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In this ongoing series on the birth and growth of privately owned Chinese companies that are redefining innovation, China Daily profiles Zhejiang Tianma Bearing Group Co Ltd, one of China''s major private manufacturers of bearings, which plans to add to its research and development of high-end materials for the aerospace and auto industries.
Zhejiang Tianma Bearing Group Co Ltd, the major private manufacturer of bearings, equipment and materials in China, is investing more than 400 million yuan ($60 million) on the research and development of high-end materials for the aerospace and auto industries, to deal with the market downturn.
"We will only produce high-end bearings and materials in the future," said Ma Xingfa, chairman of Zhejiang Tianma.
On Aug 15, Tianma received 3.77 million euros ($4.22 million) worth of equipment it bought earlier from Germany for producing top-level materials. Its total spending will be about 30 million yuan, including installation cost. The company said that the equipment is the most advanced in China.
Like many other manufacturers in China, Tianma has been having a hard time since the financial crisis in 2011.
However, Ma said his company has managed to keep a balance of profit and loss while others are still suffering unprecedented difficulties.
According to him, the savior was wind powered bearing sector that Tianma researched and developed in 2007 and 2008. He said the wind powered bearing sector is the only profitable sector in his company after 2011, supporting the whole business.
About 40 percent of its wind power products are exported to the United States and Europe, said Ma, and its customers include industry leaders such as General Electric Company.
It helped him to realize how important it is to be innovative and live dangerously. He also sees a bright long-term future for his company with high-end products.
"There is still demand, but mainly for high-end products," said Ma, adding that the market is stable and the majority of his customers are regular ones.
He said that although the market downturn will not get better in the coming couple of years, his company will overcome it once the high-end materials it is developing are deployed.
Wu Xiaobo, a celebrity finance and economics commentator, has forecast the next five years will be the "golden years" for China''s manufacturing industry, together with the country''s industry upgrading project "Made in China 2025".
Wu said that small and medium-sized businesses should and will be more innovative and their management modes will be upgraded as well.
-2017 China(Guangzhou) Int’l Bearing and Equipment Exhibition
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