Group 1 - The company, Yinchuan Weili Transmission Technology Co., Ltd., has reported an actual investment of 1,321.11 million yuan in its wind power gearbox smart factory project as of October 31, 2025, with the first phase of construction entering a critical stage [1] - All equipment for the wind power gearbox smart factory has successfully arrived, and the company is progressing with equipment commissioning and verifying the adaptability and stability of the production line processes [1] - The wind power gearbox is considered the "gem on the crown of the wind power equipment manufacturing industry," featuring advantages such as smooth engagement, low noise, good sealing performance, high efficiency, lightweight, and low cost [1] Group 2 - The wind power gearbox industry has several barriers to entry, including high technical requirements for design adaptation to complex working conditions, high precision in processing and assembly, and the need for multiple rigorous testing validations [2] - The industry is capital-intensive, requiring significant funding for equipment purchases (especially imported equipment) and research and development [2] - There are strict supplier admission criteria from original equipment manufacturers, with a verification cycle lasting 2 to 3 years, making it difficult for new companies to enter the market [2] - Brand reputation is crucial in the industry, and new brands struggle to gain trust, while the sector requires multidisciplinary talent, complicating team formation for new entrants [2]

证券代码：300904 证券简称：威力传动 银川威力传动技术股份有限公司 投资者关系活动记录表 编号：2025-043 投 资 者 关 系 活 动类别 □特定对象调研 □媒体采访 □新闻发布会 □现场参观 □分析师会议 □业绩说明会 □路演活动 ☑ 其他：线上会议 参 与 单 位 名 称 及人员姓名 信达证券、安信证券、国泰基金、宁银理财、阳光天泓资产 时间 2025 年 12 月 16 日 地点 线上会议 上 市 公 司 接 待 人员姓名 副总裁、董事会秘书周建林先生 投 资 者 关 系 活 动主要内容介绍 一、介绍公司概况 副总裁、董事会秘书周建林先生向与会的机构投资者简要介绍 了公司近期经营情况及增速器智慧工厂项目进展。 二、与投资者沟通和交流的主要问题 1、公司再融资进展情况？ 答：公司本次再融资采用向特定对象发行 A 股股票的方式，募 集资金总额不超过 6 亿元（含本数），募集资金扣除相关发行费用 后将用于风电增速器智慧工厂（一期）及补充流动资金。相关工作 正按计划稳步推进。 2025 年 9 月 15 日，公司召开 2025 年第四次临时股东会，审议 通过了《关于公司符合向特定对象发行 A 股股票 ...

证券代码：300904 证券简称：威力传动 银川威力传动技术股份有限公司 投资者关系活动记录表 编号：2025-041 投 资 者 关 系 活 动类别 ☑ 特定对象调研 □媒体采访 □新闻发布会 ☑ 现场参观 □分析师会议 □业绩说明会 □路演活动 □其他 参 与 单 位 名 称 及人员姓名 华泰证券 时间 2025 年 12 月 8 日 地点 公司会议室 上 市 公 司 接 待 人员姓名 副总裁、董事会秘书周建林先生 投 资 者 关 系 活 动主要内容介绍 一、介绍公司概况 现场调研的投资者参观了公司展厅及工厂，公司副总裁、董事 会秘书周建林先生向机构投资者简要介绍了公司成长历程，重点介 绍了企业的主营业务、核心产品及增速器智慧工厂项目进展。 二、与投资者沟通和交流的主要问题 1、公司目前在做的风电增速器有什么行业门槛？ 答：风电增速器有较高的行业壁垒：技术壁垒，设计需适配复 杂工况，加工、装配精度要求高，需通过多重严苛试验验证，技术 门槛高；资金壁垒，属资本密集型行业，设备购置（尤其是进口设 备）、研发投入等资金需求大；客户与认证壁垒，整机厂商供应商 准入严苛，验证周期长达 2-3 年，且产品需通过严格认 ...

Company Overview - The company, Yinchuan Weili Transmission Technology Co., Ltd., is involved in the wind power gear industry and is currently progressing with its smart factory project for wind power gearboxes [2][3]. Financing and Fundraising - The company plans to raise up to 600 million CNY through a private placement of A-shares, with funds allocated for the first phase of the wind power gearbox smart factory and to supplement working capital [2][3]. - The company has received approval from its shareholders for the fundraising plan, which is pending regulatory approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission [2][3]. Smart Factory Project Progress - As of August 2025, the total investment in the wind power gearbox smart factory has reached 1.231 billion CNY, with construction work completed and production equipment mostly delivered [3][4]. - The project is currently in a critical construction phase, focusing on equipment debugging and process stability verification to prepare for mass production [3][4]. Workforce and Cost Management - The company is actively recruiting new employees for the smart factory, which may increase short-term costs but is expected to support long-term production and revenue growth [3][4]. - The new hires are essential for operations, quality control, and technical development, ensuring the factory's successful launch [3][4]. Industry Barriers - The wind power gearbox industry has several barriers, including high technical requirements, significant capital investment, lengthy certification processes, and the need for skilled personnel [3][4]. Production Capacity and Profitability - The smart factory is in the initial stages of ramping up production capacity, with a focus on improving operational efficiency and equipment performance [4]. - Once operational, the factory is expected to significantly enhance profit margins due to increased product value and economies of scale, with anticipated higher gross margins compared to existing products [4].

Group 1: Company Overview - The company, Yinchuan Weili Transmission Technology Co., Ltd., has invested a total of 1.231 billion CNY in the wind power gearbox smart factory as of the end of August 2025 [2] - The construction of the wind power gearbox smart factory (Phase I) is progressing smoothly, with all civil engineering work completed and core production equipment mostly delivered [2][3] Group 2: Production Capacity and Planning - The factory is currently in the critical construction phase, with production capacity expected to gradually ramp up as the team improves operational proficiency and equipment is fine-tuned [3] - The production capacity will follow a "steady ramp-up, gradual release" approach, with ongoing monitoring of production line integration, personnel training, and equipment debugging [3] Group 3: Product Advantages - The gearbox features advantages such as smooth engagement, low noise, good sealing performance, high efficiency, lightweight, and low cost, attributed to advanced technology and processes [3] - The gears are made from high-quality alloy steel and undergo various heat treatment processes to enhance wear resistance and fatigue life [3] Group 4: Technical and Industry Barriers - Technical barriers include the need for high precision in design, processing, and assembly, along with rigorous testing to ensure reliability and longevity [4][5] - Financial barriers exist due to the capital-intensive nature of the industry, requiring significant investment in equipment and R&D [5] - Customer and certification barriers arise from strict supplier admission criteria and lengthy validation cycles, making it difficult for new entrants to penetrate the market [5] - Brand and talent barriers are present as customers prioritize brand reputation, and the industry requires multidisciplinary talent, complicating team formation for new companies [5]

Group 1: Report Overview - Research object: Weili Transmission [17] - Research date: September 23, 2025 [1][17] - Industry: Not specified [17] - Participating institutions: Fengjing Capital [2] - Company representatives: Vice President and Board Secretary Zhou Jianlin [17] Group 2: Company Introduction - The vice president and board secretary introduced the company's recent operations, focusing on the main business and the progress of the intelligent gearbox factory [24] Group 3: Refinancing Progress - The company plans to issue A-shares to specific investors, raising up to 600 million yuan for the wind turbine gearbox intelligent factory (Phase I) and working capital [24] - On September 15, 2025, the company's 4th interim shareholders' meeting approved relevant proposals, and the issuance is subject to Shenzhen Stock Exchange review and CSRC registration [24] Group 4: Gearbox Product Advantages - The gearbox has advantages such as smooth meshing, low noise, good sealing, high efficiency, light weight, and low cost [26] - It benefits from advanced technology, including high - quality alloy steel gears, advanced heat treatment and machining processes, and high - quality castings [26] Group 5: Technical Barriers in Gearbox Manufacturing - The wind turbine gearbox has high requirements for design, processing, and assembly, and needs to pass multiple strict tests [26] - Design should consider actual working conditions, and components need precise calculation and analysis [26] Group 6: Industry Barriers in Gearbox - Technical barriers: High - precision design, processing, and multiple tests are required [26] - Capital barriers: It is a capital - intensive industry with large equipment and R & D investment [27] - Customer and certification barriers: Stringent supplier access for OEMs, long verification periods, and strict product certifications [28] - Brand and talent barriers: Customers value brand reputation, and the industry needs multi - disciplinary talents [30] Group 7: Construction Progress of the Intelligent Gearbox Factory - As of the end of August 2025, the cumulative investment in the factory was 1.231 billion yuan [30] - Civil construction is completed, the factory is in a key construction stage, and production equipment has mostly arrived [30] Group 8: Production Capacity Planning of the Gearbox Factory - The factory is in the initial stage of capacity ramp - up, and there are three factors affecting full - capacity release [30] - Capacity will increase gradually, and the company will track progress to reach the design capacity [31]

Company Overview - The company, Yinchuan Weili Transmission Technology Co., Ltd., is focused on the development of wind power gearboxes and is currently advancing its smart factory project for gearboxes [2][3]. Financing and Investment - The company plans to raise up to 600 million RMB through a private placement of A-shares, with funds allocated for the wind power gearbox smart factory (Phase I) and working capital [2]. - The fourth extraordinary general meeting of shareholders was held on September 15, 2025, to approve relevant proposals for the private placement [2]. Product Advantages - The company's gearboxes feature advantages such as smooth engagement, low noise, good sealing performance, high efficiency, lightweight, and low cost, attributed to advanced technology and processes [3]. - Gear materials are high-quality alloy steel, treated with processes like carburizing and quenching to enhance wear resistance and fatigue life [3]. Technical Barriers - The wind power gearbox is a critical component requiring high reliability and long lifespan, with design and manufacturing processes that are complex and demanding [3]. - Key barriers include: - **Technical Barriers**: High design and manufacturing precision requirements, validated through rigorous testing [3]. - **Financial Barriers**: Capital-intensive nature of the industry, requiring significant investment in equipment and R&D [3]. - **Customer and Certification Barriers**: Stringent supplier entry requirements and long validation cycles of 2-3 years [3]. - **Brand and Talent Barriers**: New brands face challenges in gaining trust, and the industry requires multidisciplinary talent [3]. Smart Factory Progress - As of August 2025, the company has invested 1.231 billion RMB in the wind power gearbox smart factory, with construction of civil works completed and production equipment largely delivered [3][4]. - The company is currently focused on equipment debugging and ensuring the stability of production processes to achieve scalable production [4]. Capacity Planning - The smart factory is in a critical construction phase, with core production equipment deployed, but full capacity release is still in the early stages due to several factors [4]. - The factory's capacity will follow a "steady ramp-up" approach, with ongoing monitoring of production line integration, personnel training, and equipment debugging [4].

Core Viewpoint - The company, Yinchuan Weili Transmission Technology Co., Ltd., held an online meeting with 33 institutions to discuss its business growth, core products, and the reasons behind the profit decline in the first half of 2025 [1][2]. Group 1: Financial Performance - The company's profit decline in the first half of 2025 was primarily due to a 75.45% increase in employee-related cash payments, amounting to 81.53 million yuan, attributed to strategic personnel reserves for the wind power gearbox business [1]. - The company anticipates an improvement in overall profit levels as production capacity ramps up and the benefits of expense investments become evident [1]. Group 2: Production and Capacity - As of August 29, 2025, the company has invested a total of 1.23 billion yuan in the wind power gearbox smart factory, with construction progressing smoothly and key phases of the project ongoing [2]. - The initial production capacity of the smart factory is currently being optimized, with factors such as team proficiency and equipment calibration affecting full capacity release [2]. - The company expects a significant increase in gross margin post-production due to product value addition and cost reduction from scale effects [2]. Group 3: Product Advantages - The wind power gearbox product boasts advantages such as smooth engagement, low noise, and excellent sealing performance, attributed to the company's advanced technology and processes [2]. - High-quality alloy steel materials and advanced heat treatment processes are utilized in gear production, enhancing precision and durability [2].

Core Viewpoint - The recent financial report of Weili Transmission (300904) shows a significant increase in revenue but a substantial decline in net profit, indicating potential operational challenges and financial strain [1][3]. Financial Performance - The total revenue for the first half of 2025 reached 350 million yuan, a year-on-year increase of 113.17% compared to 164 million yuan in 2024 [1]. - The net profit attributable to shareholders was -43.51 million yuan, representing a year-on-year decline of 343.76% from a profit of 17.84 million yuan in 2024 [1]. - The gross margin decreased to 11.51%, down 22.44% from 14.84% in the previous year [1]. - The net margin turned negative at -12.45%, a significant drop of 214.35% from 10.89% in 2024 [1]. - The company's inventory increased dramatically by 253.71%, indicating potential overstock issues [1]. Cash Flow and Debt Situation - The cash flow per share was -0.72 yuan, a decrease of 165.36% from 1.11 yuan in 2024, highlighting cash flow challenges [1]. - The company’s interest-bearing debt surged to 1.425 billion yuan, a 295.70% increase from 360 million yuan in 2024, raising concerns about financial leverage [1][4]. - The ratio of cash to current liabilities was only 18.95%, suggesting liquidity issues [4]. Business Model and Investment Returns - The company's historical median Return on Invested Capital (ROIC) stands at 15.8%, but the ROIC for the worst year, 2024, was -1.31%, indicating poor investment returns [3]. - The business model relies heavily on capital expenditures, necessitating scrutiny of the effectiveness and necessity of these investments [3]. Future Funding and Strategic Initiatives - The company plans to raise up to 6 billion yuan through a private placement to fund the construction of a wind power gearbox smart factory and to supplement working capital [5]. - The company has also proposed to apply for a credit limit of up to 3 billion yuan from financial and non-financial institutions to support its operations [5].

Group 1: Company Overview - The company, Yinchuan Weili Transmission Technology Co., Ltd., focuses on precision reducers and gearboxes, with significant advancements in its smart factory for wind power gearboxes [1] - The company has a growth history and emphasizes its core business and products during investor presentations [1] Group 2: Funding for Smart Factory - Funding for the smart factory construction comes from self-owned funds, bank loans, and secondary market refinancing, with a planned credit limit of up to 3 billion CNY [1] - The company aims to raise up to 600 million CNY through a private placement of A-shares to support the smart factory and working capital [2] Group 3: Profitability Expectations - The smart factory is expected to significantly increase gross margins due to product value addition and economies of scale [2] - The wind power gearbox is a high-value component, with anticipated gross margins higher than conventional products, benefiting from improved production efficiency and reduced costs [2] Group 4: Industry Barriers - Key barriers in the wind power gearbox industry include: - **Technical Barriers**: High design complexity and stringent testing requirements [2] - **Financial Barriers**: Capital-intensive nature requiring significant investment in equipment and R&D [2] - **Customer and Certification Barriers**: Long supplier approval cycles and strict certification processes [2] - **Brand and Talent Barriers**: Established brands dominate, and the industry requires multidisciplinary talent [2] Group 5: Workforce Preparation - The company is proactively recruiting for the smart factory to ensure operational readiness, covering roles in technology, production management, and quality control [2] Group 6: Product Advantages - The company's gearboxes feature advantages such as smooth engagement, low noise, good sealing, high efficiency, lightweight, and cost-effectiveness, achieved through advanced materials and processing techniques [2]