Thirty Years of Steadfast Dedication, Racing Toward Light for a New Journey

— The Company Holds a Grand Anniversary Celebration

From one of Rugao's first batch of "distressed enterprises" to the first stock (Stock Code: 920002) under the 920 ticker segment on the Beijing Stock Exchange, Jiangsu Wanda Special Bearing Co., Ltd. has pulled off an extraordinary turnaround story for the real manufacturing sector.

Spanning from 1996 to 2026, Wanda's team has embodied unyielding resilience amid despair, laser-focused dedication to niche sectors, and relentless drive for innovation. Their journey bears witness to a simple truth: grounded hard work and unwavering commitment turn ordinary perseverance into extraordinary achievements.

Reborn from Adversity: United Aspirations Carry Us Through the Darkest Hours

July 4, 1996, remains an indelible milestone etched in every Wanda employee's memory. Back then, the factory suffered years of consecutive losses with debts exceeding 10 million yuan. Wages had gone unpaid for four months, production ground to a near halt, the plant lay dilapidated, staff morale plummeted, and the company teetered on the brink of bankruptcy.

Xu Qunsheng, Chairman of the company, stepped forward to take the helm amid the crisis. Faced with the crumbling operation and demoralized workforce, he put forth a rallying cry: One Goal, One Heart, One Joint Effort. This ten-word motto not only illuminated the enterprise's darkest days but also forged the enduring spiritual core of Wanda over the past three decades — the bedrock strength that has carried the company through countless hardships and milestones alike.

To keep the enterprise afloat and safeguard employees' livelihoods, Mr. Xu and the management team dipped into their personal savings, reached out to relatives and friends to raise capital, and collaborated with suppliers to resume production through resource-sharing partnerships. By day, he crisscrossed the country to explore new markets; by night, he stayed on the production floor to oversee manufacturing, sparing no effort to carve out a lifeline for the business.

Diligence always reaps its reward. By the end of 1996, production rebounded across all lines. The company paid out full salaries covering July to December of that year, alongside back wages withheld for the prior four months. In 1999, annual output value broke the 10-million-yuan threshold, marking a complete exit from the quagmire of losses. This dramatic comeback set Wanda Bearing firmly on its industrial growth trajectory.

Deep Specialization: Mastery of Niche Expertise Forges Industry Leadership

Surviving ruin was merely the baseline; relentless pursuit of excellence became the company's mission. Mr. Xu clearly recognized that outdated institutional constraints and cutthroat competition in general-purpose bearing markets would cap the enterprise's long-term growth. Only institutional reform and strategic transformation could secure a lasting foothold in the marketplace.

In August 2001, the enterprise completed restructuring and was officially incorporated as Wanda Special Bearing Co., Ltd., ushering in a new era of fully market-oriented development. Guided by sharp market insight, Mr. Xu made a pivotal strategic shift: phasing out oversaturated Class 0 general bearings to specialize in mast bearings for forklifts — a niche with no dedicated domestic manufacturers at the time. This choice carved out a differentiated, specialized growth path for the firm.

Over the decades, the company has consistently ramped up investment in R&D to push technical breakthroughs in bearing production, independently mastering dozens of core proprietary technologies. It has built a full suite of innovation platforms, including a national public service platform for bearing testing, a CNAS-accredited laboratory, a provincial-level R&D center for special bearings, and a provincial technical center, holding hundreds of independent patents to its name. Backed by robust technical prowess, the company has led the drafting of industry standards, participated in formulating national standards, and undertaken numerous key science and technology projects at municipal, provincial and national levels, cementing its leading position in the industry through technological superiority.

Intelligent Manufacturing Transformation: Full-Scale Upgrade Lays Groundwork for IPO

Technology forms the soul of the enterprise, while manufacturing is its foundation. Having secured technical advantages, the company launched comprehensive upgrades to its production system, empowering high-quality development through smart manufacturing.

Wanda Bearing completed two full plant relocations, in 2006 and 2021 respectively — each relocation standing as a landmark leap forward for the business.

Faced with its operational profile of "diversified product lines, small-batch orders, and tight delivery deadlines", the company discarded outdated traditional management models and rolled out company-wide operational upgrades. It implemented lean production methodologies alongside an ERP system to establish end-to-end digital management controls, and pioneered the "3-3-4 balanced production model" paired with a "red card accountability system" to eliminate the inefficient "rush-at-the-end-of-cycle" production rhythm of old. Automated production equipment was introduced to enable multi-machine operation by single workers. This shift delivered massive gains in production efficiency and precision, marking Wanda's seamless evolution from traditional manufacturing to intelligent, modern production.

These sweeping reforms and upgrades laid solid groundwork for the company's entry into the capital market. In January 2022, the enterprise completed shareholding restructuring and rebranded as Jiangsu Wanda Special Bearing Co., Ltd. On May 30, 2024, the bell rang at the Beijing Stock Exchange as Wanda Bearing officially went public.

From a run-down old factory to the spotlight of the capital market, this milestone stands as powerful market validation of the company's comprehensive strength — a remarkable achievement delivered to China's manufacturing sector by generations of Wanda practitioners dedicated to industrial development.

Carry Forward Our Legacy, March Toward a New Journey with Original Aspirations

The echoes of the IPO bell have barely faded, yet Wanda has already set its sights on its next chapter of growth.

To accommodate long-term expansion and secure land reserves for future development, the company acquired an additional 30 mu of construction land in 2024. The new plant building passed final acceptance at the end of 2025, expanding production capacity to align with the firm's long-term strategic growth targets.

A new core production process — hot forming for bearings — has been added to the production line. This upgrade enables full independent control of the entire industrial chain, meeting high-end clients' demand for full-process internal quality control and further strengthening the company's premium product advantages.

Thirty years of meticulous craftsmanship have earned Wanda an array of prestigious honors. The "WANDA" trademark has been recognized as a Well-Known Chinese Trademark. The enterprise holds titles including National High-Tech Enterprise, one of the first national-level "Little Giant" enterprises (specialized, sophisticated, distinctive and innovative), and National Manufacturing Single Champion. Its products are supplied to the world's top 20 industrial vehicle manufacturers, earning widespread acclaim from domestic and international clients for uncompromising quality.

Upholding its development strategy of "Develop unique products where none exist; refine products where competitors match us; innovate where others refine; seek distinction where others innovate," the company remains firmly committed to the "specialized, sophisticated, distinctive, innovative" growth path, doubling down on bearing R&D and product refinement.

After establishing a dominant foothold in forklift bearing manufacturing, the enterprise expanded its footprint guided by the three core principles of new markets, new clients and new products. Its domestic market share for core products has ranked first for consecutive years. The firm has strategically entered high-end segments including slewing bearings, industrial robot bearings and special equipment bearings, continuously iterating its product portfolio to build a standout calling card for Chinese manufacturing in the global industrial supply chain.

Today, over 80-year-old Chairman Xu Qunsheng remains at the helm, mapping out the company's long-term development strategy. His son Xu Fei joined the factory back in 1988 as a grassroots electrician, climbing through the ranks to become Director and General Manager in 2022. Together with Xu Ming, the father and two sons carry forward two generations of craftsmanship, steering Wanda toward the high-load, long-service-life, lightweight intelligent bearing track to accelerate its journey of high-quality development.

Thirty years represent not only an extraordinary escape from bankruptcy to a successful IPO, but also an endless long-distance race for industrial practitioners. As the fable of "the antelope and lion racing" carved into the factory wall illustrates: only those who keep running can stay ahead of the competition.

For Wanda, this 30th anniversary milestone marks a new starting line for loftier goals. Moving forward, the company will consolidate its industrial foundation, drive progress through innovation, and deepen its focus on core special bearing manufacturing. We will uphold fine craftsmanship and our founding mission, march boldly into a new era of growth rooted in down-to-earth hard work, and forge ever greater glories without pause.