Breaking Down Tianma Bearing Group Co.,Ltd Financial Health: Key Insights for Investors

From its founding in 1987 to its 2007 listing on the Shenzhen Stock Exchange under ticker 002122, Zhejiang Tianma Bearing Group Co., Ltd. has evolved into a leading Chinese bearing manufacturer-growing through a 2013 merger, a 2016 corporate upgrade and a strategic $9 million acquisition in 2023 of Jiangsu TWB Bearings from The Timken Company; today the firm operates seven major factories (six domestic, one overseas), employs over 6,000 people, and manages a registered capital of 1.8 billion yuan while holding ISO9001/ISO14001/TS16949 certifications and national honors such as "China Top Brand" and "China Famous Trademark"; ownership is mixed between Zhejiang Tianma Holding Group and public investors-with Kashgar Xinghe Venture Capital acquiring a 29.97% stake in October 2023-and a board including Liang Hu, Miao Fu and Ji Wei Yue guides a company whose mission to "Keep the World Running Smoothly" and values of integrity, customer-centricity and sustainability underpin a business that generated about CNY 1.5 billion in bearing revenue in 2022, invested ~¥1.2 billion in manufacturing upgrades over five years (raising capacity ~30%), and serves domestic and export markets across rail, automotive, wind power and industrial sectors

Tianma Bearing Group Co.,Ltd (002122.SZ): Intro

• 1987: Company founded in Zhejiang, initial product lines focused on conventional rolling bearings.
• 2007: Public listing on Shenzhen Stock Exchange (002122.SZ), raising growth capital.
• 2013: Major domestic merger to consolidate production and sales channels.
• 2016: Reorganized as a group entity to reflect multi-division structure (bearing manufacturing, heavy industry components, R&D and export operations).
• 2023: Strategic overseas-origin acquisition - Jiangsu TWB Bearings from The Timken Company for $9 million - to augment product range and market access.

• Manufacturing and sales of bearings: deep-groove ball bearings, tapered roller bearings, cylindrical roller bearings, spherical roller bearings, precision miniature bearings, thrust bearings and specialized large-diameter bearings for heavy equipment.
• OEM supply contracts: long-term supply agreements with automotive, rail and heavy machinery manufacturers provide recurring revenue and scale production utilization.
• Aftermarket and distribution: sales to repair shops, parts distributors and replacement markets generate higher-margin aftermarket revenue.
• Value-added services: heat treatment, precision grinding, integrated subassembly and custom-engineered bearing solutions for niche industrial applications.
• M&A and capacity expansion: inorganic acquisitions (e.g., 2023 TWB purchase) to access new product lines, technologies and clients.

• Production footprint: Multiple manufacturing facilities in Zhejiang and other provinces after 2013-2016 consolidation; expanded product lines following the 2023 TWB acquisition.
• R&D & quality: Investments in bearing heat-treatment, grinding and testing equipment to meet automotive and precision industry specs; increasing share of precision bearings targeted at higher-margin segments.
• Sales channels: Combination of direct OEM contracts, national distributor network and export sales; growing aftermarket emphasis to stabilize margins.

• Public listing: Ticker 002122.SZ since 2007 enabled capital markets access for capacity expansion and M&A.
• 2023 acquisition: Purchase of Jiangsu TWB Bearings Co., Ltd. from The Timken Company for $9 million - strategic add-on to broaden bearings portfolio and capture additional client segments.

Tianma Bearing Group Co.,Ltd (002122.SZ): History

Tianma Bearing Group Co.,Ltd (002122.SZ) is a Shenzhen-listed bearing manufacturer with a history of state-linked ownership and progressive diversification of shareholders. The company's governance and capital structure have evolved in recent years, notably with a major secondary transfer in October 2023 that reshaped its shareholder mix.

• Majority shareholder: Zhejiang Tianma Holding Group Co., Ltd. (historically the controlling shareholder).
• October 2023 transaction: Kashgar Xinghe Venture Capital Co., Ltd. acquired a 29.97% stake from Zhejiang Tianma Holding Group, introducing a large private/venture investor into the cap table.
• Public listing: traded on the Shenzhen Stock Exchange under ticker 002122, enabling public investment and market liquidity.
• Board composition includes key executives such as Liang Hu (Chairman-Supervisory Board), Miao Fu (Director) and Ji Wei Yue (Member-Supervisory Board).
• Ownership now reflects a mix of majority corporate, large private investor (29.97%), and public shareholders - supporting strategic decision-making and expansion.

How it operates and generates revenue:

• Core business: design, manufacture and sale of rolling bearings and related components for automotive, industrial machinery, wind power, rail and heavy equipment sectors.
• Revenue drivers: product sales to OEMs and aftermarket channels, long-term supply contracts, and export business to global equipment manufacturers.
• Margins & scale: scale advantages from vertically integrated production reduce unit costs; contracts with large OEMs stabilize revenues and support investment in new product lines.

For more detail: Tianma Bearing Group Co.,Ltd: History, Ownership, Mission, How It Works & Makes Money

Tianma Bearing Group Co.,Ltd (002122.SZ): Ownership Structure

• Mission: Keep the World Running Smoothly - product reliability and uptime focus.
• Vision: Build a More Sustainable and Healthier Enterprise - long-term, eco-conscious growth.
• Core values: Integrity & Accountability; Results-Driven; Customer-Centricity; Relentless Excellence.
• Key recognitions: China Top Brand; National Inspection-Exempted Product; China Famous Trademark; Green Enterprise (Zhejiang).

• Product portfolio: deep groove bearings, tapered roller bearings, precision bearings for automotive, rail, wind power, industrial machinery.
• Revenue streams: OEM contracts (automotive, rail, wind), aftermarket parts, specialty engineered bearings and repair/service.
• Value drivers: scale manufacturing, quality certifications, R&D for high-precision/low-friction bearings, and supply-chain integration.

• Major controlling shareholder: group holding entity - ~35% (industrial/strategic investor majority).
• Public float: ~45% (A-share holders, institutional and retail investors).
• State or strategic investors and financial institutions: ~10%.
• Management, employees and other insiders: ~10%.

• CapEx: focused on plant upgrades, automation and low-carbon production lines (annual capex typically in the low hundreds of millions RMB).
• R&D spend: allocated to bearing precision, materials and lubrication technology (R&D intensity supports higher-margin precision products).
• Working capital: inventory and receivables management critical given OEM contract cycles.

Tianma Bearing Group Co.,Ltd (002122.SZ): Mission and Values

• Manufacturing footprint: seven major factories (six domestic, one overseas), providing diversified production capacity and supply-chain resilience.
• Workforce and R&D: employs over 6,000 people, with a substantial portion focused on research and development to drive product innovation and process improvements.
• Quality and environmental management: certified to ISO9001, ISO14001, TS16949 and other standards, ensuring consistent quality and compliance across product lines.
• Sales and service network: comprehensive domestic distribution and after‑sales system; products sold throughout China and exported to Europe, the USA and other regions.

• Listed entity: trades on the Shenzhen Stock Exchange under ticker 002122.SZ, subject to public‑company disclosure, governance and shareholder oversight.
• Capital base: registered capital of 1.8 billion yuan, underpinning capacity for investment, working capital and expansion.
• Brand and market recognition: awarded titles such as 'China Top Brand,' 'National Inspection‑Exempted Product' and 'China Famous Trademark.'

• Product sales: primary revenue from the manufacture and sale of rolling bearings, bearing assemblies and precision mechanical components to industrial, automotive and precision equipment customers.
• Export revenue: sales to Europe, the United States and other international markets diversify income streams and capture higher‑margin export opportunities.
• Value-added services: aftermarket parts, technical support, customized engineering solutions and long‑term supply contracts with OEMs and industrial customers.
• R&D-driven product mix: new product introductions and quality certifications support premium pricing and customer retention.

Tianma Bearing Group Co.,Ltd (002122.SZ): How It Works

• Core products: ball bearings, angular contact ball bearings, spherical, conical and cylindrical roller bearings, railway bearings and precision bearings.
• End markets served: railway, automotive, naval construction, machine tools and industrial machinery.
• Sales channels: direct OEM contracts, national railway and infrastructure bids, distributors and export sales.

• OEM supply contracts - long-term tender wins and repeat orders from rail, automotive and heavy machinery manufacturers.
• Aftermarket & spare parts - higher-margin replacement bearings and maintenance contracts for railway and industrial customers.
• Export sales - international customers and distributors for specialized precision and heavy-duty bearings.
• Value-added services - engineering support, precision assembly, bearing refurbishment and custom bearing solutions for machine tools and naval projects.

• Scale and vertical integration - controlling key production steps to lower unit costs on high-volume SKUs.
• Product mix optimization - prioritizing precision and railway bearings with stronger pricing power and long-term contracts.
• Manufacturing upgrades - ¥1.2 billion invested to automate and expand lines, raising throughput by ~30% and reducing per-unit labor costs.
• Strategic M&A - the $9M acquisition of Jiangsu TWB (2023) broadened product portfolio and provided access to new customer segments and technologies.

• Diverse product range reduces reliance on any single end market.
• Significant recent capex (¥1.2 billion) increased capacity and supports scale-driven margin improvements.
• Targeted acquisitions (e.g., Jiangsu TWB for $9M) expand product depth and aftermarket reach.
• Established presence in railway and industrial sectors where long procurement cycles and service contracts provide predictable revenue streams.

Tianma Bearing Group Co.,Ltd (002122.SZ): How It Makes Money

• Primary product lines: wind-power bearings, rail bearings, high-speed heavy-load bearings, precision bearings for industrial machinery.
• Channels: direct project sales to OEMs, distributors across China, exports to Europe, North America and other Asian markets.
• Value-added services: bearing assembly, on-site installation, condition monitoring and lifecycle maintenance contracts.

• Market leadership: Tianma holds a leading position in China's specialized bearing segments-notably wind-power and heavy-load rail bearings-with estimated domestic market shares in key subsegments of 20-35% as of late 2025.
• Recognition: designated a National Manufacturing Single Champion and carrying labels such as China Top Brand and China Famous Trademark; certain product lines are national inspection-exempted.
• Geographic reach: comprehensive sales and service network covering all provinces in China, with exports to Europe and the USA accounting for roughly 10-20% of sales depending on the year and project cadence.
• R&D & capex: ongoing investment in R&D centers and production upgrades - R&D spend has been steady, representing an approximate mid-single-digit percentage of annual revenue (reinforcing new product development for wind, rail and industrial high-speed applications).
• Strategic moves: active in selective acquisitions and JV/partnerships to extend capability in large-size bearings and condition-monitoring technology, positioning the company for sustained growth amid energy transition and rail infrastructure demand.

• High-spec engineering margins: large-size and high‑precision bearings command higher ASPs (average selling prices) and margins versus commodity bearings.
• Project-based contracts: long lead, high-value supply agreements for wind farms and rail projects provide multi-year revenue visibility and aftermarket service streams.
• Aftermarket & services: maintenance, spare parts and monitoring services improve lifetime customer value and recurring revenue.
• Export premium: advanced designs and certifications (CE, industry-specific approvals) allow selective pricing power in overseas markets.