Core Insights - China has achieved significant advancements in wind power technology, including the development of a 26 MW offshore wind turbine, the highest elevation wind project at 5,370 meters, and the furthest offshore wind project at a distance of 85.5 kilometers [1][2] Group 1: Technological Achievements - The 26 MW offshore wind turbine has a hub height equivalent to over 50 stories and a swept area larger than 10.5 standard football fields [1] - The highest elevation wind project, located in Tibet, utilizes a single blade hoisting technology for the first time above 5,000 meters [1] - The Jiangsu Dafeng 800 MW offshore wind project marks a breakthrough in deep-sea wind power development, with its farthest point located 85.5 kilometers offshore [1] Group 2: Industry Growth and Projections - By 2025, the wind power generation capacity in China is expected to exceed 1 trillion kilowatt-hours, accounting for 10.8% of the national industrial power generation [1] - The installed wind power capacity in China is projected to reach 640 million kilowatts by the end of 2025, representing over 16% of the total power generation capacity [1] - The wind power industry has transitioned from "catching up" to "leading" in global terms, with approximately half of the world's wind power capacity now located in China [1] Group 3: Economic Impact - China's wind power equipment exports account for 70% of the global market, with products reaching over 60 countries and regions [2] - The annual output value of China's wind power industry is approximately 1.2 trillion yuan, supporting over 2 million direct and indirect jobs [2] - The "14th Five-Year Plan" aims to accelerate the construction of integrated renewable energy bases, with an expected addition of over 200 million kilowatts of wind and solar power capacity by 2026 [2]

每经AI快讯，德力佳1月26日晚间发布业绩预告，预计2025年年度实现归属于母公司所有者的净利润约 8.16亿元左右，与上年同期相比，将增加约2.82亿元左右，同比增加52.8%左右。2025年公司业绩实现 显著增长，主要受益于全球风电产业需求稳步扩张以及公司客户结构优化带来的订单提升。2025年以来 行业整体景气度持续处于较高水平，公司不断深化与核心客户的合作黏性，实现订单稳步增长；同时成 功激活潜在客户合作潜力，推动合作规模从少量供货跃升至批量稳定交付，客户结构的多元化升级直接 驱动了业绩的大幅增长。 每经头条（nbdtoutiao）——国际金价冲破5000美元！7年涨了280%，什么时候才见顶？专家：关键还 看美元，重点关注国际货币体系、降息和科技革命 （记者 曾健辉） ...

格隆汇1月26日丨德力佳(603092.SH)公布，预计2025年年度实现归属于母公司所有者的净利润8.16亿元 左右，同比增加52.80%左右。预计2025年年度实现归属于母公司所有者的扣除非经常性损益的净利润 7.88亿元左右，同比增加47.43%左右。 2025年公司业绩实现显著增长，主要受益于全球风电产业需求稳步扩张以及公司客户结构优化带来的订 单提升。2025年以来行业整体景气度持续处于较高水平，公司不断深化与核心客户的合作黏性，实现订 单稳步增长；同时成功激活潜在客户合作潜力，推动合作规模从少量供货跃升至批量稳定交付，客户结 构的多元化升级直接驱动了业绩的大幅增长。 ...

项目总投资50亿元(初期预投20亿，包括所有基建、首批设备投资及部分流动资金;后期投资进度视产能 需求分批实施。具体以实际投资金额为准)，拟规划用地约350亩。该项目的实施将有效提升公司的生产 规模和交付能力，进一步巩固和增强公司在风电齿轮箱领域的市场竞争力和行业地位，为公司未来业务 发展奠定更加坚实的基础。 智通财经APP讯，德力佳(603092.SH)发布公告，为顺应海内外风电行业持续增长的发展趋势，满足市 场对风电齿轮箱的旺盛需求，公司于2026 年1月25日与无锡宛山湖产业发展有限公司、羊尖镇人民政府 在互惠互利、优势互补的基础上达成合作并签署了《德力佳10兆瓦以上风电用变速箱研发制造项目投资 合作协议》，推进公司风电齿轮箱产能扩充。 ...

德力佳（603092）(603092.SH)发布公告，为顺应海内外风电行业持续增长的发展趋势，满足市场对风 电齿轮箱的旺盛需求，公司于2026年1月25日与无锡宛山湖产业发展有限公司、羊尖镇人民政府在互惠 互利、优势互补的基础上达成合作并签署了《德力佳10兆瓦以上风电用变速箱研发制造项目投资合作协 议》，推进公司风电齿轮箱产能扩充。 项目总投资50亿元(初期预投20亿，包括所有基建、首批设备投资及部分流动资金;后期投资进度视产能 需求分批实施。具体以实际投资金额为准)，拟规划用地约350亩。该项目的实施将有效提升公司的生产 规模和交付能力，进一步巩固和增强公司在风电齿轮箱领域的市场竞争力和行业地位，为公司未来业务 发展奠定更加坚实的基础。 ...

格隆汇1月25日丨德力佳(603092.SH)公布，为顺应海内外风电行业持续增长的发展趋势，满足市场对风 电齿轮箱的旺盛需求，公司于2026年1月25日与无锡宛山湖产业发展有限公司、羊尖镇人民政府在互惠 互利、优势互补的基础上达成合作并签署了《德力佳10兆瓦以上风电用变速箱研发制造项目投资合作协 议》，推进公司风电齿轮箱产能扩充。项目总投资50亿元（初期预投20亿，包括所有基建、首批设备投 资及部分流动资金；后期投资进度视产能需求分批实施。具体以实际投资金额为准），拟规划用地约 350亩。该项目的实施将有效提升公司的生产规模和交付能力，进一步巩固和增强公司在风电齿轮箱领 域的市场竞争力和行业地位，为公司未来业务发展奠定更加坚实的基础。 ...

Core Viewpoint - The wind power industry in China is experiencing rapid cost reduction and installation growth, particularly in onshore wind, while offshore wind is expected to recover significantly by 2025 due to major project initiations [1][2]. Onshore Wind Power - Since 2021, China's onshore wind power has entered a parity era, achieving rapid cost reductions through large-scale and technological advancements, leading to installations exceeding expectations [2]. - Intense competition in the main equipment segment has compressed profit margins, resulting in a situation where industry growth does not translate into increased profits [2]. - Price recovery in the onshore wind supply chain is expected in the second half of 2024, with improved profitability anticipated in 2025 as shipment volumes increase [2]. - The overseas market for onshore wind is witnessing explosive growth in orders, driven by competitive pricing, service, and localization advantages of Chinese manufacturers [2][3]. Offshore Wind Power - The offshore wind sector has faced installation challenges from 2022 to 2024 due to slow approval processes, but significant project initiations in regions like Jiangsu and Guangdong are expected to enhance industry conditions in 2025 [2][4]. - For 2026, domestic offshore wind installations are projected to rise to a range of 11-15 GW, representing a year-on-year increase of over 40% [4]. - The upcoming "15th Five-Year Plan" period is expected to see a total of 70-100 GW of new offshore wind installations nationwide, with record-high bidding anticipated [4]. Investment Recommendations - The global wind power industry is entering a new growth phase, with high certainty of performance increases in the sector [5]. - Key companies to watch in the main equipment segment include Goldwind Technology, Yunda Co., and SANY Renewable Energy, while component manufacturers like Delijia and Jinlei Co. are also highlighted [5]. - In the offshore wind sector, companies such as Dajin Heavy Industry, Haili Wind Power, and Oriental Cable are recommended for investment focus [5].

Core Viewpoint - The "Shantou Declaration" emphasizes the need for accelerated global wind power technology promotion and application to achieve stronger industry growth and meet climate goals, particularly in emerging markets facing challenges like weak industrial foundations and talent shortages [1] Group 1: Global Wind Power Development - The wind power industry has seen significant growth over the past decade, but its benefits are concentrated in a few countries, necessitating broader global efforts to enhance manufacturing capabilities and local production systems [1] - The development of wind power is essential for addressing climate change and ensuring energy security, requiring collaboration among governments, industry, and international organizations [2] Group 2: Supply Chain and Infrastructure - A resilient and dynamic supply chain is crucial for large-scale wind power development, with many regions currently lacking sufficient capacity [2] - Countries should improve industrial policies to guide investments and establish a well-connected global supply chain to enhance supply security [2] - Infrastructure development should be integrated into national and regional planning, focusing on creating efficient transport and operational bases for wind power [3] Group 3: Innovation and Collaboration - Promoting technological cooperation and knowledge sharing is vital for building a secure and reliable wind power supply chain [2] - A collaborative innovation system involving government, industry, and academia should focus on key research areas to drive technological advancements and reduce costs [2] Group 4: Market Environment and Sustainability - A fair and transparent international trade framework is necessary to provide equal market access and eliminate trade barriers [4] - Sustainable development principles should be integrated into supply chain management to maximize the green value of the wind power industry [4] - Enhancing transparency and traceability in the supply chain is critical for ensuring product quality and safety [4] Group 5: Dialogue and Cooperation Mechanisms - Establishing a permanent cooperation mechanism, "Global Wind Power Cooperation Dialogue," in Shantou will facilitate ongoing communication and consensus-building within the industry [5] - The declaration reflects broad representation from over 600 member organizations across approximately 100 countries, highlighting its significance [5]

Core Insights - The Global Wind Energy Council has released the "Global Offshore Wind Industry Chain Development Report 2025" highlighting the dominance of the Asia-Pacific region in wind turbine assembly and key component production [1] - China holds a central position in global offshore wind capacity, reinforcing its leadership in the industry [1] Regional Analysis - The Asia-Pacific region is identified as the largest center for wind turbine assembly and key component production, supported by a complete industrial system [1] - Onshore wind capacity is primarily concentrated in China and India, while offshore wind capacity is predominantly centered in China [1]

Company Overview - The company, Yinchuan Weili Transmission Technology Co., Ltd., is focused on the wind power gearbox market and is currently in the construction phase of its wind power gearbox smart factory [2][4]. Production Capacity and Optimization - The wind power gearbox smart factory (Phase I) is in a critical construction phase, with core production equipment mostly deployed, but still in the ramp-up stage [2][3]. - Production capacity will follow a "steady ramp-up" approach, with ongoing improvements in team proficiency, production line optimization, and equipment calibration [2][3]. Cost Optimization Strategies - **Technical Optimization**: Increased R&D investment to enhance product design and reduce material costs, with a focus on torque density and minimizing component count [3]. - **Smart Production**: Automation in key processes and the establishment of a photovoltaic power station to reduce energy costs, aiming for a processing capacity of 1,500 units [3]. - **Supply Chain Efficiency**: Implementation of a supplier evaluation system and a focus on high-margin self-manufacturing while outsourcing low-margin components [3]. - **Operational Synergy**: Streamlining internal management to reduce order response times and expand market reach, which will lower unit operational costs as sales increase [3]. R&D Investment and Capabilities - R&D expenses for 2023 are projected at CNY 42.56 million, with a 20.65% increase to CNY 51.35 million in 2024, totaling CNY 126.11 million over the last three years [3][4]. - The company holds 204 authorized patents, including 31 invention patents, indicating a strong focus on innovation and technology [4]. Profitability and Market Outlook - The smart factory is expected to significantly enhance gross margins through increased product value and economies of scale [4]. - The global wind power market is projected to add 981 GW of new capacity from 2025 to 2030, with China's annual installation target set at no less than 12 million kW during the 14th Five-Year Plan [4][5]. - The Chinese wind power gearbox market is estimated to grow from USD 3.136 billion in 2023 to USD 4.263 billion by 2030, indicating a robust market potential [5]. Conclusion - The company is well-positioned to capitalize on the growing demand for wind power gearboxes, driven by technological advancements and a strong market outlook [5].