Group 1: Company Overview - The main products and services include dynamic pressure oil film sliding bearings, wind power sliding bearings, high-speed permanent magnet motor products, and industrial transmission services, focusing on energy generation, industrial drive, petrochemicals, and shipping sectors [2] - The company achieved a revenue of 445 million CNY and a net profit of 102 million CNY in the first three quarters of 2025, with a non-recurring net profit of approximately 89.33 million CNY [2] Group 2: Production and Capacity Utilization - The company is operating at full capacity, with production schedules optimized based on order conditions, and is enhancing capacity utilization through improvements in equipment, processes, and logistics [2] - The company plans to significantly increase capacity with the gradual commissioning of fundraising projects [2] Group 3: International Sales - The company has maintained rapid growth in international business, including direct exports and domestic factory support for international clients, with notable clients such as Siemens AG, GE, and ABB [4] Group 4: Nuclear Power Sector - The company has developed high-reliability sliding bearing solutions for the nuclear power sector, resulting in a significant increase in orders for nuclear power bearings, reaching a new high [5] Group 5: Wind Power Sector - The wind power sliding bearing business is expected to see substantial revenue growth compared to the previous two years, with a strong order backlog and ongoing improvements in laser cladding efficiency [6] Group 6: Future Development Strategy - The company aims to focus on industrial sliding bearings while expanding into emerging industries and high-speed motors, pursuing internationalization, high-end development, and value creation [8]

天眼查App显示，近日，济南铭顺轴承科技有限公司成立，法定代表人为李之波，注册资本10万人民 币，经营范围为一般项目：轴承、齿轮和传动部件销售；轴承销售；机械设备销售；普通机械设备安装 服务；金属材料销售；五金产品零售；五金产品批发；润滑油销售；建筑用钢筋产品销售；电子元器件 零售；电子元器件批发；电子产品销售；家用电器销售；办公设备销售；音响设备销售；办公用品销 售；技术玻璃制品销售；针纺织品销售；塑料制品销售；服装服饰批发；服装服饰零售；鞋帽批发；汽 车零配件批发；技术进出口；货物进出口。（除依法须经批准的项目外，凭营业执照依法自主开展经营 活动）。 ...

Core Viewpoint - Wuzhou Xinchun's stock price increased by 5.49% to 44.20 CNY per share, with a trading volume of 5.55 billion CNY and a market capitalization of 161.86 billion CNY as of November 21 [1] Company Overview - Zhejiang Wuzhou Xinchun Group Co., Ltd. was established on November 12, 1999, and listed on October 25, 2016 [1] - The company is located in Shaoxing City, Zhejiang Province, and its main business includes the research, production, and sales of bearings, precision mechanical components, automotive safety systems, and thermal management system components [1] - Revenue composition: Bearings products account for 52.53%, air conditioning pipeline components 32.42%, automotive parts 12.87%, and others 2.18% [1] Shareholder Information - Yongying Fund's advanced manufacturing mixed fund (018124) entered the top ten circulating shareholders of Wuzhou Xinchun, holding 2.3492 million shares, representing 0.64% of circulating shares [2] - The fund has achieved a return of 60.5% this year, ranking 382 out of 8136 in its category, and a return of 76.26% over the past year, ranking 141 out of 8056 [2] Fund Manager Performance - The fund manager of Yongying Advanced Manufacturing Mixed Fund (018124) is Zhang Lu, who has a tenure of 6 years and 114 days [3] - The fund's total asset size is 22.921 billion CNY, with the best return during Zhang's tenure being 110.17% and the worst being -60.31% [3] Top Holdings - Yongying Fund's New Energy Mixed Fund (015828) holds 664,800 shares of Wuzhou Xinchun, making it the tenth largest holding, accounting for 3.46% of the fund's net value [4] - The fund has a year-to-date return of 11.02%, ranking 5455 out of 8136, and a loss of 0.65% over the past year, ranking 7799 out of 8056 [4] Additional Fund Manager Information - The fund manager of Yongying New Energy Mixed Fund (015828) is Hu Ze, with a tenure of 2 years and 171 days [5] - The fund's total asset size is 3.428 billion CNY, with the best return during Hu's tenure being 117.78% and the worst being -3.96% [5]

Group 1: Strategic Investments and Collaborations - The company has made a strategic investment in Ningbo Yinqiu Technology Co., Ltd., focusing on the development, production, and sales of precision bearings [1] - The collaboration aims to enhance technological synergy and resource sharing, strengthening the company's competitiveness in the precision bearing sector [2] Group 2: Product Development and Market Focus - The company is actively advancing the mass production of robot components, including harmonic reducers and specialized bearings, with small-scale production already underway [2][3] - The primary sales markets are the aftermarket and original equipment manufacturer (OEM) sectors, with a focus on expanding into Europe, the U.S., Japan, and emerging markets [2] Group 3: Capacity Expansion and Future Plans - A new production line for harmonic reducers is expected to be operational by the end of 2024, aimed at meeting future market demand [3] - The company has established a dedicated robot components division in 2024, focusing on the research and production of robot parts [3]

Summary of Conference Call for Slinco Co., Ltd. and Ningbo Yinqiu Technology Company and Industry Overview - **Company**: Slinco Co., Ltd. (斯菱股份) - **Industry**: Precision Bearings and Robotics - **Key Partner**: Ningbo Yinqiu Technology (宁波银球科技) Key Points and Arguments Investment in Ningbo Yinqiu Technology - Slinco invested 392 million CNY to acquire 24.34% of Ningbo Yinqiu Technology, recognizing its leading position in precision bearings, particularly in micro and motor bearings [3][9] - Ningbo Yinqiu holds a 50% market share in the air conditioning motor bearing sector, with major clients including Gree and Midea, secured through supply contracts [2][3][7] Product Development and Market Position - Ningbo Yinqiu has made significant advancements in robotics, developing micro bearings for actuators and motors, with a strong demand for humanoid robots [2][5] - The company is the sole supplier of high-speed integrated bearings to Dyson, benefiting from patent protection and a dominant market position despite smaller domestic competitors [2][6] Strategic Direction and Synergies - Slinco aims to leverage its mechanical manufacturing background to create synergies with Ningbo Yinqiu, expanding its business footprint through resource sharing [2][9] - The company plans to gradually integrate resources with Ningbo Yinqiu to enhance operational efficiency [9] Production and Capacity Planning - Slinco's harmonic reducers have been validated by major North American clients, with mass production expected to start in Q1 2026 [4][12] - The company has established factories in Thailand and near Detroit, USA, to meet potential non-China production demands from clients like Tesla [4][14] Financial Projections - Ningbo Yinqiu is projected to achieve a profit of 145 million CNY and sales of 1.17 billion CNY in 2024, with stable growth expected through 2026 [4][18] - Slinco anticipates its robotics business revenue to reach tens of millions CNY in 2025-2026, contingent on market demand [4][17] Challenges and Competitive Landscape - The production of high-speed micro bearings faces challenges in consistency, longevity, and noise reduction, with key players including Minebea in the global market [8] - Slinco faces competition from various domestic manufacturers in harmonic reducers but has not encountered significant new entrants in the overseas market [11][20] Future Developments - Slinco plans to expand its precision component offerings, including cross roller bearings, in response to customer demand [15] - The company is preparing for increased production capacity, with plans for 300,000 sets of harmonic reducers by the end of the year [22] Customer Feedback and Market Trends - North American clients have provided positive feedback on Slinco's harmonic reducers, confirming its status as a qualified supplier for mass production [19] - The trend in reducer selection among domestic clients is shifting towards harmonic reducers, with planetary reducers also being utilized but less frequently [10] Additional Important Insights - Ningbo Yinqiu's dominance in the air conditioning motor bearing market is attributed to its high production capacity of 75 million sets per month, making it the largest single-category manufacturer globally [7] - The company’s micro bearings are critical for humanoid robots, with each robot requiring over 100 such components, highlighting the precision and durability required in this sector [5]

公司称，本次购买标的公司股权有助于拓展精密轴承业务，通过发挥产业协同效应，共同推动在汽车零 部件及人形机器人用精密轴承等重要领域的深度合作。 标的公司主营业务为微型、小型、一体化等精密轴承的研发、生产及销售，相关产品主要应用于家用电 器、工业电机、汽车零部件、纺织机械、机器人等领域，主要客户群体包括国内外知名的家电制造企业 及工业电机制造企业。 智通财经APP讯，斯菱股份(301550.SZ)公告，公司于2025年11月18日与宁波银球科技股份有限公司("银 球科技")股东胡永朋、李定华签署了《浙江斯菱汽车轴承股份有限公司与胡永朋、李定华关于宁波银球 科技股份有限公司之股份转让协议》，公司以自有资金或自筹资金3.92亿元购买标的公司24.3427%股 权。 ...

公司称，本次购买标的公司股权有助于拓展精密轴承业务，通过发挥产业协同效应，共同推动在汽车零 部件及人形机器人用精密轴承等重要领域的深度合作。 斯菱股份（301550）(301550.SZ)公告，公司于2025年11月18日与宁波银球科技股份有限公司("银球科 技")股东胡永朋、李定华签署了《浙江斯菱汽车轴承股份有限公司与胡永朋、李定华关于宁波银球科技 股份有限公司之股份转让协议》，公司以自有资金或自筹资金3.92亿元购买标的公司24.3427%股权。 标的公司主营业务为微型、小型、一体化等精密轴承的研发、生产及销售，相关产品主要应用于家用电 器、工业电机、汽车零部件、纺织机械、机器人等领域，主要客户群体包括国内外知名的家电制造企业 及工业电机制造企业。 ...

人民财讯11月18日电，斯菱股份（301550）11月18日公告，公司拟以3.92亿元购买宁波银球科技股份有 限公司(简称"银球科技")24.3427%股权。标的公司主营业务为微型、小型、一体化等精密轴承的研发、 生产及销售，相关产品主要应用于家用电器、工业电机、汽车零部件、纺织机械、机器人等领域，主要 客户群体包括国内外知名的家电制造企业及工业电机制造企业，如戴森(Dyson)、尼得科(Nidec)、美的 集团（000333）、卧龙电驱（600580）、格力集团等，在精密轴承领域具有行业领先地位。公司本次购 买标的公司股权有助于拓展精密轴承业务，通过发挥产业协同效应，共同推动在汽车零部件及人形机器 人用精密轴承等重要领域的深度合作。 ...

标的公司主营业务为微型、小型、一体化等精密轴承的研发、生产及销售，相关产品主要应用于家用电 器、工业电机、汽车零部件、纺织机械、机器人等领域，主要客户群体包括国内外知名的家电制造企业 及工业电机制造企业，如戴森（Dyson）、尼得科（Nidec）、美的集团、卧龙电驱、格力集团等，在精 密轴承领域具有行业领先地位。公司本次购买标的公司股权有助于拓展精密轴承业务，通过发挥产业协 同效应，共同推动在汽车零部件及人形机器人用精密轴承等重要领域的深度合作，进一步提升公司综合 竞争能力及整体盈利能力，为股东创造更大的价值。 格隆汇11月18日丨斯菱股份(301550.SZ)公布，为满足公司战略发展需要，同时进一步拓展精密轴承业 务，公司于2025年11月18日与宁波银球科技股份有限公司（简称"标的公司"或"银球科技"）股东胡永 朋、李定华签署了《浙江斯菱汽车轴承股份有限公司与胡永朋、李定华关于宁波银球科技股份有限公司 之股份转让协议》，公司以自有资金或自筹资金392,225,364.00元购买标的公司24.3427%股权（对应 23,076,833股股份），其中分别向胡永朋、李定华购买其持有的标的公司22.3427%股权 ...

Core Viewpoint - Chongde Technology (301548.SZ) focuses on the development and manufacturing of sliding bearings and related products, primarily serving the energy generation, industrial drive, petrochemical, and marine sectors, with a significant emphasis on nuclear power applications [1] Group 1: Product and Service Overview - The main products and services include dynamic pressure oil film sliding bearings, wind power sliding bearings, high-speed permanent magnet motor products, and industrial transmission services [1] - Sliding bearing products are widely used in major equipment and high-precision devices such as heavy gas turbines, large steam turbines, wind power generation equipment, efficient compressors, high-speed motors, pumps, and gearboxes, serving as critical basic components [1] Group 2: Focus on Nuclear Power - The company has extensive experience in nuclear power sliding bearings and has driven domestic substitution through continuous independent innovation [1] - Chongde Technology provides a comprehensive solution for the nuclear power sector, including design, manufacturing, testing, monitoring, and evaluation of high-reliability sliding bearings for major assemblies, including the main coolant pumps within the island [1] Group 3: Recent Achievements - The company has seen a significant increase in orders for nuclear power equipment support in recent years, successfully undertaking multiple nuclear power bearing projects [1] - The orders for nuclear bearings have reached a new high, indicating strong demand and growth in this segment [1]