Company Overview - Silver Power Transmission Technology Co., Ltd. was established in 2003 in Yinchuan, with over 1,000 employees [2] - The main business includes R&D, production, and sales of wind power gearboxes, with key products such as yaw reducers, pitch reducers, and wind power accelerators [2] - The company officially listed on the Shenzhen Stock Exchange's Growth Enterprise Market in August 2023 [2] Product Advantages - The company's accelerators feature advantages such as smooth engagement, low noise, good sealing performance, high efficiency, lightweight, and low cost [3] - High-quality alloy steel is used for gears, with advanced heat treatment processes enhancing wear resistance and fatigue life [3] Smart Factory Development - As of August 2025, the total investment in the wind power accelerator smart factory reached CNY 1.231 billion [3] - Construction of the factory is progressing smoothly, with core production equipment already on-site [3] Production Capacity - The factory is currently in the critical phase of construction, with production capacity gradually increasing [3] - Factors affecting full capacity release include the need for team training, process optimization, and equipment calibration [3] Profitability Expectations - The smart factory is expected to significantly enhance gross profit margins due to increased product value and cost reduction from economies of scale [4] - The wind power accelerator is a high-value component, with anticipated gross margins higher than conventional wind power reducers [4] Market Outlook - The global and Chinese wind power installation scales are continuously expanding, creating strong demand for wind power accelerators [4] - According to GWEC, the global wind power installation capacity is expected to reach 981 GW from 2025 to 2030, averaging 164 GW annually [4] - The Chinese wind power gearbox market is projected to grow from USD 3.136 billion in 2023 to USD 4.263 billion by 2030 [4] International Expansion - The company has established global service points in key markets such as Hamburg, Germany, and Tokyo, Japan [5] - It has successfully entered the supplier lists of international companies like Siemens Gamesa and Adani [5] - The company aims to enhance service capabilities and deepen customer relationships to expand its international market share [5]

Core Viewpoint - The stock of Weili Transmission has experienced fluctuations, with a recent decline of 2.13% and a year-to-date increase of 12.81%, indicating volatility in the market performance of the company [1] Company Overview - Weili Transmission, established on October 29, 2003, is located in Yinchuan, Ningxia, and specializes in the research, production, and sales of wind power gearboxes [1] - The company was listed on August 9, 2023, and its main business revenue composition is 98.23% from wind power gearboxes and 1.77% from other sources [1] Financial Performance - For the first half of 2025, Weili Transmission reported a revenue of 350 million yuan, reflecting a year-on-year growth of 113.17%, while the net profit attributable to shareholders was a loss of 43.51 million yuan, a decrease of 343.76% compared to the previous period [2] - Since its A-share listing, the company has distributed a total of 73.11 million yuan in dividends [3] Shareholder Information - As of June 30, 2025, the number of shareholders for Weili Transmission was 8,066, a decrease of 4.67% from the previous period, with an average of 2,725 circulating shares per shareholder, an increase of 4.90% [2] - Notable institutional shareholders include Noan Pioneer Mixed A, which increased its holdings by 39,540 shares, and other funds that have seen changes in their shareholdings [3]

Core Viewpoint - The company is establishing a wind turbine gearbox smart factory in Yinchuan, with a total planned investment of 5 billion yuan, aiming to become the only large-scale wind turbine gearbox R&D and production base in Western China, addressing a critical gap in the wind power industry chain in the northwest region [1] Company Development Stages - The company has undergone three significant phases since its establishment in 2003: the entrepreneurial phase (2003-2006), focusing on industrial gearboxes; the wind power expansion phase (2007-2016), where it developed specialized wind turbine gearboxes; and the transformation and diversification phase (2017-present), marked by its listing on the New Third Board and the development of high-capacity offshore wind turbine gearboxes [2][3] Technological Innovation and Capacity Expansion - The company emphasizes technological innovation as its core competitive advantage, with R&D expenses increasing from 42.56 million yuan in 2023 to 51.35 million yuan in 2024, a growth of 20.65% [3] - As of June 30, 2025, the company holds 204 valid patents, including 31 invention patents, indicating a strong focus on R&D in gearbox design and efficiency [3] Production Capacity - The smart factory is expected to achieve an annual production capacity of 2,000 wind turbine gearboxes upon full operation, with a cumulative investment of 1.231 billion yuan as of August 2023 [4][5] Market Strategy - The company plans to leverage the anticipated global wind power market growth, with an expected addition of 981 GW from 2025 to 2030, to enhance its market presence through capacity release, technological iteration, and market expansion [6] - The company is pursuing a dual-path strategy for market expansion, focusing on partnerships with leading domestic firms like Goldwind Technology and expanding into international markets, particularly in Europe and Southeast Asia [7] Supply Chain Collaboration - The company aims to reduce costs through supply chain collaboration by securing framework agreements with key suppliers for core components, thereby maintaining product competitiveness while meeting market demand [8] Future Outlook - The company is committed to becoming a leading provider of transmission solutions globally, focusing on high-power gearboxes and expanding into high-end fields such as electric drive systems for new energy vehicles [8]

Group 1 - The core viewpoint of the news is that 威力传动 (Weili Transmission) has seen a significant increase in its stock price, rising by 5.18% to 69.26 CNY per share, with a trading volume of 135 million CNY and a turnover rate of 9.03%, resulting in a total market capitalization of 5.013 billion CNY [1] - 威力传动 is primarily engaged in the research, development, production, and sales of wind power gearboxes, with 98.23% of its revenue coming from this segment and only 1.77% from other sources [1] - The company was established on October 29, 2003, and went public on August 9, 2023, indicating a relatively recent entry into the public market [1] Group 2 - Among the top ten circulating shareholders of 威力传动, the fund managed by 交银施罗德基金 (Jiaoyin Schroder Fund) holds a significant position, having reduced its holdings by 240,000 shares to 307,500 shares, which represents 1.4% of the circulating shares [2] - The 交银主题优选混合A fund has achieved a year-to-date return of 17.99% and a one-year return of 46.64%, ranking 4569 out of 8174 and 3497 out of 7982 respectively in its category [2] - The fund manager, 沈楠 (Shen Nan), has been in the position for over 10 years, with the fund's total assets currently at 4.352 billion CNY and a best return of 186.21% during his tenure [3]

Core Viewpoint - The company announced the approval of a restricted stock incentive plan for 177 eligible participants, with a total of 691,200 shares to be granted at a price of 31.90 yuan per share, effective September 16, 2025 [2] Summary by Category - **Incentive Plan Details** - The third session of the third board meeting was held on September 15, 2025, where the restricted stock incentive plan was approved [2] - A total of 691,200 shares will be granted to 177 eligible participants [2] - The grant price for the restricted stock is set at 31.90 yuan per share [2]

（文章来源：证券日报） 证券日报网讯 9月15日晚间，威力传动发布公告称，公司于2025年9月15日召开了第三届董事会第三十 五次会议，审议通过了《关于调整2025年限制性股票激励计划激励对象名单及授予数量的议案》。鉴于 公司6名激励对象因个人原因自愿放弃认购全部限制性股票，公司董事会根据公司2025年第四次临时股 东会的授权及《2025年限制性股票激励计划（草案）》相关规定，对本次激励计划激励对象名单及授予 数量进行了调整。调整后，公司本次激励计划的激励对象人数由183人调减为177人，授予数量由72.08 万股调整为69.12万股。 ...

Group 1 - The company, Weili Transmission, announced the convening of its 35th board meeting on September 15, 2025, to review the adjustment of the restricted stock incentive plan [1] - For the first half of 2025, Weili Transmission's revenue composition was 98.23% from wind power gearboxes and 1.77% from other products [1] - As of the report date, Weili Transmission's market capitalization was 4.8 billion yuan [1]

银川威力传动技术股份有限公司 薪酬与考核委员会关于 2025 年限制性股票激励计划 激励对象名单（授予日）的核查意见 银川威力传动技术股份有限公司（以下简称"公司"）第三届董事会薪酬 与考核委员会第七次会议于 2025 年 9 月 15 日召开，审议通过了《关于向 2025 年限制性股票激励计划授予限制性股票的议案》。 公司薪酬与考核委员会根据《公司法》《证券法》《上市公司股权激励管 理办法》（以下简称"《管理办法》"）、《深圳证券交易所创业板股票上市 规则》（以下简称"《上市规则》"）等有关法律、法规和规范性文件以及公 司《2025 年限制性股票激励计划（草案）》（以下简称"《激励计划》"、 "本激励计划"）、《公司章程》的规定，对 2025 限制性股票激励计划激励对 象名单（授予日）进行审核，发表核查意见如下： 1、本激励计划激励对象不存在《管理办法》等规定的不得成为激励对象的 情形： （1）最近 12 个月内被证券交易所认定为不适当人选； （2）最近 12 个月内被中国证监会及其派出机构认定为不适当人选； （3）最近 12 个月内因重大违法违规行为被中国证监会及其派出机构行政 处罚或者采取市场禁入措施； ...

2、以上合计数据与各明细数相加之和在尾数上如有差异，是由于四舍五入所造成。 银川威力传动技术股份有限公司 2025 年限制性股票激励计划激励对象名单（授予日） 一、激励对象获授的限制性股票分配情况 本激励计划拟授予的限制性股票在各激励对象间分配情况如下表所示： | | | 获授的限制 | 占授予限制 | 占本激励计划公 | | --- | --- | --- | --- | --- | | 姓名 | 职务 | 性股票数量 | 性股票总数 | 告时公司股本总 | | | | （万股） | 的比例 | 额的比例 | | 陈永宁 | 职工董事 | 2.40 | 3.47% | 0.03% | | 李娜 | 财务总监 | 3.00 | 4.34% | 0.04% | | 周建林 | 副总裁、董事会秘书 | 3.00 | 4.34% | 0.04% | | 核心业务（技术）人员（174 | 人） | 60.72 | 87.85% | 0.84% | | | 合计 | 69.12 | 100.00% | 0.95% | 注：1、在限制性股票授予前，激励对象离职或因个人原因自愿放弃获授权益的，由董 事会对授予数量做相应调整 ...

证券代码：300904 证券简称：威力传动 公告编号：2025-066 二、调整事项说明 鉴于公司 6 名激励对象因个人原因自愿放弃认购全部限制性股票，公司董事 会根据公司 2025 年第四次临时股东会的授权及《2025 年限制性股票激励计划（草 案）》相关规定，对本次激励计划激励对象名单及授予数量进行了调整。调整后， 公司本次激励计划的激励对象人数由 183 人调减为 177 人，授予数量由 72.08 万股调整为 69.12 万股。除上述调整外，本激励计划其他内容与经公司 2025 年 第四次临时股东会审议通过的激励计划一致。 银川威力传动技术股份有限公司 关于调整2025年限制性股票激励计划 激励对象名单及授予数量的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 银川威力传动技术股份有限公司（以下简称"公司"）于2025年9月15日召 开了第三届董事会第三十五次会议，审议通过了《关于调整2025年限制性股票激 励计划激励对象名单及授予数量的议案》，现将有关事项说明如下： 一、已履行的相关审批程序 （一）2025 年 8 月 27 日，公司召开第三届 ...