证券代码：300040 证券简称：九洲集团 哈尔滨九洲集团股份有限公司投资者关系活动记录表 编号：2025-011 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 路演活动 □现场参观 □其他 （ ） 参与单位名称及 人员姓名 长江证券-袁澎 长江证券-司弘历 长江证券-徐科、 杭州附加值投资管理-刘亚群 时间 2025 年 12 月 17-18 日 地点 西安 上市公司参与人 员姓名 投资者关系经理-李浩轩。 投资者关系活动 主要内容介绍 一、互动问答 1、公司是否有拥有新技术和产品储备，比如面向算力中心供电 需求的 HVDC，SST 等？ 自 2024 年制定了"制造业再出发"的战略方向以来，公司针对 多个类型智能配电网设备进行水单了紧锣密鼓的立项研发。比如上面 提到的模块化 UPS 供电系统、高压直流电源系统之外，公司自主研 发的微模块数据中心样机、智能母线等产品也预计将在近期亮相。 公司固态变压器（SST）产品正处于研发阶段。关于变压器产品 九洲拥有充足的技术经验累积；对于公司的技术研发能力，早在 2012 年公司就实现了高压变频器的技术出口，当时公司将具有 ...

Group 1: Company Strategy and Product Development - The company has initiated a strategic direction called "Manufacturing Industry Restart" since 2024, focusing on the R&D of various smart distribution network devices, including modular UPS systems and high-voltage DC power systems [2][3] - The company is developing solid-state transformer (SST) products and has a strong technical background, having exported high-voltage frequency converter technology in 2012 [2][3] - The company has established a new R&D center in Jiangsu to enhance product competitiveness and reduce transportation costs [4] Group 2: Financial Performance - As of Q3 2025, the company reported total revenue of CNY 947 million, a year-on-year decrease of 2.75%, while the net profit attributable to shareholders was CNY 43.12 million, down 41.09% [3][4] - The company achieved a significant increase in non-recurring net profit, which rose by 170.88% to CNY 48.01 million [3] - Operating cash flow improved significantly, exceeding CNY 300 million, a year-on-year increase of 320% [3][4] Group 3: Market and Sales Strategy - The company aims for a 20% increase in orders for its manufacturing sector in 2025, with a detailed sales plan in place [4] - The company is focusing on large clients and has begun establishing an overseas sales team to enhance international sales capabilities [4] - The distribution of smart distribution network equipment orders is approximately 1/3 from the grid and 2/3 from outside the grid, with a gross margin of about 20% and a net margin of around 3% [4] Group 4: Renewable Energy and New Projects - The company has received over CNY 200 million in national subsidies for renewable energy this year, with a faster repayment speed [3][5] - The company is developing a new business model combining decentralized wind power and heating, with over 300 MW of wind power indicators reserved [5][6] - The projected internal rate of return for the decentralized wind power and clean energy heating projects is over 10% [5][6] Group 5: Future Outlook and Goals - The company has set revenue growth targets for 2025: 20% for smart distribution networks, 10% for renewable energy, and 10% for comprehensive smart energy [6] - The company is exploring overseas business opportunities, particularly in Central Asia and ASEAN countries, and has successfully bid for a key energy storage project [6]

Core Viewpoint - The "Thousand Villages and Ten Thousand Villages Wind Action" aims to enhance wind power development in rural areas, utilizing idle land to increase income for village collectives while addressing various challenges in policy, land security, resource assessment, and mechanism design [2][4]. Group 1: Project Overview - As of September 2025, over 15.5 million kilowatts of "Wind Action" projects have confirmed investment entities [1][3]. - China's rural wind energy resources are abundant, with the actual potential of onshore wind energy at 5.9 billion kilowatts, while the installed capacity in 2024 was only 521 million kilowatts, representing about 9.5% of the technically exploitable resources [3]. Group 2: Land Use Challenges - Land use is a critical issue for rural wind power development, with each wind turbine requiring approximately 2,000 square meters of land during construction due to additional infrastructure needs [6][7]. - Current land policies impose restrictions on converting rural land to construction land, leading to a preference for using scattered idle land for wind power projects [6][9]. Group 3: Revenue Model Development - Prior to the "Wind Action," rural wind power projects were smaller in scale compared to solar projects, primarily developed by state-owned enterprises due to high investment and lengthy approval processes [11]. - A partnership model is emerging where village collectives co-invest in wind projects, allowing them to receive fixed annual returns for community development and infrastructure [12][13]. - Four main revenue models have been identified: collective shareholding, resource exchange for infrastructure improvement, diversified land revenue, and local employment generation [12][13].

Company Overview - The company, Yinchuan Weili Transmission Technology Co., Ltd., successfully listed on the Shenzhen Stock Exchange's Growth Enterprise Market in August 2023, marking a significant milestone in its development [1] - The company has made substantial investments in R&D and capacity expansion post-listing, with the first wind power gearbox successfully assembled and certified in 2023 [1][2] R&D Investment - R&D expenses for 2023 amounted to CNY 42.56 million, with a projected increase to CNY 51.35 million in 2024, reflecting a growth of 20.65% [2] - Cumulative R&D investment over the last three fiscal years totals CNY 126.11 million, with the company holding 203 authorized patents as of March 31, 2025 [2] Product Advantages - The company's wind power gearbox is recognized as a critical component in wind turbine technology, featuring advantages such as low noise, high efficiency, and lightweight design [3] - The gearboxes are manufactured using high-quality alloy steel and advanced processing techniques, ensuring durability and performance [3][4] Market Expansion - The company has established global service networks in key markets, including Hamburg, Chennai, and Tokyo, enhancing customer response capabilities [4] - It has successfully entered the supplier lists of major international wind power companies, including Siemens Gamesa and Adani [4] Industry Barriers - Key barriers in the wind power gearbox industry include high technical requirements, significant capital investment, stringent customer certification processes, and the need for brand reputation [2] Sustainable Development Initiatives - The company’s subsidiaries have received approvals for projects under the "Thousand Villages and Ten Thousand Towns Wind Action," with a total installed capacity of 65 MW, promoting the development of clean energy [4]

Group 1: Company Overview - Wei Li Transmission was established in 2003 in Yinchuan, with over 1,000 employees [2] - The main business includes R&D, production, and sales of wind power gearboxes and speed increasers, with key products such as yaw gearboxes and pitch gearboxes [2] - The company officially listed on the Shenzhen Stock Exchange's Growth Enterprise Market in August 2023 [2] Group 2: Strategic Importance of Smart Factory Project - The wind power speed increaser smart factory project will fill regional industrial gaps and strengthen location barriers, addressing the demand for high-power speed increasers [3] - The project will enhance the product matrix and improve the company's influence in the wind power sector [3] - Smart factory implementation will leverage over 200 patents to boost production efficiency and support product innovation [3] Group 3: Future of Wind Power Industry - The company holds a long-term optimistic view on the wind power industry, with steady growth in global and domestic installation demand expected [3] - Policies like the "Shagao Desert" base and offshore wind development provide clear growth support [3] - The company’s existing technical and regional advantages align well with industry trends [3] Group 4: Technical Barriers in Speed Increaser Manufacturing - Wind power speed increasers are critical components with high design and manufacturing requirements, ensuring reliability and longevity while being compact and lightweight [4] - The manufacturing process is complex, requiring precise calculations and rigorous testing under various conditions [4] Group 5: Advantages of Company’s Speed Increaser Products - The company's speed increasers are known for their smooth engagement, low noise, good sealing, high efficiency, and lightweight [4] - Advanced manufacturing techniques enhance durability and performance, achieving high precision in gear components [4] Group 6: Participation in "Thousand Villages and Ten Thousand Towns Wind Action" - The company’s subsidiaries have received approvals for projects totaling 65 MW in wind power generation capacity [4] - These projects will promote the synergy between the company's renewable energy and gearbox businesses, enhancing market competitiveness [4] Group 7: Maintaining Operational Capability Amid Cost Pressures - In 2025, the company aims to innovate while adhering to strategic principles, focusing on the renewable energy sector and lean management [4] - Efforts will include expanding overseas markets, optimizing supply chains, and enhancing product structure to meet market demands [4]

Group 1: Company Overview - The company, Yinchuan Weili Transmission Technology Co., Ltd., specializes in precision reducers and is currently constructing an intelligent accelerator factory [2]. - The company has achieved ISO9001 and IATF16949 international quality management system certifications, ensuring high product quality and reliability [3]. Group 2: Financial Performance - In Q1 2025, the company's revenue increased by 284.46% year-on-year, attributed to a significant rise in market share and sales volume [3]. - Despite the revenue growth, net profit saw a substantial decline due to increased management costs (including depreciation and amortization) and rising sales and R&D expenses [3]. Group 3: Project Developments - The intelligent accelerator factory is currently under construction, with financing primarily sourced from internal funds and project loans [3]. - The "Thousand Villages and Ten Thousand Towns Wind Action" project is expected to boost sales of wind turbines and expand demand for upstream products, with the company having developed products for wind turbines below 6MW [3]. Group 4: Market Expansion - The company is actively enhancing its international marketing channels and has established global service points in key regions such as Hamburg, Chennai, and Tokyo [3]. - The company has successfully entered the supplier lists of renowned international wind power companies, including Siemens Gamesa and Adani [3]. Group 5: Subsidiary Development - The company is developing its subsidiary Weima's business, focusing on electric drive systems for new energy vehicles, with plans to enter small batch and mass production collaborations [3].

Financial Performance - In 2024, the company's operating income was ¥578,662,643.08, with a net profit attributable to shareholders of -¥153,590,983.03, indicating a significant decline compared to the previous year [5] - The main business product gross margin was negative due to intensified competition and declining product prices, leading to underutilization of capacity and increased depreciation costs [9][11] Industry Overview - The wind power industry faced intensified competition in 2024, with continuous declines in main engine bidding prices, impacting the entire supply chain and upstream suppliers [2][5] - The company anticipates long-term growth driven by the "14th Five-Year Plan" for renewable energy, promoting offshore wind power cluster development and the replacement of old units [3][4][11] Strategic Initiatives - The company plans to optimize product structure and focus on high-margin products to improve profitability in 2025 [13][14] - Cost control measures will include strengthening strategic cooperation with suppliers and optimizing production processes to enhance efficiency [14] Research and Development - In 2024, the company invested ¥18,450,000 in R&D, holding 57 invention patents and leading the drafting of 2 industry standards [17] - The company has developed key technologies for large and high-performance forgings, enhancing its competitive edge in the market [8][10] Market Position and Customer Base - The company has established a strong customer base, including well-known domestic and international enterprises, which enhances brand recognition and market influence [15][16] - In 2024, the proportion of overseas revenue increased to 64%, attributed to stable international clients [16]

Core Viewpoint - The global energy transition is accelerating, shifting the renewable energy industry from single equipment competition to a full industry chain ecological competition, focusing on technological collaboration and ecological co-construction to overcome resource bottlenecks and enhance project efficiency [1] Group 1: Technological Innovation - The company has established a "six major business ecosystem" encompassing wind power equipment, energy storage systems, smart operation and maintenance, hydrogen equipment, zero-carbon parks, and energy internet through continuous technological innovation [3] - The deep collaboration between technological accumulation and industrial layout allows the company to provide full lifecycle support from planning and site selection to operational services for its partners [3] Group 2: Ecological Co-construction - The company proposed two major cooperation concepts in Guangxi: the "Thousand Villages and Ten Thousand Towns Wind Action" to pilot distributed wind power projects in rural areas, and the "Zero Carbon Industrial Park" to create a green manufacturing cluster integrating wind, solar, energy storage, and smart microgrids [4] - A strategic cooperation agreement was signed with its partner, aiming for deep collaboration in multiple fields of renewable energy technology [4] - The company plans to explore scalable replication paths for both initiatives, promoting green energy accessibility and industrial upgrading in more regions [4]