LYC plans to raise 1.8 billion yuan with a focus on investing in R&D and capacity upgrading for bearing technology in high-end equipment and new energy fields

On November 28, 2025, the Shenzhen Stock Exchange officially accepted the IPO application of LYC on the ChiNext board, with CITIC Securities serving as the sponsor. The company plans to raise 1.8 billion yuan through this listing, primarily investing in bearing technology research and development and capacity upgrades in the high-end equipment and new energy fields.

According to the prospectus, the funds raised will be mainly used in five areas: the development and application of high-speed train bogie bearings, the construction of intelligent production lines for new energy vehicle bearings, the upgrading of the precision bearing industry for major technical equipment, the industrialization project of high-end small slewing bearings, and a portion for repaying bank loans and optimizing the financial structure.

As a "national team" in China's bearing industry, LYC's predecessor was the LYC Factory, established in 1954, one of the 156 national key projects during the First Five-Year Plan period. After more than 70 years of development, the company has grown into a leading comprehensive bearing manufacturer in China, possessing the industry's only national key laboratory. Its wind turbine main bearings have a domestic market share exceeding 40%, and it has successfully achieved domestic substitution for tunnel boring machine main bearings, breaking the long-standing reliance on imports.

In terms of industry standing, according to statistics from the China Bearing Industry Association, from 2022 to 2024, LYC consistently ranked fourth in revenue among domestic bearing companies for three consecutive years. Its performance is equally impressive: while the company was still operating at a loss in 2022 (net profit of -67.329 million yuan), it strongly turned a profit starting in 2023, with net profit reaching 231 million yuan that year, increasing to 251 million yuan in 2024, and reaching 257 million yuan in the first half of 2025, demonstrating continuous improvement in profitability and operational quality.

The company stated that its listing on the capital market will not only accelerate the industrialization process of bearings in key areas such as high-speed trains, high-end CNC machine tools, and industrial robots, but will also further expand its layout in strategic emerging markets such as new energy vehicles and rail transit, consolidating its core competitiveness in the field of high-end precision bearings and contributing to the security and self-reliance of the national major equipment industry chain.