编号：2025-015 投资者关系 活动类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 参与单位名称及 人员姓名 友邦人寿杨佳，华源证券戴铭余，个人投资者王东。 时 间 2025 年 12 月 25 日 15:30—16:30 地 点 杭州城中香格里拉酒店 上市公司 接待人员姓名 董事会秘书：何寅 投资者关系活动 主要内容介绍 公司于 12 月 25 日 15:30—16:30 参加华源证券策略会，并就投 资者关注的问题进行了回复。 主要内容如下： 1、董事会秘书对公司目前经营情况进行说明。 公司主营业务为自润滑轴承及高性能聚合物的研发、生产及销售，主 要产品为自润滑轴承、高性能改性工程塑料及氟塑料制品等产品。公 司研发的自润滑轴承具有轻量化、免维护、低噪音、低成本、长寿命、 高载荷、耐腐蚀的特点，广泛应用于汽车、工程机械、机器人、清洁 能源、港口机械、塑料机械、通用设备等行业。 从业务结构来看，公司目前最大的下游板块是汽车行业，其次是工程 机械，两者合计约占公司收入的 80%；其余为通用工业领域。汽车业 务是公司业绩长期稳 ...

证券时报记者聂英好 在浙江经济向高质量发展迈进的进程中，上市公司正以"头雁"姿态引领新兴产业加速崛起、发展壮大， 成为驱动产业变革与经济转型升级的核心力量。 依托资本市场赋能，浙江辖区（不含宁波，下同）上市公司在高端装备制造、新材料、节能环保、新一 代信息技术等战略性新兴产业领域持续突破，通过技术创新、产业链整合与产能扩张，在实现自身高质 量成长的同时，有效带动上下游协同升级，构建起特色鲜明、优势互补的新兴产业生态。 数据显示，截至2025年12月16日，浙江辖区已有战略性新兴产业上市公司194家，在全国各辖区中位居 第二。从增量看，辖区新上市企业的含"新"量不断攀升。战略性新兴产业公司在新上市公司中的占比， 已从2021年的55.71%提高至2025年的100%，生动诠释了资本市场聚力聚焦服务科技创新和产业转型升 级的鲜明政策导向。 锚定风口谋升级 高端装备制造是制造业升级的核心方向，也是浙江重点培育的战略性新兴产业之一。在资本市场助力 下，长盛轴承、思看科技等上市公司深耕细分领域，在人形机器人、三维视觉等热门赛道展现强劲竞争 力。 作为嘉善自润滑轴承产业代表性企业，长盛轴承始终聚焦于滑动轴承的研发与制造， ...

公司始创于1995 年6 月，2017 年11 月在深圳证券交易所创业板成功上市。 公司主要产品包括自润滑轴承、高性能改性工程塑料及氟塑料制品等，广泛应用于汽车、工程机械、机 器人、能源、港口机械、塑料机械、农业机械等行业。公司研发能力深厚，作为行业标准的主要制定者 之一，在国内外自润滑轴承行业均具有较高的品牌知名度和行业影响力，下游客户包括卡特彼勒、利勃 海尔、三一集团、豪迈科技等众多国内外知名企业。 公司为自润滑轴承龙头，具备较高品牌知名度 人形机器人量产路线清晰，有望打开公司第二增长曲线 当前人形机器人量产路线清晰，主要企业纷纷瞄准2026 年作为量产关键节点。公司在机器人领域的研 究方向主要是应用于关节处的自润滑轴承、部分直线执行器中的产品以及灵巧手的相关部件，下游客户 包括宇树科技等业内领先企业，目前公司部分产品在机器人零部件领域已实现批量销售，部分产品尚处 于送样及试验阶段，机器人业务收入规模占比较小，未来重点关注机器人业务进展。 盈利预测与估值 中性情景下，我们预计公司2025-2027 年实现营收12.91、14.87、17.07 亿元；归母净利润分别为2.71、 3.08、3.59 亿元；E ...

公 公司深度报告 自润滑轴承龙头，关注机器人业务新增长点 ——长盛轴承（300718）公司深度报告 分析师： 宁前羽 SAC NO： S1150522070001 2025 年 12 月 18 日 机械设备——通用设备 证券分析师 宁前羽 投资要点： 公司为自润滑轴承龙头，具备较高品牌知名度 022-23839174 ningqy@bhzq.com 公司始创于 1995 年 6 月，2017 年 11 月在深圳证券交易所创业板成功上市。 公司主要产品包括自润滑轴承、高性能改性工程塑料及氟塑料制品等，广泛 应用于汽车、工程机械、机器人、能源、港口机械、塑料机械、农业机械等行 业。公司研发能力深厚，作为行业标准的主要制定者之一，在国内外自润滑轴 承行业均具有较高的品牌知名度和行业影响力，下游客户包括卡特彼勒、利 勃海尔、三一集团、豪迈科技等众多国内外知名企业。 | | | 最新收盘价： 78.80 最近半年股价相对走势 轴承是用于确定运动体与其他零件相对运动位置，起支承或导向作用的重要 零部件，2025 年全球市场规模约为 1,451.9 亿美元，预计到 2034 年全球市 场规模有望增至 3,294 亿美元。分 ...

Core Viewpoint - Yushu Technology Co., Ltd. plans to submit its IPO application in Q4 2025, marking a significant milestone as the first profitable humanoid robot company globally, which is expected to attract attention to the entire humanoid robot industry chain [1] Shareholding/Investment - Juxing Technology holds shares in Yushu Technology through its subsidiary, ensuring clear equity investment and direct asset appreciation [3] - Jing Shan Light Machine participated in Yushu's early investment through an industrial investment fund, though specific shareholding ratios are not disclosed [3] - Shoukai Co., Ltd. indirectly holds approximately 0.85% of shares through the Jinshi Growth Fund, indicating a relatively high indirect shareholding among A-share listed companies [3] - Jinfat Technology holds 4.77% indirectly through the Jinshi Growth Fund and is a leading chemical materials company with over 60% market share in robot shell materials, reporting a 35.5% revenue growth in H1 2025 [3] - Wolong Electric Drive holds 0.1525% indirectly and has seen a 36.76% net profit increase in H1 2025, with a gross margin of 28% [3] - Other companies like Jingxing Paper and Rongsheng Environmental Protection hold minor indirect stakes, primarily for financial investment [3][4] Core Suppliers - Zhongdali De is the core supplier of planetary reducers, with orders locked at 3.2 billion yuan for 2025, accounting for 36% of Yushu's costs [6] - Changsheng Bearings exclusively supplies self-lubricating bearings with over 80% penetration, expecting 8% of its revenue from robot business in 2025 [6] - Aobi Zhongguang is the sole supplier of 3D vision modules, with a supply ratio of 72% and a doubling of revenue in H1 2025 [6] - Lide Technology provides flexible tactile sensors, breaking the monopoly of Korean companies [6] - Weilan Lithium Core is the core supplier of lithium batteries for Yushu, with an expected 60% supply ratio in 2024 [6] Technical Cooperation Partners - iFLYTEK collaborates on developing the "robot brain," with a leading position in voice recognition and a planned R&D investment of 2.392 billion yuan in 2025 [8] - Lingyun Optical is jointly developing the FZMotion motion capture system, achieving high precision and expected stock price growth of over 200% in 2025 [8] - Zhongke Chuangda provides motion control algorithms and holds 1.86% of shares, with strong adaptability in edge computing modules [8] - Other partners include Shuanglin Co., Ltd. and Shengtong Co., Ltd., focusing on various components and educational collaborations in robotics [8][9]

Core Viewpoint - Longsheng Bearing has announced a significant share reduction plan by a major shareholder, indicating potential liquidity needs amidst a backdrop of strong stock performance driven by the robotics sector [1][2]. Shareholder Reduction Plans - Major shareholder Sun Weiqing, holding 14.91% of the company, plans to reduce holdings by up to 5.94 million shares, representing 1.99% of total shares, through block trading within one month after the announcement [1][2]. - This follows a recent reduction by Vice Chairman Lu Xiaolin, who sold 1.47 million shares between late September and mid-October [1][3]. Stock Performance and Market Context - Longsheng Bearing's stock has surged over 160% this year, making it a notable "bull stock" in the A-share market, largely attributed to the robotics concept [2]. - The stock price reached a historical high of 118 yuan per share in February 2024, reflecting strong market interest [3]. Financial Performance - In Q3 2025, Longsheng Bearing reported revenue of 317 million yuan, a year-on-year increase of 13.86%, and a net profit of 61.73 million yuan, up 14.83% [4]. - For the first three quarters of 2025, total revenue was 935 million yuan, with a net profit of 188 million yuan, showing growth of 11.97% and 11.01% respectively [4]. Growth Challenges - Despite positive Q3 results, the company has faced declining revenue growth rates over recent years, with 2022 to 2024 growth rates at 8.77%, 3.18%, and 2.89% respectively [5]. - In 2024, the company experienced a situation of revenue growth without profit increase, with revenue of 1.137 billion yuan but a net profit decline of 5.43% to 229 million yuan [5]. Strategic Initiatives - Longsheng Bearing is exploring new market opportunities, particularly in the robotics sector, where bearings are essential components [6]. - The company is collaborating with multiple robotics manufacturers and suppliers, focusing on self-lubricating bearings for robotic joints, although current contributions to revenue remain minimal [6].

Core Viewpoint - Longsheng Bearing has announced a significant share reduction plan by a major shareholder, which comes amid a backdrop of strong stock performance driven by the robotics sector, but also highlights ongoing concerns about the company's long-term growth prospects [1][2][5]. Shareholder Reduction Plans - Major shareholder Sun Weiqing, holding 14.91% of Longsheng Bearing, plans to reduce holdings by up to 5.94 million shares, representing 1.99% of the total share capital, through block trading within one month after the announcement [1][2]. - This follows a previous reduction by Vice Chairman Lu Xiaolin, who sold 1.47 million shares between late September and mid-October [1][3]. Stock Performance and Market Sentiment - Longsheng Bearing's stock has surged over 160% this year, making it a notable "bull stock" in the A-share market, largely attributed to the human-robot concept [2]. - The stock price reached a historical high of 118 yuan per share in February 2024, reflecting strong market interest [3]. Financial Performance - In Q3 2025, Longsheng Bearing reported revenue of 317 million yuan, a year-on-year increase of 13.86%, and a net profit of 61.73 million yuan, up 14.83% [4]. - For the first three quarters of 2025, total revenue was 935 million yuan, with a net profit of 188 million yuan, showing growth of 11.97% and 11.01% respectively [4]. Growth Challenges - Despite positive Q3 results, Longsheng Bearing has faced declining revenue growth rates over recent years, with 2022 to 2024 growth rates of 8.77%, 3.18%, and 2.89% respectively [5]. - In 2024, the company experienced a situation of revenue growth without profit increase, with revenue of 1.137 billion yuan but a net profit decline of 5.43% to 229 million yuan [5]. Strategic Initiatives - Due to sluggish growth in its traditional business, Longsheng Bearing is focusing on expanding into new markets, particularly in the robotics sector, where it is collaborating with various manufacturers [6]. - The company has signed agreements with Yushu Technology for the development of self-lubricating bearings for robotic joints, although this segment currently contributes less than 1% to overall revenue [6].

Core Viewpoint - The recent shareholder reduction plan by Changsheng Bearing highlights the ongoing trend of shareholder sell-offs amid a significant stock price increase driven by the robotics sector, despite the company's mixed financial performance and growth challenges [2][3][4]. Shareholder Reduction Plan - On November 13, Changsheng Bearing announced that shareholder Sun Weiqing, holding 14.91% of the company, plans to reduce her stake by up to 5.94 million shares, representing 1.99% of the total share capital, through block trading within one month after the announcement [2][3]. - This follows a previous reduction by Vice Chairman Lu Xiaolin, who sold 1.47 million shares between late September and mid-October [2][4]. Stock Performance and Market Context - Changsheng Bearing's stock has surged over 160% this year, making it a notable "bull stock" in the A-share market, largely due to the hype surrounding the robotics concept [3]. - The stock price reached a historical high of 118 yuan per share on February 20, 2024, before the recent sell-offs began [4]. Financial Performance - In Q3 2025, Changsheng Bearing reported revenue of 317 million yuan, a year-on-year increase of 13.86%, and a net profit of 61.73 million yuan, up 14.83% [5]. - For the first three quarters of 2025, total revenue was 935 million yuan, with a net profit of 188 million yuan, reflecting year-on-year growth of 11.97% and 11.01%, respectively [5]. - Despite positive Q3 results, the company has faced declining revenue growth rates over the past few years, with 2024 showing a revenue increase of only 2.89% and a net profit decline of 5.43% [5]. Strategic Initiatives - Due to sluggish growth in its traditional business, Changsheng Bearing is focusing on expanding into new markets, particularly in the robotics sector, where it is collaborating with various manufacturers [6]. - The company has signed agreements with Yushu Technology for the development of self-lubricating bearings for robotic joints, although this segment currently contributes less than 1% to its main business revenue [6].

Group 1: Company Overview - The company specializes in the research, production, and sales of self-lubricating bearings and high-performance polymers [2] - Main products include self-lubricating bearings, modified engineering plastics, and fluoroplastics, widely used in automotive, construction machinery, robotics, energy, port machinery, plastic machinery, and agricultural machinery [2] Group 2: Financial Performance - In Q3 2025, the company maintained a growth trend with a revenue increase of 13.86% year-on-year and a net profit increase of 14.83% attributable to shareholders [2] - For the first three quarters of 2025, revenue grew by 11.97% year-on-year, and net profit attributable to shareholders increased by 11.01% [2] - Revenue from the automotive and construction machinery sectors increased by approximately 12% [2] Group 3: Strategic Focus - The company prioritizes automotive business as a key development direction and actively works to enhance market share [2] - In the construction machinery sector, the company maintains a stable market strategy to ensure the profitability of its core business [2] Group 4: Product Applications and Market Penetration - The company’s products are increasingly penetrating relevant niche markets, with ongoing product iterations [3] - Major downstream clients include Caterpillar, Liebherr, SANY Group, Fuchs, and KEB [3] - In the robotics sector, the focus is on self-lubricating bearings for joints, linear actuators, and components for dexterous hands [3] - The company is aligning order fulfillment with market demand, maintaining normal capacity utilization [3]

Core Viewpoint - Changsheng Bearing is a leading enterprise in the domestic self-lubricating bearing industry, with strong R&D capabilities and technical advantages, and its products have wide applications across multiple fields [1] Group 1: Business Performance - In Q3 2025, Changsheng Bearing reported revenue of 935 million yuan, ranking 40th among 82 companies in the industry, while the industry leader, China International Marine Containers, achieved revenue of 117.06 billion yuan [2] - The net profit for the same period was 196 million yuan, placing the company 12th in the industry, with the top performer, China International Marine Containers, reporting a net profit of 2.395 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 15.26%, lower than the industry average of 39.81%, indicating good solvency [3] - The gross profit margin was 34.86%, slightly up from 34.82% year-on-year, and significantly higher than the industry average of 22.64%, showcasing strong profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 6.50% to 73,000, while the average number of circulating A-shares held per shareholder decreased by 6.11% to 2,655.81 shares [5] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked fifth with 2.5488 million shares, an increase of 1.425 million shares from the previous period [5] Group 4: Future Outlook - The company is expected to achieve revenues of 1.293 billion yuan, 1.487 billion yuan, and 1.733 billion yuan for the years 2025 to 2027, with net profits projected at 265 million yuan, 309 million yuan, and 366 million yuan respectively [5] - The automotive sector is anticipated to drive growth, with self-lubricating bearing products being applied in various automotive components, potentially increasing market share [6]