Group 1: Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 2.296 billion CNY, an increase of 490 million CNY, representing a year-on-year growth of 27% [3] - Gross profit totaled 797 million CNY, up by 130 million CNY, with a year-on-year increase of 20% [3] - Net profit reached 245 million CNY, an increase of 32.65 million CNY, reflecting a year-on-year growth of 15.4% [3] - The company's attributable net profit was 206 million CNY, showing slight growth compared to the previous year [3] Group 2: Business Segments - The special and precision bearings and superhard materials tools contributed significantly, with combined revenue growth exceeding 50%, primarily driven by the wind power bearing business [3] - The wind power bearing business is the fastest-growing segment, with main shaft bearings and gearbox bearings accounting for about half of its revenue [3][4] - The semiconductor business grew over 10% in the first three quarters, with a focus on enhancing product performance to increase market share [4] Group 3: Strategic Initiatives - The company plans to reduce costs in diamond heat dissipation products through innovations across the entire supply chain, including seed plates and deposition processes [3] - The trade business has contracted from a peak of 1.4 billion CNY to approximately 300-500 million CNY, with a focus on supporting the main business rather than pursuing expansion [4] - The company is developing a diamond synthesis industrial park in Hami, Xinjiang, to leverage local low-cost electricity for high-energy-consuming diamond synthesis [4] Group 4: Market Outlook - The special bearing market has seen a slight improvement in order volume compared to last year, although it still falls short of expectations [3] - The commercial aerospace sector is not yet in a growth phase, with current revenue being modest and competition remaining stable in the short term [3] - The company is focusing on high-value products in the robotics bearing segment, including crossed roller bearings and thin-walled bearings [4]

Group 1: Bearing Business Overview - The company is optimistic about the long-term development of special bearings, with production lines relocated to Luoyang Yibin Industrial Park to support future demand. However, short-term recovery is below expectations, facing price reduction pressures affecting profitability [1] - Wind power bearings have a full order book with significant year-on-year growth, making it the fastest-growing business segment this year, primarily focused on onshore wind power [1] - Precision machine tool bearings have a certain brand influence domestically, aiming to enter the top tier in the next two to three years by focusing on R&D to enhance product performance and penetrate the high-end market [1] - Robot bearings are included in the "14th Five-Year Plan," focusing on high-value-added products, though no business relationships have been established with humanoid robot companies yet [1] Group 2: Superhard Materials Tools Business - Superhard materials tools are a major source of profit, with revenue around 580 million yuan in 2024, serving both semiconductor and non-semiconductor sectors (automotive, refrigeration, LED, molds, etc.), with significant growth in semiconductor applications in recent years [1] Group 3: M&A Plans - The company will continue to monitor acquisition opportunities, though challenges exist in finding suitable targets and reaching agreements; currently, there are no clear plans for acquisitions [1]