德力佳传动科技（江苏）股份有限公司 （Delijia Transmission Technology （Jiangsu） Co.,Ltd.） （江苏省无锡市锡山区安泰一路 67 号） 首次公开发行股票并在主板上市 招股说明书 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 1-1-0 德力佳传动科技（江苏）股份有限公司 招股说明书 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行 承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风 险。 致投资者的声明 1、公司上市目的 德力佳传动科技（江苏）股份有限公司是一家主要从事高速重载精密齿轮 传动产品研发、生产与销售的企业，下游应用领域目前主要为风力发电机组， 核心产品为 ...

Core Viewpoint - Green development is a prominent feature of Chinese modernization, emphasizing the need for a comprehensive green transformation in economic and social development as outlined in the 15th Five-Year Plan proposal by the Central Committee of the Communist Party of China [1][3]. Group 1: Pollution Prevention and Ecological Optimization - The focus is on environmental protection for the public, implementing precise and scientific pollution control, emphasizing source governance, and enhancing collaborative efforts in reducing pollution and carbon emissions [5]. - There is a commitment to a comprehensive approach to protect and manage ecosystems, including biodiversity conservation and large-scale afforestation initiatives [6]. Group 2: New Energy System Construction - The plan aims to increase the proportion of renewable energy supply, ensuring a safe and orderly transition from fossil fuels, and building a robust new power system [7]. - The strategy includes a multi-energy approach, integrating wind, solar, water, and nuclear energy, while promoting high-quality development of clean energy [7]. Group 3: Carbon Peak Achievement - The implementation of a dual control system for total carbon emissions and intensity is a key focus, alongside promoting energy-saving and carbon-reduction transformations [8][9]. Group 4: Green Production and Lifestyle Formation - The initiative aims to advance ecological environment zoning and control, optimizing industrial layout in collaboration with national spatial planning [13]. - There is a push for green and low-carbon transformations in key sectors such as industry, urban construction, and transportation [13].

Core Viewpoint - The Hainan provincial government, in collaboration with the Southern Power Grid Company, has released the "Implementation Plan for the Construction of a New Power System in Hainan Clean Energy Island," aiming to establish Hainan as a leading area for new power system construction and support the province's free trade port and clean energy island initiatives by 2030 [1][2]. Group 1: Clean Energy Supply - By the end of October 2023, Hainan's installed capacity of renewable energy has exceeded 12 million kilowatts, maintaining its position as the largest power source [1]. - The province will support the development of offshore wind, solar, marine, and geothermal energy, promoting the orderly development of distributed renewable energy and the construction of system-friendly renewable energy power stations [1]. Group 2: Digital Grid Safety - By the end of this year, Hainan's 500 kV provincial digital grid project will be fully completed, enhancing the intelligent perception capabilities through the application of IoT, AI, and other digital technologies [2]. - Plans include the construction of new cross-sea transmission channels to strengthen power supply security and integrate Hainan's grid into the national unified electricity market [2]. Group 3: Green Electricity Consumption - Hainan will promote electric energy substitution projects in various sectors, including ports, airports, and electric vehicles, to enhance electrification levels across industries, transportation, commerce, and residential life [2]. - The province has linked over 4,800 charging stations through the "Hainan Charging Pile" app and mini-program, aiming to develop large-scale vehicle-to-grid (V2G) interaction projects [2]. Group 4: Efficient Power Trading - In October, clean electricity from Inner Mongolia was successfully delivered to Hainan, supporting stable power supply during the National Day and Mid-Autumn Festival holidays [3]. - Hainan will improve cross-provincial and cross-regional electricity trading mechanisms, creating a market system tailored to the new power system's development [3]. Group 5: Flexible System Regulation - Hainan will enhance its intelligent scheduling system to optimize the operation of renewable energy and improve its controllability [3]. - The province plans to accelerate the construction of pumped storage power stations and promote diversified development of new energy storage solutions [3].

Core Viewpoint - The construction of a new energy system is essential for achieving carbon peak and carbon neutrality goals, with a focus on developing clean energy sources and reducing reliance on fossil fuels [1][5] Group 1: New Energy System Development - The new energy system aims to create a modern energy system dominated by non-fossil energy, ensuring energy security and facilitating a low-carbon transition [1][2] - By the end of the 14th Five-Year Plan, most new electricity demand will be met by increased clean energy generation [1] - The introduction of the Energy Law in 2024 provides a legal framework for the construction of the new energy system and new power systems [1] Group 2: Clean Energy Expansion - There is a need to significantly develop non-fossil energy sources, including wind, solar, hydro, and nuclear power, to enhance the clean energy portfolio [3] - The transition period requires the clean and efficient use of fossil fuels, with coal power being transformed into a flexible and stable energy source to support renewable energy [3] Group 3: Infrastructure and Technology - The establishment of a new power system requires the construction of high-capacity transmission lines and smart grid technologies to ensure efficient distribution and utilization of green electricity [4] - The integration of distributed energy resources will enable households and businesses to participate actively in energy production and consumption, fostering a green lifestyle [4] Group 4: Socioeconomic Impact - The shift to green energy will serve as a new engine for high-quality economic development, reducing production costs for businesses and enhancing competitiveness in international trade [4] - The transition to a new energy system is a comprehensive response to the aspirations for high-quality development, energy security, and improved living standards [5]

Group 1: Company Performance and Financial Overview - The company experienced rapid growth from 2015 to 2022, with revenue milestones of over 3 billion in 2020, 3.5 billion in 2021, 4 billion in 2022, 5 billion in 2023, and 6 billion in 2024, indicating a steady growth trend [1] - In 2023 and 2024, overall gross margin declined, leading to a decrease in net profit due to market demand fluctuations, intensified competition, and cost changes [1] - The company's asset-liability ratio is expected to remain at a reasonable level, with asset growth primarily driven by construction projects and liabilities increasing due to contract liabilities from unfinished projects [2] Group 2: Business Composition and Future Outlook - The proportion of power engineering construction in the business structure increased to 54.78% in 2024, while the share of power consulting and design decreased to 24.16% [2] - Future business focus will include high-voltage power design and new energy design, with stable demand for substations and distribution rooms, and increased demand for photovoltaic and energy storage facilities [2] - The company plans to develop comprehensive energy services centered around "solar-storage-charging," including energy efficiency management and carbon services, targeting various user segments [3] Group 3: Strategic Planning and Industry Trends - The 14th Five-Year Plan emphasizes achieving carbon peak targets and establishing a clean, low-carbon, safe, and efficient new energy system by the end of the plan [2] - The company aims to accelerate the development of strategic emerging industries, increase the proportion of new energy supply, and promote green and low-carbon energy consumption [2] - The company is also focusing on innovative products like the "remote online capacity measurement system for batteries" to drive new business growth across various sectors [3]

Core Viewpoint - The article discusses the implementation opinions released by the Ministry of Commerce on October 30, aimed at expanding green trade to promote trade optimization and support carbon peak and carbon neutrality goals [1][3]. Group 1: Enhancing Green Low-Carbon Development Capabilities of Foreign Trade Enterprises - Strengthening awareness of green low-carbon development among foreign trade enterprises through training and sharing best practices [4][5]. - Encouraging green design and production by supporting the use of renewable energy and reducing carbon emissions in foreign trade products [4][5]. - Promoting green logistics development by encouraging the use of environmentally friendly packaging and clean energy in transportation [5]. Group 2: Expanding Import and Export of Green Low-Carbon Products and Technologies - Enhancing the international competitiveness of green low-carbon products by promoting the use of recycled materials and sustainable fuels [7]. - Researching overseas markets to identify potential for green low-carbon trade and leveraging free trade agreements [7]. - Improving the greening of exhibitions by establishing dedicated green zones and revising relevant standards [7]. Group 3: Creating a Favorable International Environment for Green Trade Development - Strengthening international communication and participation in global carbon trade rule discussions [9]. - Promoting the establishment of standards for green low-carbon products and services that align with international norms [9]. Group 4: Establishing a Robust Support System for Green Trade - Encouraging financial institutions to develop products based on carbon footprint assessments to support green low-carbon exports [10]. - Accelerating the construction of a national carbon footprint database to assist foreign trade enterprises [10]. - Supporting talent development in green trade through research and training initiatives [11].

图为论坛现场。孙睿摄 中新网西宁10月31日电 (记者孙睿)"青海光热在用的、在建的总规模位列全国第一，已形成世界光热看 中国，中国光热看青海的发展格局。"青海省发展和改革委员会党组书记、主任张纳军在10月30日举行 的2025青海清洁能源发展论坛上表示。 （文章来源：中国新闻网） "中国新能源技术进步凸显成本优势，发展规模和速度将持续保持高位；但发展的同时也面临着要素保 障趋紧，并网消纳压力增大，市场收益下滑等挑战。"国家能源局监管总监黄学农表示，青海要抓住机 遇，不断将资源优势转化为发展优势，为中国能源高质量发展提供更多经验做法。 青海省能源局党组成员、副局长伟生介绍，清洁能源论坛从2019年举办至今，已成为展示青海清洁能源 发展成果、推动合作的"金字招牌"，推动实现绿电省内消纳与跨省外送协同，走出一条具有青海特色的 清洁能源高质量发展道路。(完) 当日，2025青海清洁能源发展论坛在青海省西宁市举行。本次论坛以"清能聚力·协同发展"为主题，全 方位展示青海聚力打造国家清洁能源产业高地的丰硕成果和广阔前景，共商绿色低碳发展新路径，共享 清洁能源产业发展新机遇，为助力实现"碳达峰、碳中和"目标贡献"青海力量 ...

Group 1 - Over 12.3 billion in main funds flowed into the power equipment sector, making it the top sector among 31 Shenwan primary industries [1] - The only ETF tracking the green energy index saw a peak increase of over 1.4% before dropping 0.38%, reaching a high not seen since February 2023 [1] - Key stocks such as Enjie, Yongxing Materials, and New Zoubang saw significant gains, with New Zoubang rising over 11% and Beiterui increasing by more than 9% [1] Group 2 - The "14th Five-Year Plan" emphasizes accelerating the construction of a new energy system and achieving carbon peak by 2030, with leading companies like CATL and Sungrow expected to benefit [3] - The photovoltaic industry is entering a critical bottom phase, with expectations for a new era led by major players, focusing on supply control and enhancing global competitiveness [3] - Lithium hexafluorophosphate prices have doubled from under 50,000 yuan/ton in August to 105,000 yuan/ton by October 30, impacting pricing strategies for electrolyte products [3] Group 3 - Dongwu Securities highlights a strong demand for lithium batteries, with production and sales expected to rise significantly, particularly in Europe and global energy storage [4] - The battery sector is projected to exceed market expectations by 2026, with first-tier profitability improving and second-tier profitability reaching a turning point [4] - The solid-state battery sector is anticipated to see increased demand due to advancements in AI, with multiple catalysts expected to emerge in Q4 [4] Group 4 - The green energy ETF (562010) passively tracks the green energy index, with top ten weighted stocks including CATL, BYD, and Longi Green Energy [4]

Core Insights - The "14th Five-Year Plan" has significantly advanced China's energy transition, with a focus on enhancing energy supply capacity, accelerating green transformation, and optimizing energy layout [1] - The "15th Five-Year Plan" aims to achieve carbon peak targets and establish a clean, low-carbon, safe, and efficient new energy system [1] Energy Sector Development - The "15th Five-Year Plan" emphasizes the cultivation of emerging and future industries, particularly in new energy, new materials, aerospace, and low-altitude economy [2] - New energy is recognized as a key component of strategic emerging industries, with a shift towards improving industry quality and efficiency during the "15th Five-Year Plan" [2] - Hydrogen energy and nuclear fusion are highlighted as future industries, with plans to explore diverse technological routes and applications [2] Hydrogen Energy and Nuclear Fusion Progress - By the end of 2024, China's hydrogen production capacity is expected to exceed 50 million tons per year, with over 600 renewable energy hydrogen production projects planned [3] - The country has promoted 28,000 fuel cell vehicles and built over 500 hydrogen refueling stations, leading in the commercial vehicle sector [3] Modern Infrastructure Development - The "15th Five-Year Plan" calls for the construction of a modern infrastructure system, optimizing energy backbone channel layouts and enhancing new energy infrastructure [4] - Significant projects include high-voltage transmission channels and natural gas pipeline networks to support clean energy development [4][5] National Unified Market and Competition - The plan aims to eliminate barriers to building a national unified market and address "involution" competition, promoting a healthy market order [6] - The establishment of a unified electricity market is crucial for energy transition and resource optimization [6] New Energy System and Carbon Peak Goals - The plan focuses on building a new energy system, increasing the share of renewable energy, and ensuring the orderly replacement of fossil fuels [7] - By mid-2025, China's renewable energy installed capacity is projected to reach 2.159 billion kilowatts, accounting for 59.2% of total installed capacity [7][8] - The nuclear power sector is also expanding, with operational capacity reaching 60.91 million kilowatts, making China the world leader [8]

Core Viewpoint - The Ministry of Commerce of China has released implementation opinions on expanding green trade to promote trade optimization and support carbon peak and carbon neutrality goals [1] Group 1: Enhancing Green Low-Carbon Development Capabilities of Foreign Trade Enterprises - Strengthening awareness of green low-carbon development among foreign trade enterprises through training and best practice sharing [2][3] - Encouraging green design and production practices, including the use of renewable energy and reducing carbon emissions in foreign trade products [2] - Promoting green logistics development by shifting transportation modes and using environmentally friendly packaging [3] Group 2: Expanding Import and Export of Green Low-Carbon Products and Technologies - Enhancing international competitiveness of green low-carbon products by utilizing recycled materials and developing sustainable fuel trade [4] - Researching overseas markets to identify potential for green low-carbon products and leveraging free trade agreements [4] - Promoting green practices in exhibitions and trade fairs to set standards for green event management [4] Group 3: Creating a Favorable International Environment for Green Trade Development - Strengthening international communication and participation in global carbon trade rule discussions [7] - Promoting the establishment of standards for green low-carbon products and services that align with international norms [7] Group 4: Establishing a Robust Support System for Green Trade - Encouraging financial institutions to develop products and services based on carbon footprint calculations [8] - Building a national carbon footprint database to assist foreign trade enterprises in calculating their product carbon footprints [8] - Supporting talent development in green trade through research and training initiatives [9]