Core Viewpoint - Ningbo Dongli Co., Ltd. has signed a global strategic partnership agreement with Nidec Corporation, marking a new phase of long-term, systematic, and global cooperation in the precision transmission field [1] Group 1: Strategic Partnership - The agreement was signed by Chairman Song Jilong of Ningbo Dongli and President Tsujita Yoshiharu of Nidec at Nidec's headquarters in Kyoto, Japan [1] - Nidec is a leading player in the small precision gearbox sector, with significant technological expertise and international influence in advanced automation and robotics [1] - Ningbo Dongli has a solid foundation in transmission system manufacturing, precision processing capabilities, quality management systems, and large-scale delivery [1] Group 2: Collaboration Details - Ningbo Dongli will become Nidec's exclusive partner for robotic gearbox component manufacturing, integrating deeply into Nidec's global industrial system [1] - The collaboration will focus on systematic coordination in manufacturing, processes, and quality for high-end precision transmission products [1] - Regular meetings and special task groups will be established to address technical and process issues encountered during product delivery [1] Group 3: Market Impact - The partnership aims to enhance the application depth and market coverage of Ningbo Dongli's products in sectors such as robotics, semiconductor equipment, new energy equipment, and high-end medical devices [2] - This strategic cooperation is expected to open broader opportunities for the development of Ningbo Dongli's high-end precision transmission business [2]

Group 1 - The company plans to establish a joint venture named Foshan Tianyuan Transmission Technology Co., Ltd. with related parties [1] - The total investment for the joint venture is set at RMB 8 million, with the company contributing RMB 3.2 million, accounting for 40% of the total investment [1] - The joint venture will focus on the research, development, production, and sales of plastic gearboxes and related products [1] Group 2 - The investment structure includes contributions from other parties: Ceng Guojian (RMB 1.6 million, 20%), Li Qing (RMB 1.2 million, 15%), Liang Guangwei (RMB 1.2 million, 15%), and Beijing Qunyu Intelligent Manufacturing Technology Co., Ltd. (RMB 800,000, 10%) [1]

Group 1 - The number of valid subscription accounts for the online issuance was 13,469,543, with a total of 90,026,989,500 shares subscribed, resulting in an initial winning rate of 0.01066347% [1] - The total number of allocation numbers was 180,053,979, with the range from 100,000,000,000 to 100,180,053,978 [1] Group 2 - Due to an initial effective subscription multiple of approximately 9,377.81 times, which exceeded 100 times, the issuer and the lead underwriter decided to implement a callback mechanism [2] - After the callback mechanism was activated, the final number of shares issued offline was 11,142,654, accounting for 32.23% of the total issuance after deducting the final strategic placement [2] - The final number of shares issued online was 23,429,000, representing 67.77% of the total issuance after deducting the final strategic placement, with the final winning rate for online issuance being 0.02602442% [2]

Core Viewpoint - The initial public offering (IPO) of Delijia Transmission Technology (Jiangsu) Co., Ltd. has been approved by the Shanghai Stock Exchange and registered by the China Securities Regulatory Commission, with a total issuance of 40,000,100 shares priced at 46.68 yuan per share [1][2][9]. Group 1: Issuance Details - The initial strategic placement was set at 8,000,020 shares, representing 20% of the total issuance, with the final strategic placement amounting to 5,428,446 shares, or 13.57% of the total [2]. - After the strategic placement adjustment, the offline issuance was 24,971,654 shares (72.23% of the remaining shares), while the online issuance was 9,600,000 shares (27.77% of the remaining shares), totaling 34,571,654 shares [2][3]. - The final online issuance had a subscription rate of approximately 9,377.81 times, prompting the activation of the adjustment mechanism, redistributing 1,382,900 shares from offline to online [3]. Group 2: Payment and Subscription Obligations - Investors must fulfill their payment obligations by October 30, 2025, with specific instructions for both offline and online investors regarding the payment process [4][5]. - If the total subscription from offline and online investors does not reach 70% of the available shares, the issuance will be suspended, and further disclosures will be made [5][6]. Group 3: Strategic Placement Participants - Strategic placement participants include management and core employees through asset management plans, as well as large enterprises with strategic cooperation, such as TBEA Group and Goldwind Technology [7][8]. - All strategic placement investors have signed agreements with the issuer, confirming their participation [8]. Group 4: Issuance Results - The total scale of the issuance is approximately 186,720.47 million yuan, with the final strategic placement results confirmed by October 23, 2025 [9][10]. - The online lottery for share allocation will take place on October 29, 2025, with a total of 46,858 winning numbers, each allowing the purchase of 500 shares [10].

Group 1 - The core viewpoint of the news is that 威力传动 (300904.SZ) has reported an increase in institutional holdings, indicating growing investor interest [1] - As of October 26, 2025, a total of 10 institutional investors hold shares in 威力传动, with a combined holding of 5.8876 million shares, representing 8.13% of the total share capital [1] - The top ten institutional investors include notable entities such as 国投创合, 中国工商银行, and 中国太平洋人寿, with their combined holding ratio increasing by 0.29 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, one fund, 交银主题优选混合A, increased its holdings by 0.22%, while another fund, 诺安先锋混合A, saw a slight decrease in holdings [2] - Two new public funds were disclosed this quarter, including 交银瑞思混合(LOF) and 工银物流产业股票A, while 36 public funds were not disclosed this quarter [2] - In the insurance sector, 中国太平洋人寿保险股份有限公司 increased its holdings slightly, indicating a positive trend in insurance investment [2]

Core Viewpoint - Foshan Maidong Transmission Equipment Co., Ltd. has been established with a registered capital of 1 million RMB, indicating a new player in the transmission equipment industry [1] Company Summary - The company is engaged in a wide range of activities including the sale of electrical equipment, mechanical and electrical equipment, and power electronic components [1] - It also focuses on the sale of bearings, gears, and transmission components, as well as high-speed precision heavy-load bearings [1] - Additional activities include retail and wholesale of hardware products, research and development of hardware products, and sales of machine tool functional components and accessories [1] Industry Summary - The establishment of the company reflects ongoing growth and diversification in the transmission equipment sector, which includes various mechanical and electrical sales [1] - The company's operations cover essential components for machinery and construction, indicating a broad market potential [1]

Group 1 - Hengli Group has established a new company named Zhejiang Baisida Transmission Technology Co., Ltd with a registered capital of 50 million yuan [1] - The company's business scope includes manufacturing gears and gear reducers, sales of precision gear transmission devices, manufacturing of automotive parts and components, and wholesale of automotive accessories [1] - The company is co-owned by Hengli Group, Wu Jiao Jun, and Wu Jia Qi [1]

Core Viewpoint - Ningbo Dongli experienced a significant stock price increase of 7.36% on August 22, reaching 13.27 CNY per share, with a trading volume of 730 million CNY and a turnover rate of 12.04%, resulting in a total market capitalization of 7.062 billion CNY [1] Company Overview - Ningbo Dongli Co., Ltd. is located at 1 Yinhai Road, Jiangbei District, Ningbo City, primarily engaged in the production and manufacturing of transmission equipment, providing comprehensive transmission solutions for the high-end market [1] - The company operates three manufacturing bases and employs over 1,800 staff members [1] Financial Performance - For the period from January to March 2025, Ningbo Dongli reported an operating income of 333 million CNY, representing a year-on-year growth of 8.99% [1] - The net profit attributable to shareholders reached 15.8489 million CNY, marking a substantial year-on-year increase of 116.63% [1] Shareholder Information - As of July 31, Ningbo Dongli had 56,900 shareholders, with an average of 8,437 circulating shares per person [1]

Core Viewpoint - Ningbo Dongli experienced a significant stock price increase, reaching a limit up of 10.04% on August 19, with a trading price of 12.6 yuan per share and a total market capitalization of 6.705 billion yuan [1] Company Overview - Ningbo Dongli Co., Ltd. is located at No. 1 Yinhai Road, Jiangbei District, Ningbo, and primarily engages in the production and manufacturing of transmission equipment, providing comprehensive transmission solutions for the high-end market [1] - The company operates three manufacturing bases and employs over 1,800 staff members [1] Financial Performance - For the period from January to March 2025, Ningbo Dongli reported an operating income of 333 million yuan, reflecting a year-on-year growth of 8.99% [1] - The net profit attributable to shareholders reached 15.8489 million yuan, marking a substantial year-on-year increase of 116.63% [1] Market Activity - As of 13:18 on August 19, the trading volume was 1.23 billion yuan, with a turnover rate of 21.51% [1] - The number of shareholders stood at 56,900, with an average of 8,437 circulating shares per person [1]

1. Report Core View - The company, Weili Transmission, has achieved accelerated development after its listing in 2023, making significant progress towards becoming a global leading transmission equipment manufacturer through strategic layouts and initiatives [24][25]. - The company has established a clear and systematic strategic plan for overseas market expansion, with service points in multiple key markets and has entered the qualified supplier lists of several international well - known wind power companies [28]. - The company's wholly - owned subsidiaries have received project approvals for the "Thousands of Townships and Villages Wind - Powered Action", which will promote the coordinated development of its new energy power generation and wind power transmission businesses [28]. 2. Summary by Directory 01. Research Basic Situation - The research object is Weili Transmission, and the reception time was on July 25, 2025. The company's vice - president and board secretary, Zhou Jianlin, received the investors [17]. 02. Detailed Research Institutions - The research institutions include Haitong Securities (a securities company), Qianhai Life Insurance (a life insurance company), and Boshi Fund (a fund management company) [18]. 04. Main Content Data Company Overview - Investors visited the company's exhibition hall, precision reducer factory, and speed - increaser intelligent factory. Zhou Jianlin introduced the company's growth history, main business, core products, and the latest progress of the speed - increaser intelligent factory [24]. Strategic Layout After Listing - In 2023, the company was listed on the ChiNext of the Shenzhen Stock Exchange. It increased investment in R & D and production capacity expansion. The first wind power speed - increaser was successfully assembled and tested in 2023, and the Z5503A wind power speed - increasing gearbox passed the certification. In 2024, the wind power speed - increaser business had small - batch shipments [24]. - In October 2024, the company signed cooperation agreements with Goldwind Technology to enhance R & D, production, and market capabilities [25]. Industry Barriers of Wind Power Speed - increasers - There are technical barriers (complex design, high precision requirements, and strict tests), capital barriers (large capital demand), customer and certification barriers (strict supplier access and long verification periods), and brand and talent barriers (difficult for new brands to gain trust and hard to form a team) [26]. R & D Investment - In 2023, the R & D expenses were 4,255.96 million yuan, and in 2024, they were 5,134.78 million yuan, a 20.65% increase from the previous year. The cumulative R & D investment in the past three fiscal years was 12,611.41 million yuan [26]. - As of March 31, 2025, the company had 203 authorized patents, including 31 invention patents [27]. Advantages of Speed - increaser Products - The company's wind power speed - increasers have advantages such as smooth meshing, low noise, good sealing, high efficiency, light weight, and low cost, due to advanced technology and processes [27]. Overseas Market Expansion - The company has set up global service points in key markets like Hamburg, Chennai, and Tokyo. It has entered the qualified supplier lists of international wind power companies such as Siemens - Gamesa, Enercon, and Adani [28]. Participation in "Thousands of Townships and Villages Wind - Powered Action" - The company's wholly - owned subsidiaries have received project approvals for a total installed capacity of 65MW of wind power generators, which will promote business synergy and market competitiveness [28].