Group 1: Company Overview - The company, Yinchuan Weili Transmission Technology Co., Ltd., introduced its growth history, main business, core products, and the progress of the Gearbox Smart Factory project during the investor visit [1]. Group 2: Gearbox Smart Factory Progress - As of October 31, 2025, the total investment in the Wind Power Gearbox Smart Factory reached CNY 1,321.11 million, with the project currently in a critical construction phase [1]. - The core production equipment has been successfully deployed, laying a hardware foundation for future capacity release [2]. Group 3: Production Capacity and Challenges - The factory is in the initial stage of capacity ramp-up, facing challenges such as the need for the production team to enhance operational proficiency and optimize production line connections [2]. - The production capacity will follow a "steady ramp-up, gradual release" approach, with ongoing monitoring of production line integration, personnel training, and equipment debugging [2]. Group 4: Profitability and Cost Control - The expected gross margin for the gearbox business is anticipated to improve significantly post-production, driven by increased product value and cost reductions from economies of scale [2]. - Cost reduction strategies include: - **Technical Optimization**: Enhancing product design to reduce material costs [3]. - **Intelligent Production**: Automating key processes to improve efficiency and reduce waste [3]. - **Supply Chain Management**: Establishing a robust supplier evaluation system to control costs [3]. - **Operational Efficiency**: Streamlining internal management to reduce delivery losses and expand market reach [3]. Group 5: Communication and Compliance - The company ensured thorough communication with investors, adhering to information disclosure regulations to maintain transparency and prevent the leakage of undisclosed significant information [3].

Group 1 - The "2025 Science and Technology Investment Conference" was held in Hefei, focusing on the theme of "New Ecology of Technology Finance and New Momentum of Innovation and Entrepreneurship" [1] - The conference awarded the "Golden Information Disclosure Award" to Weili Transmission for its transparent information disclosure management system and high-quality disclosure practices, establishing it as a benchmark in the capital market [1] - The award aims to recognize companies that strictly adhere to information disclosure rules and actively enhance the quality of information disclosure, protecting investors' rights [1] Group 2 - Weili Transmission emphasizes standardized operations and information disclosure as key components of sustainable development, ensuring timely and accurate communication of operational dynamics and financial data [2] - The recognition from the "Golden Information Disclosure Award" serves as a strong validation of Weili Transmission's governance standards and commitment to compliance [2] - The company plans to leverage this recognition to continuously optimize its information disclosure practices and enhance interaction with the capital market, contributing to the integration of technology and finance [2]

Company Overview - Yinchuan Weili Transmission Technology Co., Ltd. has a core production base located in Yinchuan, with all production capacity deployed there. The company focuses on precision reducers, wind power gearboxes, and electric drive-related capacities [1][2]. Industry Barriers - The wind power gearbox industry has high entry barriers, including: - **Technical Barriers**: Complex design requirements and high precision in processing and assembly, necessitating rigorous testing [1][2]. - **Financial Barriers**: Capital-intensive nature requiring significant investment in equipment and R&D [1][2]. - **Customer and Certification Barriers**: Strict supplier admission criteria and lengthy validation periods of 2-3 years [1][2]. - **Brand and Talent Barriers**: New brands struggle to gain trust, and the industry requires multidisciplinary talent [1][2]. Production Capacity - The first phase of the wind power gearbox smart factory is expected to achieve an annual production capacity of 2,000 units, with plans to increase to 4,000 units after the second phase [2][3]. Project Progress - The smart factory project is progressing steadily, with core production equipment deployed and ongoing adjustments to ensure operational stability. The company is actively recruiting and training staff for key positions [3][4]. Capacity Ramp-Up - The wind power gearbox smart factory is currently in the initial ramp-up phase, facing challenges such as: - Need for improved operational proficiency among the production team [3]. - Continuous optimization of production line processes [3]. - Ongoing equipment debugging and performance calibration [3]. Profitability Expectations - The smart factory is expected to significantly enhance the gross margin of the wind power gearbox business due to increased product value and cost reductions from economies of scale. The gross margin is anticipated to exceed that of conventional wind power gearbox products [4].

Industry Overview - The global and Chinese wind power installation scale is continuously expanding, indicating a strong growth momentum in the industry, which provides solid demand support for the wind power gearbox market [1] - Wind power is recognized as a mature technology with clear commercialization potential, maintaining stable growth in installed capacity globally [1] Industry Barriers - The wind power gearbox market has high industry barriers, including: - Technical barriers due to the need for complex condition adaptation, high precision in processing and assembly, and multiple stringent testing validations [1] - Financial barriers as it is a capital-intensive industry requiring significant funding for equipment purchases (especially imported equipment) and R&D investments [1] - Customer and certification barriers with strict supplier access requirements for manufacturers, long verification cycles of 2-3 years, and the necessity for rigorous product certification before market entry [1] - Brand and talent barriers where customers prioritize brand reputation, making it difficult for new brands to gain trust, and the need for multidisciplinary talent complicates team formation for new enterprises [1] Production Capacity Progress - The wind power gearbox smart factory (Phase I) is in a critical construction phase, with core production equipment largely deployed, laying a hardware foundation for future capacity release [2] - Current capacity release is affected by three main factors: - 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 [2] - Some equipment is still in the debugging and performance calibration stage to ensure long-term operational stability [2] - The factory's capacity will follow a "steady ramp-up, gradual release" approach, with ongoing tracking of production line integration, personnel training, and equipment debugging progress until maturity is reached [2]

Group 1: Company Overview and Market Potential - The company, Yinchuan Weili Transmission Technology Co., Ltd., is actively involved in the wind power gearbox market, which is experiencing robust growth due to increasing global and Chinese wind power installations [1] - According to the Global Wind Energy Council, the global wind power installed capacity is expected to reach an additional 981 GW from 2025 to 2030, averaging 164 GW per year, driving demand for wind power gearboxes [1] - China's "14th Five-Year Plan" aims for an annual new installed capacity of no less than 120 million kW, with cumulative capacity targets of 1.3 billion kW by 2030 and 5 billion kW by 2060 [1] Group 2: Market Size and Growth - In the first ten months of 2025, China's new wind power installed capacity reached 70.01 GW, a year-on-year increase of 52.86% [2] - The Chinese wind power gearbox market was valued at approximately $3.136 billion in 2023 and is projected to grow to $4.263 billion by 2030, indicating a significant market opportunity [2] Group 3: Industry Barriers - The wind power gearbox industry has high entry barriers, including technical, financial, customer, and brand barriers, making it challenging for new entrants to gain market access [2] - The design and manufacturing of gearboxes require high precision and extensive testing, contributing to the industry's technical barriers [2] Group 4: Production Capacity and Efficiency - The smart factory for wind power gearboxes is currently in the critical construction phase, with core production equipment deployed, but still in the initial capacity ramp-up stage [2][4] - The factory aims to achieve a processing capacity of 1,500 units, with ongoing efforts to optimize production processes and enhance operational efficiency [4] Group 5: Profitability and Cost Control - The gross margin for the wind power gearbox business is expected to improve significantly post-factory launch, driven by increased product value and economies of scale [3] - Cost reduction strategies include optimizing design to reduce material costs, implementing smart production to enhance efficiency, and refining supply chain management to lower procurement costs [4][5] - The company anticipates that as the smart factory reaches full production capacity, its cost control capabilities will continue to improve, leading to better profitability [5]

Core Viewpoint - The company is actively engaging in capacity expansion, share repurchase, and the establishment of a smart factory for wind power gearboxes, aiming to enhance profitability and align interests with its core team through an equity incentive plan [1][2][3][5]. Group 1: Capacity Expansion - The company's core production capacity is concentrated in Yinchuan, with a smart factory for wind power gearboxes located in the Yinchuan Economic and Technological Development Zone. The first phase will achieve an annual production capacity of 2,000 units, and the total capacity will increase to 4,000 units after the second phase [2]. - The smart factory is currently in a critical construction phase, with core production equipment mostly deployed. However, the full release of capacity is affected by the need for operational proficiency, optimization of production line connections, and ongoing equipment debugging [4]. Group 2: Share Repurchase - As of November 30, 2025, the company has repurchased 876,500 shares, accounting for 1.2109% of the total share capital, with a total expenditure of 44.2067 million yuan (excluding transaction fees). The company plans to continue monitoring stock price trends and proceed with share repurchase in accordance with relevant regulations [3]. Group 3: Profitability and Margin Improvement - The company anticipates a significant increase in the gross margin of the wind power gearbox business once the smart factory is operational. The high value and strong pricing power of the wind power gearbox, combined with economies of scale and improved production efficiency, are expected to positively impact overall gross margins [4]. Group 4: Equity Incentive Plan - The company has introduced an equity incentive plan for 183 participants, granting 720,800 restricted shares, which represents approximately 0.9958% of the total share capital, at a grant price of 31.90 yuan per share. This plan aims to attract and retain talent while aligning the interests of the company, shareholders, and core team [5].

每经AI快讯，威力传动发布公告称，2025年12月3日，威力传动接受华创证券调研，公司副总裁、董事 会秘书周建林先生参与接待，并回答了投资者提出的问题。 （记者 曾健辉） 每经头条（nbdtoutiao）——股民发帖求主力拉涨停，次日竟成真！襄阳轴承涨停迷局背后：平台审核 漏洞与市场操纵疑云发酵 ...

Group 1: Company Overview - The company, Yinchuan Weili Transmission Technology Co., Ltd., is focused on the wind power gearbox sector, with its core production capacity located in Yinchuan [2][3]. - The wind power gearbox smart factory is expected to achieve an annual production capacity of 2,000 units in its first phase and 4,000 units upon completion of the second phase [2][3]. Group 2: Share Buyback Plan - As of November 30, 2025, the company has repurchased a total of 876,500 shares, accounting for 1.2109% of the total share capital, with a total transaction amount of RMB 44,206,663.00 (excluding transaction fees) [2][3]. Group 3: Production Capacity and Profitability - The smart factory is currently in the critical construction phase, with core production equipment nearly deployed, but full capacity release is still in the initial ramp-up stage due to several factors [3]. - The gross margin for the wind power gearbox business is expected to significantly increase post-production, driven by higher product value and cost reductions from economies of scale [3]. Group 4: Equity Incentive Plan - The company plans to grant a total of 720,800 restricted shares in 2025, representing approximately 0.9958% of the total share capital, with a grant price of RMB 31.90 per share [3].

公司本次职工代表大会选举产生的职工代表董事将与公司2025年第五次临 时股东会选举产生的董事共同组成公司第四届董事会。本次选举完成后，公司 第四届董事会中兼任公司高级管理人员及由职工代表担任的董事人数未超过公 司董事总数的二分之一，符合相关法律法规的要求。 证券代码：300904 证券简称：威力传动 公告编号：2025-085 银川威力传动技术股份有限公司 关于选举职工代表董事的公告 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12月2日召 开职工代表大会2025年第二次会议，审议通过了《关于选举职工代表董事的议 案》，选举陈永宁女士（简历见附件）为公司第四届董事会职工代表董事，任 期与公司第四届董事会一致。 特此公告。 银川威力传动技术股份有限公司 董事会 2025年12月3日 附件：职工代表董事简历 陈永宁：女，汉族，1984年出生，中国国籍，无境外永久居留权，本科学 历，助理经济师、中级人力资源管理师。历任宁夏青龙管业股份有限公司人力 资源岗；公司人力资源主管、综合管理部副部长、部长；公司职 ...

Group 1 - The core point of the news is that 威力传动 (Weili Transmission) experienced a decline of 5.07% in its stock price, reaching 65.50 yuan per share, with a trading volume of 69.70 million yuan and a turnover rate of 4.73%, resulting in a total market capitalization of 4.741 billion yuan [1] - 威力传动 is primarily engaged in the research, production, and sales of wind power gearboxes, with 98.23% of its revenue coming from this segment and 1.77% from other sources [1] Group 2 - 工银瑞信基金's 工银物流产业股票A (001718) has entered the top ten circulating shareholders of 威力传动, holding 339,200 shares, which accounts for 1.54% of the circulating shares, with an estimated floating loss of approximately 1.1872 million yuan [2] - 工银物流产业股票A has a total asset size of 1.14 billion yuan and has achieved a year-to-date return of 19.32%, ranking 2647 out of 4206 in its category [2] Group 3 - The fund manager of 工银物流产业股票A is 张姝丽, who has been in the position for 2 years and 220 days, with the fund's total asset size at 5.39 billion yuan [3] - During her tenure, the best fund return was 30.84%, while the worst return was -1.96% [3]