Core Viewpoint - Lixing Co., Ltd. announced the termination of its acquisition of Qingdao Feiyan Lingang Precision Steel Ball Co., Ltd. due to the inability to reach an agreement on relevant terms within the stipulated time frame, prioritizing the protection of the company's and shareholders' rights [1][2]. Group 1: Acquisition Details - The acquisition was initially proposed on March 31, with Lixing planning to acquire a controlling stake in Feiyan Steel Ball through cash [2][4]. - Lixing aimed to enhance its non-bearing market presence and create a strategic framework of "technology complementarity + market synergy" through this acquisition [2][3]. - Feiyan Steel Ball, established in 2004, specializes in precision steel balls with a diameter range of 0.5 to 12.7mm, holding a dominant market share in the commercial vehicle and heavy truck sectors in China [3]. Group 2: Management Actions - During the acquisition process, six senior executives of Lixing disclosed plans to reduce their shareholdings, indicating potential concerns about the acquisition's progress [1][5]. - The first set of reductions was announced on May 23, involving three executives planning to sell a total of 190,000 shares, citing personal financial needs [5][6]. - A second announcement on June 17 revealed further plans from three additional executives to reduce their holdings by a total of 218,000 shares, also for personal financial reasons [6].

Core Viewpoint - Lixing Co., Ltd. has decided to terminate the acquisition of Feiyan Steel Ball due to the inability to reach an agreement on relevant terms within the stipulated time frame [1][3]. Group 1: Acquisition Details - Lixing Co., Ltd. initially announced on March 31 that it intended to acquire the controlling stake in Feiyan Steel Ball to expand its industrial chain [1]. - Feiyan Steel Ball, established in 2004, specializes in precision steel ball manufacturing and has a strong technological foundation [1][2]. - The company’s core products include bearing steel and stainless steel balls, which are widely used in automotive, aerospace, and precision machinery sectors [1][2]. Group 2: Market Position and Advantages - Feiyan Steel Ball holds over 90% market share in the domestic commercial vehicle and heavy truck sectors for its steel ball products, supplying well-known brands like Jeep and Ford [2]. - The company has developed a unique technological barrier in the micro steel ball sector (diameter below 3mm), making it irreplaceable in both domestic and international markets [2]. - Lixing Co., Ltd. is a leading enterprise in the domestic precision bearing steel ball sector, with applications in various industries including automotive, precision CNC machine tools, and renewable energy [2]. Group 3: Strategic Implications - The acquisition was expected to enhance Lixing Co., Ltd.'s competitiveness in the micro high-precision rolling body sector and support the import substitution strategy for high-end equipment manufacturing in China [2]. - The geographical advantage of Feiyan Steel Ball, located near Qingdao Port, would have facilitated easier access to Northeast Asia and European markets [3]. - Despite the termination of the acquisition, Lixing Co., Ltd. stated that it would not adversely affect its operational performance or financial status, and the company will continue to seek further development opportunities [3].

Core Viewpoint - Lixing Co., Ltd. (300421) held a performance briefing focusing on the application progress of its products in the humanoid robot sector [1] Group 1: Company Overview - Lixing is a leading domestic enterprise in the precision bearing steel ball sector, with its products widely used in various industries including automotive (both fuel and new energy vehicles), precision CNC machine tools, light industrial appliances, robotics, wind power generation, construction machinery, aerospace, and other general machinery manufacturing [1] - The company has ranked first in domestic sales revenue of bearing steel balls for several consecutive years and is the only domestic enterprise included in the procurement system of the world's top eight bearing manufacturers [1] Group 2: Humanoid Robot Applications - The market is currently focused on the lightweight design of humanoid robots, and Lixing is actively exploring this area. The company mentioned that while ceramic balls are a promising lightweight solution, challenges related to cost and stable raw material supply need to be addressed [1] - Lixing's R&D team is currently validating these lightweight solutions [1] Group 3: Screw Rod Project Development - The screw rod project is in a critical R&D phase, with the company increasing supply capacity for micro screw rod steel balls ranging from 0.4 to 0.8 mm, while also developing medium-sized screw rods in collaboration with downstream customers [1] - Lixing has already supplied micro screw rod steel balls for industrial applications and is expanding into large-scale applications in automotive parking systems [1] Group 4: Future Plans and Market Recognition - The company is advancing its technology for planetary rolling screw rods and dexterous hand rolling screw rods for humanoid robots, with significant expectations for the screw rod project as a major transformation initiative [1] - Orders for small micro balls used in humanoid robot actuators and dexterous hands are currently ramping up, with full production expected in the next 6 to 18 months [1] - The humanoid robot industry has specific requirements for design, raw materials, and lifespan, and Lixing's solutions for domestic substitution have gained market recognition [1]