Group 1: Product Barriers - The company's bearing products have three main barriers: the need for design capabilities to match complex working conditions, a long certification cycle requiring stringent validation from downstream customers, and strong customer loyalty favoring long-term partnerships [3] Group 2: Quenching Process Characteristics - The company's quenching process is characterized by precision and control, meeting high-end requirements. It allows for precise regulation of temperature and time, ensuring that bearing components meet high standards for hardness and toughness, thus enhancing wear resistance and fatigue strength [3] Group 3: Future Development of TRB - The company is optimistic about the future development of tapered roller bearings (TRB), which are crucial for wind turbine applications. The demand for TRB is expected to grow steadily due to its strong load-bearing capacity and adaptability to complex working conditions [3] Group 4: Business Strategy Changes - The company's strategy for its main bearing products focuses on three areas: diversifying market expansion while solidifying its wind power business, maintaining a strong foundation in slewing bearings while extending into high-end precision bearings, and enhancing supply chain integration and lean management to strengthen core competitiveness [3][4] Group 5: Key Components Development - The development of key bearing components is progressing well, with the company achieving self-supply of core parts such as forgings, rolling elements, and cages through subsidiaries, ensuring stable supply and quality control [4] Group 6: Compliance and Information Disclosure - The investor relations activity adhered to regulations, requiring participants to sign a research commitment letter, ensuring that information disclosed was truthful, accurate, complete, timely, and fair, with no significant undisclosed information leakage [4]

Group 1: Nandu Power (南都电源) - Nandu Power focuses on the energy storage sector, providing lithium-ion and lead batteries, with a global presence in over 160 countries [1] - In the first half of 2025, the company reported revenue of approximately 3.923 billion yuan, a year-on-year decrease of 1.8 billion yuan, and a net profit of approximately -230 million yuan [1] - The company achieved a quarterly profit of approximately 34 million yuan in Q2, driven by high-margin orders in the global energy storage market and rapid growth in data center business [1] - Nandu Power has a current lithium battery cell capacity of 10 GWh and is expanding its new power storage integration capacity [1] - The company has secured multiple high-pressure lithium battery data center projects, with an unfulfilled order backlog of approximately 0.8 GWh [1] Group 2: Milkway (密尔克卫) - Milkway has over 300 employees in Southeast Asia, primarily hiring local mid-level management and staff [2] - The company emphasizes cultural alignment with local management while continuously expanding its recruitment of senior management talent [2] Group 3: Xinqianglian (新强联) - Xinqianglian anticipates growth in domestic demand for tapered roller bearings (TRB) driven by the wind power industry, particularly in large megawatt units [3] - The company is focusing on international expansion, starting with regions where it has existing partnerships [3] - To enhance profitability, Xinqianglian is increasing R&D investment and optimizing its product structure [3] Group 4: Zhenhua (振华股份) - Zhenhua's metal chromium demand is growing, with significant contributions from domestic markets, while exports are also increasing at double-digit rates annually [4] - The company maintains a cost-plus pricing strategy and has achieved historically high gross margins in Q2 [4] - Cash flow has decreased due to accounts receivable and inventory, but the company is expanding its production of ultra-fine aluminum hydroxide [4] Group 5: Penghua Fund (鹏华基金) - Penghua Fund, established in 1998, has an asset management scale of 944.834 billion yuan, ranking 10th among 210 firms [1] - The fund manages 708 public funds, ranking 8th, and has 83 fund managers, ranking 11th [1] - The best-performing fund in the past year is the Penghua Carbon Neutral Theme Mixed A, with a net value growth of 149.91% [1]