苏州轴承厂股份有限公司 证券代码：430418 证券简称：苏轴股份 公告编号：2025-055 苏州轴承厂股份有限公司董事会 2025 年 9 月 10 日 本次延期换届事项不会影响公司的正常运营。公司将尽快组织完成换届选举等工作， 并及时履行信息披露义务。 特此公告。 关于董事会、监事会、高级管理人员延期换届的提示性公告 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。 苏州轴承厂股份有限公司（以下简称"公司"）第四届董事会及其各专门委员会、 监事会、高级管理人员的任期将于 2025 年 9 月 13 日届满。目前公司正在积极筹备换届 选举及根据最新法律法规及监管规则修订公司相关制度等工作，为确保相关工作的准确 性、连续性和稳定性，公司第四届董事会及其各专门委员会、监事会、高级管理人员将 适当延期换届，相关人员的任期亦相应顺延。在换届选举完成之前，公司第四届董事会 及其各专门委员会、监事会全体成员及高级管理人员将依照法律法规和《公司章程》的 规定，继续履行相应的义务和职责。 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - Since July 2023, local government debt resolution policies have been intensively introduced, forming a "Document 35 + 6" policy system, which strictly regulates urban investment financing. Under the current refinancing environment that emphasizes both strict supervision and debt resolution, urban investment new - financing shows significant characteristics of "total volume control and structural differentiation", and the credit stratification and regional differentiation in the urban investment financing market will further intensify [2][4]. - The policy will continue to adhere to the principle of differentiated management, strictly curb new implicit debts, and support the transformation of qualified urban investment platforms. Regions with resource advantages and industrial support are expected to expand financing channels through industrial investment platforms, while regions with slow transformation and scarce resources will face severe constraints on platform financing capabilities [4]. Summary by Relevant Catalogs Urban Investment Financing Policy - Since July 2023, a "Document 35 + 6" policy system has been formed. Document 35 classifies regions and local state - owned enterprises and implements differentiated management of financing policies. The six supplementary documents further clarify measures such as controlling new government investment projects, expanding the scope of debt resolution measures, and specifying the exit path for high - risk key provinces. Overall, it comprehensively regulates urban investment financing [6]. - In March 2025, the Shanghai Stock Exchange issued Guidance Document No. 3, which added many review points for urban investment issuers, including clarifying the boundaries of urban investment entities, raising the threshold for bond issuance, and putting forward review requirements for the chaos in urban investment transformation, which is both a specific implementation of strict review and a guide for urban investment transformation [7]. - In the current urban investment financing review practice, bond issuance approval mainly relies on the list - based management, and the overall review scale is still strict. Even if the issuer is not on or has exited the "3899 list", it still needs to meet relevant regulations to issue new bonds [8]. Overview of New Urban Investment Financing - From October 2023 to July 2025, 534 urban investment entities in 28 provinces achieved new bond issuance. Economically developed provinces such as Guangdong, Jiangsu, and Zhejiang are dominant. In terms of administrative levels, prefecture - level and district - level entities are the main ones. High - rating entities (AAA and AA+) are the leading ones in new financing. The number of entities achieving new financing in the inter - bank market and the exchange market is basically the same, but there are obvious structural differences among different administrative levels [13][14][16]. - Most entities only issued 1 new bond, and those that could issue more than 3 new bonds were concentrated in AAA - rated provincial and prefecture - level entities. In terms of bond types, the scale of inter - bank products in new urban investment bonds significantly leads that of exchange products, and medium - term notes and ultra - short - term financing bills have the largest scale. New urban investment bonds are mainly public - offering bonds, and the main use of raised funds is to repay interest - bearing debts [18][22]. Overview of Entities Issuing Bonds for the First Time First - time Issuance of Urban Investment Platforms - From October 2023, among the 534 urban investment entities that achieved new financing, 69 were first - time bond issuers. They are characterized by "relatively weak credit qualifications (mainly district - level and AA+), leading number of first - time issuers in the exchange, and private - offering products as the mainstay". Different issuance venues have obvious regional preferences [34]. - Guangdong has significantly more first - time urban investment new - issuance entities than other provinces. There are three main types of regional preferences: regions with zero hidden debts, good economic foundations, and relatively loose supervision; regions with good economic foundations but large existing urban investment debts and different supervision intensities in the inter - bank and exchange markets; regions with relatively large economic volumes but heavy debt burdens, mainly achieving new issuance in the exchange [41][42]. First - time Issuance of Quasi - Urban Investment Industrial Entities - The first - time issuance of quasi - urban investment industrial entities is characterized by "mainly prefecture - level and AA+ entities, leading number of first - time issuers in the exchange, and both public - offering and private - offering products thriving". Their credit levels are generally better than those of first - time urban investment entities, and their financing channels are more diverse [47]. - These entities can be classified into three types according to business types: industrial holding, public utilities, and transportation. Industrial holding platforms account for more than 70% of the samples, and their credit qualifications are highly differentiated, which can be further divided into five sub - types [57][70].

Core Insights - The North Exchange 50 index experienced a decline of 0.76%, closing at 1591.90 points, with a trading volume of 12.94 billion shares and a total market capitalization of 915 billion yuan [3][4][5]. - The overall trading volume on the North Exchange was 32.245 billion yuan, which is a decrease compared to the average daily trading volume of 41.701 billion yuan from the previous week [3][4]. - The sectors that saw the largest gains included construction materials (+1.0%), beauty care (+1.0%), and electronics (+0.8%), while the sectors with the largest declines were environmental protection (-2.9%), non-ferrous metals (-2.5%), transportation (-2.2%), and defense industry (-1.7%) [3][4]. Company Performance - Among the 273 listed companies on the North Exchange, 78 companies saw an increase in stock price, while 192 companies experienced a decline. The top gainers included Tianrun Technology (+13.75%), Haosheng Electronics (+12.12%), and Rongyi Precision (+11.76%) [3][7]. - The companies with the largest declines included AVIC Taida (-11.63%), Wantong Hydraulic (-8.03%), and Luqiao Information (-7.90%) [3][9]. - The most actively traded stocks included Nengzhiguang (50.53% turnover rate), *ST Guandao (28.68%), and Tianrun Technology (27.34%) [3][7]. Valuation Insights - The overall valuation of the North Exchange is at a price-to-earnings (P/E) ratio of 55.28 times, which is higher than the P/E ratios of the Sci-Tech Innovation Board (68.47 times) and the ChiNext (42.36 times) [3][10]. - The electronics sector has the highest average P/E ratio at 231.2 times, followed by computer (161.3 times) and home appliances (144.4 times). The sectors with relatively lower P/E ratios include agriculture, media, and environmental protection [3][10].

Group 1 - The automotive parts sector increased by 0.39% on August 26, with Hai Lian Jin Hui leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] - Notable stock performances included Hai Lian Jin Hui with a closing price of 11.76, up 10.01%, and Zhong Ma Chuan Dong at 36.93, also up 10.01% [1] Group 2 - The automotive parts sector experienced a net outflow of 1.546 billion yuan from main funds, while retail investors saw a net inflow of 2.137 billion yuan [3] - The overall fund flow indicates a divergence between institutional and retail investor behavior within the automotive parts sector [3]

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of 14.26 CNY based on a 22x PE for 2026 [6][10][16]. Core Insights - The company has two main business segments: clean environmental engineering and high-voltage porcelain insulators, with a diversified portfolio including precision bearings and grinding tools. The clean environmental sector is supported by subsidiaries that provide solutions for high-end cleanroom systems and gas monitoring systems, while the porcelain insulator segment benefits from significant investments in China's ultra-high voltage power projects [2][4][12]. - The company reported a revenue of 2.079 billion CNY in H1 2025, a year-on-year decrease of 7.99%, but net profit increased by 11.15% to 161 million CNY. The cash flow from operating activities saw a significant increase of 131.62% [1][4]. Summary by Sections Financial Performance - In H1 2025, the high-voltage porcelain insulator business generated 513 million CNY in revenue, a 42.65% increase, while the clean equipment and engineering business saw a revenue decline of 23.49% to 983 million CNY. The precision bearing segment reported a slight decrease of 0.34% in revenue to 375 million CNY [4][10]. Business Segments - The clean environmental engineering segment is primarily driven by Jiangsu Sujing and Shanghai Beifen, focusing on high-end cleanroom systems and gas monitoring systems, respectively. The porcelain insulator segment, led by Suzhou Electric Porcelain, has over 80 years of experience and serves the power and rail transit sectors [2][3]. - The precision bearing segment, represented by Suzhou Bearing, is positioned to benefit from the acceleration of domestic manufacturing in high-end robotics and automotive systems [3][12]. Growth Projections - Revenue projections for 2025-2027 are 4.601 billion CNY, 5.041 billion CNY, and 5.495 billion CNY, with corresponding net profits of 272 million CNY, 314 million CNY, and 355 million CNY, reflecting growth rates of 8.3%, 15.7%, and 12.8% respectively [10][12][14]. - The clean equipment and engineering business is expected to generate revenues of 2.364 billion CNY, 2.483 billion CNY, and 2.557 billion CNY from 2025 to 2027, while the high-voltage porcelain insulator business is projected to reach 985 million CNY, 1.231 billion CNY, and 1.539 billion CNY in the same period [12][13]. Market Expansion - The company is expanding its overseas business, with Jiangsu Sujing's foreign trade amounting to over 210 million CNY in 2024, doubling year-on-year. Suzhou Electric Porcelain has also secured export orders exceeding 220 million CNY, particularly targeting the Middle East market [9][10].

Core Viewpoint - The company reported its 2025 H1 results, showing a slight revenue decline but significant profit growth, indicating effective management and operational improvements [1][2]. Financial Performance - 2025 H1 revenue reached 357 million yuan, a year-on-year decrease of 0.3% - Net profit attributable to shareholders was 83 million yuan, a year-on-year increase of 11.6% - Non-recurring net profit was 81 million yuan, a year-on-year increase of 10.6% - Operating cash flow net amount was 93.32 million yuan, a year-on-year increase of 23.84% [1][2]. Management and Operational Efficiency - The company has optimized management and reduced costs, leading to a significant increase in exchange gains - Financial expenses decreased to -16.69 million yuan, a year-on-year decline of 234.49% due to favorable exchange rate fluctuations - The company is focusing on enhancing business return efficiency and benefiting from government subsidies [2]. Product Performance - Revenue from bearings and rolling elements was 316 million yuan and 25 million yuan, respectively, with year-on-year growth of 0.34% and 1.93% - The company is leveraging its technological advantages to increase the proportion of high-value-added products and is actively expanding into the overseas new energy vehicle market [2]. Industry Outlook - The automotive market is experiencing stable growth, with production and sales reaching 15.62 million and 15.65 million vehicles, respectively, representing year-on-year increases of 12.5% and 11.4% - New energy vehicle production and sales reached 6.97 million and 6.94 million units, respectively, with year-on-year growth of 41.4% and 40.3% - The automotive bearing market has exceeded 200 billion yuan, accounting for over 40% of the total bearing industry scale [3]. Innovation and R&D - The company maintains a strong focus on independent innovation, with R&D expenses consistently around 5.5% - In 2025 H1, R&D expenses amounted to 19.62 million yuan, reflecting the company's commitment to advancing in high-end emerging fields - The company has achieved breakthroughs in aerospace and robotics, with industrial robot production increasing by 35.6% [4]. Investment Analysis - The company is positioned as a leading domestic manufacturer of needle bearings, with a stable growth trajectory in automotive business - The client base includes major global Tier 1 automotive companies, and the company is expanding into high-potential sectors such as aerospace, defense, and robotics - Profit forecasts for 2025-2027 are 168 million, 185 million, and 209 million yuan, with corresponding PE multiples of 31, 28, and 25 times, maintaining a "buy" rating [4].

Group 1 - The core viewpoint of the articles highlights the resurgence of the Beijing Stock Exchange (BSE) market, particularly with the significant rise of the BSE 50 Index and the BSE Specialized and Innovative Index, driven by supportive policies and a focus on high-growth, innovative small and medium-sized enterprises [1][5]. - The BSE is characterized by a "technology + high elasticity" dual attribute, indicating its potential to thrive during bull markets, with expectations of increased investment and active equity funds focusing on the BSE [1][5]. - The BSE 50 Index fund has a purchase limit due to the relatively small market capitalization of its listed companies compared to those on the Shanghai and Shenzhen main boards, with a cap of 500 million shares [1]. Group 2 - Two funds closely tracking quality targets on the BSE have been identified, with one, Dongcai Growth Preferred C (017982), focusing on companies with technological barriers, brand advantages, and innovation capabilities [2][5]. - The fund manager emphasized the importance of liquidity, market capitalization, and profitability in selecting leading companies within the BSE, which are included in the BSE 50 Index [2][5]. - The BSE Specialized and Innovative Index aggregates "hidden champions" in niche sectors, showcasing companies with core technologies and high growth potential [5]. Group 3 - Investors are advised to approach the current market with caution, suggesting strategies like dollar-cost averaging to manage investment timing and avoid buying at high prices due to the inherent volatility of small-cap stocks on the BSE [8]. - It is recommended to treat BSE funds as a "side dish" in an investment portfolio, ensuring a balanced allocation to maintain a good mindset during market adjustments [8].

A股市场军工股拉升，其中，中天火箭涨近9%，苏轴股份、东方精工、富吉瑞、钢研高纳、襄阳轴 承、通易航天、恒宇信通、建设工业、富士达、西部材料、晨曦航空、航发科技等跟涨。 消息面上，国务院新闻办公室正在举行新闻发布会，介绍阅兵准备工作有关情况。相关负责人介绍：空 中梯队，按照模块化、体系化编组，由先进的预警指挥机、歼击机、轰炸机、运输机等组成，基本涵盖 了我军现役主战机型，很多是大家关注的明星装备，有的还是首次公开亮相，充分展示我军空中作战力 量的跨越式发展。相关负责人还称，这次参阅的武器装备，都是从国产现役主战装备中遴选，首次亮相 的新型装备占比很大。责任编辑：栎树 ...

Group 1 - The A-share market saw a surge in military stocks, with Zhongtian Rocket rising nearly 9%, and other companies like Suzhou Axis, Dongfang Precision, and Fuge Rui also experiencing gains [1] - The State Council Information Office held a press conference to discuss preparations for a military parade, highlighting the modular and systematic composition of the aerial team, which includes advanced early warning command aircraft, fighter jets, bombers, and transport aircraft [1] - The showcased military equipment consists of domestically produced active main battle equipment, with a significant proportion of new models making their debut [1]

MACD金叉信号形成，这些股涨势不错！ 格隆汇8月20日｜A股市场军工股拉升，其中，中天火箭涨近9%，苏轴股份、东方精工、富吉瑞、钢研 高纳、襄阳轴承、通易航天、恒宇信通、建设工业、富士达、西部材料、晨曦航空、航发科技等跟涨。 消息面上，国务院新闻办公室正在举行新闻发布会，介绍阅兵准备工作有关情况。相关负责人介绍：空 中梯队，按照模块化、体系化编组，由先进的预警指挥机、歼击机、轰炸机、运输机等组成，基本涵盖 了我军现役主战机型，很多是大家关注的明星装备，有的还是首次公开亮相，充分展示我军空中作战力 量的跨越式发展。相关负责人还称，这次参阅的武器装备，都是从国产现役主战装备中遴选，首次亮相 的新型装备占比很大。 ...