国机精工 20260106 摘要 国际精工军工轴承业务市场份额高达 90%，年收入 4-5 亿元，毛利率 45%-50%；风电轴承预计 2025 年收入达 8 亿元，但毛利率较低，为 20%-25%；精密机床轴承收入约 1 亿元，毛利率约 30%。 国际金刚石公司超硬材料业务核心为超轻材料模具，年收入 6-7 亿元， 毛利率约 60%，主要应用于半导体领域（占比 60%-70%），其余应用 于汽车、光伏等行业。 公司积极布局商业航天领域，提供卫星和火箭轴承，预计单个商业卫星 轴承价值量 10-20 万元，火箭轴承价值量 70-80 万元，毛利率 40%以 上，主要客户为国内知名火箭公司。 人形机器人方面，公司主攻交叉滚子轴承，主要客户为蓝黛科技，但尚 未与本体公司深度合作，业务体量较小，仅几百万元。交叉滚子轴承毛 利率约 30%。 公司正开发金刚石功能化应用，包括散热片、窗口片和声学膜，主要应 用于国防领域，尚未实现大规模民用收入，但下游客户测试反馈积极， 预计功能化应用年收入超千万元。 Q&A 请介绍一下国际精工在 2025 年的主要业务情况。 国际精工的主要业务包括轴承和超硬材料两大部分。轴承业务由洛阳轴 ...

2026年1月6日，国机精工披露接待调研公告，公司于1月6日接待淡水泉（北京）投资管理有限公司、北 京城天九投资有限公司、北京恒德时代私募基金管理有限公司、北京玺悦资产管理有限公司、北信瑞丰 基金管理有限公司、博时基金管理有限公司等57家机构调研。 调研情况显示，国机精工2025年主营业务核心分为轴承业务和超硬材料业务。轴承业务包括特种轴承 （应用于航天、航空等领域，航天市占率约90％）、风电轴承（增速较快，涵盖主轴、齿轮箱及偏航变 桨轴承）和精密机床轴承（发展稳定，主要为精密机床主轴及滚珠丝杠轴承）；超硬材料业务由公司持 股67％的国机金刚石运营，核心为超硬材料磨具，服务于半导体、汽车等领域，竞争对手以国际跨国企 业为主。 公司未来业务布局重点包括商业航天轴承、人形机器人轴承、金刚石散热片和光学窗口片等，将作为第 二增长曲线主力军。除轴承外，公司还为卫星、火箭提供部分动量轮，不提供其他结构件；卫星和火箭 用轴承因工况特殊、技术壁垒高、可靠性要求高，短期内竞争相对有序，长期或加剧；机器人轴承已纳 入"十五五"业务板块规划，未来重点聚焦交叉滚子轴承等高附加值产品。 金刚石散热业务方面，其功能化应用包括散热片、光 ...

Core Viewpoint - The company held a half-year performance briefing on September 24, 2025, to communicate with investors and address their concerns regarding business expansion and financial performance [1][2]. Group 1: Performance Overview - In the first half of 2025, the company achieved operating revenue of 463.43 million yuan, representing a year-on-year increase of 17.22% [3]. - The net profit attributable to shareholders was 68.76 million yuan, up 32.72% compared to the same period last year [3]. - The basic earnings per share reached 0.25 yuan, reflecting a growth of 31.58% year-on-year [3]. Group 2: Business Strategy and Development - The company aims to focus on "green energy supply" and "ultra-hard materials manufacturing," leveraging its thermal power generation business while developing its CVD diamond segment [3]. - The company is committed to strengthening its core advantages in thermal power generation and accelerating the layout of its CVD diamond business to cultivate a second growth curve [3]. Group 3: Diamond Business Insights - The company’s subsidiary, Zhejiang Huamao Technology Co., Ltd., is focused on the research and industrialization of diamond growth technology, establishing a comprehensive industrial chain [3]. - The company has achieved a good foundation for large-scale production, with a good yield rate of over 80% for cultivated diamond products and 90% for functional diamond materials, positioning it as a leader in the industry [3]. Group 4: Market Applications and Future Prospects - Diamond materials are recognized for their excellent thermal conductivity, making them suitable for heat management applications [4]. - The company is exploring the potential applications of diamond materials in extreme deep-sea environments, which aligns with national marine strategies and presents significant market opportunities [4].

Group 1 - Highfields Venture and Pudong Venture established a new fund named Zhangjiang AI Innovation Town Link Fund with a scale of 2 billion RMB, aimed at incubating outstanding entrepreneurs and enhancing the AI ecosystem in Zhangjiang [6][7] - By 2027, the Zhangjiang AI Innovation Town plans to gather over 500 AI companies and complete 100 large model registrations, with a target of 1,000 AI companies and a 100 billion RMB industry scale by 2030 [6][7] - The Pudong New Area has previously launched a 2 billion RMB AI seed fund and has additional funds in place, creating a connected investment matrix [6][7] Group 2 - Prologis announced the completion of fundraising for its latest China Income Fund, with an investment scale of nearly 2 billion RMB, focusing on logistics and high-end manufacturing infrastructure in key cities [9] - The establishment of the Shangqiu Superhard Materials Investment Fund, with a contribution of 501 million RMB, aims to leverage the region's strong industrial base in diamond powder production [11] - The Henan Aerospace Industry Fund was established with a contribution of 2 billion RMB, focusing on the emerging low-altitude economy and related industries [12] Group 3 - The establishment of the Shenzhen Technology Sports Industry Fund, the first of its kind in China, with a scale of 100 million RMB, will support projects in AI, high-end sports equipment, and digital culture [14] - The establishment of the Jiangsu Changshu AI Venture Capital Fund with a contribution of 300 million RMB, focusing on AI investments, is part of a broader strategy to enhance the local industrial ecosystem [26] - The establishment of the Xuzhou Innovation Fund, focusing on high-end equipment manufacturing and optoelectronic information, marks a significant investment in the region's industrial development [27] Group 4 - The Guangdong Nankong Mother Fund is seeking GP partners to accelerate industrial transformation and investment in strategic emerging industries [31][32] - The Nanjing Qilin Achievement Transformation Venture Capital Fund is inviting fund management institutions to invest in projects related to AI and digital economy within the Qilin Science and Technology Innovation Park [34] - The establishment of the Water Margin Equity Investment Fund in Wenzhou, with a contribution of 1 billion RMB, aims to leverage local cultural and industrial characteristics for investment opportunities [22]