Research Dispatch | Luoyang Xinqiang Lian hosts over 100 institutions including Huaxi Securities for research; net profit excluding non-recurring gains and losses in 2025 is expected to increase by 377.56% year-on-year

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Basic Information on Investor Activities

Interpretation of 2025 Operating Performance

Luoyang Xinqiang Lian Rotary Bearing Co., Ltd. (hereinafter referred to as “the Company”) disclosed its core operating data for 2025 during this conference call. The announcement shows that the Company achieved an operating income of 4.628 billion yuan in 2025, a year-on-year increase of 57.11%; the net profit attributable to shareholders of the listed company, excluding non-recurring gains and losses, was 712 million yuan, a significant year-on-year increase of 377.56%; basic earnings per share were 2.13 yuan/share, a year-on-year increase of 1083.33%. By the end of the reporting period, the Company’s total assets reached 11.679 billion yuan, a year-on-year increase of 16.75%.

The Company also announced a profit distribution plan for 2025, proposing to distribute a cash dividend of 2.95 yuan for every 10 shares to all shareholders, for a total cash dividend amount (including tax) of 122.1553 million yuan. Regarding the reasons for the performance growth, the Company stated that it mainly benefited from the recovery in demand in the wind power industry, with sustained release of wind power installation demand, and the Company achieved business scale expansion through its technological advantages.

Key Points from the Q&A Session

1. Main Business Revenue Composition

In 2025, the Company’s revenue from wind power products was 3.58 billion yuan, accounting for 77.36% of operating income, a year-on-year increase of 72.69%; revenue from wind power locking discs was 356 million yuan, accounting for 7.70% of operating income, a year-on-year increase of 18.58%; revenue from marine engineering equipment products was 59 million yuan; revenue from shield machine products was 70 million yuan. Wind power business remains the core source of the Company’s revenue and continues to maintain rapid growth.

2. Outlook for TRB Demand in 2026

For the demand for tapered roller bearings (TRB) in 2026, the Company believes that as wind turbine models upgrade to larger sizes and higher power, the application demand for TRB in large megawatt units will increase, expected to continue growing alongside the development of the wind power industry. The Company will leverage its technological accumulation and product advantages in the TRB field to continuously promote technological optimization and capacity layout to meet market demand.

3. Domestic and International Market Expansion

In the domestic market, the Company has established stable cooperative relationships with mainstream domestic wind power manufacturers; overseas market layout is steadily advancing, with phased progress achieved, laying the foundation for subsequent business growth. The Company stated it will continue to seize market opportunities and steadily increase its proportion of overseas business.

4. Product Pricing Strategy

The Company’s product pricing is a dynamic adjustment process that will comprehensively consider various factors to flexibly formulate and optimize pricing strategies as needed, ensuring that the price system maintains both rationality and market competitiveness while adhering to product quality.

5. Progress in Heat Treatment Processes and Equipment

The Company masters various heat treatment process technologies and will choose suitable processes in actual production based on customer needs, product characteristics, application scenarios, and processing costs, and will introduce multiple advanced heat treatment devices to achieve efficient production.

6. Business Planning for 2026

In terms of business development, the Company’s product layout covers various wind power bearing products such as main shafts, yaw, and pitch, with mass supply capabilities for large megawatt wind turbine main shaft bearings and yaw pitch bearings, continuing technological innovation in wind power bearings, shield machine bearings, and marine engineering equipment. Future plans will closely follow the trend of large-scale wind power, optimize product structure to increase the proportion of high value-added products, strengthen customer cooperation to expand market share, and continue to advance the research and development of large-size bearing technologies to consolidate technological advantages in the rotary bearing field.

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Editor: Xiao Lang Fast News