On the evening of April 22, Zhejiang Changsheng Sliding Bearing Co., Ltd. (Changsheng Bearing, 300718.SZ) released its first-quarter report for 2025.

The report shows that the company achieved an operating revenue of 282 million yuan, a year-on-year increase of 2.18%; the net profit attributable to shareholders of listed companies was 53.0365 million yuan, a year-on-year increase of 1.54%; the non-recurring profit and loss net profit was 49.9863 million yuan, a year-on-year increase of 1.50%. The net cash flow from operating activities was 14.0861 million yuan, a year-on-year decrease of 56.08%. During the reporting period, Changsheng Bearing's basic earnings per share were 0.18 yuan, and the weighted average return on net assets was 3.21%.

In terms of profitability, the company's weighted average return on net assets in the first quarter of 2025 was 3.21%, a year-on-year decrease of 0.14 percentage points. The company's return on invested capital in the first quarter of 2025 was 2.92%, an increase of 0.05 percentage points compared with the same period last year.

As of the end of the first quarter of 2025, the company's net cash flow from operating activities was 14.0861 million yuan, a year-on-year decrease of 56.08%; the net cash flow from financing activities was -99.8864 million yuan, a year-on-year decrease of 107 million yuan; the net cash flow from investment activities was 29.6625 million yuan, compared with -9.7848 million yuan in the same period last year.

The company's main products include self-lubricating bearings, low-friction pair components and related precision castings. After years of development, the company has become one of the important players in the global self-lubricating bearing field, winning the trust of global customers with its excellent performance and reliability. The company has established a relatively comprehensive product system in the industry, involving tens of thousands of product specifications, and is widely used in industries such as construction machinery, automobiles, robots, energy (traditional and renewable), port machinery, plastic machinery, and agricultural machinery.

Through years of research and development accumulation, the company has formed more than ten core technologies leading the industry, such as material formula preparation technology, surface composite technology of metal-based materials, automated strip material production line and post-automatic forming processing equipment and technology, and self-lubricating bearing material testing technology. As of December 31, 2024, the company had 119 valid authorized patents, including 6 international invention patents and 35 domestic invention patents. At the same time, the company has established its own brand system and has a high brand awareness and influence in the domestic and international self-lubricating bearing industry.

In terms of customer resources, the company's products are positioned in the mid-to-high-end market and have entered the global supply systems of well-known OEMs such as Caterpillar, Liebherr, Volvo, JCB, Hitachi Construction Machinery, Komatsu, Kobelco, Hyundai, and Tata Motors. It has also established long-term and stable cooperative relationships with well-known domestic and foreign automotive and construction machinery parts manufacturers such as Meritor, Bosch, Knorr-Bremse, Faurecia, Berker, HK Korea, Mando Corporation, Carraro, Mitsubishi Technology, and domestic listed companies or leading enterprises in the industry such as Sany Heavy Industry, Zhenhua Heavy Industry, Haitian Precision, FAW Tokico, Hengli Hydraulic, and Haomai Technology.

It is worth mentioning that in addition to being mainly applied to fields such as automobiles and construction machinery, the company's products can also be applied to the robot field. Currently, the company's research direction in the field of robot components mainly focuses on self-lubricating bearings at the joints and screw products in some linear actuators. The company's cooperation with domestic robot customers is progressing in an orderly manner, and small-batch production and sales of self-lubricating bearings and joint bearings at robot joints have been achieved.

Overall, Changsheng Bearing's financial performance in the first quarter of 2025 is not particularly astonishing, but it has demonstrated a valuable stability and adaptability in the current economic environment with increased uncertainties. Enterprises must adhere to the strategy of combining innovation and stability to remain invincible in the unpredictable market environment. Looking ahead, Changsheng Bearing needs to continue to promote its transformation and upgrading strategy, pay more attention to grasping market trends, so as to achieve higher performance growth and enterprise value enhancement.