威力传动公告，2025年上半年营业收入3.5亿元，同比增长113.17%。归属于上市公司股东的净亏损 4350.9万元，上年同期净利润1784.91万元。公司计划不派发现金红利，不送红股，不以公积金转增股 本。 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Item%201%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides an important notice regarding report accuracy, outlines the report's structure, lists reference documents, and defines key terms for clarity [Important Notice](index=2&type=section&id=Important%20Notice) The company's board and senior management guarantee the accuracy and completeness of the semi-annual report, with financial report declarations from key personnel and a plan for no dividend distribution - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content and assume legal responsibility[3](index=3&type=chunk) - Company head Li Xiang, chief accountant Li Na, and head of accounting department Kou Dongju declare the financial report's truthfulness, accuracy, and completeness[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) The report's table of contents clearly lists eight main chapters, providing a comprehensive index to company information, financial indicators, and management analysis - The report comprises eight main chapters, covering company profile, financial indicators, management discussion and analysis, corporate governance, significant matters, share changes and shareholder information, bond-related information, and financial reports[7](index=7&type=chunk) [Reference Documents](index=4&type=section&id=Reference%20Documents) Reference documents include signed financial statements, original disclosed company files, and the semi-annual report, all stored in the company's archives - Reference documents include signed and sealed financial statements, original drafts of publicly disclosed documents, and the original semi-annual report signed and sealed by the legal representative[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) - All reference documents are kept in the company's archives[13](index=13&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including company names, reporting periods, units, and abbreviations for laws and industry bodies, ensuring accurate understanding - The report defines key terms such as company, affiliated companies, reporting period, currency units, and power units[14](index=14&type=chunk) - It also includes abbreviations for laws and regulations like the Company Law, Securities Law, and Articles of Association, as well as industry organizations such as GWEC and BNEF[14](index=14&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Item%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, key financial performance metrics, and details on non-recurring gains and losses [Company Profile](index=6&type=section&id=Company%20Profile) Yinchuan Weili Transmission Technology Co., Ltd. (stock code: 300904) is listed on the Shenzhen Stock Exchange, with no changes to its contact or registration information during the reporting period Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Weili Transmission | | Stock Code | 300904 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Yinchuan Weili Transmission Technology Co., Ltd. | | Legal Representative | Li Xiang | - The company's registered address, office address, website, and email address remained unchanged during the reporting period, with specific details available in the 2024 annual report[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) This period, operating revenue grew by **113.17% to 349.53 million yuan**, but net profit attributable to shareholders decreased by **343.76% to -43.51 million yuan**, influenced by non-recurring losses and increased operating cash outflows Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period (yuan) | Prior Year (yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 349,525,116.16 | 163,966,382.24 | 113.17% | | Net Profit Attributable to Listed Company Shareholders | -43,508,979.75 | 17,849,134.50 | -343.76% | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | -54,802,245.73 | -30,141,955.04 | -81.81% | | Net Cash Flow from Operating Activities | -52,409,893.16 | 80,186,976.03 | -165.36% | | Basic Earnings Per Share (yuan/share) | -0.61 | 0.25 | -344.00% | | Diluted Earnings Per Share (yuan/share) | -0.61 | 0.25 | -344.00% | | Weighted Average Return on Net Assets | -6.06% | 2.14% | Decreased by 8.20 percentage points | Key Accounting Data and Financial Indicators (Current Period End vs. Prior Year End) | Indicator | Current Period End (yuan) | Prior Year End (yuan) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 2,897,140,115.41 | 2,106,926,524.09 | 37.51% | | Net Assets Attributable to Listed Company Shareholders | 668,111,403.29 | 753,066,345.84 | -11.28% | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reported no differences in net profit or net assets between financial reports prepared under international or overseas accounting standards and Chinese accounting standards during the period - The company reported no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[22](index=22&type=chunk) - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[23](index=23&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Total non-recurring gains and losses for the period amounted to **11.29 million yuan**, primarily from government subsidies and fair value changes, with entrusted investment losses being negative Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 1,503.44 | | Government grants recognized in current profit or loss | 14,678,822.85 | | Gains or losses from changes in fair value and disposal of financial assets and liabilities | 459,338.77 | | Gains or losses from entrusted investments or asset management | -3,815,509.42 | | Other non-operating income and expenses apart from the above | -30,889.66 | | Total | 11,293,265.98 | [Management Discussion and Analysis](index=9&type=section&id=Item%203%20Management%20Discussion%20and%20Analysis) This section analyzes the company's primary business, core competencies, financial performance, asset and liability status, investment activities, and risk management strategies [Company's Main Business Activities During the Reporting Period](index=9&type=section&id=Company%27s%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company's main business is the R&D, production, and sales of wind power gearboxes, maintaining a leading market position through direct sales and strategic initiatives to drive revenue growth - The company's main business is the R&D, production, and sales of wind power gearboxes, committed to providing precision transmission solutions for the new energy industry and holding a leading position in the domestic market[28](index=28&type=chunk) - The Global Wind Energy Council (GWEC) projects global new wind power installations of **981 GW** from 2025-2030, averaging **164 GW annually**, directly driving demand for wind power gearboxes[30](index=30&type=chunk) - The company adopts a direct sales model, securing orders through bidding or business negotiations, with major clients including Goldwind Technology and Siemens Gamesa, among other renowned domestic and international wind power enterprises[31](index=31&type=chunk) - The company achieved steady revenue growth by implementing six major initiatives: lean operations, global expansion, efficient supply chain, intelligent digitalization, integrated collaboration, and safety foundation, encompassing cost revolution, global layout, supply chain strengthening, informatization deepening, synergistic integration, and safety reinforcement[35](index=35&type=chunk)[36](index=36&type=chunk) [Core Competitiveness Analysis](index=10&type=section&id=Core%20Competitiveness%20Analysis) With over two decades in precision transmission, the company boasts five core competencies: R&D, manufacturing quality, smart production, strong client relationships, and cost control, enhancing its market position - As a national high-tech enterprise, the company holds **204 valid patents** (**31 invention patents**) and continuously invests in R&D for wind power gearbox structural design, transmission efficiency, and fatigue life[39](index=39&type=chunk) - The company has established a sound quality control system, ensuring products have a design life of **twenty years** and a **five-year warranty**, supported by five-axis CNC machining centers and independently developed test benches[41](index=41&type=chunk)[42](index=42&type=chunk)[44](index=44&type=chunk) - The company achieves intelligent management through information systems like PLM, ERP, MES, and DNC, shortening product delivery cycles and enhancing asset operational efficiency[45](index=45&type=chunk) - The company has established long-term partnerships with renowned domestic and international wind turbine manufacturers such as Goldwind Technology and Siemens Gamesa, and has global service networks in Germany, India, and Japan[46](index=46&type=chunk) - The company effectively reduced overall production costs by optimizing product structural design (with a torque density of **300 Nm/Kg**) and manufacturing processes[47](index=47&type=chunk) [Main Business Analysis](index=12&type=section&id=Main%20Business%20Analysis) Operating revenue increased by **113.17%** due to higher sales, but net profit attributable to shareholders significantly decreased by **343.76%** due to increased operating expenses, R&D investment, and cash outflows, with wind power gearboxes accounting for over **98%** of revenue at an **11.27%** gross margin Key Financial Data Year-on-Year Changes | Indicator | Current Period (yuan) | Prior Year (yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 349,525,116.16 | 163,966,382.24 | 113.17% | Sales volume increased, leading to higher operating revenue | | Operating Cost | 309,286,952.82 | 139,629,446.50 | 121.51% | Same as "Operating Revenue" | | Selling Expenses | 9,169,088.91 | 5,081,921.37 | 80.43% | Increased personnel for accelerator business, higher salaries, social security, housing provident funds, and travel expenses for sales staff, and increased expenses accrued due to equity incentives | | Administrative Expenses | 35,975,486.24 | 24,597,025.96 | 46.26% | Increased management personnel for accelerator business, higher salaries, social security, housing provident funds for management staff, and increased expenses accrued due to equity incentives | | Financial Expenses | 9,025,899.65 | 3,870,672.33 | 133.19% | Increased bank loans, leading to higher interest expenses | | R&D Investment | 32,775,522.10 | 23,639,648.49 | 38.65% | Increased R&D personnel for accelerator business | | Net Cash Flow from Operating Activities | -52,409,893.16 | 80,186,976.03 | -165.36% | Increased payments to suppliers for materials | | Net Cash Flow from Investing Activities | -390,542,861.55 | -243,758,324.59 | -60.22% | Increased payments for accelerator smart factory project | | Net Cash Flow from Financing Activities | 445,682,228.22 | -5,276,193.52 | 8,547.04% | Increased loans for accelerator smart factory project | | Net Increase in Cash and Cash Equivalents | 3,493,040.38 | -168,860,969.63 | 102.07% | Increased loans for accelerator smart factory project | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wind Power Gearbox | 343,339,374.09 | 304,642,653.23 | 11.27% | 112.96% | 122.22% | -3.70% | | Other | 6,185,742.07 | 4,644,299.59 | 24.92% | 125.39% | 82.79% | 17.50% | [Non-Core Business Analysis](index=14&type=section&id=Non-Core%20Business%20Analysis) Non-core business activities negatively impacted total profit this period, primarily due to investment losses from wealth management products and asset impairments, with government subsidies being a non-sustainable source of other income Non-Core Business Analysis | Item | Amount (yuan) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | -6,011,948.22 | 13.25% | Primarily losses from disposal of wealth management products | No | | Gains or losses from changes in fair value | 459,338.77 | -1.01% | Fair value changes of wealth management products held by the company | No | | Asset Impairment | -5,505,082.71 | 12.13% | Primarily provisions for bad debts and inventory depreciation | Yes | | Non-Operating Income | 111,790.49 | -0.25% | Primarily deductions from suppliers | No | | Non-Operating Expenses | 142,680.15 | -0.31% | Primarily charitable donations | No | | Other Income | 14,483,128.22 | -31.47% | Primarily government grants related to income | No | [Analysis of Assets and Liabilities](index=14&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) Total assets increased by **37.51%** at the end of the period, driven by significant growth in construction in progress and inventory, while total liabilities also rose substantially due to increased short-term and long-term borrowings for project investments Significant Changes in Asset Composition | Item | Amount at Current Period End (yuan) | Proportion of Total Assets | Amount at Prior Year End (yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Inventory | 383,992,428.11 | 13.25% | 189,318,167.07 | 8.99% | 4.26% | | Construction in Progress | 1,125,078,013.91 | 38.83% | 678,008,695.07 | 32.18% | 6.65% | | Short-Term Borrowings | 348,832,778.65 | 12.04% | 169,347,037.21 | 8.04% | 4.00% | | Long-Term Borrowings | 1,049,879,411.48 | 36.24% | 665,220,954.31 | 31.57% | 4.67% | Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (yuan) | Fair Value Change P&L for Current Period (yuan) | Amount Sold in Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 45,075,918.18 | 459,338.77 | 24,179,107.50 | 21,356,149.45 | | Notes Receivable Financing | 28,966,610.27 | | | 6,721,245.33 | | Total | 74,042,528.45 | 459,338.77 | 24,179,107.50 | 28,077,394.78 | Asset Rights Restricted as of the End of the Reporting Period | Item | Book Balance (yuan) | Book Value (yuan) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 41,277,495.97 | 41,277,495.97 | Guarantee, Pledge | Margin | | Notes Receivable | 51,853,676.04 | 51,853,676.04 | Not Derecognized | Not derecognized notes receivable | | Fixed Assets | 311,348,248.86 | 281,762,625.68 | Mortgage | Mortgage Guarantee | | Intangible Assets | 113,216,136.00 | 107,566,486.83 | Mortgage | Mortgage Guarantee | | Construction in Progress | 465,114,063.76 | 465,114,063.76 | Mortgage | Mortgage Guarantee | | Total | 983,850,843.27 | 948,563,514.79 | | | [Investment Analysis](index=15&type=section&id=Investment%20Analysis) The company's investment increased by **91.51%** this period, primarily for the **1.10 billion yuan** wind power gearbox smart factory project, which is **67.60%** complete, with no significant equity investments, fundraising, wealth management, derivatives, or entrusted loans Investment Amount During the Reporting Period | Indicator | Investment Amount in Current Period (yuan) | Investment Amount in Prior Year (yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount | 484,078,023.44 | 252,768,060.76 | 91.51% | Significant Ongoing Non-Equity Investments | Project Name | Investment Method | Investment Industry | Amount Invested in Current Period (yuan) | Cumulative Actual Investment Amount as of Period End (yuan) | Project Progress | | :--- | :--- | :--- | :--- | :--- | :--- | | Wind Power Accelerator Smart Factory (Phase I) | Self-built | Equipment Manufacturing | 452,262,138.56 | 1,103,121,228.63 | 67.60% | - The company had no use of raised funds, derivative investments, or entrusted loans during the reporting period[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk) [Major Asset and Equity Sales](index=17&type=section&id=Major%20Asset%20and%20Equity%20Sales) The company did not engage in any major asset or equity sales during the reporting period - The company did not sell any major assets during the reporting period[73](index=73&type=chunk) - The company did not sell any major equity during the reporting period[74](index=74&type=chunk) [Analysis of Major Holding and Participating Companies](index=18&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's subsidiaries primarily engage in manufacturing, sales, R&D, and maintenance of transmission machinery and components, with Yinchuan Weima Motor Co., Ltd. reporting negative operating and net profits, while others were profitable Major Subsidiary Information | Company Name | Company Type | Main Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yinchuan Weima Motor Co., Ltd. | Subsidiary | Procurement, processing, manufacturing, sales, R&D, maintenance, and testing services for transmission machinery and equipment and their components, control systems, and electromechanical equipment and their components | 38,300,000.00 | 78,956,241.20 | 41,594,361.71 | 33,081,442.98 | -1,403,810.53 | -1,199,293.77 | | Shanghai Weizhi New Energy Co., Ltd. | Subsidiary | Power generation business, power transmission business, etc. | 20,000,000.00 | 37,924,555.43 | 5,947,700.32 | 1,529,961.58 | 420,367.47 | 420,367.47 | | Jixi Weirun Transmission Co., Ltd. | Subsidiary | Procurement, processing, manufacturing, sales, and maintenance of transmission machinery and equipment and their components, control systems, and electromechanical equipment and their components | 1,000,000.00 | 1,286,081.07 | 844,201.54 | 0.00 | 904,865.05 | 803,462.25 | | Lingwu Weichi Transmission Co., Ltd. | Subsidiary | Procurement, processing, manufacturing, sales, and maintenance of transmission machinery and equipment and their components, control systems, and electromechanical equipment and their components | 1,000,000.00 | 1,064,304.97 | 1,053,048.65 | 166,945.32 | 240,331.88 | 216,984.40 | [Company Risks and Countermeasures](index=19&type=section&id=Company%20Risks%20and%20Countermeasures) The company faces six major risks, including intensified market competition, customer concentration, technological upgrades, management challenges from scaling, declining gross margins, and performance volatility, addressed by strategies such as technological differentiation, diversified client acquisition, increased R&D, optimized management, strict cost control, and focusing on accelerator business as a core growth driver - The company faces six major risks: intensified market competition, customer concentration, technological upgrades and iterations, management challenges due to expanding operations, declining gross margins, and performance volatility[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk)[83](index=83&type=chunk) - To address market competition, the company will strengthen technological and product differentiation, deepen customer loyalty and market expansion, and optimize cost control capabilities[84](index=84&type=chunk) - To mitigate customer concentration risk, the company will actively develop a diversified customer base, deepen strategic cooperation with existing clients, and establish a dynamic customer management mechanism[85](index=85&type=chunk) - To counter performance volatility, the company will focus on the R&D, production, and sales of accelerator products as its core performance growth engine, while controlling expenses, optimizing cost structure, and continuously developing new products and technologies[90](index=90&type=chunk) [Registration Form for Research, Communication, and Interview Activities During the Reporting Period](index=22&type=section&id=Registration%20Form%20for%20Research%2C%20Communication%2C%20and%20Interview%20Activities%20During%20the%20Reporting%20Period) During the reporting period, the company hosted **13 investor relations activities**, including online meetings, calls, and site visits, engaging institutional investors and online participants, with discussion details available on Juchao Information Network - The company hosted a total of **13 investor relations activities** during the reporting period, including online meetings, telephone communications, and on-site investigations[92](index=92&type=chunk) - Attendees included institutional investors such as BlackRock Fund, Huaxin Securities, CITIC Securities, Excelsior Capital, Noah Fund, Guosheng Securities, Great Wall Securities, Guotai Haitong, Orient Hong Asset Management, Guohai Securities, Penghua Fund, Harmony Health Insurance Asset Management, Huabao Fund, Yuanxin Yongfeng Fund, Harvest Fund, Taikang Insurance, Eastmoney, Huaxi Securities, CICC, Wangzheng Asset, China Post Life, Pacific Asset Management, Qianhai Life, China Life Pension, Rongtong Fund, Guotai Fund, China Life AMP, Shenwan Hongyuan, Yong'an Guofu, Tianfeng Securities, Boshi Fund, Shanghai Hundun, Guotai Junan Asset Management, Pleiad Investment Advisors Limited, Taikang Asset Management, Guangdong Zhengyuan, Xun Yuan Asset Management, China Merchants Fund, SAIC Capital, Jinyuan Shunan, Beijing Jiayi, Shanghai Bank Fund, Taixin Fund, Jinxin Fund, BOC International, Suzhou Bank Asset Management, Asia-Pacific Property & Casualty Insurance, Micang Asset Management, Willing Capital Management Limited, Huatai Securities, Dongwu Fund, Qianhai Huashan, Orient Securities, Pacific Asset Management, Yinhua Fund, Shanghai Qiandian, and online investors[92](index=92&type=chunk) - The main topics discussed and materials provided are available on Juchao Information Network[92](index=92&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=23&type=section&id=Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has established a market value management system but has not disclosed a valuation enhancement plan - The company has established a market value management system[93](index=93&type=chunk) - The company has not disclosed a valuation enhancement plan[93](index=93&type=chunk) [Implementation of the 'Quality and Return Dual Enhancement' Action Plan](index=23&type=section&id=Implementation%20of%20the%20%E2%80%9CQuality%20and%20Return%20Dual%20Enhancement%E2%80%9D%20Action%20Plan) The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan - The company has not disclosed an announcement regarding the 'Quality and Return Dual Enhancement' action plan[93](index=93&type=chunk) [Corporate Governance, Environment, and Society](index=24&type=section&id=Item%204%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details changes in governance personnel, profit distribution plans, equity incentive implementation, environmental disclosures, and the company's social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=24&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, Supervisor Board Chairman Chen Yongning and Supervisors Qian Kuan and Wu Jing resigned due to job reassignments Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Chen Yongning | Chairman of the Supervisory Board | Resignation | May 19, 2025 | Job Reassignment | | Qian Kuan | Supervisor | Resignation | May 19, 2025 | Job Reassignment | | Wu Jing | Supervisor | Resignation | May 19, 2025 | Job Reassignment | [Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period](index=24&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20the%20Current%20Reporting%20Period) The company plans no interim cash dividends, bonus shares, or conversion of capital reserves into share capital - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[96](index=96&type=chunk) [Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=24&type=section&id=Implementation%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company canceled **158,638** unvested restricted shares from its second-class equity incentive plan, and the 2024 employee stock ownership plan covers **86** employees, holding **0.46%** of the total share capital - The company canceled a total of **158,638** granted but unvested second-class restricted shares, involving both departed incentive recipients and the first vesting period shares for other recipients[97](index=97&type=chunk) 2024 Employee Stock Ownership Plan Details | Scope of Employees | Number of Employees | Total Shares Held (shares) | Proportion of Total Listed Company Share Capital | Funding Sources for the Plan | | :--- | :--- | :--- | :--- | :--- | | Personnel with labor or employment contracts with the company or its subsidiaries | 86 | 335,366 | 0.46% | Employees' legal remuneration, self-raised funds, and other methods permitted by laws and administrative regulations | Shareholding of Directors, Supervisors, and Senior Management in the Employee Stock Ownership Plan During the Reporting Period | Name | Position | Shares Held at Period End (shares) | Proportion of Total Listed Company Share Capital | | :--- | :--- | :--- | :--- | | Chang Xiaowei | Director, President | 14,300 | 0.02% | | Chen Yongning | Chairman of the Supervisory Board, Employee Director | 18,450 | 0.03% | | Li Na | Chief Financial Officer | 14,600 | 0.02% | | Zhou Jianlin | Vice President, Board Secretary | 3,000 | 0.00% | | Qian Kuan | Supervisor | 4,000 | 0.01% | [Environmental Information Disclosure](index=25&type=section&id=Environmental%20Information%20Disclosure) The company and its main subsidiary, Yinchuan Weili Transmission Technology Co., Ltd., are listed as legally required environmental information disclosure enterprises and publicly disclose relevant data on the Ningxia platform - The company and its main subsidiary, Yinchuan Weili Transmission Technology Co., Ltd., are included in the list of enterprises legally required to disclose environmental information[98](index=98&type=chunk) - The company publicly discloses relevant environmental information on the Enterprise Environmental Information Legal Disclosure System (Ningxia) platform[98](index=98&type=chunk) [Social Responsibility](index=25&type=section&id=Social%20Responsibility) During the reporting period, the company actively fulfilled its social responsibilities, including governance, protecting stakeholder rights, ensuring employee welfare, and engaging in public and social welfare activities, aiming for harmonious corporate and societal development - The company strictly adheres to laws and regulations, continuously improves its corporate governance structure, and establishes a sound internal control system[99](index=99&type=chunk) - The company protects investor rights through standardized information disclosure, increased shareholder participation, improved internal control systems, and various communication channels[100](index=100&type=chunk) - The company safeguards the legitimate rights and interests of customers and suppliers by optimizing supplier management systems, establishing long-term partnerships, and actively participating in customer new product development[101](index=101&type=chunk) - The company adheres to a 'people-oriented' approach, focusing on employee health and safety, valuing talent development, offering diverse cultural activities, and prioritizing safe production[102](index=102&type=chunk) - The company actively fulfills its corporate responsibilities, operates legally, pays taxes according to law, and engages in social welfare and rural revitalization activities, such as targeted donations of **132,000 yuan** to support children in need[103](index=103&type=chunk) [Significant Matters](index=27&type=section&id=Item%205%20Significant%20Matters) This section addresses commitments, related party transactions, legal proceedings, and other significant events, confirming no major issues regarding guarantees, bankruptcy, or penalties [Fulfillment of Commitments by Related Parties](index=27&type=section&id=Fulfillment%20of%20Commitments%20by%20Related%20Parties) During the reporting period, no commitments by the actual controller, shareholders, related parties, acquirers, or the company were either fully fulfilled or overdue - The company reported no commitments by related parties that were either fulfilled or overdue at the end of the reporting period[106](index=106&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties](index=27&type=section&id=Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties) During the reporting period, there was no non-operating fund occupation by controlling shareholders or other related parties - The company reported no non-operating fund occupation by controlling shareholders or other related parties during the reporting period[107](index=107&type=chunk) [Irregular External Guarantees](index=27&type=section&id=Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company reported no irregular external guarantees during the reporting period[108](index=108&type=chunk) [Appointment and Dismissal of Accounting Firms](index=27&type=section&id=Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was unaudited - The company's semi-annual report was unaudited[109](index=109&type=chunk) [Bankruptcy and Reorganization Matters](index=27&type=section&id=Bankruptcy%20and%20Reorganization%20Matters) The company had no bankruptcy or reorganization matters during the reporting period - The company had no bankruptcy or reorganization matters during the reporting period[110](index=110&type=chunk) [Litigation Matters](index=27&type=section&id=Litigation%20Matters) The company had no major litigation or arbitration matters this period, with other ongoing lawsuits totaling **2.77 million yuan** in dispute, currently in first instance and not significantly impacting operations - The company had no major litigation or arbitration matters during the current reporting period[111](index=111&type=chunk) Other Litigation Matters | Basic Information on Litigation (Arbitration) | Amount Involved (ten thousand yuan) | Whether a Provision is Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | Summary of litigation or arbitration cases not meeting major disclosure standards during the reporting period | 277.28 | No | In first instance | No significant impact on company operations | [Penalties and Rectification](index=28&type=section&id=Penalties%20and%20Rectification) The company had no penalties or rectification situations during the reporting period - The company reported no penalties or rectification situations during the reporting period[113](index=113&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=28&type=section&id=Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled court judgments or significant overdue debts - During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled effective court judgments or significant overdue debts[114](index=114&type=chunk) [Significant Related Party Transactions](index=28&type=section&id=Significant%20Related%20Party%20Transactions) The company reported no related party transactions during the period, including those related to daily operations, asset/equity acquisitions or sales, joint external investments, related party debts, or dealings with affiliated financial companies - The company reported no related party transactions related to daily operations during the reporting period[115](index=115&type=chunk) - The company reported no related party transactions involving asset or equity acquisitions or sales during the reporting period[116](index=116&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[118](index=118&type=chunk) - There were no deposits, loans, credit lines, or other financial transactions between the company and affiliated financial companies, or between the company's controlled financial companies and related parties[119](index=119&type=chunk)[121](index=121&type=chunk) [Significant Contracts and Their Performance](index=29&type=section&id=Significant%20Contracts%20and%20Their%20Performance) The company had no trusteeship, contracting, or leasing matters, nor any significant guarantees or other major contracts during the reporting period - The company reported no trusteeship situations during the reporting period[123](index=123&type=chunk) - The company reported no significant guarantee situations during the reporting period[126](index=126&type=chunk) - The company reported no other significant contracts during the reporting period[127](index=127&type=chunk) [Explanation of Other Significant Matters](index=29&type=section&id=Explanation%20of%20Other%20Significant%20Matters) The company had no other significant matters requiring explanation during the reporting period - The company reported no other significant matters requiring explanation during the reporting period[128](index=128&type=chunk) [Significant Matters of Company Subsidiaries](index=29&type=section&id=Significant%20Matters%20of%20Company%20Subsidiaries) The company's subsidiaries had no significant matters during the reporting period - The company's subsidiaries reported no significant matters during the reporting period[129](index=129&type=chunk) [Share Changes and Shareholder Information](index=30&type=section&id=Item%206%20Share%20Changes%20and%20Shareholder%20Information) This section details share capital stability, share repurchase activities, shareholder structure, and confirms no changes in director/supervisor/senior management holdings or controlling shareholder/actual controller [Share Change Information](index=30&type=section&id=Share%20Change%20Information) The company's total share capital remained unchanged at **72,383,232 shares**, with **876,500 shares** repurchased by June 30, 2025, representing **1.2109%** of total share capital for a total of **44.21 million yuan** Share Change Information | Share Class | Quantity Before Change (shares) | Proportion Before Change | Change in Current Period (+, -) | Quantity After Change (shares) | Proportion After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 50,400,000 | 69.63% | 0 | 50,400,000 | 69.63% | | II. Unrestricted Shares | 21,983,232 | 30.37% | 0 | 21,983,232 | 30.37% | | III. Total Shares | 72,383,232 | 100.00% | 0 | 72,383,232 | 100.00% | - On March 14, 2025, the company approved a share repurchase plan, intending to repurchase shares worth no less than **60 million yuan** and no more than **90 million yuan** at a price not exceeding **70.00 yuan/share**, for equity incentives or employee stock ownership plans[132](index=132&type=chunk) - As of June 30, 2025, the company had cumulatively repurchased **876,500 shares**, accounting for **1.2109%** of the total share capital, with a total transaction amount of **44.21 million yuan**[133](index=133&type=chunk) [Securities Issuance and Listing](index=31&type=section&id=Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[134](index=134&type=chunk) [Number of Shareholders and Shareholding Information](index=31&type=section&id=Number%20of%20Shareholders%20and%20Shareholding%20Information) At the end of the reporting period, there were **8,066** common shareholders, with the top two shareholders, Li Abo and Li Xiang, collectively holding **69.63%** as controlling shareholders and actual controllers, and the company's repurchase account holding **1,041,134 shares**, or **1.44%** of total share capital - At the end of the reporting period, the total number of common shareholders was **8,066**[135](index=135&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Shares Held at Period End (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Li Abo | Domestic Natural Person | 48.74% | 35,280,000 | 35,280,000 | 0 | | Li Xiang | Domestic Natural Person | 20.89% | 15,120,000 | 15,120,000 | 0 | | SDIC Chuanghe (Hangzhou) Venture Capital Management Co., Ltd. - Suzhou Hechuang Tongyun China-Israel Venture Capital Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 2.51% | 1,814,188 | 0 | 1,814,188 | | Industrial and Commercial Bank of China Co., Ltd. - Noah Pioneer Mixed Securities Investment Fund | Other | 1.03% | 746,221 | 0 | 746,221 | - The company's controlling shareholder is Mr. Li Abo, and the actual controllers are Mr. Li Abo and Mr. Li Xiang, who are father and son[136](index=136&type=chunk) - As of the end of the reporting period, the company's dedicated share repurchase account held **1,041,134 shares**, accounting for **1.44%** of the company's total share capital[136](index=136&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=33&type=section&id=Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, with details available in the 2024 annual report - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, with specific details available in the 2024 annual report[138](index=138&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=33&type=section&id=Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) Neither the company's controlling shareholder nor its actual controller changed during the reporting period - The company's controlling shareholder did not change during the reporting period[139](index=139&type=chunk) - The company's actual controller did not change during the reporting period[139](index=139&type=chunk) [Preferred Share Information](index=33&type=section&id=Preferred%20Share%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[140](index=140&type=chunk) [Bond-Related Information](index=34&type=section&id=Item%207%20Bond-Related%20Information) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[143](index=143&type=chunk) [Financial Report](index=35&type=section&id=Item%208%20Financial%20Report) This section presents the unaudited financial statements, including balance sheets, income statements, and cash flow statements, along with detailed notes on accounting policies, taxes, and financial instrument risks [Audit Report](index=35&type=section&id=Audit%20Report) The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[145](index=145&type=chunk) [Financial Statements](index=35&type=section&id=Financial%20Statements) This section presents the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity, detailing financial position, operating results, and cash flows - This section includes the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in equity, and parent company statement of changes in equity[146](index=146&type=chunk)[150](index=150&type=chunk)[152](index=152&type=chunk)[156](index=156&type=chunk)[158](index=158&type=chunk)[160](index=160&type=chunk)[161](index=161&type=chunk)[168](index=168&type=chunk) [Company Basic Information](index=48&type=section&id=Company%20Basic%20Information) Yinchuan Weili Transmission Technology Co., Ltd., established on October 29, 2003, with a registered capital of **72,383,232.00 yuan**, listed on the Shenzhen Stock Exchange on August 9, 2023, and primarily engages in R&D, production, and sales of wind power gearboxes within the general equipment manufacturing industry - The company's predecessor, Yinchuan Weili Reducer Co., Ltd., was established on October 29, 2003[171](index=171&type=chunk) - The company's registered capital is **72,383,232.00 yuan**, with a total of **72,383,232 shares**, and its stock was listed on the Shenzhen Stock Exchange on August 9, 2023[171](index=171&type=chunk) - The company's main business is the R&D, production, and sales of wind power gearboxes, falling under the general equipment manufacturing sector within the manufacturing industry[172](index=172&type=chunk) [Basis of Financial Statement Preparation](index=48&type=section&id=Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, with no significant doubts about its ability to continue as a going concern for the next 12 months from the reporting period end - The company's financial statements are prepared on a going concern basis[173](index=173&type=chunk) - There are no matters or circumstances that raise significant doubt about the company's ability to continue as a going concern for the 12 months from the end of the reporting period[174](index=174&type=chunk) [Significant Accounting Policies and Estimates](index=48&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) The company's financial statements comply with enterprise accounting standards, accurately reflecting its financial position, and this section details specific accounting policies and estimates for financial instrument impairment, inventory, fixed assets, construction in progress, intangible assets, and revenue recognition, including materiality criteria and policy changes - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting its financial position, operating results, and cash flows[176](index=176&type=chunk) - The company has formulated specific accounting policies and estimates for transactions and matters such as financial instrument impairment, inventory, depreciation of fixed assets, construction in progress, intangible assets, and revenue recognition, based on its actual production and operational characteristics[175](index=175&type=chunk) Materiality Criteria Determination Methods | Item | Materiality Standard | | :--- | :--- | | Significant recovery or reversal of bad debt provisions for notes receivable | Single item amount exceeding **0.5%** of total assets | | Significant construction in progress projects | Total investment for a single project exceeding **0.5%** of total assets | | Significant cash flows from investing activities | Single item amount exceeding **5%** of total assets | | Significant subsidiaries | Total assets exceeding **15%** of the group's total assets | - Effective January 1, 2024, the company implemented the Ministry of Finance's 'Interpretation No. 18 of Accounting Standards for Business Enterprises' regarding quality assurance accounting treatment, retrospectively adjusting comparable period information, which impacted operating costs and selling expenses by **2.37 million yuan**[313](index=313&type=chunk) [Taxes](index=70&type=section&id=Taxes) The company's main taxes include VAT, urban maintenance and construction tax, corporate income tax, and property tax, benefiting from VAT deductions for advanced manufacturing, employment tax incentives, and a **15%** high-tech enterprise income tax rate, with some subsidiaries enjoying small-profit enterprise income tax benefits Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Calculated on sales of goods and taxable services revenue, deducting input tax | 13%, 6% | | Corporate Income Tax | Taxable Income | 15%, 20% | | Property Tax | Calculated at **1.2%** of the original value of the property after a one-time deduction of **30%**; for rental income, calculated at **12%** of rental income | 1.2%, 12% | - The company is classified as an advanced manufacturing enterprise, enjoying a **5%** additional VAT deduction policy on taxable amounts[316](index=316&type=chunk) - The company and its subsidiary, Yinchuan Weima Motor Co., Ltd., have been recognized as high-tech enterprises, enjoying a preferential corporate income tax rate of **15%**[317](index=317&type=chunk) - Some subsidiaries, as small-profit enterprises, enjoy a preferential corporate income tax policy where the portion of annual taxable income not exceeding **1 million yuan** is reduced by **25%** and taxed at a **20%** rate[319](index=319&type=chunk) [Notes to Consolidated Financial Statement Items](index=72&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details the consolidated financial statement items' ending and beginning balances and changes, including cash, financial assets, receivables, inventory, fixed assets, construction in progress, borrowings, operating revenue, and costs, with explanations for significant movements Cash and Cash Equivalents | Item | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Cash on hand | 19,424.38 | 19,634.38 | | Bank deposits | 18,027,655.32 | 30,612,976.22 | | Other cash and cash equivalents | 57,615,331.16 | 40,325,116.52 | | Total | 75,662,410.86 | 70,957,727.12 | Operating Revenue and Operating Cost | Item | Current Period Revenue (yuan) | Current Period Cost (yuan) | Prior Period Revenue (yuan) | Prior Period Cost (yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 346,729,259.56 | 307,169,302.72 | 161,954,623.99 | 138,260,850.05 | | Other Business | 2,795,856.60 | 2,117,650.10 | 2,011,758.25 | 1,368,596.45 | | Total | 349,525,116.16 | 309,286,952.82 | 163,966,382.24 | 139,629,446.50 | Construction in Progress | Item | Ending Book Balance (yuan) | Beginning Book Balance (yuan) | | :--- | :--- | :--- | | Precision Wind Power Reducer Production Project | 5,824,310.70 | 5,872,452.29 | | R&D Center Construction Project | 0.00 | 4,310,260.13 | | Wind Power Accelerator Smart Factory (Phase I) | 413,703,330.74 | 287,009,214.61 | | Equipment Under Installation | 705,550,372.47 | 380,816,768.04 | | Total | 1,125,078,013.91 | 678,008,695.07 | Short-Term Borrowing Classification | Item | Ending Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Mortgaged Borrowings | 20,018,611.11 | 20,034,971.80 | | Guaranteed Borrowings | 10,016,797.06 | 20,027,580.55 | | Credit Borrowings | 318,797,370.48 | 129,284,484.86 | | Total | 348,832,778.65 | 169,347,037.21 | [R&D Expenses](index=102&type=section&id=R%26D%20Expenses) Total R&D expenses for the period were **32.78 million yuan**, a **38.65%** year-on-year increase, primarily allocated to salaries, raw materials, processing fees, depreciation, and amortization, all recognized as expensed R&D R&D Expense Details | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Salaries and Welfare Expenses | 21,890,103.08 | 17,450,696.21 | | Raw Materials and Processing Fees | 4,679,811.78 | 1,821,415.90 | | Depreciation and Amortization | 2,123,502.75 | 1,762,416.95 | | Office and Travel Expenses | 439,193.96 | 451,323.68 | | Equity Incentives | 896,313.41 | 0.00 | | Other | 2,746,597.12 | 2,153,795.75 | | Total | 32,775,522.10 | 23,639,648.49 | | Of which: Expensed R&D | 32,775,522.10 | 23,639,648.49 | [Equity in Other Entities](index=102&type=section&id=Equity%20in%20Other%20Entities) The company holds several wholly-owned subsidiaries, including Yinchuan Weima Motor Co., Ltd. and Shanghai Weizhi New Energy Co., Ltd., primarily engaged in manufacturing and technical services Composition of the Enterprise Group | Subsidiary Name | Registered Capital (yuan) | Main Operating Location | Registered Place | Business Nature | Shareholding Proportion (Direct) | | :--- | :--- | :--- | :--- | :--- | :--- | | Yinchuan Weima Motor Co., Ltd. | 38,300,000.00 | Yinchuan, Ningxia | Yinchuan, Ningxia | Manufacturing | 100.00% | | Shanghai Weizhi New Energy Co., Ltd. | 20,000,000.00 | Minhang District, Shanghai | Minhang District, Shanghai | Technical Services | 100.00% | | Yinchuan Weili Transmission Co., Ltd. | 10,000,000.00 | Yinchuan, Ningxia | Yinchuan, Ningxia | Manufacturing | 100.00% | | Jixi Weirun Transmission Co., Ltd. | 1,000,000.00 | Jiguan District, Jixi City, Heilongjiang Province | Jiguan District, Jixi City, Heilongjiang Province | Manufacturing | 100.00% | | Lingwu Weichi Transmission Co., Ltd. | 1,000,000.00 | Lingwu City, Ningxia | Lingwu City, Ningxia | Manufacturing | 100.00% | | Liuzhou Weili Transmission Co., Ltd. | 1,000,000.00 | Liubei District, Liuzhou City | Liubei District, Liuzhou City | Manufacturing | 100.00% | [Government Grants](index=102&type=section&id=Government%20Grants) Government grants recognized as receivables at period-end were not disclosed; deferred income, primarily asset-related, totaled **29.40 million yuan**, and government grants recognized in current profit or loss amounted to **16.29 million yuan** Liability Items Involving Government Grants | Item | Beginning Balance (yuan) | Increase in Current Period (yuan) | Decrease in Current Period (yuan) | Ending Balance (yuan) | Related To | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 29,087,449.00 | 1,854,000.00 | 1,545,034.68 | 29,396,414.32 | Asset-related | Government Grants Recognized in Current Profit or Loss | Accounting Account | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Other Income | 14,366,157.53 | 56,387,566.82 | | Financial Expenses | 1,926,600.00 | 1,610,000.00 | | Total | 16,292,757.53 | 57,997,566.82 | [Risks Related to Financial Instruments](index=103&type=section&id=Risks%20Related%20to%20Financial%20Instruments) The company faces credit, liquidity, and market risks (interest rate and foreign exchange), managed through credit assessment, bank credit lines, and optimized financing structures, having transferred **250 million yuan** in financial assets this period via bill discounting, endorsement, and accounts receivable factoring - The company faces credit risk, liquidity risk, and market risk (interest rate risk and foreign exchange risk)[495](index=495&type=chunk)[496](index=496&type=chunk)[505](index=505&type=chunk)[507](index=507&type=chunk)[508](index=508&type=chunk) - The company manages credit risk by depositing bank funds with highly-rated financial institutions and continuously assessing customer credit[502](index=502&type=chunk)[503](index=503&type=chunk) - The company controls liquidity risk by comprehensively utilizing various financing methods such as bill settlement and bank loans, and by appropriately combining long-term and short-term financing to optimize its financing structure, maintaining a balance between financing continuity and flexibility[505](index=505&type=chunk) Transfer Method Classification | Transfer Method | Nature of Transferred Financial Assets | Amount of Transferred Financial Assets (yuan) | Derecognition Status | | :--- | :--- | :--- | :--- | | Bill Discounting | Notes Receivable Financing | 89,045,766.43 | Derecognized | | Bill Endorsement | Notes Receivable Financing | 38,460,194.54 | Derecognized | | Bill Endorsement | Notes Receivable | 31,045,641.91 | Not Derecognized | | Accounts Receivable Factoring | Accounts Receivable | 91,659,591.87 | Derecognized | | Total | | 250,211,194.75 | | [Fair Value Disclosure](index=106&type=section&id=Fair%20Value%20Disclosure) At period-end, assets measured at fair value, primarily trading financial assets (trust wealth management products) and notes receivable financing, totaled **28.08 million yuan**, all measured using Level 3 fair value, with minimal differences between book and fair values for financial assets and liabilities not measured at fair value Fair Value of Assets and Liabilities Measured at Fair Value at Period End | Item | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | | Trading Financial Assets | 21,356,149.45 | 21,356,149.45 | | Trust Wealth Management Products | 21,356,149.45 | 21,356,149.45 | | Notes Receivable Financing | 6,721,245.33 | 6,721,245.33 | | Total Liabilities Measured at Fair Value on a Recurring Basis | 28,077,394.78 | 28,077,394.78 | - The company's Level 3 fair value measured trading financial assets consist of bank wealth management products and trusts, with fair value determined by estimating future cash flows using expected rates of return and discounting them[518](index=518&type=chunk) - The book value of financial assets and liabilities not measured at fair value has a small difference from their fair value[519](index=519&type=chunk) [Related Parties and Related Party Transactions](index=107&type=section&id=Related%20Parties%20and%20Related%20Party%20Transactions) Subsidiary details are in the notes; the company received significant, unfulfilled guarantees from actual controllers Li Abo and Li Xiang, and key management personnel compensation totaled **1.80 million yuan** this period - Details of the company's subsidiaries are provided in Note VIII, IX, 1[520](index=520&type=chunk) - The company, as the guaranteed party, received multiple guarantees from Li Abo and Li Xiang, with a significant cumulative guarantee amount, all of which remain unfulfilled, and most guarantee expiration dates are September 15, 2034, or later[523](index=523&type=chunk)[524](index=524&type=chunk)[525](index=525&type=chunk)[526](index=526&type=chunk)[527](index=527&type=chunk)[528](index=528&type=chunk)[529](index=529&type=chunk) Key Management Personnel Compensation | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 1,797,401.18 | 1,455,207.01 | [Share-Based Payment](index=113&type=section&id=Share-Based%20Payment) In the current period, **18,125** unvested restricted shares granted to management, R&D, and production personnel under the company's equity incentive plan expired, with outstanding stock options having an exercise price of **20.24 yuan/share** and a remaining contractual term of **24.5 months**, and total equity-settled share-based payment expenses recognized were **2.76 million yuan** Expired Stock Options or Other Equity Instruments in Current Period | Grantee Category | Number of Expired in Current Period (shares) | Amount of Expired in Current Period (yuan) | | :--- | :--- | :--- | | Management Personnel | 9,500.00 | 192,280.00 | | R&D Personnel | 2,000.00 | 40,480.00 | | Production Personnel | 6,625.00 | 134,090.00 | Outstanding Stock Options or Other Equity Instruments at Period End | Grantee Category | Exercise Price Range (yuan/share) | Remaining Contractual Term (months) | | :--- | :--- | :--- | | Management Personnel | 20.24 | 24.5 | | Sales Personnel | 20.24 | 24.5 | | R&D Personnel | 20.24 | 24.5 | | Engineering Personnel | 20.24 | 24.5 | | Production Personnel | 20.24 | 24.5 | - The total expense recognized for equity-settled share-based payments in the current period was **2.76 million yuan**[535](index=535&type=chunk)[536](index=536&type=chunk) [Commitments and Contingencies](index=115&type=section&id=Commitments%20and%20Contingencies) As of June 30, 2025, the company had **47.48 million yuan** in outstanding unfulfilled letters of credit and significant unexpired quality guarantees for multiple clients, with no other major commitments or contingencies requiring disclosure - As of June 30, 2025, the company had issued unpaid letters of credit totaling **47.48 million yuan**[537](index=537&type=chunk) Outstanding Unexpired Quality Guarantees | Guarantee Beneficiary | Ending Balance (yuan) | Guarantee Expiration Date | | :--- | :--- | :--- | | Client One | 35,712,570.67 | September 25, 2025 to May 28, 2030 | | Client Two | 18,502,953.00 | August 25, 2025 to June 15, 2027 | | Client Three | 12,887,493.75 | January 11, 2028 to September 30, 2028 | | Client Four | 3,714,213.00 | July 10, 2025 to November 7, 2028 | | Client Five | 3,106,387.73 | October 24, 2025 to July 12, 2028 | | Client Six | 1,680,480.00 | December 31, 2025 | - The company has no significant contingent matters requiring disclosure[540](index=540&type=chunk) [Post-Balance Sheet Events](index=115&type=section&id=Post-Balance%20Sheet%20Events) The company had no significant non-adjusting events - The company had no significant non-adjusting events[541](index=541&type=chunk) [Notes to Parent Company Financial Statement Major Items](index=116&type=section&id=Notes%20to%20Parent%20Company%20Financial%20Statement%20Major%20Items) This section details the parent company's financial statement major items' ending and beginning balances and changes, including accounts receivable, other receivables, long-term equity investments, operating revenue and costs, and investment income, with explanations for significant movements Parent Company Accounts Receivable by Age | Age | Ending Book Balance (yuan) | Beginning Book Balance (yuan) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 423,234,250.79 | 325,339,123.80 | | 1 to 2 years | 58,587,477.25 | 82,482,246.66 | | 2 to 3 years | 7,515,194.30 | 8,746,197.45 | | Over 3 years | 14,496,843.16 | 12,972,321.76 | | Total | 503,833,765.50 | 429,539,889.67 | Parent Company Long-Term Equity Investments | Item | Ending Book Value (yuan) | Beginning Book Value (yuan) | | :--- | :--- | :--- | | Investments in Subsidiaries | 51,689,522.02 | 40,655,247.84 | | Total | 51,689,522.02 | 40,655,247.84 | Parent Company Operating Revenue and Operating Cost | Item | Current Period Revenue (yuan) | Current Period Cost (yuan) | Prior Period Revenue (yuan) | Prior Period Cost (yuan) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 343,892,011.25 | 312,205,180.41 | 161,221,941.38 | 138,405,047.55 | | Other Business | 2,598,508.65 | 1,997,036.37 | 980,695.49 | 920,094.48 | | Total | 346,490,519.90 | 314,202,216.78 | 162,202,636.87 | 139,325,142.03 | Parent Company Investment Income | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Investment income from disposal of trading financial assets | -3,815,509.42 | -4.80 | | Discount loss on notes receivable financing | -748,597.78 | -214,049.30 | | Investment income from disposal of financial assets measured at amortized cost | -1,447,841.02 | -496,465.99 | | Total | -6,011,948.22 | -710,520.09 | [Supplementary Information](index=124&type=section&id=Supplementary%20Information) This section provides supplementary information, including a detailed non-recurring gains and losses statement totaling **11.29 million yuan**, with a weighted average return on net assets attributable to common shareholders of **-6.06%** and basic earnings per share of **-0.61 yuan/share** Current Period Non-Recurring Gains and Losses Details | Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 1,503.44 | | Government grants recognized in current profit or loss | 14,678,822.85 | | Gains or losses from changes in fair value and disposal of financial assets and liabilities | 459,338.77 | | Gains or losses from entrusted investments or asset management | -3,815,509.42 | | Other non-operating income and expenses apart from the above | -30,889.66 | | Total | 11,293,265.98 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets | Basic Earnings Per Share (yuan/share) | Diluted Earnings Per Share (yuan/share) | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | -6.06% | -0.61 | -0.61 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | -7.63% | -0.77 | -0.77 |

Market Performance - On August 28, the wind power equipment sector rose by 1.58%, with Electric Wind Power leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance - Electric Wind Power (688660) closed at 25.56, up 14.46%, with a trading volume of 943,800 shares and a transaction value of 2.304 billion [1] - Other notable performers included Zhonghuan Hailu (301040) at 39.60, up 12.66%, and He Wang Electric (603063) at 37.78, up 6.51% [1] - Conversely, Mingyang Smart Energy (601615) fell by 4.17% to 12.18, with a trading volume of 944,800 shares and a transaction value of 1.148 billion [2] Capital Flow - The wind power equipment sector experienced a net outflow of 429 million from institutional investors, while retail investors saw a net inflow of 400 million [2] - The table of capital flow indicates that He Wang Electric had a net inflow of 1.956 million from institutional investors, while Electric Wind Power had a net outflow of 2.302 million [3] Individual Stock Analysis - He Wang Electric (603063) had a net outflow of 1.956 million from institutional investors, with a retail net inflow of 1.255 million [3] - Electric Wind Power (688660) saw a net outflow of 2.302 million from institutional investors, with a retail net inflow of 203.85 million [3] - Overall, the capital flow data suggests varying levels of investor interest across different stocks within the wind power equipment sector [3]

Market Overview - The wind power equipment sector experienced a decline of 1.8% on August 27, with Feiwo Technology leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Stock Performance - Notable gainers in the wind power equipment sector included Tianwang Electric, which rose by 2.81% to a closing price of 35.47, and Dajin Heavy Industry, which increased by 2.18% to 34.71 [1] - Conversely, Feiwo Technology saw a significant decline of 4.66%, closing at 37.42, while Jinlei Co. dropped by 4.51% to 27.31 [2] Trading Volume and Capital Flow - The wind power equipment sector saw a net outflow of 356 million yuan from institutional investors, while retail investors contributed a net inflow of 228 million yuan [2] - The trading volume for Tianwang Electric was 970,400 shares, while Dajin Heavy Industry had a trading volume of 282,500 shares [1] Individual Stock Capital Flow - Tianwang Electric had a net inflow of 497 million yuan from institutional investors, while New Qianglian experienced a net outflow of 50.27 million yuan from retail investors [3] - The capital flow data indicates that retail investors were more active in certain stocks, with significant inflows into Tianwang Electric and outflows from New Qianglian [3]

Group 1 - The core viewpoint is that the wind turbine gearbox is a critical component in wind power generation, with high value and profitability, and is expected to release incremental elasticity due to the continuous growth of offshore wind power, the increasing share of doubly-fed and semi-direct drive models, and market share improvements [1] - The global demand for wind turbine gearboxes is rapidly increasing, with a projected demand of 26,000 units by 2026, corresponding to a market space of 41.5 billion yuan, representing a year-on-year growth of 22% [1] - The price of gearboxes is expected to rise significantly with increased power output, as seen in the example of a 5.XMW model priced at 1.5 million yuan per unit, where each 1MW increase in power output raises the price by 100,000 to 200,000 yuan [1] Group 2 - The wind turbine gearbox industry has high technical barriers and is relatively concentrated, with the top four companies accounting for over 70% of the global market share in 2024 [2] - The major players in the global market include South High Gear, Weichai Power, Delijia, and ZF, with South High Gear holding a dominant position in the domestic market [2] - The profitability of the industry is strong, with Delijia's gross margin estimated to be between 22% and 25% [2]

Group 1 - In 2024, the installed capacity of new energy in Ningxia is expected to reach 41.32 million kilowatts, with new energy accounting for 55% of the total power installed capacity, indicating a historic transformation in the energy structure of Ningxia [1] - Ningxia has developed clean energy industries such as wind power, photovoltaics, and hydrogen energy, leveraging its rich wind and solar resources along with technological and industrial innovation [1] - The company Weili Transmission Technology Co., Ltd. has become a leader in the domestic market for wind turbine gearboxes, having developed key components for China's first 10-megawatt offshore wind turbine [1] Group 2 - Financial support from Ningxia Bank, including a 200,000 yuan mortgage loan, helped the company establish its factory, while patent pledge financing turned intellectual property into assets [2] - As the company grew and faced increased operational funding pressures, various banks provided inventory pledge, order financing, and supply chain finance to meet its financial needs [2] - The company went public on the Growth Enterprise Market in 2023, indicating its rapid growth and the need for transformation to meet higher demands in the wind power sector [2] Group 3 - The company requires significant funding for its projects, with a total of 1.439 billion yuan raised through a banking syndicate to support its gearbox and gearbox project [3] - The financing structure includes flexible repayment terms, such as a 10-year loan with interest-only payments for the first two years, easing the financial pressure on the company [3] - Ningxia Zhonghuan Photovoltaic Materials Co., Ltd. also experienced rapid growth, establishing a smart factory with a capacity of over 77 gigawatts, supported by 7.5 billion yuan in loans from eight banks [3] Group 4 - Clean energy projects are characterized by high asset requirements, significant investment, and long cycles, necessitating long-term stable support from financial institutions [4] - The Ningxia Banking Association plays a crucial role in connecting enterprises with banks, establishing a project reserve library, and facilitating project financing [4] - As of the end of last year, the association has facilitated the formation of 16 banking syndicate projects, investing 35.248 billion yuan to support key areas such as technological innovation and green transformation [4]

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its stock performance [3]. Core Views - The company is positioned as a leader in the wind power precision transmission sector, with a significant recovery expected in the wind power gearbox market by 2025, leading to a substantial increase in revenue [1][3]. - The company is shifting its strategic focus towards the higher-margin wind power gearbox market, which has a gross margin of 20-25% [1][2]. - A strategic partnership with Goldwind Technology is expected to accelerate the company's entry into the gearbox market, enhancing its competitive position [3]. Summary by Sections Company Overview - The company has been dedicated to the research, production, and sales of wind power gearboxes and reducers for over 20 years, with a focus on providing precision transmission solutions for the renewable energy sector [15]. Market Dynamics - The wind power gearbox industry has high entry barriers, high concentration, and high gross margins, with over 90% of wind turbines requiring gearbox components [2]. - The global wind power demand is anticipated to continue growing, with 80% of the gearbox production capacity located in China, benefiting domestic suppliers [2][12]. Financial Projections - The company is expected to achieve a significant revenue increase in 2025, with projected revenues of 1.25 billion yuan, reflecting a year-on-year growth of 262.4% [4]. - Forecasted net profits for 2025, 2026, and 2027 are 36 million yuan, 249 million yuan, and 358 million yuan, respectively, indicating a strong recovery and growth trajectory [3][4]. Strategic Initiatives - The company has signed an investment agreement to build a "Wind Power Gearbox Smart Factory" project, which is expected to enhance production capacity significantly [1][3]. - The first phase of the factory is scheduled to be completed and operational by the end of 2025, with an annual production capacity of 2,000 wind power gearboxes [1]. Financial Metrics - The company reported a revenue of 553 million yuan in 2023, which is expected to decline to 345 million yuan in 2024 before rebounding sharply in 2025 [4]. - The projected P/E ratios for 2025, 2026, and 2027 are 125.6, 18.3, and 12.7, respectively, indicating a potential for significant valuation improvement as earnings recover [3][4].

Group 1 - The company is a leading player in the domestic wind power reducer market, focusing on precision transmission systems for over 20 years, with core products covering both onshore and offshore wind turbine needs [1] - In Q1 2025, the company's revenue surged by 284% year-on-year to 110 million yuan, reversing the revenue decline experienced in 2024 due to a shift in technology and industry price wars [1] - The company is shifting its strategic focus towards the wind power speed increaser market, which has higher technical barriers and better profit margins (20-25%) [1][2] Group 2 - The speed increaser gearbox industry has high barriers to entry, high concentration, and high profit margins, with over 90% market share held by dual-fed and semi-direct drive models [2] - The global wind power speed increaser gearbox market is characterized by a high concentration of leading companies, with the top three companies accounting for approximately 60-65% of global wind power shipments from 2022 to 2024 [2] - The company has signed a strategic cooperation agreement with Goldwind Technology, which is expected to accelerate the introduction of speed increaser gearboxes into the market [3] Group 3 - The company anticipates significant growth in global wind power demand from 2025 to 2027, projecting net profits of 36 million, 249 million, and 358 million yuan for those years, respectively [3] - The company is expected to turn a profit in 2025, with substantial growth in 2026 and 2027, indicating a high earnings elasticity [3]

证券之星消息，8月22日风电设备板块较上一交易日上涨0.93%，振江股份领涨。当日上证指数报收于 3825.76，上涨1.45%。深证成指报收于12166.06，上涨2.07%。风电设备板块个股涨跌见下表： 从资金流向上来看，当日风电设备板块主力资金净流入1.2亿元，游资资金净流出6673.27万元，散户资金 净流出5367.81万元。风电设备板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603507 振江股份 | | 7719.84万 | 11.18% | -1745.22万 | -2.53% | -5974.62万 | -8.65% | | 603063 禾望电气 | | 7301.80万 | 6.66% | 4482.38万 | 4.09% | -1.18亿 | -10.75% | | 603985 恒润股份 | | 5171.44万 | 15.33% | -1309.39万 | ...

Market Overview - On August 19, the wind power equipment sector declined by 0.99%, with Shuangyi Technology leading the drop [1] - The Shanghai Composite Index closed at 3727.29, down 0.02%, while the Shenzhen Component Index closed at 11821.63, down 0.12% [1] Stock Performance - Notable gainers in the wind power equipment sector included: - Weili Transmission: Closed at 63.23, up 8.18% with a trading volume of 50,500 shares and a turnover of 313 million yuan [1] - Jinlei Co., Ltd.: Closed at 25.96, up 2.41% with a trading volume of 138,100 shares and a turnover of 355 million yuan [1] - Major decliners included: - Shuangyi Technology: Closed at 39.46, down 4.64% with a trading volume of 289,600 shares and a turnover of 113.5 million yuan [2] - Yunda Co., Ltd.: Closed at 14.93, down 3.43% with a trading volume of 276,300 shares and a turnover of 41.5 million yuan [2] Capital Flow - The wind power equipment sector experienced a net outflow of 743 million yuan from institutional investors, while retail investors saw a net inflow of 660 million yuan [2] - The detailed capital flow for selected stocks showed: - Jinlei Co., Ltd.: Net inflow from institutional investors was 24.96 million yuan, while retail investors had a net outflow of 24.48 million yuan [3] - Weili Transmission: Institutional net inflow was 17.92 million yuan, with retail investors experiencing a net outflow of 2.99 million yuan [3]