 4 - The company is actively expanding into the industrial robot sector, focusing on technological innovation in new energy forklifts and smart logistics equipment, while also developing bearings for special equipment and industrial machinery [4] - Wanda Bearings has invested in the industrial robot field over the past few years, building a customer base that includes SANY Robotics, Zhejiang Guozi Robotics, KUKA Robotics, and Hikvision Robotics [4] - The company is engaged in sample trials based on specific customer needs, optimizing processes through multiple cycles before moving to small batch production [4] Group 5 - With the implementation of policies like the "Robot+" application action plan, the market for industrial robot-specific bearings is expected to experience explosive growth [5] - Leveraging existing technological reserves and customer resources, Wanda Bearings aims to replicate its success in the forklift bearing sector within the robot sector, creating a second growth curve [5]

Core Viewpoint - Wanda Bearing has demonstrated steady growth in revenue and profit, while focusing on specialized bearing products for forklifts and industrial robots, amidst potential challenges from international trade policies [1][2] Group 1: Financial Performance - In 2024, the company achieved a revenue of 346 million yuan, representing a 0.64% increase from the previous year [1] - The net profit for the same period was 57.57 million yuan, reflecting a growth of 16.3% year-on-year [1] Group 2: Market Position and Strategy - Wanda Bearing specializes in forklift mast rolling bearings and industrial robot swivel bearings, holding a leading market share in the forklift segment [2] - The company emphasizes its differentiated competitive advantage through specialization and high-value-added products, despite being smaller in scale compared to peers like Guoji Precision and Wuzhou Xinchun [2] - Future plans include expanding into emerging markets and focusing on high-end, intelligent products to sustain competitive strength and achieve continuous growth [2] Group 3: Product Development and Innovation - The company has developed a new type of 0.5T-10T forklift mast bearing, filling a domestic gap and achieving international quality standards [1] - Wanda Bearing has established relationships with high-quality clients in the industrial robot sector, although revenue from this area remains relatively small [2] - The company aims to accelerate domestic substitution by focusing on high-precision, high-tech, and high-value-added special bearings for intelligent equipment [2]

Group 1: Financial Performance - The company's operating revenue for the reporting period was ¥345,703,896.54, an increase of 0.64% compared to the previous year [4] - The net profit for the company was ¥57,572,252.72, reflecting a growth of 16.30% year-on-year [4] Group 2: Market and Trade Impact - The proportion of foreign sales in the company's main business revenue was 11.06%, indicating potential risks from international trade disputes affecting future profit growth [5] - The company plans to strengthen customer relationship management and expand into the European market to mitigate negative impacts from trade policies [5] Group 3: Customer Dependency and Risks - The top five customers accounted for 51.23% of the company's sales, highlighting a significant dependency that could impact revenue and profit if market conditions change [6] - The company aims to enhance R&D efforts and develop new products to diversify its customer base and reduce risks [6] Group 4: R&D and Product Development - The company has added 16 new patents during the reporting period, including 12 invention patents and 4 utility model patents, emphasizing its commitment to technology innovation [11] - The focus of R&D is on high-performance materials, intelligent integration, and sustainable manufacturing practices [7] Group 5: Industry Trends and Future Demand - The demand for forklift bearings is expected to grow due to the recovery of the manufacturing sector and increased logistics activities [8] - The rise of industrial robots, particularly in labor-intensive industries, is anticipated to drive further demand for bearings [8] Group 6: Competitive Advantages - The company has established a strong position in the niche market of forklift and industrial robot bearings, despite being smaller than competitors [9] - Future strategies include expanding into emerging markets and focusing on high-end, intelligent products to maintain competitive advantages [10] Group 7: Shareholder Management - Currently, 82.31% of the company's shares are under lock-up, with 59.15% held by controlling shareholders and executives [15] - The company is committed to enhancing shareholder value through compliance and effective market management strategies [15]

Group 1 - The company achieved a revenue of 346 million yuan in 2024, a year-on-year increase of 0.64%, and a net profit of 57.57 million yuan, up 16.30% year-on-year [1] - In the first quarter of 2025, the company continued its positive growth trend, with revenue reaching 88.37 million yuan, a year-on-year increase of 3.31%, and a net profit of 18.53 million yuan, a significant increase of 29.95% year-on-year [1] - The company is a leading player in the domestic forklift bearing segment, with its products recognized by internationally renowned enterprises and maintaining a leading global market share [1] Group 2 - The company has developed a new type of 0.5T-10T forklift mast bearing, filling a domestic gap and achieving international advanced quality standards, which supports the domestic substitution process [1] - Future growth is expected from the recovery of the manufacturing industry and increased demand in warehousing and logistics, which will boost bearing demand [1] - The acceleration of industrial robots in sectors like automotive and electronics, along with the rapid development of emerging industries such as photovoltaics and semiconductors, will create new market opportunities for the bearing industry [1] Group 3 - The company has established quality clients in the industrial robot sector, including Hikvision Robotics and SANY Robotics, and plans to focus on high-value products like industrial robot turntable bearings [2] - The company is a national high-tech enterprise and one of the first "specialized, refined, and innovative" small giant enterprises, holding a leading position in the forklift bearing niche [2] - The company aims to continue driving innovation through product high-end and intelligent transformation to consolidate its market position and achieve sustained growth [2]

证券代码：920002 证券简称：万达轴承 公告编号：2025-036 江苏万达特种轴承股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 □特定对象调研 √业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 投保荐代表人：黄建飞先生。 三、 投资者关系活动主要内容 本次业绩说明会公司通过网络文字互动交流的方式就投资者关心的问题进 行了回答，主要问题及回复情况如下： 问题 1：公司 2024 年度盈利状况表现如何？2025 年的经营计划是什么？ 回答：报告期内，公司围绕年度经营目标，凭借丰富的行业经验、优质的客 户资源以及深厚的技术实力，实现营业收入为 345,703,896.54 元，较上年增长 0.64%；公司净利润 57,572,252.72 元，较上年增长 16.30%。 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 5 月 19 日 15:00-16:00 活动地点：江苏万达特种轴承股份有限公司（以下 ...

Group 1 - The report highlights the second adjustment of the North Exchange 50 Index in 2025, effective on June 16, 2025, with potential new additions including Lierda, Tongguan Mining Construction, Wanda Bearings, Juxing Technology, and Yinuowei [4][10][12] - The report discusses the revision of restructuring rules by the North Exchange, introducing a "small-scale fast" review mechanism and simplified review procedures, aimed at enhancing the efficiency of mergers and acquisitions for innovative SMEs [7][8][9] - The overall PE ratio of North Exchange A-shares has rebounded to 51X, with average daily trading volume increasing to 349 billion yuan, indicating improved market sentiment [17][20] Group 2 - The report suggests that institutional investors in the North Exchange market should adopt a cautious approach, focusing on long-term stable growth companies and sectors aligned with national policies such as "self-control" and innovation-driven development [14] - Key sectors to watch include high-end manufacturing, infrastructure with high dividends, and specialty consumer industries, as well as recent hot themes like AI and robotics [14] - The report notes that the North Exchange 50 Index has increased by 3.13% this week, outperforming other indices, with a year-to-date increase of 37% [22][24]

Group 1: Company Performance - In Q1 2025, the company achieved a revenue of 88.373 million yuan, representing a year-on-year growth of 3.31%, and a net profit attributable to shareholders of 18.5309 million yuan, reflecting a year-on-year increase of 29.95% [1] - The company's non-recurring net profit attributable to shareholders was 13.9605 million yuan, showing a slight increase of 0.97% year-on-year [1] - The profit forecasts for 2025-2027 are set at 62 million yuan, 68 million yuan (revised down from 72 million yuan), and 76 million yuan, respectively, with corresponding EPS of 1.91, 2.10, and 2.35 yuan per share [1] Group 2: Industry Trends - In 2024, the total sales volume of five types of forklifts in China reached 1.2855 million units, marking a year-on-year growth of 9.52% [2] - Electric forklifts accounted for 73.61% of total sales, with a sales volume of 946,300 units, up 18.79% year-on-year, while internal combustion forklifts saw a decline in sales by 10.06% [2] - The domestic sales of powered industrial vehicles reached 805,000 units, an increase of 4.77% year-on-year, with electric forklift sales growing by 14.68% [2] Group 3: Market Position and Expansion - The company holds the largest market share in the domestic forklift mast rolling bearing sector and ranks second globally, maintaining stable partnerships with leading forklift manufacturers [3] - The company is actively expanding into the robotics sector, having established relationships with notable clients in the industrial robotics field [3] - Ongoing projects include the development of specialized thin-walled bearings for humanoid robots, currently in the sample production stage [3]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1][3] Core Views - The company achieved a revenue of 88.37 million yuan in Q1 2025, representing a year-on-year increase of 3.31%, and a net profit attributable to the parent company of 18.53 million yuan, up 29.95% year-on-year [3] - The report maintains the 2025 profit forecast while lowering the 2026 profit forecast and introducing a new forecast for 2027, with expected net profits of 62 million yuan, 68 million yuan, and 76 million yuan for 2025, 2026, and 2027 respectively [3] - The company is optimistic about the sustained high demand in the downstream forklift industry and the expansion into industrial and humanoid robot sectors, which will provide new growth opportunities [3] Financial Summary - In 2025, the company is expected to generate a revenue of 371 million yuan, with a year-on-year growth of 7.2% [6] - The projected net profit for 2025 is 62 million yuan, reflecting an 8.0% increase compared to 2024 [6] - The company's gross margin is expected to be around 32.0% in 2025, with a net margin of 16.8% [9] - The earnings per share (EPS) for 2025 is projected to be 1.91 yuan, with a price-to-earnings (P/E) ratio of 118.4 times [6][9] Market Position and Industry Insights - The company holds the largest market share in the domestic forklift mast rolling bearing sector and ranks second globally, maintaining long-term stable partnerships with leading forklift manufacturers [5] - The sales volume of electric forklifts in China is expected to continue to grow, with a penetration rate increase, while internal combustion forklifts are experiencing a decline [4] - The company is actively investing in the robotics sector, focusing on humanoid robot applications, and is currently developing specialized thin-walled bearings for humanoid robots [5]