Group 1 - The company, Shenkai Co., Ltd. (002633), announced its strategic shift towards becoming a "thick-walled sliding bearing and power equipment system solution provider" [1] - To support this transition and facilitate industrial upgrades, the company plans to establish a research and development headquarters in Shanghai [1] - The total investment for this initiative will not exceed 50 million RMB [1]

Core Viewpoint - Wafangdian Bearing Co., Ltd. (Wazhou B) is undergoing a voluntary delisting process initiated by its controlling shareholder, Wafangdian Bearing Group Co., Ltd., due to continuous financial losses and operational challenges, marking a significant trend in the capital market towards voluntary delisting as a strategic choice for companies [1][2][4]. Summary by Sections Company Announcement - Wazhou B announced a comprehensive tender offer to acquire all shares from its shareholders, with a total of 158.6 million shares, representing 39.39% of the company's total equity, at a price of HKD 2.86 per share, requiring a maximum funding of HKD 453 million [2]. Financial Performance - Wazhou B has reported continuous losses for six consecutive years, with net profits from 2019 to 2024 recorded as -123 million, -380 million, -206 million, -140 million, -99 million, and -110 million respectively [2]. Market Trends - The number of companies voluntarily delisting has increased, with nine companies announcing such actions in 2023 alone, reflecting a shift in market dynamics and regulatory environment [2][3]. Regulatory Environment - The new regulatory framework emphasizes stricter delisting standards and encourages companies to consider voluntary delisting as a viable option, enhancing market efficiency and promoting a healthier capital market [4][8]. Investor Protection - Regulatory bodies are enhancing protections for investors in voluntary delisting scenarios, including cash options for shareholders, ensuring that minority investors' rights are safeguarded during the process [5][6][7]. Future Outlook - The trend of voluntary delisting is expected to become normalized and diversified, aligning with the broader economic transformation and high-quality development of the capital market, indicating a shift from a focus on maintaining listing status to prioritizing sustainable business growth [8].

Core Viewpoint - Wafangdian Bearing Co., Ltd. (referred to as "Wafangdian B") is undergoing a comprehensive tender offer initiated by its controlling shareholder, Wafangdian Bearing Group Co., Ltd., aimed at delisting Wafangdian B from the stock market [1][4]. Group 1: Tender Offer Details - The tender offer is directed at all shareholders of Wafangdian B, with a total of 158,600,000 shares being offered, representing 39.39% of the company's total share capital [1]. - The offer price is set at HKD 2.86 per share, requiring a maximum total funding of approximately HKD 454 million [1]. - The duration of the tender offer is 30 calendar days, unless competing offers arise [1]. Group 2: Company Performance and Context - Wafangdian B has faced continuous losses and deteriorating operational conditions due to global economic downturns and structural adjustments, leading to increased financial risks [4]. - In the first three quarters of the year, the company reported a main revenue of CNY 1.876 billion, a year-on-year increase of 15.43%, while the net profit attributable to shareholders was a loss of CNY 29.51 million, narrowing by 38.9% [5]. - The company, listed since March 1997, is recognized as the first B-share listed company in China's bearing industry and has established itself as a leading research and manufacturing base for bearing technology and products [4].

（文章来源：证券日报） 证券日报网12月17日讯国机精工在12月15日回答调研者提问时表示，轴承业务毛利率下降主要有两个原 因：一是风电轴承业务增长快但毛利率低，拉低了整体毛利率；二是特种轴承受价格下降影响毛利率有 所降低。 ...

Core Viewpoint - Wafangdian Bearing Co., Ltd. (Wafangdian B) is undergoing a voluntary delisting process initiated by its controlling shareholder, Wafangdian Bearing Group Co., Ltd., aiming to protect shareholder interests amid ongoing financial losses and operational challenges [1][3]. Summary by Sections Company Announcement - Wafangdian B announced a comprehensive offer to acquire all shares from its shareholders, with a total of 158.6 million shares (39.39% of total shares) at a price of 2.86 HKD per share, requiring a maximum funding of 453 million HKD [2][3]. Financial Performance - The company has reported continuous losses for six consecutive years, with net profits from 2019 to 2024 showing negative figures: -123 million, -380 million, -206 million, -140 million, -99 million, and -110 million CNY respectively [3][4]. Market Trends - There has been an increase in voluntary delistings in the capital market, with nine companies announcing such actions in 2023 alone, reflecting a shift towards a more efficient market and the need for companies to adapt strategically [5][6]. Regulatory Environment - The new regulatory framework emphasizes stricter delisting standards and encourages companies to pursue voluntary delisting as a viable option, aligning with the "survival of the fittest" principle in the capital market [6][7]. Investor Protection - Regulatory bodies are enhancing investor protection measures for companies opting for voluntary delisting, including cash options for shareholders, ensuring fair treatment during the delisting process [8][9]. Future Outlook - The trend of voluntary delisting is expected to become normalized, indicating a shift in corporate strategy from merely maintaining a listing to focusing on sustainable development and operational efficiency [9][10].

来源：智通财经 12月17日，瓦轴B公告，公司于2025年12月17日收到瓦轴集团就本次要约收购事宜出具的《瓦房店轴承 股份有限公司要约收购报告书摘要》。本次要约收购的收购主体为瓦轴集团，瓦轴集团此次发起以终止 瓦轴B上市地位为目的全面要约收购。本次要约收购为向瓦轴集团以外瓦轴B全体股东发出的全部要 约，要约收购股份数量为158,600,000股，占上市公司总股本的39.39%，要约的收购价格为2.86港元/ 股。基于要约价格2.86港元/股计算，本次要约收购所需最高资金总额约4.54亿港元。本次要约收购期限 为30个自然日，但出现竞争要约的除外。公司股票自2025年12月18日（星期四）上午开市起复牌。 ...

自主创新，不能怕遭到"冷遇"，越是面对质疑，越要立志攻坚，越是经受压力，越要逆势反弹。只有敢 闯、敢创、敢攻坚，才能打响、打赢、占主动 笔者到河南洛阳轴承集团股份有限公司（以下简称"洛轴"）走访，工作人员讲述的"0.001毫米"成果让 人印象深刻。 "挺起民族轴承工业的脊梁"，洛轴新厂区的标语醒目而生辉。从历史中走来，向未来进发，靠的是脚踏 实地，靠的是创新不辍。如此，就能助力高质量发展打破更多瓶颈、赢得更大空间。 （作者为本报河南分社记者） 《 人民日报 》（ 2025年12月17日 06 版） 前不久，洛轴为中国科学院新疆天文台南山观测站18米口径天线阵列研制的关键指向轴承通过验收，俯 仰轴承重复跳动误差控制在0.001毫米以内。专家鉴定，这一产品填补了高端天文装备关键部件国产化 空白。 (责编：杨光宇、胡永秋) 时间见证了攻坚。10多年前，洛轴还"摸不着"高端轴承。如今，12米级盾构机轴承、16兆瓦风电机组主 轴承等"高端货"的产值，占企业总产值的70%。2025年5月，习近平总书记在洛轴考察时指出："现代制 造业离不开科技赋能，要大力加强技术攻关，走自主创新的发展路子。"靠自己的力量发展工业、制造 业 ...

Company Overview - The history of Guojijiangong dates back to the establishment of the Luoyang Bearing Research Institute and Zhengzhou Abrasives Research Institute in 1958, with the company listed on the Shenzhen Stock Exchange in 2005 [2][3] - The company focuses on precision manufacturing, driven by technological innovation, to provide key products, technologies, and services that meet national strategic needs [2][3] Business Segments and Applications - Guojijiangong operates in five major sectors: new materials, basic components, machine tools, high-end equipment, and supply chain management, with applications in aerospace, military, electronics, renewable energy, high-end machine tools, and automotive industries [2][3] - The company has achieved over 2,400 research results and has established 42 national and provincial-level innovation platforms [3] Financial Performance - In the first three quarters of 2025, the company reported a revenue of CNY 2.296 billion, a year-on-year increase of 27% [4] - Gross profit totaled CNY 797 million, up 20% year-on-year, while net profit reached CNY 245 million, reflecting a 15.4% increase [4] Business Highlights Bearing Business - The special bearing segment has shown steady growth, with a 90% supply rate for key aerospace projects [5][6] - Wind power bearing business has been a significant growth driver, with the company developing the first domestically produced 8 MW and 18 MW wind power bearings [5][6] Abrasives Business - The superhard materials segment continues to grow, with key products serving the semiconductor, automotive, and optical industries [6][7] - The company has made breakthroughs in diamond functional applications, which are expected to become a new source of profit [6][7] Strategic Focus - The company aims to strengthen its core business while optimizing its new business layout, focusing on traditional and emerging sectors for dual growth [8] - A comprehensive R&D system is being established to enhance innovation capabilities and drive industry advancement [8] Future Outlook - Guojijiangong plans to deepen its focus on bearings and abrasives, leveraging technological advantages to drive upgrades and breakthroughs [9] - The company aims to maintain a dividend payout ratio of no less than 40%, with a target to rank in the top 70% of listed companies for dividend payments [9][10] Investor Relations - The company emphasizes transparent governance and investor relations, aiming to build a trust system through comprehensive information disclosure and engagement activities [10][11]

根据深交所最新披露的信息，2025年12月14日，洛阳轴承集团股份有限公司IPO的状态从已受理变更为 已问询。 根据深交所最新披露的信息，2025年12月14日，洛阳轴承集团股份有限公司IPO的状态从已受理变更为 已问询。 ...

| ☑ | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 □电话会议 | | □其他 | | | 参与单位名称 | 山西证券：刘斌 | | 及人员姓名 | 洛克化学：陈睿 | | 时间 2025 | 年 12 月 8 日 | | 地点 国机精工 | 会议室 | | 上市公司接待 | 董事会秘书：赵祥功 | | 人员姓名 | 投资者关系助理：汪智婷 | | | 1.问：请简单介绍一下公司的主营业务。 | | | 答：国机精工在轴承行业和磨料磨具行业开展业务，提供满足国 | | | 家战略需求的产品、技术和服务，业务涵盖"新材料、基础零部件、 | | | 机床工具、高端装备、供应链管理与服务"五大业务板块。总体来看， | | | 目前，特种轴承以及超硬材料磨具业务是公司利润的主要来源，风电 | | | 轴承是增速最快的业务。 | | | 公司轴承业务的核心支撑力量为洛阳轴承研究所有限公司、超硬 | | 投资者关系活 | 材料及制品的核心支撑力量为郑州磨料磨具磨削研究所有限公司，这 | ...