Group 1 - The company was asked about the competitiveness of its energy storage business and whether it plans to extend into solid-state battery technology [1] - The company indicated that details regarding its energy storage business's competitive advantages can be found in its 2025 semi-annual report [1] - Currently, the company has no plans to expand into solid-state battery business [1]

Core Viewpoint - Wanliyang (002434.SZ) is focusing on the development of precision transmission products for robotic joints, including harmonic reducers, planetary reducers, brushless motors, and controllers, while planning to expand its humanoid robot product offerings in line with industry trends [1] Group 1 - The company is currently developing precision transmission products for robotic joints [1] - The product categories include harmonic reducers, planetary reducers, brushless motors, and controllers [1] - Future development will focus on expanding and improving humanoid robot-related products and business [1]

Group 1 - The company is focusing on the development of robotic components as a long-term strategic business [2] - The company is investing in talent acquisition and resource integration to enhance product competitiveness in the market [2] - Currently, the company is advancing the platform design, development, testing, and production capabilities of its robotic joint precision transmission products [2]

Group 1 - The GK7206V1 series visual processing chips from Guokewi have been mass-produced and successfully integrated into the supply chains of leading companies in traditional security and consumer electronics [2] - Wanliyang has successfully trial-produced its first two-speed automatic transmission for new energy vehicles, the 2EDA45, which addresses the challenges of range and load for commercial electric vehicles [2] - The first integrated circuit incubator in Hubei has been unveiled, providing comprehensive technical services to innovation teams in the integrated circuit field, significantly shortening the time from R&D to mass production [2] Group 2 - SK Hynix has launched a trial production line for 1b DRAM at its M15X factory in Cheongju, aiming to meet the growing demand for HBM, with an initial target of producing 10,000 wafers per month [2]

Group 1: Report General Information - The report is about a research meeting on Wanliyang, a company in the automotive parts industry, held on September 23, 2025 [1][2][16] Group 2: Participating Institutions - Participating institutions include Hangzhou Kuanhe Private Fund, Zhejiang Yingrui Investment, Zhejiang Naxuan Private Fund, CITIC Securities Zhejiang, and Zhongcai Investment [2][17] Group 3: Company Business Overview - The company's business includes automotive parts and new energy storage. The automotive parts business covers R&D, production, and sales of automotive transmission and drive systems for passenger, commercial, and new - energy vehicles, non - highway transmission/drive systems, and parts export. The new energy storage business involves power generation - side, grid - side, and user - side energy storage stations and power trading [21][22][23] Group 4: Business Development in Different Segments Automotive Parts Business - **Passenger Vehicle Transmission Business**: The company is expanding the international market for CVT and MT transmissions and increasing the sales of EV reducers [23] - **Commercial Vehicle Transmission Business**: In 2025, the light - truck manual transmission market demand is strong. The company is also developing light - and - micro - truck electrification products. The heavy - truck transmission business has significant market promotion results and increasing production and sales [23][24] - **Non - Highway Transmission/Drive System Business**: The company is focusing on products like construction machinery electric drive systems, large - horsepower tractor CVTs, and medium - and - large - horsepower tractor power - shift systems, with products gradually being mass - produced [24] New Energy Storage Business - The energy storage stations in Zhaoqing, Guangdong, and Yiwu, Zhejiang, are in operation. Some under - construction stations in Foshan, Guangdong, and Yiwu, Zhejiang, are expected to be connected to the grid in the second half of 2025. The company is also actively planning multiple grid - side energy storage projects in other regions [24][25] Robot Parts Business - The company established Zhejiang Wanliyang Robot Technology Co., Ltd. It has completed the product platform planning, is developing products for customers, and is building testing, inspection, and manufacturing capabilities [25]

Group 1 - The company Zhejiang Wanliyang Co., Ltd. hosted a research meeting with five institutions, including Hangzhou Kuanhe Private Equity Fund and CITIC Securities Zhejiang Branch, on September 23 [1] - The company's business encompasses two main sectors: automotive components and new energy storage [2] - The automotive components segment focuses on the research, production, and sales of transmission and drive system products, covering passenger vehicles, commercial vehicles, and new energy vehicles [2] Group 2 - The demand for manual transmission in light trucks is expected to grow significantly by 2025, with a substantial year-on-year increase in sales [2] - The company is actively developing electric products for light and medium trucks, with related products already in mass production [2] - The heavy truck transmission business is seeing significant market promotion for MT, AMT, hybrid, and pure electric drive systems, with production and sales expected to continue rising as mainstream customer models enter mass production [2] Group 3 - The company is advancing the development of electric drive systems for construction machinery and CVT for high-power tractors, with related products gradually entering mass production [2] - Wanliyang Energy has operational independent energy storage stations in Zhaoqing, Guangdong, and Yiwu, Zhejiang, with installed capacities of 100MW/200MWh and 100MW/200MWh respectively, showing good profitability [2] - The company is actively laying out multiple independent energy storage station projects in regions such as Zhejiang, Guangdong, Jiangsu, and Guangxi [2] Group 4 - The company has established Zhejiang Wanliyang Robot Technology Co., Ltd. to focus on the research and industrialization of precision transmission products for robot joints [2] - Initial product platform planning has been completed, laying a foundation for future development [2]

Group 1: Business Overview - The company operates in two main sectors: automotive components and new energy storage [2] - Automotive components include the development, production, and sales of transmission and drive system products for passenger vehicles, commercial vehicles, and new energy vehicles [2] - The company is also focusing on non-road transmission/drive system products, including electric drive systems for construction machinery and high-power tractors [2] Group 2: Passenger Vehicle Transmission Business - The company is expanding its CVT automatic and MT manual transmission products to international markets, aiming to increase direct export sales [3] - There is a strong growth in the sales of pure electric vehicle (EV) reducers and related products [3] Group 3: Commercial Vehicle Transmission Business - The light truck manual transmission market is experiencing significant demand, with substantial year-on-year sales growth [4] - The company is developing electric products for light and medium trucks, including P2 and PS hybrid systems, which are now in mass production [4] - Heavy truck transmission products, including MT, AMT, and hybrid systems, are gaining market recognition and are expected to see continued sales growth [4] Group 4: Non-Road Transmission/Drive Systems - The company is focusing on electric drive systems for construction machinery and high-power tractors, with new product development and customer acquisition progressing simultaneously [5] Group 5: New Energy Storage Business - The company has operational independent energy storage stations in Zhaoqing and Yiwu, with installed capacities of 100MW/200MWh and 100MW/200MWh respectively, achieving good results [6] - Ongoing projects include the "Wanyiyang Gaoming Independent Energy Storage Station" in Foshan with a capacity of 200MW/400MWh and the second phase of the Yiwu station with a capacity of 50MW/100MWh, expected to be operational in the second half of 2025 [6] - The company is actively planning multiple energy storage projects in various regions, including Guangdong, Jiangsu, and Guangxi [6] Group 6: Robotics Components Business - The company has established Zhejiang Wanyiyang Robotics Technology Co., Ltd. to focus on the R&D and industrialization of precision transmission products for robots [7] - Initial product platform planning has been completed, including harmonic reducers, planetary reducers, and brushless motors [7] - The company is currently developing 10 products for two clients and is actively seeking new customers and projects [8]

Core Viewpoint - Wanliyang has successfully completed the trial production of its first new energy two-speed automatic transmission, 2EDA45, which addresses the challenges of range and heavy load for new energy commercial vehicles [1] Group 1 - The new transmission technology promotes the transition of electric drive technology from simple direct drive to efficient and refined transmission [1]

Group 1 - The company Zhejiang Wanliyang Co., Ltd. approved a proposal to provide guarantees for its subsidiaries at the 2024 annual shareholders' meeting, with a total guarantee amount not exceeding RMB 3.8 billion [2] - The company signed a maximum guarantee contract with China Bank Jinhua Branch on September 18, 2025, providing a joint liability guarantee for its wholly-owned subsidiary Zhejiang Wanliyang Precision Manufacturing Co., Ltd. for a maximum principal amount of RMB 10 million, effective until September 18, 2026 [3][6] - As of the announcement date, the company's total external guarantees, excluding this new guarantee, amounted to RMB 2.185 billion, accounting for 38.07% of the company's audited net assets as of the end of 2024 [8] Group 2 - Zhejiang Wanliyang Precision Manufacturing Co., Ltd. was established on May 14, 2020, with a registered capital of RMB 20 million, focusing on manufacturing gears and automotive components [4][5] - The guarantee covers the principal and interest of the main debt, including penalties and costs related to debt recovery, with a guarantee period of three years from the debt performance deadline [7]

Group 1 - The company Wanliyang announced on the evening of September 19 that there are no overdue external guarantees [2] - There are no amounts related to guarantees involved in litigation [2] - The company has not incurred any losses due to being judged against in guarantee-related lawsuits [2]