关于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首次授予相关事项的 法律意见 二〇二五年九月 北京市中伦律师事务所 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦律师事务所 关于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首次授予相关事项的 法律意见 致：银川威力传动技术股份有限公司 北京市中伦律师事务所接受委托，担任银川威力传动技术股份有限公司实行 股权激励计划相关事宜的专项法律顾问。本所及经办律师按照律师行业公认的业 务标准、道德规范和勤勉尽责精神，依据 ...

北京市中伦律师事务所 关于银川威力传动技术股份有限公司 2025 年第四次临时股东会的 法律意见 $$\Xi{\bf O}=\Xi{\bf H}\oplus\hbar{\bf J}$$ 北京市中伦律师事务所 关于银川威力传动技术股份有限公司 2025 年第四次临时股东会的 法律意见 致：银川威力传动技术股份有限公司 北京市中伦律师事务所（下称"本所"）接受银川威力传动技术股份有限公 司（下称"公司"）委托，指派本所律师列席公司 2025 年第四次临时股东会， 并出具本法律意见书。 为出具本法律意见书，本所律师列席了公司 2025 年第四次临时股东会，并 根据《中华人民共和国证券法》（下称"《证券法》"）、《中华人民共和国公 司法》（下称"《公司法》"）、《律师事务所从事证券法律业务管理办法》等 法律、法规和规范性文件的要求以及《银川威力传动技术股份有限公司章程》（下 称"《公司章程》"），按照律师行业公认的业务标准、道德规范和勤勉尽责精 神，查阅了本所律师认为出具法律意见所必须查阅的文件，对公司本次股东会的 召集和召开程序、出席会议人员资格、表决方式、表决程序的合法性、有效性进 行了认真核查。 本所及经办律师 ...

证券代码：300904 证券简称：威力传动 公告编号：2025-064 银川威力传动技术股份有限公司 2025年第四次临时股东会决议公告 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。 特别提示: 1、本次股东会未出现否决议案的情形。 2、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 1、会议召开时间： （1）现场会议召开时间：2025年9月15日（星期一）下午14:30； （2）网络投票日期和时间：通过深圳证券交易所交易系统进行网络投票的 时间为：2025年9月15日（星期一）上午9:15-9:25，9:30-11:30和下午13:00- 15:00；通过深圳证券交易所互联网投票系统投票的具体时间为2025年9月15日 （星期一）9:15-15:00的任意时间。 2、现场会议召开地点：宁夏银川市西夏区文萃南街600号公司会议室。 3、会议的召开方式：本次股东会采取现场表决与网络投票相结合的方式。 4、会议召集人：银川威力传动技术股份有限公司（以下简称"公司"）董 事会。 5、会议主持人：董事长李想先生。 6、会议召开的合法、合规性：经 ...

证券代码：300904 证券简称：威力传动 公告编号：2025-065 具体内容详见同日刊登于中国证监会指定信息披露媒体巨潮资讯网 （www.cninfo.com.cn）上的《关于调整2025年限制性股票激励计划对象名单及 授予数量的公告》。 银川威力传动技术股份有限公司 第三届董事会第三十五次会议决议公告 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。 一、董事会会议召开情况 银川威力传动技术股份有限公司（以下简称"公司"）第三届董事会第三 十五次会议于2025年9月15日在公司会议室召开。会议通知已于2025年9月15日 通过电话等方式送达各位董事，全体董事一致同意豁免本次会议通知时限。会 议采用现场结合通讯方式召开，董事李想先生、李阿波先生、甘倍仪女士、宋 乐先生、李道远先生、季学武先生通过通讯方式远程参会，由董事长李想先生 主持。本次会议应到董事7人，实到董事7人，公司董事会秘书、财务总监列席 本次会议。本次会议的召集、召开符合有关法律、行政法规、部门规章、规范 性文件和公司章程的规定。 二、董事会会议审议情况 本次会议以书面表决方式进行表决。经与会董 ...

Core Viewpoint - The stock of Weili Transmission has experienced fluctuations, with a recent decline of 2.01% and a total market value of 4.823 billion yuan, while the company has shown significant revenue growth but also a notable net loss in the first half of 2025 [1][2]. Company Overview - Weili Transmission, established on October 29, 2003, and listed on August 9, 2023, specializes in the research, production, and sales of wind power gearboxes, with 98.23% of its revenue derived from this core business [1]. - The company is located in Yinchuan, Ningxia, and operates within the electric power equipment sector, specifically focusing on wind power equipment and components [1]. Financial Performance - For the first half of 2025, Weili Transmission reported an operating income of 350 million yuan, reflecting a year-on-year growth of 113.17%, while the net profit attributable to shareholders was a loss of 43.509 million yuan, a significant decrease of 343.76% compared to the previous period [2]. - Since its A-share listing, the company has distributed a total of 73.1071 million yuan in dividends [3]. Shareholder Structure - 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 39.54 thousand shares, and other funds that have seen changes in their shareholdings [3].

Summary of the Conference Call Records Company and Industry Overview - **Company**: 威力传动 (Weili Transmission) - **Industry**: Wind Power Gearbox Market Key Points and Arguments 1. **Market Potential**: The wind power gearbox market is projected to reach approximately 40 billion yuan, with a high technical barrier and a relatively concentrated competitive landscape. Major players maintain stable profitability, with 德力佳 (Delijia) having a gross margin of about 25% [2][5][19]. 2. **Investment Recommendation**: Investment in 威力传动 is recommended due to structural opportunities in the wind power sector. As a new entrant, the company's growth is primarily driven by product and capacity ramp-up, which is less correlated with overall industry demand, supported by 金风科技 (Goldwind) [2][6]. 3. **Performance Expectations**: Over the next two to three years, 威力传动 is expected to achieve an output of around 3,000 units, with each unit priced at approximately 1.5 to 1.6 million yuan, leading to revenues of 4 to 5 billion yuan and a net profit of 500 to 600 million yuan [2][7]. 4. **Revenue Projections**: Revenue forecasts for 威力传动 from 2025 to 2027 are 1.1 billion, 2.7 billion, and 4.4 billion yuan, respectively, with corresponding net profits of 50 million, 270 million, and 500 million yuan [4][22]. 5. **Global Demand Growth**: Global wind power installation demand is expected to grow by 14% year-on-year by 2026, with the main gearbox market projected to reach 41.5 billion yuan, reflecting a year-on-year growth of about 22% [2][18]. 6. **Technical Barriers**: The wind power gearbox industry has high entry barriers due to the increasing torque requirements and the need to control size and weight, necessitating advanced precision processing and assembly capabilities [4][19]. 7. **Competitive Landscape**: The market is characterized by a few major players, with a high concentration ratio. For instance, in 2024, the global main gearbox CR4 is expected to exceed 70%, with 南高齿 (Nangaochi) holding 34% and 威能 (Weineng) 17% [19]. 8. **Catalysts for Investment**: Investors should monitor the depth of cooperation with major clients like 金风科技, progress in collaborations with other manufacturers, new product launches, and capacity expansion, as well as the IPO progress of 德力佳 and its secondary market performance [2][8]. Additional Important Information 1. **Company Background**: 威力传动 was established in 2003, initially focusing on industrial gear products, and has since entered the wind power gearbox sector, forming partnerships with various manufacturers [10][11]. 2. **Management Structure**: The company has a concentrated ownership structure, with the actual controllers holding about 70% of the shares. The chairman has over 40 years of experience in precision transmission [12]. 3. **Product Range**: 威力传动's main products include yaw and pitch gearboxes, which are critical for wind turbine operation. The company is expanding into the gearbox market and other sectors like engineering machinery and solar thermal markets [13]. 4. **Financial Performance**: The company's gross margin has shown a downward trend from 20%-30% to 7% from 2020 to 2023, primarily due to declining sales and increased competition. However, it is expected to recover to around 11% by mid-2025 [14][15]. 5. **Future Growth**: The company is entering a new growth cycle, with optimistic performance expectations driven by strategic partnerships and market demand [9]. This summary encapsulates the critical insights from the conference call records, highlighting the potential and challenges within the wind power gearbox industry and the strategic positioning of 威力传动.

Core Viewpoint - The wind power equipment sector experienced a slight decline of 0.11% on September 12, with major losses led by Daikin Heavy Industries, while the overall market indices showed modest gains [1][2]. Market Performance - The Shanghai Composite Index closed at 3883.69, up 0.22% - The Shenzhen Component Index closed at 12996.38, up 0.13% [1]. Wind Power Equipment Sector Performance - Key stocks in the wind power equipment sector showed varied performance, with notable gainers including: - Electric Wind Power (688660) up 8.08% at a closing price of 20.07 - Weili Transmission (300904) up 3.45% at a closing price of 68.28 - Zhonghuan Hailu (301040) up 2.17% at a closing price of 24.01 [1]. - Conversely, Daikin Heavy Industries (002487) led the declines, down 2.78% at a closing price of 40.26 [2]. Capital Flow Analysis - The wind power equipment sector saw a net outflow of 225 million yuan from institutional investors, while retail investors contributed a net inflow of approximately 48 million yuan [2][3]. - Notable capital flows included: - Electric Wind Power (688660) with a net inflow of 131 million yuan from institutional investors - Ji Xin Technology (601218) with a net inflow of 38.89 million yuan [3].

Company Overview - Silver Power Transmission Technology Co., Ltd. was established in 2003 in Yinchuan, with over 1,000 employees. The main business includes R&D, production, and sales of wind power gearboxes and other precision transmission solutions for the renewable energy industry. The company officially listed on the Shenzhen Stock Exchange's Growth Enterprise Market in August 2023 [2][3]. Market Outlook - The global and Chinese wind power installation scale is continuously expanding, establishing a solid demand foundation for the wind power gearbox market. The Global Wind Energy Council (GWEC) projects that from 2025 to 2030, the global wind power installation capacity will reach 981 GW, averaging 164 GW per year. This significant scale will directly drive the demand for core components like wind power gearboxes [3]. - In the first half of 2025, China's newly installed wind power capacity reached 51.39 GW, a year-on-year increase of 98.88%. The market for wind power gearboxes in China is expected to grow rapidly alongside installation volume, with the market size projected to increase from approximately $3.136 billion in 2023 to $4.263 billion by 2030 [3]. Smart Factory Development - As of August 2025, the company has invested a total of 1.231 billion yuan in the wind power gearbox smart factory. The construction of the factory is progressing smoothly, with all civil engineering completed and core production equipment arriving on site [4]. - The factory is currently in a critical construction phase, focusing on equipment debugging and process verification to ensure efficient production flow and prepare for large-scale production [4]. Production Capacity and Challenges - The smart factory is in the initial ramp-up phase, with three main factors affecting full capacity release: the production team's operational proficiency, optimization of production line connections, and ongoing equipment debugging [4]. - The company plans to gradually increase production capacity as these factors stabilize, aiming to reach design capacity over time [4]. Product Advantages - The company's gearboxes feature advantages such as smooth engagement, low noise, good sealing performance, high efficiency, lightweight, and low cost, attributed to advanced technology and processes [5]. - The use of high-quality alloy steel and advanced heat treatment processes enhances the durability and fatigue life of the gears, while precision machining ensures low noise and high efficiency [5]. Profitability Expectations - The smart factory is expected to significantly improve gross margins through product value addition and scale effects. The high value of wind power gearboxes positions them for higher gross margins compared to conventional products [5]. - The intelligent production line is anticipated to enhance processing precision and yield, reducing waste and lowering unit costs, which will positively impact the overall gross margin as production capacity and market share increase [5].

Group 1 - Wind power equipment sector increased by 0.21% on September 8, with Weili Transmission leading the gains [1] - Shanghai Composite Index closed at 3826.84, up 0.38%, while Shenzhen Component Index closed at 12666.84, up 0.61% [1] - Notable gainers in the wind power equipment sector included Weili Transmission (5.25%), Daqian Heavy Industry (4.88%), and Jixin Technology (4.06%) [1] Group 2 - The wind power equipment sector experienced a net outflow of 689 million yuan from institutional investors, while retail investors saw a net inflow of 616 million yuan [2] - Major stocks with significant net inflows from retail investors included Daqian Heavy Industry (84.82 million yuan) and Shuangyi Technology (54.59 million yuan) [3] - Conversely, stocks like Zhonghuan Hailu and Yunda Co. faced notable declines, with Zhonghuan Hailu down 15.85% [2][3]

银川威力传动技术股份有限公司 薪酬与考核委员会关于公司2025年限制性股票激励计划 激励对象名单的核查意见及公示情况说明 银川威力传动技术股份有限公司（以下简称"公司"）于2025年8月27日召 开第三届董事会第三十四次会议，审议通过了《关于公司〈2025年限制性股票激 励计划（草案）〉及其摘要的议案》等相关议案。具体内容详见公司2025年8月 29日披露于巨潮资讯网（www.cninfo.com.cn）的相关公告。 根据《管理办法》《自律监管指南》《公司章程》的相关规定，公司对拟激 根据《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》《深圳证券交易所创业板上市公司自律监管 指南第1号——业务办理》（以下简称"《自律监管指南》"）和《公司章程》 等相关规定，公司对《2025年限制性股票激励计划（草案）》（以下简称"本次 激励计划"或"《激励计划》"）拟激励对象名单在公司内部进行了公示。公司 薪酬与考核委员会结合公示情况对拟激励对象人员名单进行了核查，相关公示情 况及核查情况如下： 一、公示情况 （一）公示内容：公司 2025 年限制性股票激励计划激励对象姓名及职 ...