Core Viewpoint - The company is focusing on expanding its motor business, particularly in the wind power and new energy vehicle sectors, with significant progress in both areas [1] Group 1: Wind Power Motor Business - The main product, the yaw asynchronous motor, has achieved large-scale deployment, with successful bulk supply to leading domestic wind turbine manufacturers such as Goldwind Technology, Envision Energy, Dongfang Electric, CRRC Wind Power, and Mingyang Smart Energy [1] - The company aims to deepen cooperation with existing top customers in the wind power sector [1] Group 2: New Energy Vehicle Drive System - The new energy vehicle drive system business has made substantial progress, with prototype deliveries completed for several cooperative clients, and some clients have entered the prototype installation testing and performance verification phase [1] - Testing progress is meeting expectations, and the company plans to optimize product details based on customer feedback to lay the foundation for revenue generation in this new business [1] - The company is targeting both commercial and passenger vehicle markets to transition the drive system business from prototype verification to bulk delivery [1] Group 3: Business Strategy - The company is pursuing a "dual expansion" strategy in its motor business, focusing on both wind power and new energy vehicles to enhance market competitiveness and revenue contribution [1]

Group 1: Company Overview and Financials - The company, Yinchuan Weili Transmission Technology Co., Ltd., reported R&D expenses of CNY 42.56 million in 2023 and CNY 51.35 million in 2024, marking a 20.65% increase year-on-year. Cumulative R&D investment over the last three fiscal years totals CNY 126.11 million [2][3]. - As of June 30, 2025, the company holds 204 valid patents, including 31 invention patents, 159 utility model patents, and 14 design patents [2][3]. Group 2: Financing and Investment - The company plans to raise up to CNY 600 million through a private placement of A-shares, with funds allocated for the wind power speed reducer smart factory (Phase I) and to supplement working capital [3][4]. - The company held a shareholder meeting on September 15, 2025, approving the issuance of A-shares to specific investors, laying the groundwork for subsequent regulatory submissions [3][4]. Group 3: Smart Factory Development - By the end of August 2025, the company had invested CNY 1.231 billion in the wind power speed reducer smart factory, with construction of civil works completed and production equipment largely delivered [3][4]. - The factory is currently in a critical construction phase, focusing on equipment debugging and personnel training to ensure operational readiness [4]. Group 4: Industry Barriers and Competitive Advantage - The wind power speed reducer industry faces several barriers, including high technical requirements, significant capital investment, stringent customer certification processes, and the need for multidisciplinary talent [4][5]. - The smart factory is expected to enhance the company's competitiveness by addressing market demands, improving production efficiency, and increasing operational profitability [4][5]. Group 5: Electric Motor Business Progress - The company’s electric motor division, Weima Electric, is expanding its business with a focus on wind power and electric drive systems for new energy vehicles, achieving significant progress in both sectors [5]. - The main product, the yaw asynchronous motor, has been successfully supplied to major domestic wind turbine manufacturers, while the electric drive system for new energy vehicles is in the prototype testing phase [5].

Core Insights - The wind power equipment sector experienced a decline of 0.61% on October 10, with Pangu Intelligent leading the drop [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Stock Performance - Jixin Technology (601218) saw a closing price of 6.41, with an increase of 5.60% and a trading volume of 3.34 million shares, totaling a transaction value of 2.11 billion [1] - Weili Transmission (300904) closed at 93.52, up 4.46%, with a trading volume of 52,600 shares and a transaction value of 474 million [1] - Other notable performers included Tianneng Heavy Industry (300569) with a closing price of 6.91, up 4.22%, and Xinqianglian (300850) at 45.41, up 2.95% [1] Capital Flow - The wind power equipment sector saw a net outflow of 71.41 million from institutional investors, while retail investors experienced a net outflow of 39.5 million [2] - Conversely, speculative funds recorded a net inflow of 466 million [2] Individual Stock Capital Flow - Jixin Technology (601218) had a net inflow of 14.4 million from institutional investors, but a net outflow of 31.73 million from retail investors [3] - Daqian Heavy Industry (002487) reported a net inflow of 85.22 million from institutional investors, while retail investors faced a net outflow of 168 million [3] - Hengrun Co. (603985) experienced a net inflow of 46.06 million from institutional investors, with a net outflow of 47.99 million from retail investors [3]

Core Viewpoint - The stock of Weili Transmission has increased by 5%, reaching 94.01 CNY per share, with a trading volume of 184 million CNY and a turnover rate of 9.46%, resulting in a total market capitalization of 6.805 billion CNY [1] Company Overview - Weili Transmission Technology Co., Ltd. is located in Yinchuan, Ningxia, established on October 29, 2003, and listed on August 9, 2023. The company specializes in the research, production, and sales of wind power gearboxes [1] - The main business revenue composition is 98.23% from wind power gearboxes and 1.77% from other sources [1] Shareholder Information - Among the top ten circulating shareholders of Weili Transmission, a fund under China Universal Asset Management holds a position. The fund, named China Universal Theme Preferred Mixed A (519700), reduced its holdings by 240,000 shares in the second quarter, now holding 307,500 shares, which accounts for 1.4% of the circulating shares [2] - The fund has achieved a year-to-date return of 25.09%, ranking 4234 out of 8166 in its category, and a one-year return of 29.2%, ranking 3431 out of 8014 [2] Fund Manager Profile - The fund manager of China Universal Theme Preferred Mixed A is Shen Nan, who has been in the position for 10 years and 162 days. The total asset size of the fund is 4.352 billion CNY, with the best return during his tenure being 200.98% and the worst being -3.46% [3]

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3月14日召 开第三届董事会第三十次会议审议通过了《关于回购公司股份方案的议案》， 同意公司使用自有资金和/或自筹资金通过深圳证券交易所集中竞价交易方式回 购公司已发行的人民币普通股（A股）股票（以下简称"本次回购"），回购的 股份后续将用于股权激励或员工持股计划。本次回购的资金总额不低于人民币 6,000万元且不超过人民币9,000万元（均含本数），回购价格不超过人民币 70.00元/股。具体回购股份的数量以回购结束时实际回购的股份数量为准。本 次回购股份的实施期限自董事会审议通过本次回购股份方案之日起十二个月内。 具体内容详见公司在巨潮资讯网（www.cninfo.com.cn）披露的《关于回购公司 股份方案的公告》及《回购股份报告书》。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引 第9号—回购股份》等有关规定，在回购股份期间，公司应当在每个月的前三个 交易日内披露截至上月末的回购进展情况。现将公司回购股份进展情况公告如 下： ...

New Stock Offerings - The tender offer for Shangwei New Materials (688585) is open from September 29, 2025, to October 28, 2025[1] - Zitian Tui (300280) is in the delisting adjustment period with only 2 trading days remaining until the last trading day[1] Market Alerts - Kesi Technology (688788) and Pinming Technology (688109) have recent announcements but no specific details provided[1] - Magu Technology (688448) is experiencing severe abnormal fluctuations[1] Trading Updates - Multiple companies including Dongjing (002199) and Guosheng Jinkong (002670) have announcements dated October 9, 2025, indicating ongoing trading activities[1] - Companies like Hunan Yuneng (301358) and Wanrun New Energy (688275) have announcements from October 1, 2025, indicating recent trading updates[1] Financial Disclosures - Several companies have disclosed their financial information, with specific announcements linked to their respective stock codes[1] - The report includes links to detailed announcements for various companies, providing transparency in their financial activities[1]

Summary of the Conference Call for 威力传动 Company Overview - 威力传动, founded in 2003, is located in Yinchuan, Ningxia. The company specializes in manufacturing gearboxes, particularly for wind power applications, and was listed on the Shenzhen Stock Exchange's Growth Enterprise Market in 2023 with the stock code 300,904 [4][6]. Industry and Market Dynamics - The company is expanding from its traditional gearbox business into the gearbox market, specifically targeting the growing demand for speed increasers due to strategic shifts in the wind power sector, particularly influenced by 金风科技 [2][7]. - The domestic market for speed increasers has a demand gap of approximately 18,000 units, with an expected demand of 12,000 to 13,000 units in 2025 [10][11]. Investment Plans - 威力传动 plans to invest a total of 5 billion yuan in the speed increaser business, with an initial phase investment of 2 billion yuan expected to be completed by the end of 2025, achieving a production capacity of 1,500 units [2][5]. - The second phase will involve an investment of 3 billion yuan, aiming for a total capacity of 4,000 units by 2028 [2][5]. Production and Sales Forecast - In 2025, the company anticipates producing 300 speed increasers, ramping up to 1,500 units by year-end, and plans to produce between 1,000 to 1,200 units in 2026 [8][12]. - The sales revenue from the gearbox business is projected to reach 600 to 700 million yuan in 2025, potentially increasing to 800 to 1 billion yuan when including 中兴's contributions, marking a two to threefold increase compared to 2024 [3][21]. Competitive Landscape - The speed increaser market is competitive, with 南高齿 as the largest supplier (6,000 to 8,000 units), followed by 德力佳 (2,500 to 2,800 units). 威力传动 aims to become the third-largest supplier with a target of 1,500 units [9][12]. Technical Barriers and Quality Control - The speed increaser industry has high technical barriers, including significant investment requirements (1.5 billion yuan for every 1,000 units), long import cycles for equipment (approximately 18 months), and extended R&D periods (2 to 3 years) [13]. - Quality control is critical, as past issues have led to significant financial losses for competitors. 威力传动 has maintained a strong reputation for quality over the past three years [13]. Profitability Expectations - The company aims to gradually increase its self-manufactured component ratio to enhance gross and net profit margins. Initial gross margin targets are set at around 20%, with net margin goals of approximately 10% [14][16]. - The company expects to achieve double-digit net profit margins in the future, with a gradual increase in gross margins from initial levels to potentially over 20% [16]. Future Developments - The second phase of the factory will share infrastructure with the first phase, allowing for a lower investment requirement and faster ramp-up of production capacity [17][18]. - The company plans to increase the number of experimental platforms to enhance technical efficiency and support future production needs [28]. Conclusion - 威力传动 is strategically positioned to capitalize on the growing demand for speed increasers in the wind power sector, backed by significant investments and a focus on quality and innovation. The company is set to enhance its market position and profitability through careful planning and execution of its expansion strategy [2][4][12].

Core Viewpoint - The announcement by Weili Transmission highlights the advancements in its wind power gearbox smart factory, focusing on intelligent logistics, automated production processes, quality control, and digital R&D platforms [1] Group 1: Intelligent Logistics and Warehouse Management - The factory integrates AGV and three-dimensional storage systems, along with SAP and MES management systems, to achieve comprehensive control over the logistics of raw materials and finished products [1] - The intelligent logistics system ensures the statistical management of storage and transportation, equipment scheduling, and remote fault maintenance [1] Group 2: Automation and Information in Production Processes - Each processed component and material turnover box is assigned a unique QR code, allowing for clear tracking of the entire process from raw material intake to finished product assembly through MES terminals [1] Group 3: Intelligent Detection and Quality Control - A quality assurance center has been established, implementing a comprehensive quality management system and specialized testing platforms to ensure product quality and reliability [1] Group 4: Digital R&D Platform - The integration of PLM systems with APQP4Wind tools facilitates management of R&D quality, BOM management, change management, technical document management, and project progress management, effectively addressing issues in R&D quality control and shortening development cycles [1]

Core Viewpoint - The company announced that its wind power gearbox smart factory (Phase I) will add an annual production capacity of 2,000 units once fully operational, currently in a critical construction phase [1] Production Capacity Development - The smart factory's core production equipment has been largely deployed, laying a hardware foundation for future capacity release [1] - The factory is currently in the initial stage of capacity ramp-up, facing three main temporary factors affecting full capacity release: 1. The production team needs to enhance operational proficiency to ensure precise equipment operation 2. Continuous optimization of production line connections is required to achieve efficient full-process integration 3. Some equipment is still undergoing debugging and performance calibration to ensure long-term operational stability [1] Future Capacity Release Strategy - The factory's capacity will follow a "steady ramp-up, gradual release" approach, with the company committed to monitoring production line integration, personnel training, and equipment debugging progress [1]

Core Viewpoint - The company emphasizes the complexity of managing a diverse range of customized reducer products, which necessitates a comprehensive information system for systematic management across the entire production process [1] Group 1: Production Management Systems - The company has established several systems including PLM (Product Lifecycle Management), ERP (Enterprise Resource Planning), MES (Manufacturing Execution System), and DNC (Industrial Equipment Networking Management) to streamline production management [1] - These systems facilitate the integration of various processes such as order issuance, preparation of production information, material logistics, equipment operation, workflow management, and quality control [1]