| 团队，能够快速响应客户需求制定出合理、可行、高效的技术方案。 | | --- | | 2、公司增速器产品的优势是什么？ | | 答：风电增速器被誉为"风电装备制造业王冠上的宝石"，是 | | 风力发电机组科技含量最高的核心部件。增速器属于多级传动，其 | | 一般由行星齿轮机构、平行齿轮机构、箱体、轴承、螺栓、销等多 | | 种零部件装配而成。公司研制的增速器具有啮合平稳、噪声小、密 | | 封性能好、效率高、重量轻、成本低等优势，得益于公司领先的技 | | 术与工艺：齿轮使用优质的合金钢材料，采用渗碳淬火、感应淬火 | | 及氮化等热处理工艺，提升齿轮的耐磨性和疲劳寿命；采用数控磨 | | 齿、硬齿面加工等先进工艺，使外齿轮精度可达 5 级、内齿轮精度 | | 可达 7 级，确保低噪音、高效率传动；铸件采用耐低温冲击材料， | | 关键部位 UT 探伤、MT 探伤按照 1 级执行、加工精度可达 5 级。 | | 3、公司是否有计划进一步扩大海外市场？ | | 答：公司在海外市场拓展方面制定了明确且系统的战略规划。 | | 我们已经在多个关键市场设立了全球服务网点，包括德国汉堡、印 | | 度金奈和日本东 ...

Summary of Key Points Core Viewpoint - 威力传动's stock price has decreased by 1.15% compared to the previous week, with a current market capitalization of 3.849 billion yuan, ranking 20th in the wind power equipment sector and 3613th in the A-share market [1]. Company Announcements - 威力传动 has repurchased a total of 876,500 shares, accounting for 1.2109% of its total share capital [1]. - The company approved a share repurchase plan on March 14, 2025, with a total fund allocation between 60 million yuan and 90 million yuan, and a maximum repurchase price of 70.00 yuan per share [1]. - As of May 31, 2025, the repurchased shares had a total transaction amount of approximately 44.21 million yuan, with the highest transaction price being 54.05 yuan and the lowest at 46.56 yuan per share [1].

Core Viewpoint - The wind turbine gearbox industry is experiencing rapid growth due to the global transition to clean energy and increasing demand for renewable energy sources, particularly wind power, which is becoming a significant part of the global electricity production structure [1][6][27]. Group 1: Industry Overview - Wind turbine gearboxes are essential components in wind power generation, converting low-speed, high-torque rotation from the wind turbine blades into high-speed, low-torque rotation required by generators [3][6]. - The wind turbine gearbox market in China is projected to grow significantly, with production capacity expected to reach 225,000 units and a market size of approximately 1.804 billion yuan in 2024, increasing to about 1.889 billion yuan in 2025 [1][8][27]. Group 2: Market Demand and Supply - In 2024, the demand for wind turbine gearboxes in China is estimated at 122,798 units, with specific demands for yaw gearboxes at 77,630 units and pitch gearboxes at 45,168 units [6][8]. - The production capacity of wind turbine gearboxes in China has increased from 105,000 units in 2017 to 225,000 units in 2024, indicating a robust growth trajectory [8][27]. Group 3: Competitive Landscape - The wind turbine gearbox market is characterized by a high concentration of leading companies, with the top three manufacturers—Yinchuan Weili Transmission, Nanjing High Precision Gear Group, and Chongqing Gearbox—holding over 70% of the market share [19][23]. - Key players in the industry include Weili Transmission, which reported revenues of 335 million yuan from wind turbine gearboxes in 2024, and Nanjing High Precision Gear Group, which generated approximately 149.93 billion yuan from wind power gearboxes, accounting for 67.92% of its total revenue [22][25]. Group 4: Industry Development Environment - The wind power sector is supported by various government policies aimed at promoting renewable energy, which further stimulates the growth of the wind turbine gearbox industry [16][18]. - The industry is expected to benefit from the ongoing push towards carbon neutrality, providing substantial market opportunities for wind turbine gearbox manufacturers [1][8][27].

二、其他说明 证券代码：300904 证券简称：威力传动 公告编号：2025-036 银川威力传动技术股份有限公司 关于回购股份进展的公告 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— ...

Core Viewpoint - The company, Weili Transmission, is gaining significant investor attention due to its wind power gearbox smart factory project, which is expected to enhance its production capacity and competitiveness in the rapidly growing wind energy sector in China [1][2][3]. Group 1: Company Developments - Weili Transmission participated in multiple investor relations activities in May 2024, addressing inquiries about the progress and prospects of its smart factory project [1]. - The wind power gearbox smart factory project was initiated in March 2024 and aims to become the only large-scale research and production base for wind power gearboxes in Northern China, meeting the increasing demand in the wind energy industry [1][2]. - The project has already reached the topping-out stage and is progressing smoothly towards full production [2]. Group 2: Industry Context - China's wind power sector is experiencing rapid growth, with an expected increase in new installed capacity to 86 GW in 2024, marking an 11% rise from 2023 [2]. - The onshore wind power segment is projected to add 79 GW, while offshore wind power is expected to contribute 6 GW [2]. - The wind power gearbox and gearbox industry is crucial for wind energy development, benefiting from the global shift towards renewable energy and increasing installed capacity [2][3]. Group 3: Strategic Initiatives - Weili Transmission is also involved in decentralized wind power projects, having received approvals for two pilot projects totaling 35 MW in Ningxia [3]. - The company aims to leverage its position as a leading player in the local renewable energy equipment industry to enhance its market competitiveness and support the development of the regional renewable energy sector [3].

Group 1: Production and Efficiency - The introduction of intelligent production lines has significantly improved product consistency and reduced delivery instability through a comprehensive information system [2][3] - The company aims to enhance resource efficiency and reduce costs by deepening the application of information systems across subsidiaries, leading to improved delivery efficiency and stability [3] Group 2: Raw Material Management - The company employs a bidding procurement strategy to control costs during periods of raw material price fluctuations, ensuring stable supply through long-term supplier relationships [3] - The procurement strategy emphasizes compliance, traceability, and quality assurance while maintaining competitive pricing [3] Group 3: Market Trends and Capacity Utilization - The global wind energy market is projected to add 791 GW from 2024 to 2028, with an average annual installation capacity of 158 GW, indicating a growing demand for wind power [3][4] - The company is adapting its production capacity to meet market demands, with new factories for precision reducers and speed increasers planned for 2024 [4] Group 4: Competitive Positioning - The company focuses on enhancing product quality and cost efficiency through supply chain integration, technological upgrades, and expanding production scale, while currently having no plans for acquisitions [4] - The rapid growth in offshore wind power is driving adjustments in gearbox product structures, aligning with market expectations for large megawatt models [4] Group 5: Innovation and R&D - The company has developed a range of specialized gearboxes for wind power applications, with a strong emphasis on reliability and performance under extreme conditions [6][8] - As of December 31, 2024, the company holds 197 authorized patents, including 31 invention patents, showcasing its commitment to innovation and technology development [8] Group 6: Environmental and Regulatory Compliance - The company is committed to green manufacturing practices, implementing energy-saving technologies and achieving certifications such as ISO 14001 and LEED [9] - The company does not currently face demands for environmental technology upgrades, indicating a proactive approach to sustainability [9] Group 7: Human Resources and Skills Development - The company employs 203 technical staff, with a high percentage holding bachelor's degrees or higher, ensuring a skilled workforce to support smart manufacturing upgrades [10] - An employee stock ownership plan has been implemented to enhance motivation and align employee interests with company performance [10] Group 8: International Expansion - The company has established global service points in key markets, enhancing responsiveness to customer needs and demonstrating a commitment to international expansion [10] - The company has successfully entered the supplier lists of several international wind power enterprises, indicating strong global market positioning [10]

Group 1 - The core viewpoint of the news is that Yong'an Guofu, a well-known private equity firm, has conducted research on a listed company, Weili Transmission, focusing on its business operations and strategies in the wind power industry [1] - Weili Transmission highlighted its development history, main business, and core products, emphasizing its advantages in information management at its precision reducer factory [1] - The company is addressing cost pressures in the wind power sector through lean management, expanding overseas markets, building a supply chain system, and promoting digital transformation to maintain operational capabilities [1] Group 2 - Weili Transmission has established service points in Hamburg, Chennai, and Tokyo, with plans to further enhance its service capabilities [1] - The smart factory for reducers is still under construction, funded by self-owned capital and loans from financial institutions, with plans to apply for a comprehensive credit line not exceeding 3 billion yuan [1] - A wholly-owned subsidiary has received approval for a 65 MW wind turbine project, promoting the synergy between its renewable energy generation business and wind power reducer and increaser business [1]

Summary of the Conference Call on 威力传动机构 Company Overview - 威力传动机构 was established in 2003 in Yinchuan, Ningxia, and currently employs over 1,000 people. The main business focuses on the R&D, production, and sales of gearboxes and speed increasers specifically for wind power, including yaw gearboxes, pitch gearboxes, and speed increasers for new energy vehicles. The company aims to provide precision transmission solutions for the new energy industry [6][7]. Key Points Discussed 1. **Production Advantages**: - The company has a diverse range of products requiring complex management processes, supported by a comprehensive information system that integrates production order issuance, material preparation, logistics, equipment management, and quality control [8]. 2. **Quality Assurance**: - The company has developed its own wind power gearbox testing platform, capable of simulating actual operating conditions and conducting various rigorous tests. It has established a quality management system certified by ISO9001 and IATF16949, ensuring quality control throughout the production cycle [9][10]. 3. **Sustainable Operations Amid Cost Pressures**: - In response to cost pressures in the wind power industry, the company plans to innovate and maintain strategic focus on the new energy sector and transmission equipment manufacturing. It aims to enhance its supply chain efficiency and control costs while optimizing product structure and service quality [10][11]. 4. **International Market Strategy**: - The company has a clear strategy for expanding into international markets, having established service points in key locations such as Hamburg, Chennai, and Tokyo. It aims to enhance service capabilities and deepen customer relationships to increase its global market share [11][12]. 5. **Smart Factory Development**: - The construction of the speed increaser smart factory is progressing well, funded through internal resources and bank loans. The company plans to apply for a credit limit of up to 3 billion yuan to support this and other business developments [12][13]. 6. **"千乡万村驭风行动" Project**: - The company’s subsidiaries have received approvals for projects under the "千乡万村驭风行动," totaling 65MW of wind power generation capacity. This initiative is expected to enhance the company's renewable energy business and strengthen its market competitiveness [13][14]. Additional Important Information - The company has established itself as a key supplier for major domestic wind power enterprises and has successfully entered the supplier lists of international companies such as Siemens-Gamesa and Adani [7]. - The company emphasizes a culture of quality and management, aiming for continuous improvement in production processes and product reliability [10]. This summary encapsulates the essential insights from the conference call, highlighting the company's strategic direction, operational strengths, and market positioning.

Company Overview - Silver Wind 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 and speed increasers, focusing on precision transmission solutions for the new energy industry [2] - The company officially listed on the Shenzhen Stock Exchange's Growth Enterprise Market in August 2023 [2] Production and Quality Assurance - The company has established a comprehensive information system for production management, including PLM, ERP, MES, and DNC systems [3] - It owns a self-developed wind power gearbox testing platform, ensuring product reliability through various rigorous tests [3] - The company has achieved ISO9001 and IATF16949 certifications, implementing strict quality control throughout the production cycle [3][4] Strategic Development - In 2025, the company aims to enhance its operational capabilities by focusing on innovation, lean management, and safety production principles [4] - Plans to expand overseas markets include establishing service points in key locations such as Hamburg, Chennai, and Tokyo [5] - The company is committed to becoming a leading supplier in the international wind power market by optimizing supply chain management and enhancing service capabilities [5] Project Updates - The construction of the speed increaser smart factory is progressing smoothly, with funding sourced from internal funds and financial institution loans [5] - The company plans to apply for a comprehensive credit limit of up to 3 billion yuan to support various business developments, including the smart factory [5] - The "Thousand Villages and Ten Thousand Towns Wind Action" project has received approval for a total installed capacity of 65 MW, promoting the company's renewable energy business [6] Investor Communication - The company ensures transparent communication with investors, adhering to information disclosure regulations [7]

| 变化情况） | 产品交付进度、增速器业 | 续提升产品质量及降本传 | | --- | --- | --- | | | 务投入增加等多方面因素 | 导能力，进一步维护与客 | | | 影响，2024年业绩与上年 | 户的合作关系，不断加强 | | | 同期相比大幅下滑。 | 海外市场的开拓和营销渠 | | | | 道的建设，同时拓展风电 | | | | 增速器业务及客户群体。 | | | | 保荐人将持续关注上市公 | | | | 司的业绩情况，并督导上 | | | | 市公司按照相关法律法规 | | | | 履行信息披露义务。 | | 保荐人名称：中信建投证券股份有限公司 | 被保荐公司简称：威力传动（300904） | | --- | --- | | 保荐代表人姓名：徐兴文 | 联系电话：010-56052548 | | 保荐代表人姓名：杨学雷 | 联系电话：010-56052548 | | 1.公司信息披露审阅情况 | | | --- | --- | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0次 | | 2.督导公司建立健全并有效执行规章制 ...