On May 20th, Luoyang Bearing Group Co., Ltd. (referred to as Luoyang Bearing) saw its application status for a ChiNext IPO on the Shenzhen Stock Exchange updated to "registration submitted." China Securities Co., Ltd. is acting as the sponsor, with plans to raise 1.8 billion yuan. According to the prospectus, Luoyang Bearing is primarily engaged in the research, development, production, and sales of bearings and related components, and is one of the largest comprehensive bearing manufacturing enterprises in China's bearing industry. Data from the China Bearing Industry Association shows that the company ranked fourth in terms of operating revenue within the domestic bearing industry for both 2023 and 2024. In the bearing sector, the company possesses the industry's sole national key laboratory and holds a leading position domestically in the research, development, and strategic layout of high-end bearings. Its specialized bearing products for major equipment, high-end equipment, and new energy vehicles, serving as critical foundational components for national strategic emerging industries, hold significant strategic importance for enhancing China's equipment manufacturing capabilities and optimizing the manufacturing sector's upgrade. The company offers over 30,000 product series, with size ranges from an inner diameter of 6mm to an outer diameter of 15 meters, widely applied in strategic emerging industries such as major equipment, high-end equipment, and new energy vehicles. The main product line consists of finished bearings. During the reporting period, sales revenue from finished bearings amounted to 4.17 billion yuan, 4.379 billion yuan, and 5.719 billion yuan, accounting for 96.43%, 96.69%, and 97.16% of the main business revenue, respectively, with specialized bearings representing a relatively high proportion. Specifically, the company's product portfolio is dominated by specialized bearings, with significant shares held by bearings for major equipment, high-end equipment, and new energy vehicles. According to certification documents issued by the China Bearing Industry Association, in 2024, the company ranked first in the industry for wind turbine main shaft bearings, second for wind turbine yaw and pitch bearings, and within the top three for wind turbine gearbox bearings in the major equipment bearing sector. In the high-end equipment bearing field, it ranked within the top three for rail transit bearings and aerospace bearings. In the automotive bearing segment, it placed within the top three for new energy vehicle wheel hub bearings. The net proceeds from this public offering, after deducting issuance expenses, will be allocated to the following projects in order of priority. Financially, for the years 2023, 2024, and 2025, the company achieved operating revenues of approximately 4.441 billion yuan, 4.675 billion yuan, and 6.034 billion yuan, respectively. During the same periods, net profits were approximately 236 million yuan, 247 million yuan, and 544 million yuan, respectively.
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