Group 1 - The company Guojijinggong (SZ 002046) announced a board meeting on October 10, 2025, to discuss the proposal for changing the accounting firm [1] - For the first half of 2025, the revenue composition of Guojijinggong is as follows: bearings industry accounted for 59.14%, abrasives and tools industry 30.94%, trade and engineering contracting 9.08%, and other businesses 0.84% [1] - As of the report date, Guojijinggong has a market capitalization of 14.2 billion yuan [1]

Group 1: Business Overview - The company operates in the bearing and abrasive tools industries, focusing on five main business segments: new materials, basic components, machine tools, high-end equipment, and supply chain management [2] - Special bearings and superhard materials are the primary sources of profit, with wind power bearings being the fastest-growing segment [2][3] Group 2: Bearing Business - Special bearings are used in aerospace, military, and nuclear industries, with a leading domestic technology level [3] - Wind power bearings have seen significant advancements, including the development of the first domestically produced 8 MW, 18 MW, and the world's first 26 MW series main shaft bearings [3] - Precision machine tool bearings are stable, primarily consisting of spindle bearings and ball screw bearings [3] Group 3: Abrasive Tools Business - Superhard material tools have a strong market competitive advantage, breaking foreign monopolies and serving sectors like semiconductors and automotive [4] - Composite superhard materials focus on specialized fields such as oil and gas drilling [4] - Diamond functional application products are being developed for major national projects and emerging industries, with potential breakthroughs in semiconductor materials [4] Group 4: Financial Performance and Market Position - The special bearing business has seen an increase in orders but faces pricing pressure affecting profitability [5] - The company holds a 90% market share in domestic aerospace bearings, with commercial aerospace development expected to create new growth opportunities [5] - The superhard materials tools business is projected to generate approximately 580 million yuan in revenue in 2024, with significant growth in semiconductor applications [5] Group 5: Future Development Strategy - The company aims to leverage its technological advantages and focus on niche markets, adopting a multi-variety, small-batch production model [5]