Luo axis group unveiled, “new Luo axis” how to build?

The establishment of New Luoxia marks another solid step towards specialisation, standardisation and marketisation and opens a new era of development of Luoxia.

On the morning of 27 January 2024, the founding meeting of Luoyang Bearing Group Co. was held and a grand inauguration ceremony was held.

New Era! Luoyang Bearing has come to a new starting point

Zhang Yujie, Standing Committee of Luoyang Municipal Party Committee and Executive Vice Mayor of Luoyang, Zhou Yu, Chairman of China Bearing Industry Association, Jiao Chengyao, Secretary of the Party Committee and Chairman of Zheng Coal Machinery Group, Yi Xun, Secretary of the Party Committee and Director of Luoyang State-owned Assets Supervision and Administration Commission (SASAC), Fu Tongxin, Secretary of the Party Committee and Chairman of the Board of Directors of GuoHong Investment and Control Group, and Wang Xinying, Secretary of the Party Committee and Chairman of the Board of Directors of Luoyang Axis, unveiled the plaque of the company.

What does the creation of the new Luoyang Bearing mean?

After the unveiling ceremony, Wang Xinying mentioned in an interview with Top News, “It marks a new starting point for Luoyang Bearing.”
According to Wang Xinying, during the “13th Five-Year Plan” period, the main operating indicators of Luoxia doubled, and in 2023, when the industry as a whole was basically flat year-on-year, the operating income increased 30.6% year-on-year, net profit increased 300% year-on-year, and the revenue of the bearing business increased by 32.6% year-on-year, and the increase in the main operating indicators ranked first among major enterprises in the industry. First, continue to maintain a stable and improving development trend.
“The establishment of the new Luoxia marks another solid step towards specialisation, standardisation and marketisation and opens a new era in the development of Luoxia.” Wang Xinying said.

[After two mixed reform, become a model of state-owned enterprise reform].

The reporter learnt that, in order to create a world-class bearing R & D production base, the shaft after two “mixed reform”, and now the state-owned enterprise reform model.
Since 2022, the shaft seriously implement the three-year action programme for state-owned enterprise reform, against the national “science reform model” enterprise requirements, start the mixed ownership reform, after two rounds of “mixed reform”, basically achieve the goal of equity diversification, take a key step to deepen the reform of state-owned enterprises. After two rounds of “mixed reform”, the goal of equity diversification was basically achieved, taking a key step to deepen SOE reform.
Wang Xinying mentioned that after two mixed reform, the introduction of eight high-quality strategic investors, including Zheng Coal Machinery, China Aviation Industry Investment Company Limited, Beijing Guo Xin Energy Automobile Equity Investment Fund Partnership (limited partnership), Goldwind Technology, Wuzhou Xinchun.
“This is more conducive to the market-oriented operation of the enterprise, so that the enterprise is more dynamic, in accordance with the laws of the market.” Wang Xinying said, in the introduction of strategic investors, the company attaches great importance to the synergy of the upstream and downstream industry chain to strengthen, such as the bearing industry as the core, business involved in automotive parts and equipment manufacturing and other areas of the conglomerate of the A-share listed company Wuzhou Xinchun, with wind turbine manufacturing, wind power services, wind farms investment and development of the three major main businesses of the A-share listed company Jinfeng Science and Technology, are all upstream and downstream of the shaft of Luoyang enterprises.
“Choosing such a strategic investor can deepen the upstream and downstream connection and make decision-making more market-oriented.” Wang Xinying told reporters.
China Bearing Industry Association, Zhou Yu, chairman of the official establishment of Luoyang Bearing Group Co., Ltd. is a milestone in the history of Luoyang Axis, China’s bearing industry is also a major event worthy of inclusion in the annals of major events. We hope that Luoyang Bearing Group will adhere to the original intention of “lifting up the backbone of the national bearing industry”, carry the leading responsibility of building a strong bearing country, take the industry-leading technology research and development strength, innovation and practical work, and firmly take the road to listing, and set up a model for China’s bearing industry to reform and innovate and to become stronger and bigger.

[Nirvana rebirth! Has been 6 consecutive years to maintain profitability]

Ltd. was founded on the General Assembly, Luoyang City, Secretary of the State-owned Assets Supervision and Administration Commission, Director Yi Xun mentioned, I hope that Luoyang axis bear the responsibility of the industry leader, anchored in the “14th Five-Year Plan” to achieve the end of tens of billions of dollars to drive the province’s bearings industry, the main business income exceeded 50 billion yuan target, focusing on the country’s major needs and the wind front, and adhere to innovation! Lead, give full play to the technical advantages, expand the scale of the industry, and promote the high-quality development of the bearing industry in Luoyang and even the province.

Jiao Chengyao, Party Secretary and Chairman of Zheng Coal Machinery Group, as the representative of shareholders, mentioned in his speech that after a series of reform initiatives such as mixed ownership reform and three system reforms, Luoyang Axis has steadily improved its corporate vitality and operational efficiency, and has achieved nirvana rebirth by maintaining profitability for six consecutive years in operation.

On behalf of the controlling shareholders of Luoxia, Fu Tongxin, Secretary of the Party Committee and Chairman of the Board of Directors of Guohong Investment and Control Group, expressed the hope that Luoxia would unswervingly aim to move towards the capital market, continuously improve corporate governance, continuously optimise the asset and liability structure, improve the level of corporate management, accelerate the cultivation of new quality productivity, and create more value and benefits for the society, shareholders and employees.

[Second venture! New Luoxia bravely march forward and set off again】!

The reform of state-owned enterprises to go deeper to the actual development, is also stimulating the passion and vitality of the enterprise’s second venture.
Data show that Luoxia was founded in 1954, is China’s “First Five” during the 156 key projects. After nearly 70 years of construction and development, the current scale of production and sales, supporting services in China bearing industry is located in the forefront of comprehensive manufacturing enterprises, with the first batch of national recognition of the enterprise technology centre, with the bearing industry, the only national key laboratory, as well as nationally accredited laboratories, academician workstations, post-doctoral workstations, to set up a perfect bearing R & D experimental platform in bearing R & D, manufacturing, testing, The company is the industry leader in bearing R&D, manufacturing, testing and inspection.
In recent years, driven by reform and led by innovation, focusing on the central task of “building a world-class bearing R&D and production base”, and in accordance with the idea of “developing and occupying the high-end, and making the mid-range better and bigger”, Luoxi has seized the opportunity of the wind gap to build a new energy equipment bearing, an intelligent production base and the most advanced bearing production base in China. Intelligent production base and the most advanced three-generation wheel bearing production line has been partially put into production, and continue to consolidate the leading position of Luoxia in the field of high-end bearings represented by high-power wind power, large-tonnage crawler crane turntable, new energy vehicles and so on.
National pride of the Shenzhou series of spacecraft, Tianzhou series, China’s first manned space mission, “Chang’e”, “Beidou”, “Tianwen”, “Tiangong “Chang’e”, “Beidou”, “Tianwen”, “Tiangong”, “Mozi”, “Mengtian”, C919, Liaoning, Fujian, China’s Eye of Heaven, the world’s giant eye and other big countries and important machines, all have the figure of Luoxi manufacturing.
In the face of the future, how will the new Luoxi further?
Wang Xinying mentioned, next, axis will continue to firmly implement the Henan provincial party committee, provincial government and Luoyang municipal party committee and municipal government decision-making and deployment, towards the “’14th Five-Year’ end of the revenue of more than 10 billion yuan, driven by the scale of Henan bearing industry to reach 50 billion yuan, the overall listing in 2025! “The strategic goal of the courage to move forward.
“The development of Luoxia in the past few years is much higher than the average growth rate of the bearing industry, mainly to seize the wind industry, the next step is to continue to develop the wind industry, including new energy vehicles, wind power generation, etc.” Wang Xinying said.
It is reported that according to the company’s plan, Luoxia hopes to strive to become a set of R & D, production, service in one of the high-end, service-oriented, internationalised world bearing suppliers, among the ranks of the world’s strong bearing enterprises. It will make new and greater contributions to the construction of bearing power and equipment power, and add strength to the practice of Chinese-style modernisation in Henan.

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