通过此次战略合作，宁波东力将成为尼得科唯一的机器人减速器零部件代工合作伙伴，深度融入尼得科 的全球产业体系，在高端精密传动产品的制造、工艺与质量等方面开展系统协同。双方将建立定期会晤 与专项小组推进机制，协调解决产品交付过程中遇到的技术、工艺等问题，确保合作稳步落地。 宁波东力相关人士称，将严格遵循全球统一的高标准制造与质量控制体系，以精益制造和持续改进，确 保产品在关键性能指标上达到国际先进水平，助力合作伙伴在全球高端市场中保持竞争优势。 本报讯 （记者吴奕萱）12月23日，宁波东力股份有限公司（以下简称"宁波东力"）董事长宋济隆与尼 得科传动技术株式会社（以下简称"尼得科"）社长辻田穣治在日本京都尼得科总部签署全球战略合作伙 伴协议，标志着双方在精密传动领域的合作迈入长期化、体系化、全球化的新阶段。 尼得科是全球小型精密减速机领域的重要引领者，在先进自动化与机器人核心传动技术方面拥有深厚的 技术积累和广泛的国际影响力；宁波东力则长期深耕传动系统及核心零部件制造，在精密加工能力、质 量管理体系以及规模化交付方面具备坚实基础。基于对全球先进制造与机器人产业发展趋势的高度共 识，双方决定在精密传动零部件等领域开 ...

Core Viewpoint - The company has successfully developed micro planetary roller screw specifications with diameters of 9.0mm, 6.5mm, and 5.0mm, and has sent samples to five leading industry clients [1] Group 1: Product Development - The company is focusing on R&D in the precision transmission field, aiming to overcome core technical bottlenecks such as high precision, long lifespan, and low noise [1] - The company is actively promoting the localization process of its products, leveraging existing precision component manufacturing technologies [1]

Core Viewpoint - The company has successfully developed micro planetary roller screws with diameters of 9.0mm, 6.5mm, and 5.0mm, and has sent samples to five leading industry clients [1] Group 1: Product Development - The company focuses on continuous R&D investment in the precision transmission field [1] - Key technological breakthroughs include high precision, long lifespan, and low noise [1] - The company is actively promoting the localization process of products based on existing precision component manufacturing technology [1]

Investment Rating - The investment rating for the company is maintained as "Buy" [1] Core Views - The company reported a significant growth in net profit attributable to shareholders, with a 20.72% year-on-year increase in H1 2025, reaching 113 million RMB, and a 52.28% increase in Q2 2025, amounting to 59 million RMB [1] - The company is expanding its product lines in the precision transmission field and is actively entering emerging sectors such as humanoid robotics and medical technology, showcasing strong technical capabilities [2][4] - The gross margin for H1 2025 was 31.97%, reflecting a year-on-year increase of 0.74 percentage points, while the net margin slightly decreased by 0.14 percentage points to 14.40% [3] Revenue and Profitability - In H1 2025, the company achieved revenues of 787 million RMB, a 21.93% increase year-on-year, with Q2 revenues reaching 419 million RMB, up 25.93% [1] - The revenue breakdown by business segment shows that micro transmission systems, precision injection parts, and precision molds generated revenues of 498 million RMB, 239 million RMB, and 50 million RMB respectively, with year-on-year growth rates of 20.51%, 16.25%, and 88.52% [2] Innovation and Product Development - The company is leveraging a collaborative innovation system to enhance the integration of transmission systems, micro-motor systems, and electronic control systems, successfully developing key technologies [4] - New product launches include the DM17 and LM06 bionic dexterous hand series, designed to meet diverse application needs with advanced features [4] Financial Forecast and Valuation - The company’s projected net profits for 2025-2027 are 254 million RMB, 315 million RMB, and 393 million RMB respectively, supported by its technological advancements and product diversification [5] - The estimated revenue for 2025 is 1.945 billion RMB, reflecting a growth rate of 27.57% compared to 2024 [11]

Core Viewpoint - The company plans to raise up to 730 million yuan through a private placement to fund projects related to precision gear manufacturing for electric vehicles and other initiatives, aiming to enhance production capacity and financial stability [1][2]. Group 1: Fundraising and Investment Projects - The company intends to use 270 million yuan of the raised funds for the construction of a precision power gear manufacturing project for electric vehicles, with a total investment of 324 million yuan, expected to produce 9 million precision gears annually [1]. - Another project involves an investment of 258 million yuan to build a new generation precision transmission manufacturing line, projected to produce 180,000 harmonic reducers, 200,000 micro reducers, and 60,000 planetary reducers annually [2]. Group 2: Market Position and Customer Relationships - The company has established strong relationships with leading international brands in the smart terminal manufacturing sector, including Bosch Group and Makita, indicating a solid customer base for its precision gear products [3]. - The company has engaged in deep cooperation and bulk supply with notable robotics companies, enhancing its market presence and customer resource reserves in the precision reducer industry [3]. Group 3: Financial Performance and Future Outlook - For the first half of 2025, the company reported revenue of 242 million yuan, a year-on-year increase of 0.25%, while net profit fell by 68.79% to 3.2244 million yuan [3]. - The company aims to improve its financial structure and enhance risk resistance by using 200 million yuan of the raised funds to supplement working capital, addressing funding pressures from business expansion [3].

Group 1 - The company plans to issue shares to specific investors in 2025, aiming to raise no more than 730 million yuan [1] - The funds raised will be used entirely for projects related to intelligent manufacturing of precision power gears for new energy vehicles, next-generation precision transmission manufacturing, and the establishment of a precision transmission R&D center, as well as to supplement working capital [1]

Core Viewpoint - The company plans to raise up to 730 million yuan through a private placement of shares in 2025, with the funds allocated for various projects related to intelligent manufacturing in the new energy vehicle sector and working capital supplementation [1] Group 1: Fundraising Details - The company intends to issue shares to no more than 35 specific investors, including securities investment fund management companies, securities firms, and trust companies [1] - The actual controllers, Wang Youli and Huang Weihong, along with the controlling shareholder, Fengli Transmission, plan to subscribe for shares with a total cash investment of no less than 70 million yuan and no more than 140 million yuan [1] - Wang Youli and Huang Weihong will subscribe for the same number of shares and amount in this issuance [1] Group 2: Project Allocation - The raised funds will be fully utilized for the following projects: - Intelligent manufacturing project for precision power gears in new energy vehicles - New generation precision transmission manufacturing project - Construction of a precision transmission research and development center [1] - The funds will also be used to supplement the company's working capital [1]

Group 1 - The company reported a revenue of 703 million yuan for the first half of 2025, representing a year-on-year growth of 14.21%, while the net profit attributable to shareholders after deducting non-recurring gains and losses reached 44.2151 million yuan, a significant increase of 45.08% year-on-year [1] - The demand for AI computing infrastructure, such as servers and high-speed switches, is rapidly growing, alongside the continuous upgrade of consumer electronics, leading to structural growth in the PCB industry, which has significantly boosted the sales of specialized processing equipment in this field [1] - The sales of spindle products increased by 27.17% year-on-year, with notable growth in various spindle types, including external drive machining center spindles and PCB drilling machine spindles, driving the company's performance [1] Group 2 - The company is expanding horizontally into high-end equipment core functional components, such as CNC machine tools, robots, and new energy vehicles, with sales of core functional components for robots reaching 12.2103 million yuan, a year-on-year increase of 127% [2] - At the "2025 Humanoid Robot Advanced Manufacturing Technology Forum," the company showcased its technological breakthroughs in harmonic reducers and joint modules, highlighting its production capacity of 150,000 harmonic reducers and 3,000 collaborative robots annually [2] - The company has achieved a dual technological breakthrough in the harmonic reducer field, reducing vibration peak values by 60% and improving transmission accuracy by 66.7%, setting a new technical benchmark in precision transmission [2] Group 3 - The company has set ambitious performance targets, aiming for a net profit of no less than 60 million yuan in 2024, 120 million yuan in 2025, and 180 million yuan in 2026, reflecting confidence in stable long-term growth [3] - The company plans to continue product upgrades and development, focusing on enhancing product performance and maintaining a leading advantage while expanding into new product applications and cultivating new profit growth points [3] - Current and upcoming product developments include RV reducers, swing heads, high-speed fans, and sensors, indicating a proactive approach to market trends and technological advancements [3]

Company Overview - 威力传动 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, focusing on precision transmission solutions for the renewable energy industry [2] - The company officially listed on the Shenzhen Stock Exchange's Growth Enterprise Market in August 2023 [2] Market Outlook - The Global Wind Energy Council (GWEC) forecasts a global wind power installation capacity increase of 791 GW from 2024 to 2028, averaging 158 GW annually [3] - In 2025, China's new wind power installations are expected to exceed 120 GW, marking a critical development period for the industry [3] Strategic Initiatives - The company aims to leverage national policy benefits and strategic opportunities, focusing on innovation and lean management to enhance operational efficiency [3] - Six key actions will be implemented: lean, global, efficient, intelligent, integrated, and safe [3] International Expansion - The company has established global service networks in key regions, including Hamburg, Chennai, and Tokyo, to improve customer response times [3] - It has successfully entered the qualified supplier lists of renowned international wind power companies such as Siemens-Gamesa and Adani [3] Project Developments - The company’s subsidiaries have received approvals for the "Thousand Villages and Ten Thousand Villages Wind Action" project, with a total installed capacity of 65 MW [3][4] - These projects will enhance the company's renewable energy generation capabilities and support the development of wind power gearboxes and speed increasers [4] Share Buyback Progress - As of April 30, 2025, the company has repurchased 876,500 shares, accounting for 1.21% of the total share capital, with a total transaction amount of RMB 44,206,663 [4] Communication with Investors - The company ensured transparent communication with investors, adhering to information disclosure regulations, and no significant undisclosed information was leaked [4]

Company Overview - 威力传动 was established in 2003 in Yinchuan, with over 1,000 employees [2] - Main business includes R&D, production, and sales of wind power gearboxes and speed increasers, serving the renewable energy sector [2] - The company went public on the Shenzhen Stock Exchange in August 2023 [2] Key Clients and Market Position - 威力传动 has established itself as a key supplier for major domestic wind power companies such as Goldwind Technology and Envision Energy, and has entered the supplier lists of international firms like GE and Siemens-Gamesa [2] - The company has built strong, stable partnerships with these clients [2] 2024 Performance Challenges - The company anticipates a significant decline in 2024 performance due to intensified market competition and pressure on profit margins [3] - Increased costs from hiring approximately 400 new employees for the speed increaser smart factory have also impacted profitability [3] - The company did not achieve profitability in 2024 due to these factors [3] Strategic Response for 2025 - In 2025, 威力传动 plans to enhance product quality and cost transmission capabilities through supply chain integration and technological upgrades [3] - The company aims to expand its overseas market presence and customer base, particularly in the wind power speed increaser sector [3] - The gradual completion of the speed increaser smart factory is expected to strengthen the company's core competitiveness [3] Smart Factory Development - The speed increaser smart factory is currently under construction, with progress reported as smooth [3] Manufacturing Advantages - 威力传动's speed increasers are recognized for their high technological content and efficiency, featuring advanced materials and processing techniques [3] - The company employs high-quality alloy steel and advanced heat treatment processes to enhance durability and performance [3] Share Buyback Progress - As of the 2024 annual report, the company has repurchased 876,500 shares, accounting for 1.21% of total shares, with a total transaction amount of RMB 44,206,663 [4] Market Outlook - The Global Wind Energy Council projects a global wind power installation capacity increase of 791 GW from 2024 to 2028, with an average annual addition of 158 GW [4] - In 2025, China's new wind power installations are expected to exceed 120 GW, presenting a critical growth opportunity for 威力传动 [4] Operational Strategy - The company will focus on lean management, safety production, and expanding overseas sales markets while optimizing its supply chain and enhancing digital transformation [4]