Core Viewpoint - Chongde Technology (301548.SZ) is actively engaging in the distribution of rolling bearing products from SKF and is focusing on the development of air-floating bearings and precision air-floating spindle products through a collaborative approach [1] Group 1: Company Strategy - The company has established a research and development team dedicated to air-floating bearings [1] - A market demand survey for air-floating bearings has been completed to inform future development [1] - The company aims to achieve breakthrough development through a strategy of "independent research and development + international cooperation + technology introduction" [1]

Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 28,330.27 million, representing a year-on-year growth of 8.59% [4] - The net profit attributable to the parent company was 6,627.81 million, with a year-on-year increase of 5.15% [4] - The gross profit margin decreased by 3.77% to 37.37%, while the net profit margin fell by 2.82% [3] Group 2: Accounts Receivable - As of the first half of 2025, accounts receivable accounted for 239.65% of the net profit attributable to the parent company, significantly exceeding industry norms [2] - The company primarily serves state-owned enterprises and foreign companies, which are considered reputable and have strong risk resistance [2] Group 3: Research and Development - The company is focusing on high-end precision bearing research, including water-lubricated bearings and gas-lift bearings [3] - R&D investment details for the first half of 2025 can be found in the company's semi-annual report [3] Group 4: International Business - International revenue grew by 14.58%, with a gross margin of 50.04%, significantly higher than domestic levels [3] - New international clients are mainly located in Europe and Asia, particularly in energy generation and industrial drive sectors [3] Group 5: Dividend Policy - The proposed dividend for the first half of 2025 is approximately 26.1% of net profit, reflecting a balance between short-term shareholder returns and long-term cash flow considerations [3] Group 6: Strategic Acquisitions - The company signed a strategic acquisition agreement with Levicron, with ongoing progress in the acquisition process [4] - The acquisition aims to leverage Levicron's core technologies and customer resources to enhance existing business operations [4]

Financial Performance - In 2024, the company achieved a revenue of 518 million CNY and a net profit of 115 million CNY, with a non-recurring net profit of 96.02 million CNY [1] - In Q1 2025, the company reported a revenue of 121 million CNY and a net profit of 27.81 million CNY, with a non-recurring net profit of 22.47 million CNY [1] - Revenue breakdown for 2024: - Industrial drive: 298 million CNY (57.64%) - Energy generation: 121 million CNY (23.31%) - Petrochemical: 44 million CNY (8.41%) - Shipbuilding: 26 million CNY (4.93%) - Other: 30 million CNY (5.70%) [1] New Industry Development - The company focuses on three key areas: wind power bearings, high-speed motors, and air-floating main shafts, achieving significant breakthroughs [2] - Successful development of second-generation sliding bearings, offering clear advantages in cost and performance over the first generation [2] - High-speed motors have been produced with rotor speeds reaching 300 m/s, supporting various applications [2] International Business Growth - Direct export revenue in 2024 was 80.68 million CNY, a year-on-year increase of 27.87% [3] - Key export markets include South Korea, India, Singapore, Germany, France, Italy, and Spain [3] Nuclear Power Sector - The company has developed a comprehensive solution for nuclear power sliding bearings, significantly increasing orders in recent years [4] - A dedicated production line for main pump bearings is under construction to enhance capacity and quality assurance [4] Acquisition of Levicron - The acquisition of 100% of Levicron aims to leverage advanced technology and sales channels to expand international market presence [5] - The acquisition process is actively progressing [5] Industrial Bearing Development Plan - Over the next three years, the company will focus on industrial bearings as a core industry, enhancing product reliability and establishing technical standards [6] - Plans to increase international market share and improve brand recognition through technology and talent acquisition [6]

Core Viewpoint - 崇德科技 has reported significant growth in revenue and profit for 2024, driven by its "one core, two wings" strategy focusing on the core business of dynamic pressure oil film sliding bearings while expanding into industrial services and international markets [1] Financial Performance - In 2024, the company achieved a revenue of 518 million yuan and a net profit attributable to shareholders of 115 million yuan, representing a year-on-year increase of 14.07% [1] - The net cash flow from operating activities reached 141 million yuan, up 170.83% year-on-year [1] - For Q1 2025, the company reported a revenue of 120 million yuan, a growth of 4.68% year-on-year, and a net profit of 27.81 million yuan [1] Industry Position and Innovation - 崇德科技 is recognized as a leading domestic manufacturer of dynamic pressure oil film sliding bearings, addressing the reliability challenges of bearings under high temperature and heavy load, thus breaking foreign technology monopolies [2] - The company has made significant advancements in the localization of key components, including overcoming challenges in the domestic production of third-generation nuclear power main pump bearings [2] International Market Expansion - The company has successfully entered the supply chains of international giants such as Siemens AG, GE, and ABB, with overseas revenue reaching 80.68 million yuan in 2024, marking a 27.87% increase [3] - 崇德科技 has established a European center to enhance local market sales and service capabilities, and has acquired 100% of German company Levicron to strengthen its international market presence [5] New Product Development - The company is actively expanding into new industries, focusing on wind power bearings, high-speed motors, and air-floating main shafts, achieving breakthroughs in these areas [4] - 崇德科技 has developed the second-generation wind power sliding bearings, which are positioned as industry-leading in design and manufacturing technology [4] Future Outlook - With the growth of downstream industries such as energy generation and petrochemicals, the demand for dynamic pressure oil film sliding bearings is expected to rise, positioning 崇德科技 for continued growth [6] - The company's strategic focus on innovation and international expansion is anticipated to enhance its competitive edge and facilitate the import substitution of key components [6]