德力佳传动科技（江苏）股份有限公司 首次公开发行股票主板上市公告书 提示性公告 保荐人（主承销商）：华泰联合证券有限责任公司 一、上市概况 （一）股票简称：德力佳 （五）首次公开发行股份数量：4,000.0100 万股，本次发行全部为新股，无 老股转让 1 （二）扩位简称：德力佳传动 （三）股票代码：603092 （四）首次公开发行后总股本：40,000.0100 万股 二、风险提示 本公司提醒广大投资者注意首次公开发行股票（以下简称"新股"）上市初 期的投资风险，广大投资者应充分了解风险、理性参与新股交易。具体如下： （一）涨跌幅限制放宽带来的股票交易风险 根据《上海证券交易所交易规则》，主板企业上市后前 5 个交易日内，股票 交易价格不设涨跌幅限制；上市 5 个交易日后，涨跌幅限制比例为 10%。公司股 票上市初期存在交易价格大幅波动的风险。投资者在参与交易前，应当认真阅读 有关法律法规和交易所业务规则等相关规定，对其他可能存在的风险因素也应当 有所了解和掌握，并确信自身已做好足够的风险评估与财务安排，避免因盲目炒 作遭受难以承受的损失。 扫描二维码查阅公告全文 本公司及全体董事、高级管理人员保证信息披露 ...

Core Viewpoint - The company, Weili Transmission (300904.SZ), has announced a share buyback program, indicating confidence in its financial health and future prospects [1] Summary by Categories Share Buyback Details - As of October 31, 2025, the company has repurchased a total of 876,500 shares, which represents 1.2109% of its total share capital [1] - The highest transaction price during the buyback was 54.05 CNY per share, while the lowest was 46.56 CNY per share [1] - The total amount spent on the buyback was 44,206,663.00 CNY, excluding transaction fees [1] Compliance and Regulations - The buyback is in accordance with the company's share repurchase plan, buyback report, and relevant laws and regulations [1]

Core Points - The company, 威力传动 (300904.SZ), announced a share buyback program, having repurchased a total of 876,500 shares, which represents 1.2109% of its total share capital [1] - The highest transaction price during the buyback was 54.05 CNY per share, while the lowest was 46.56 CNY per share [1] - The total amount spent on the buyback reached 44,206,663.00 CNY, excluding transaction fees [1] - The buyback is in compliance with the company's share repurchase plan, repurchase report, and relevant laws and regulations [1]

证券代码：300904 证券简称：威力传动 公告编号：2025-072 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： 一、回购公司股份的进展情况 ...

Company Overview - The company, Yinchuan Weili Transmission Technology Co., Ltd., specializes in precision reducers and has established a comprehensive information management system to streamline production processes [1]. - The company has developed various systems including PLM, ERP, MES, and DNC to enhance production management efficiency [1]. Production Advantages - The company offers a wide range of customized products, which necessitates a complex production management process [1]. - The manufacturing of wind power reducers involves multiple advanced processes, ensuring high quality and stability, with a product lifespan of up to 20 years and a warranty period of 5 years [2]. Manufacturing Process - The wind power reducers are multi-stage planetary gear reducers, requiring precise manufacturing techniques to meet GB6 grade accuracy standards [2]. - The company employs five-axis CNC machining centers for integrated production, enhancing the precision of components [2]. Market Outlook - The global wind power installation capacity is expected to grow significantly, with an estimated addition of 981 GW from 2025 to 2030, averaging 164 GW per year, which will drive demand for core components like speed reducers [3]. - In China, the wind power market is expanding rapidly, with a reported 61.09 GW of new installations in the first nine months of 2025, a year-on-year increase of 56.2% [3]. - The market for main gearboxes in China's wind power sector is projected to grow from approximately $3.136 billion in 2023 to $4.263 billion by 2030, indicating a robust market outlook [3]. Technological Barriers - The design and manufacturing of wind turbine speed reducers involve high requirements for reliability, longevity, and compactness, necessitating rigorous testing and validation processes [2]. - Continuous technological advancements in the industry are pushing for higher reliability and precision in speed reducers, leading to market consolidation around companies with technological advantages [3].

Core Viewpoint - 威力传动 is a leading company in the wind power gearbox sector, having been established in 2003 and listed on the Shenzhen Stock Exchange in August 2023. The company focuses on the research, production, and sales of wind power-specific reducers, leveraging its technological and customer resource advantages to enter the main gearbox market for wind power [1]. Financial Performance - For Q3 2025, 威力传动 reported a revenue of 638 million yuan, ranking 20th out of 22 in the industry. The top company, 中船科技, achieved a revenue of 6.401 billion yuan, while the industry average was 2.696 billion yuan [2]. - The net profit for the same period was -57.89 million yuan, also ranking 20th in the industry. The leading company, 大金重工, reported a net profit of 888 million yuan, with the industry average at 129 million yuan [2]. Financial Ratios - As of Q3 2025, 威力传动's debt-to-asset ratio was 78.99%, significantly higher than the industry average of 45.32%, and up from 57.30% in the previous year [3]. - The gross profit margin for the same period was 11.69%, down from 15.70% year-on-year and below the industry average of 18.38% [3]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 29.51% to 10,400, while the average number of circulating A-shares held per shareholder decreased by 22.78% to 2,104.46 shares [5]. - Notable changes among the top ten circulating shareholders include 诺安先锋混合A reducing its holdings by 42,900 shares, while 交银主题优选混合A increased its holdings by 160,000 shares [5]. Future Outlook - 中泰证券 forecasts that 威力传动 will achieve net profits of 50 million, 270 million, and 490 million yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 276%, 413%, and 86% [6]. - 国盛证券 also projects net profits of 36 million, 249 million, and 358 million yuan for the same years, with corresponding PE ratios of 125.6, 18.3, and 12.7 [6]. Business Highlights - The global demand for wind power gearboxes is rapidly increasing, with significant value enhancement in single-unit power output. The demand is driven by the rising proportion of doubly-fed and semi-direct drive systems [6]. - The profitability of the reducer business is expected to recover, with the first phase of the reducer factory projected to be completed by the end of 2025, starting large-scale shipments in Q3 2025 [6].

Market Overview - As of 10:30 AM, the Shanghai Composite Index is at 3966.25 points, with a decline of 0.52% [1] - The total trading volume of A-shares today is 1,158.873 billion yuan [1] Technical Analysis - A total of 164 A-shares have seen their 5-day moving average cross below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Canxin Co., Ltd. (688691) with a distance of -2.79% [1] - Weili Transmission (300904) with a distance of -2.24% [1] - Haineng Industrial (300787) with a distance of -1.63% [1] Individual Stock Performance - Canxin Co., Ltd. (688691) has decreased by 5.04% today, with a trading turnover rate of 6.54% [1] - Weili Transmission (300904) has increased by 1.39%, with a trading turnover rate of 4.45% [1] - Haineng Industrial (300787) has increased by 0.72%, with a trading turnover rate of 2.68% [1] - Other notable stocks include: - Lexin Technology (688018) up by 1.69% [1] - Siquan New Materials (301489) down by 8.22% [1] - Hengxuan Technology (688608) up by 0.58% [1] Additional Stock Data - The latest prices and deviations from the 10-day moving average for selected stocks are as follows: - Canxin Co., Ltd. latest price is 119.18 yuan, deviating -12.77% from the 10-day average [1] - Weili Transmission latest price is 79.64 yuan, deviating -3.18% from the 10-day average [1] - Haineng Industrial latest price is 12.55 yuan, deviating -8.43% from the 10-day average [1]

Core Insights - The report emphasizes the importance of proactive investment strategies and highlights the potential for discovering investment opportunities rather than merely relaying information [1] Macro News Summary - The China Securities Regulatory Commission (CSRC) is advocating for listed companies to adopt "cancellation-style repurchase" methods to reward investors [4] - The People's Bank of China is researching the implementation of a one-time personal credit relief policy [4] - The CSRC has introduced measures to protect small and medium investors, further enhancing the investor protection mechanism in the capital market [4] Industry Dynamics - A significant breakthrough in the nuclear fusion sector presents investment opportunities in the industry chain, with related stocks including Xuguang Electronics (600353) and New Wind Power (688663) [5] - Qualcomm's entry into the AI chip market is expected to benefit its partners, with related stocks such as Shunluo Electronics (002138) and Changdian Technology (600584) [5] - China leads globally in wind power generation, with institutions predicting a recovery in profitability for the wind power industry chain, related stocks include Xinqianglian (300850) and Weili Transmission (300904) [5] Company Focus - Jinjian Rice Industry (600127) reported a key breakthrough in its main business profitability in Q3 2025, focusing on brand upgrading and social responsibility [6] - Junsheng Electronics (600699) is pursuing a dual listing ("A+H") to raise funds for automotive intelligence and robotics sectors [6] - Haizheng Pharmaceutical (600267) saw a year-on-year net profit increase of 102.14% in Q3 2025, reflecting the effectiveness of its innovation and internationalization strategies [6] - Tonghua Dongbao (600867) reported over 50% year-on-year revenue growth in the first three quarters, with income from insulin analogs surpassing that from human insulin [6] Market Review and Outlook - On October 28, all three major indices closed lower, with the Shanghai Composite Index dipping by 0.22% and the Shenzhen Component Index by 0.44% [7] - The market is experiencing rapid rotation of hotspots, with significant gains in the Fujian sector and a surge in military industry stocks [7] - The overall market trend remains upward, with expectations for a turning point in A-shares and the economy due to policy stimuli [7] - Investment directions should focus on high-growth sectors such as semiconductors, consumer electronics, AI, robotics, and low-altitude economy, while conservative investors may consider broad-based funds like CSI A500 ETF and CSI 300 ETF [7]

Market Overview - The three major A-share indices collectively rose in the morning session, with the Shanghai Composite Index up by 1.04%, the Shenzhen Component Index up by 1.26%, and the ChiNext Index up by 1.54% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 15,760 billion yuan, an increase of 3,367 billion yuan compared to the previous day [1] - Over 3,700 stocks in the market experienced gains [1] Sector Performance - The steel, small metals, pork, controllable nuclear fusion, Fujian, and storage chip sectors saw significant gains [1] - The storage chip sector continued its strong performance, with stocks like Yingxin Development achieving six consecutive trading limits, and Shikong Technology achieving four consecutive trading limits [1] - CPO and other computing hardware stocks were active, with companies like Xinyisheng, Shengyi Technology, and Huilv Ecology reaching new highs during the session [1] - The steel sector maintained upward momentum, with stocks such as Xinxing Casting Pipe and Changbao Co. both hitting the daily limit [1] Declining Sectors - The wind power equipment sector mostly adjusted, with stocks like Haili Wind Power, Weili Transmission, and Pangu Intelligent experiencing declines [1] - The gaming sector also underperformed, with companies such as Youzu Network, Giant Network, and Kaiying Network showing significant losses [1]

Group 1 - The core point of the news is that 威力传动 (Weili Transmission) experienced a decline of 5.03% in its stock price, reaching 83.94 yuan per share, with a trading volume of 116 million yuan and a turnover rate of 6.19%, resulting in a total market capitalization of 6.076 billion yuan [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 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 1.5094 million yuan [2] - 工银物流产业股票A has a total scale of 1.525 billion yuan and has achieved a year-to-date return of 21.8%, ranking 2578 out of 4218 in its category [2] Group 3 - The fund managers of 工银物流产业股票A are 尤宏业 and 张姝丽, with total fund assets of 6.864 billion yuan and 4.919 billion yuan respectively [3] - 尤宏业 has a tenure of 2 years and 243 days, with the best fund return of 40.19% and the worst return of 13.44% during his tenure [3] - 张姝丽 has a tenure of 2 years and 184 days, with the best fund return of 34.28% and the worst return of 1.36% during her tenure [3]