证券代码：300904 证券简称：威力传动 公告编号：2025-088 银川威力传动技术股份有限公司 关于董事会完成换届暨聘任高级管理人员、证券事务 代表、内审部负责人的公告 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15日 召开2025年第五次临时股东会，选举产生了第四届董事会非职工代表董事，与 公司2025年第二次职工代表大会选举产生的职工代表董事陈永宁女士共同组成 公司第四届董事会。同日，公司召开第四届董事会第一次会议，审议通过了选 举公司第四届董事会董事长、各专门委员会委员及聘任高级管理人员、证券事 务代表、内审部负责人的议案，现将有关情况公告如下： 一、第四届董事会及董事会各专门委员会组成情况 （一）第四届董事会组成情况 非独立董事：李想先生（董事长）、李阿波先生、甘倍仪女士 独立董事：宋乐先生、陈世宁先生、杨玉明先生 职工代表董事：陈永宁女士 公司第四届董事会由 7 名成员组成，任期自公司 2025 年第五次临时股东会 审议通过之日起三年。董事会中兼任高级管理人员及由职工代表担 ...

2025 年第五次临时股东会的 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 法律意见 $$\Xi{\bf O}\!=\!\Xi{\bf H}\!\#\!+\!\Xi{\bf J}$$ 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 年第五次临时股东会的 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 年第五次临时股东会， 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 年第五次临时股东会，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 ...

证券代码：300904 证券简称：威力传动 公告编号：2025-086 银川威力传动技术股份有限公司 2025年第五次临时股东会决议公告 （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12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12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。 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12月15日（星期一）下午14:30； 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 ...

本次会议以书面表决方式进行表决。经与会董事认真审议，本次会议审议 通过了如下议案： （一）审议通过《关于选举董事长的议案》 证券代码：300904 证券简称：威力传动 公告编号：2025-087 银川威力传动技术股份有限公司 第四届董事会第一次会议决议公告 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"）2025年第五次临时 股东会于2025年12月15日召开，审议通过了公司董事会换届选举事宜，具体内 容详见同日披露的《2025年第五次临时股东会决议公告》。公司董事会已完成 换届选举，经全体董事一致同意，公司第四届董事会第一次会议于2025年12月 15日在公司会议室以现场结合通讯方式召开，董事甘倍仪通过通讯方式远程参 会。本次会议应到董事7人，实到董事7人。经董事会全体成员推举，本次会议 由董事李想先生主持，公司高级管理人员列席本次会议。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 根据《公司法》《公司章程》及其他有关规定， ...

Core Viewpoint - The wind power industry remains highly prosperous, with two main stock selection themes identified: (1) the recovery of wind turbine profitability and potential for exceeding installation expectations, driven by strong overseas demand; (2) the resonance of domestic and international offshore wind demand, with a positive outlook for offshore wind growth [1] Group 1: Wind Turbine Market Dynamics - Wind turbine bidding prices have shown a continuous upward trend, with the average bidding price for onshore wind turbines reaching 1618 RMB/kW in the first ten months of 2025, a year-on-year increase of 6.86%; the average bidding price including towers is 2096 RMB/kW, up 9.78% year-on-year, indicating a potential recovery in wind turbine sales profitability by 2026 [2] - The bidding and approval volumes for wind turbines in 2025 also reflect year-on-year increases, with a 13.16% rise in bidding volume and a 29% increase in project approvals, suggesting that domestic wind turbine shipments in 2026 may exceed expectations [3] Group 2: Offshore Wind Development - Domestic nearshore projects are progressing smoothly, with multiple projects in Guangdong and Jiangsu advancing through installation processes; policies for deep offshore wind have been continuously released since 2025, indicating significant growth potential for deep offshore wind projects [4] - The acceleration of offshore wind power construction overseas is evident, with Europe expected to add 8.40 GW of new offshore wind capacity in 2026; the auction volume for offshore wind in Europe has reached 60.05 GW from 2021 to the first half of 2025, indicating a robust pipeline for future projects [5] Group 3: Investment Recommendations - Based on the recovery of wind turbine profitability and installation demand, the company recommends focusing on wind turbine and component investments, highlighting companies such as Goldwind Technology, Mingyang Smart Energy, and SANY Heavy Energy, while also suggesting attention to component manufacturers like Rihua Co., Ltd. [6] - For the accelerated development of offshore wind, the company recommends investments in subsea cables and foundation segments, with specific recommendations for companies like Orient Cable and Zhongtian Technology in the cable segment, and Daikin Heavy Industry and Tianneng Wind Power in the foundation segment [6]

Group 1: REITs Market Analysis - The current REITs market has experienced a correction, leading to reasonable valuations, making it attractive for long-term investors to seize quality project opportunities during adjustments [1][6] - It is recommended to focus on two main lines based on Q3 performance: sectors with strong fundamentals such as data centers and affordable rental housing, and REITs expected to see quarter-on-quarter performance improvement in Q4, benefiting from events like the National Day holiday and "Double Eleven" promotions [1][6] - A significant unlocking of strategic placement shares is anticipated in November-December 2025, with a monthly unlocking scale exceeding 1 billion shares, creating structural entry opportunities despite short-term liquidity pressures on some quality targets [6][8] Group 2: Public Fund Investment Strategy - In 2025, the public fund scale and share both increased, but the structure changed, with fixed income and index equity experiencing net subscriptions, while fixed income and active equity faced net redemptions [2][11] - The outlook for 2026 suggests continued upward potential for equities, with a recommendation to maintain a balanced allocation between growth and reversal strategies, adapting flexibly to short-term opportunities [2][11] - A global multi-asset allocation approach is advised, with a focus on selecting products from various sub-strategies [11][12] Group 3: Wind Power Industry Outlook - The wind power industry maintains a high level of prosperity, with two main stock selection lines identified: strong performance in wind turbine bidding prices and the potential for significant growth in domestic and overseas wind power demand [3][17] - The average bidding price for onshore wind turbines has shown a continuous increase, with a year-on-year rise of 6.86% for onshore turbines and 9.78% for onshore turbines including towers [17][19] - Domestic offshore wind projects are progressing smoothly, with expectations for high growth in installation capacity from 2025 to 2026, and overseas offshore wind demand is also robust, indicating significant growth opportunities [18][19] Group 4: North Exchange Market Development - The North Exchange has achieved significant growth, with the number of listed companies reaching 280 and total market capitalization exceeding 900 billion yuan, indicating its role as a core platform for innovative small and medium enterprises [4][21] - The market is expected to enter a new cycle of high-quality expansion in 2026, shifting focus from scale expansion to quality improvement, with anticipated policy dividends and enhanced market functions [21][22] - Investors are encouraged to identify investment opportunities arising from policy releases and to focus on specialized and innovative enterprises with high technical barriers and R&D investments [22]

Group 1 - The wind power industry maintains a high level of prosperity, with expectations for wind turbine and component sales to rebound in profitability due to rising bidding prices and increased demand for domestic and overseas installations [1][3][28] - The average bidding price for onshore wind turbines increased by 6.86% year-on-year to 1618 RMB/kW, while the average price including towers rose by 9.78% to 2096 RMB/kW, indicating a recovery in sales profitability for turbine manufacturers [1][41] - Domestic wind turbine shipments are expected to exceed expectations in 2026, with a significant increase in bidding and approval volumes for wind projects, indicating strong future demand [1][30][39] Group 2 - The domestic offshore wind projects are progressing smoothly, with significant growth potential in deep-sea wind energy, supported by favorable policies and planning in regions like Zhejiang, Shanghai, and Guangdong [2][3] - The European offshore wind market is projected to add 8.40 GW of new installations in 2026, highlighting the potential for export opportunities in multiple segments of offshore wind energy [2][3] - The report identifies two main investment themes: (1) the recovery of wind turbine profitability and the potential for increased installation demand, and (2) the synchronized growth of domestic and international offshore wind demand, suggesting investment opportunities in related sectors such as submarine cables and foundation piles [3][28][29] Group 3 - The report emphasizes the importance of focusing on wind turbine manufacturers and components, recommending companies like Goldwind Technology, Mingyang Smart Energy, and Sany Heavy Energy for investment [3][29] - The offshore wind sector is expected to see significant growth, with recommendations for companies involved in submarine cables and foundation piles, such as Dongfang Cable and Zhongtian Technology [3][29] - The overall valuation of the power equipment industry is expected to grow in 2025, with the wind power sector presenting substantial investment opportunities due to favorable market conditions and increasing demand [28][15]

Group 1: Energy Storage - The demand logic for energy storage is being reshaped, with a global ceiling opening up due to policy shifts from being driven by regulations to being driven by value, leading to high growth in future demand [4][10] - In China, new energy storage installations reached 34.9GW/89.3GWh from January to October 2025, marking a year-on-year increase of 90%/91% [11] - The profitability model for energy storage is improving, with the internal rate of return (IRR) for a hypothetical independent storage project in Gansu estimated at 8.5% for total investment and 14.8% for equity [20][21] Group 2: Wind Power - The domestic wind power market is expected to see stable growth, with offshore wind power projections indicating a doubling of annual new installations compared to the previous five-year plan [6] - The price of domestic onshore wind turbines has shown a clear upward trend since late 2024, with profitability expected to recover significantly by 2026 [6] - The gearbox market for wind power is projected to have a market space exceeding 40 billion, with a focus on leading companies in the industry chain [6] Group 3: International Markets - In the U.S., energy storage installations increased by 11.3GW/34.3GWh from January to October 2025, with a year-on-year growth of 11%/24% [23] - The European market is experiencing a surge in energy storage demand, with the UK and Germany showing significant increases in planned and installed capacities [37][32] - Emerging markets, particularly in the Middle East and India, are seeing substantial growth in energy storage projects driven by favorable policies and abundant solar resources [42][48] Group 4: Investment Recommendations - Key companies to watch in the energy storage integration sector include Haibo Shichuang, Sungrow Power, and Canadian Solar, which are expected to benefit first from the demand surge [6][52] - In the PCS (Power Conversion System) segment, independent third-party companies like Sangfor Electric, Shenghong Co., and Kehua Data are recommended due to their favorable market positioning [56][57] - For temperature control solutions in energy storage, companies like InvoTech and Tongfei Co. are highlighted as leaders benefiting from the evolving market dynamics [61][64]

Group 1 - The core viewpoint of the news is that Weili Transmission (SZ 300904) announced it will be participating in a research meeting with CITIC Securities on December 9, 2025, where the company's Vice President and Board Secretary, Mr. Zhou Jianlin, will address investor questions [1] - For the first half of 2025, Weili Transmission's revenue composition shows that wind power gearboxes accounted for 98.23% of total revenue, while other products made up 1.77% [1] - As of the time of reporting, Weili Transmission has a market capitalization of 4.8 billion yuan [2]

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].