证券代码：600592 证券简称：龙溪股份 公告编号：2025-022 一、董事会会议召开情况 福建龙溪轴承（集团）股份有限公司（以下简称"公司"）九届七次董事会 会议于 2025 年 8 月 12 日以通讯表决方式召开，本次会议应到董事 9 人，实到董 事 9 人，经全体董事同意，本次会议豁免通知时限要求。会议程序符合《中华人 民共和国公司法》和《公司章程》的规定。 二、董事会会议审议情况 （一）会议审议通过《关于聘任高级管理人员的议案》； 经董事会提名委员会审议通过，董事会同意聘任黄杰先生、谢闻琴女士为公 司副总经理（个人简历详见附件），聘任期限与第九届董事会任期一致。 表决结果：9 票同意、0 票反对、0 票弃权。 （二）会议审议通过《关于对外捐赠的议案》； 同意公司以自有资金向哈尔滨工业大学教育发展基金会捐赠人民币 250 万 元，具体详见公司于同日在上海证券交易所网站（www. sse. com. cn） 披露的 《龙溪股份关于对外捐赠的公告》（公告编号：2025-023）。 表决结果：9 票同意、0 票反对、0 票弃权。 福建龙溪轴承（集团）股份有限公司 九届七次董事会决议公告 本公司董事会及全体 ...

Group 1 - The stock price of Longxi Co., Ltd. as of August 7, 2025, is 22.65 yuan, down by 0.36 yuan or 1.56% from the previous trading day's closing price [1] - The opening price for the day was 23.00 yuan, with a highest price of 23.14 yuan and a lowest price of 22.40 yuan, and the trading volume reached 236,205 hands with a transaction amount of 534 million yuan [1] - Longxi Co., Ltd. specializes in the research, production, and sales of bearings and accessories, with applications in engineering machinery, automotive, metallurgy, and mining sectors [1] Group 2 - The company is categorized under the general equipment manufacturing industry and is involved in sectors such as humanoid robots and commercial aerospace [1] - The Chinese manned space engineering office announced a breakthrough in the country's lunar exploration program, which has brought attention to Longxi Co., Ltd. as a related concept stock [1] Group 3 - On August 7, 2025, the net outflow of main funds for Longxi Co., Ltd. was 70.36 million yuan, accounting for 0.78% of the circulating market value [1] - Over the past five days, the net inflow of main funds was 15.73 million yuan, representing 0.17% of the circulating market value [1]

Investment Rating - The report does not explicitly provide an investment rating for the commercial aerospace industry Core Insights - The commercial aerospace index increased by 0.75% in the week of July 28 to August 1, 2025, with a trading volume increase of 11.40% [2][23] - Significant advancements in satellite internet and rocket technology were highlighted, including the successful launch of the Long March 8A rocket and the successful flight of the Dual Curve No. 10 rocket [7][12] - The report emphasizes the growing importance of commercial aerospace in China, showcasing innovations that enhance launch capabilities and reduce costs [8][19] Summary by Sections 1. Industry Development Dynamics - The Long March 8A rocket successfully launched a group of low-orbit satellites on July 30, 2025, marking a significant achievement in China's commercial aerospace capabilities [7] - The Dual Curve No. 10 rocket successfully completed its mission on July 29, 2025, validating the performance of new products and the safety of the launch vehicle [12] - The YH-1000 unmanned transport aircraft completed a successful cargo verification flight in complex terrain in Chongqing, demonstrating its operational capabilities [14] - The Falcon 9 rocket successfully launched multiple Starlink satellites, showcasing the ongoing advancements in commercial satellite deployment [17] 2. Industry Financing Progress - Taihu Xingyun completed over 50 million RMB in Series A financing, which will accelerate its development in satellite technology and applications [19] - Tianyu Hangtong secured several hundred million RMB in financing to support the production and delivery of its unmanned aircraft systems [20] 3. Capital Market Performance - The commercial aerospace index reached a high of 14672.2 and a low of 14383.3 during the week, with 43.94% of companies in the industry seeing stock price increases [23][26] - Notable stock performers included Guanshang Technology, Aerospace Power, and Aileda, with weekly increases of 18.80%, 13.95%, and 13.22% respectively [23][26] 4. Industry Conference Preview - Upcoming conferences include the 21st Academic Annual Meeting on Deep Space Exploration Technology in July and the 42nd Academic Annual Meeting on Solid Rocket Propulsion in August [31]

Group 1 - The stock price of Longxi Co., Ltd. (600592) closed at 23.01 yuan, an increase of 3.84% with a turnover rate of 10.15% and a trading volume of 405,500 hands, amounting to 926 million yuan [1] - The net inflow of main funds today was 63.81 million yuan, accounting for 6.89% of the transaction amount, with large orders contributing a net inflow of 42.79 million yuan (4.62%) and 21.01 million yuan (2.27%) respectively [1] - The latest quarterly report shows total operating revenue of 409 million yuan, a year-on-year decrease of 13.77%, and a net profit attributable to shareholders of 29.82 million yuan, down 15.38% year-on-year [1] Group 2 - Longxi Co., Ltd. has invested in 17 enterprises and participated in 1,344 bidding projects, holding 12 trademark registrations and 267 patents [2] - The company has 29 administrative licenses [2]

Core Insights - Longxi Co., Ltd. specializes in the production and operation of various types of bearings and automotive components, with bearing products accounting for 50.87% of revenue and other products, including steel trading, making up 44.40% [2] Financial Performance - The company achieved a net profit attributable to shareholders of 0.27 billion yuan in its first year of listing in 2002, which grew to 1.25 billion yuan by 2024, marking a cumulative growth of 363.75% over 23 years [2] - Longxi Co. has recorded net profit growth in 16 out of the 23 years since its listing, representing a success rate of 69.57% [2] - Revenue increased from 1.16 billion yuan in 2020 to 1.77 billion yuan in 2024, although a decline of 6.68% was noted in 2024 compared to the previous year [2] - The net profit fluctuated significantly, with a peak of 1.50 billion yuan in 2020, a drop to 1.25 billion yuan in 2024, and a notable increase of 99.28% in 2021 followed by a loss in 2022 [2] Market Capitalization - Since its listing, Longxi Co.'s market capitalization has increased by 3.46 times, reaching a peak of 12.03 billion yuan on May 16, 2025, with the stock price rising to 30.11 yuan [4] - As of August 4, the stock price was 22.28 yuan, and the market capitalization stood at 8.90 billion yuan, reflecting a decrease of 3.12 billion yuan from its peak, equating to a 26.00% reduction in market value [4]

Core Viewpoint - Longxi Co., Ltd. is experiencing a decline in stock price and has reported limited short-term contributions from its humanoid robotics business, which is still in the development phase [1][2]. Group 1: Company Overview - Longxi Co., Ltd. specializes in the research, production, and sales of joint bearings and related mechanical components, with applications in construction machinery, rail transportation, and wind power [1]. - The company operates three manufacturing facilities focused on joint bearings and related products [1]. Group 2: Financial Performance - As of July 30, 2025, Longxi's stock price closed at 21.63 yuan, reflecting a decrease of 2.52% from the previous trading day, with a trading volume of 354 million yuan [1]. - On the same day, the net outflow of main funds for Longxi Co., Ltd. was 75.74 million yuan [2]. Group 3: Business Development - The humanoid robotics sector is currently in the research and small-scale sampling/testing phase, contributing minimally to the company's performance in the short term [1].

Core Viewpoint - The company is focusing on expanding its humanoid robot accessory market, but it is currently in the development or small-scale sampling and testing phase, with minimal revenue contribution to the company's overall sales [1] Group 1 - The company is actively working on the humanoid robot accessory market [1] - The current stage of development is either in the research phase or small batch sampling and testing [1] - The revenue from this sector constitutes a very small proportion of the company's total sales [1]

Core Viewpoint - Longxi Co., Ltd. (600592) is currently in the development or small batch sampling and testing phase for its humanoid robot joint bearings, indicating that the technology and product iterations are rapid and the market competition is intense [1] Company Summary - The company acknowledges that the business in the humanoid robot sector has significant uncertainties and that short-term contributions to its operating performance are extremely limited due to high research and development investments [1]

Group 1: Industry Development - The computing power scale in the province has reached 9800 P Flops, with 43 provincial industrial internet platforms established and 20.93 million devices connected [1] - The industrial agglomeration degree is steadily improving, with over 50% of the province's industrial enterprises located in industrial parks, contributing over 90% to the province's industrial growth [1] - The province has successfully created 4 national strategic emerging industry clusters and 2 national advanced manufacturing clusters [1] Group 2: Digital Transformation - Dahuawang has transitioned from traditional media to a digital technology-driven model, implementing a dual strategy of "Internet + News" and "Internet + Technology" [4] - The company has outlined a new development blueprint called "25115," focusing on dual strong development, leveraging five provincial research platforms, and building a data center and a mainstream value corpus [4] - Dahuawang has been recognized as a high-tech enterprise and has formed a closed loop in the data industry, enhancing its core competitiveness [5] Group 3: Company Performance - Luoyang Bearing Group has achieved a 36% year-on-year increase in production value in the first half of the year, showcasing its leadership in the high-end bearing sector [6] - The company is focusing on new industries such as wind power, rail transportation, and new energy vehicles, aiming to enhance its high-end bearing manufacturing capabilities [7] - Shuanghui Investment Development Co., Ltd. is committed to a development strategy centered on industrialization, diversification, internationalization, and digitization, contributing to the construction of a modern industrial system in the province [8]

Company Overview - Longxi Co., Ltd. specializes in high-margin joint bearings, maintaining a stable gross margin of over 40% for the past three years, indicating strong profitability [1] - The company has nearly 70 years of experience in the bearing industry and is one of the top three joint bearing companies globally, with a domestic market share exceeding 75% and an international market share of 15% [2][5] - Longxi's annual production capacity exceeds 20 million sets, with projected revenue from bearing products reaching 904 million yuan in 2024 and a gross margin of 40.5% [1][2] Market Position and Growth Potential - The joint bearing market in China is expected to reach 1.6 billion yuan in 2024, with a compound annual growth rate (CAGR) of approximately 15% from 2020 to 2024, significantly higher than the overall bearing market growth rate of about 5% [2] - Longxi has broken the technological monopoly of international leaders through continuous innovation, positioning itself as the only Chinese company in the global top tier of joint bearing manufacturers [2] Technological Advancements - The company has established a high technical barrier in self-lubricating joint bearings, with PTFE fabric lining technology as its core competitive advantage [3] - Longxi has developed three key technologies: preparation of PTFE self-lubricating linings, molded linings, and precision simulation extrusion, creating a complete process chain from structural design to lining integration [3] Application in Robotics - The value of joint bearings combined with link assemblies for humanoid robots is expected to exceed 5,000 yuan per unit, with potential increases as demands for dexterity and lightweight designs grow [4] - Longxi has engaged with several humanoid robot companies, including Zhiyuan, to explore commercial opportunities in the robotics sector, with a projected market size for joint bearings and link products reaching 5 billion yuan based on an estimated shipment of 1 million humanoid robots [4] Financial Projections - The company forecasts net profits of 161 million yuan, 200 million yuan, and 245 million yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 28.1%, 24.4%, and 22.8% [5] - The current price-to-earnings (PE) ratios are projected to be 57, 46, and 37 for the years 2025, 2026, and 2027, respectively, compared to comparable companies' PE ratios of 84, 69, and 58 [5]