Group 1 - A new company, Jiyouli Star (Shanghai) Technology Co., Ltd., has been established with a registered capital of 100 million yuan [1] - The company's business scope includes the research and development of intelligent robots, manufacturing of service consumer robots, and providing an artificial intelligence innovation service platform [1] - The company is jointly held by Lixing Co., Ltd. (300421) and other stakeholders [1]

Summary of Lixing Co., Ltd. Conference Call Company Overview - Lixing Co., Ltd. is the second largest globally and the largest state-owned enterprise in China, representing high-end industrial manufacturing in China [2][3] - The company specializes in the production of rolling elements, including steel balls and ceramic balls, which are critical components in bearings [3] Core Business and Revenue Growth - The wind power roller business has rapidly grown to approximately 200 million in revenue, with plans to achieve 700-1,000 million in revenue through domestic substitution in shield machines and high-speed rail [2][3] - The company has entered the ceramic ball market through its subsidiary, Lichuang Precision, with products already used in Tesla's Model S Plaid and long-term agreements with Nissan, Toyota, and Tesla [2][4] - The automotive ceramic ball market is expected to start volume production in 2026, with potential applications in Tesla's Model S/X/Y/3 series [7][10] Industry Dynamics and Market Potential - The demand for steel balls in downstream markets includes 30% in new energy vehicles, 20% in industrial mother machines, and significant presence in wind power and military sectors [8] - The wind power market is expected to see significant profit contributions by 2026 due to the increasing demand for bearings in wind power equipment [9] - The ceramic ball market for new energy vehicles is projected to exceed 7 billion RMB by 2030, while the robotics sector could reach 9-10 billion RMB [10] Technological Advancements and Competitive Position - Lixing has made significant advancements in the robotics field, focusing on high-precision ceramic balls for micro-screw applications, which are being tested by leading robotics companies [5][12] - The company is the only domestic enterprise included in the global procurement system of the top eight bearing manufacturers, establishing a competitive edge in the precision bearing market [11] Future Outlook - Lixing aims to increase its revenue from over 1 billion to 2.5-3 billion through international expansion and a multi-product strategy [6][7] - The company anticipates a turning point in profits over the next two years, with a market capitalization expectation of 15-20 billion, potentially exceeding 20 billion in the long term [7][14] - The management team is experienced and stable, which is expected to drive business growth [14] Key Takeaways - Lixing Co., Ltd. is positioned for significant growth in the wind power and automotive sectors, with a strong focus on technological innovation and strategic partnerships [2][3][9] - The company’s ceramic ball technology is set to disrupt traditional steel ball applications, particularly in high-pressure automotive platforms and robotics [10][12] - The overall market dynamics and Lixing's strategic initiatives suggest a robust investment opportunity with substantial growth potential in the coming years [14]

Group 1 - The core point of the news is that Lixing Co., Ltd. (300421.SZ) reported its Q3 2025 results, highlighting an increase in institutional ownership and the presence of foreign investors [1][2] - As of October 24, 2025, a total of 8 institutional investors disclosed holdings in Lixing Co., Ltd., with a combined shareholding of 21.81 million shares, representing 7.42% of the total share capital [1] - The institutional ownership increased by 5.13 percentage points compared to the previous quarter, indicating growing confidence among institutional investors [1] Group 2 - In terms of public funds, 31 new public funds were disclosed this quarter, including notable funds such as Yongying New Energy Smart Selection Mixed Fund A and Huashang Selection Return Mixed Fund A [1] - The newly disclosed foreign institutions this quarter include 4 entities: MORGAN STANLEY & CO. INTERNATIONAL PLC., UBS AG, J.P. Morgan Securities PLC - proprietary funds, and BARCLAYS BANK PLC [2]

Core Insights - The company reported a revenue of 814,075,656.31 yuan for the first three quarters of 2025, representing a year-on-year growth of 4.81% [1] - The net profit attributable to shareholders of the listed company was 51,647,476.06 yuan, showing a year-on-year increase of 1.83% [1]

Group 1 - Company Lixing Co., Ltd. reported third-quarter performance, with revenue of approximately 814 million yuan for the first three quarters of 2025, representing a year-on-year increase of 4.81% [1] - The net profit attributable to shareholders of the listed company was approximately 51.65 million yuan, showing a year-on-year increase of 1.83% [1] - Basic earnings per share reached 0.1757 yuan, reflecting a year-on-year increase of 1.86% [1] Group 2 - The Chinese innovative drug sector has seen significant overseas licensing sales, totaling 80 billion USD this year [1] - There is a contrast in the biopharmaceutical secondary market's heat compared to the cooling fundraising environment in the primary market, as discussed by investor Lu Gang [1]

Core Viewpoint - Lixing Co., Ltd. reported a revenue of 814 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 4.81% [1] - The net profit attributable to shareholders reached 51.65 million yuan, showing a year-on-year increase of 1.83% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 46.88 million yuan, which represents a year-on-year decrease of 4.98% [1] - The basic earnings per share stood at 0.1757 yuan [1]

Core Viewpoint - Lixing Co., Ltd. reported a revenue of 814 million yuan for the first three quarters, reflecting a year-on-year growth of 4.81% [1] - The net profit attributable to shareholders reached 51.647 million yuan, showing a year-on-year increase of 1.83% [1] - The net profit after deducting non-recurring gains and losses was 46.88 million yuan, which represents a year-on-year decline of 4.98% [1] Financial Performance - Revenue for the first three quarters: 814 million yuan, up 4.81% year-on-year [1] - Net profit attributable to shareholders: 51.647 million yuan, up 1.83% year-on-year [1] - Net profit after non-recurring items: 46.88 million yuan, down 4.98% year-on-year [1]

董事会审计委员会议事规则 江苏力星通用钢球股份有限公司 董事会审计委员会议事规则 第一条 为强化和规范江苏力星通用钢球股份有限公司（以下简称"公司"） 董事会决策功能，做到事前审计、专业审计，确保董事会对经理层的有效监督， 完善公司法人治理结构，根据《中华人民共和国公司法》（以下简称《" 公司法》"） 《上市公司治理准则》《深圳证券交易所上市公司自律监管指引第 2 号——创业 板上市公司规范运作（2025 年修订）》以及《江苏力星通用钢球股份有限公司章 程》（以下简称"《公司章程》"）及其他有关规定，公司特设立董事会审计委员会， 并制定本规则。 第二条 审计委员会是董事会设立的专门工作机构，其对董事会负责，主要 行使《公司章程》和本规则赋予的各项职权。 第二章 人员组成 第三条 审计委员会成员由三名不在公司担任高级管理人员的董事组成，其 中独立董事应当过半数，并由独立董事中会计专业人士担任召集人。董事会成员 中的职工代表可以成为审计委员会成员。 审计委员会成员应当具备履行审计委员会工作职责的专业知识、工作经验和 良好的职业操守。以会计专业人士身份被提名的独立董事候选人，应当具备丰富 的会计专业知识和经验，并至 ...

江苏力星通用钢球股份有限公司 章程 二○二五年十月 | 第一章 | 总则 | 3 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 4 | | 第三章 | 股份 | 4 | | 第一节 | 股份发行 | 4 | | 第二节 | 股份增减和回购 | 5 | | 第三节 | 股份转让 | 7 | | 第四章 | 股东和股东会 | 7 | | 第一节 | 股东 | 7 | | 第二节 | 股东会的一般规定 | 11 | | 第三节 | 股东会的召集 | 14 | | 第四节 | 股东会的提案与通知 15 | | | 第五节 | 股东会的召开 | 16 | | 第六节 | 股东会的表决和决议 19 | | | 第五章 | 党建工作 | 23 | | 第六章 | 董事会 | 24 | | 第一节 | 董事 | 24 | | 第二节 | 独立董事 | 27 | | 第三节 | 董事会 | 32 | | 第四节 | 董事会秘书 | 37 | | 第七章 | 总经理及其他高级管理人员 37 | | | 第八章 | 财务会计制度、利润分配和审计 39 | | | 第一节 | 财务会计制度 | 39 ...

第一条 为了加强江苏力星通用钢球股份有限公司（以下简称"公司"）对 外投资的管理，规范公司对外投资行为，提高资金运作效率，保障公司对外投资 保值、增值，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）与《江苏力星通用钢球股份有限公司 章程》(以下简称"《公司章程》")及其他相关规定，特制定本制度。 第二条 建立本制度旨在建立有效的管理机制，对公司在组织资源、资产、 投资等经营运作过程中进行效益促进和风险控制，保障资金运营的收益性和安全 性，提高公司的盈利能力和抗风险能力。 第三条 本制度所称的对外投资，是指公司进行委托理财，对子公司、合营 企业、联营企业投资，投资交易性金融资产、可供出售金融资产、持有至到期投 资等，不包含购买银行理财产品。 第四条 公司对外投资行为必须符合国家有关法规及产业政策，符合公司发 展战略，有利于增强公司竞争能力，有利于合理配置企业资源，创造良好经济效 益，促进公司可持续发展。 第五条 公司重大投资的内部控制应遵循合法、审慎、安全、有效的原则， 控制投资风险、注重投资效益。 江苏力星通用钢球股份有限公司 对外投资管理制度 对 ...