威力传动 摘要 威力传动由减速器业务向增速器领域扩张，受益于金风科技战略调整及 自身齿轮箱制造经验，并已获得相关专利，创始人李亚波在齿轮箱制造 领域有 40 年经验。 公司计划分两期投资增速器，总投资 50 亿元，预计实际使用 40 多亿。 一期投资 20 亿元，2025 年底完成，产能 1,500 台；二期投资 30 亿元， 预计 2028 年实现总产能 4,000 台。 2025 年预计生产增速器 300 台，年底产能调顺至 1,500 台，2026 年 计划生产 1,000 至 1,200 台。国内增速器市场存在缺口，需求量约为 1 万 8 千台，公司产品不愁销路。 增速器行业竞争激烈，南高齿为最大供应商，德力佳紧随其后。威力传 动目标是成为对外销售排名第三的供应商，计划产能 1,500 台。 增速器产品技术壁垒高，投资强度大，设备进口周期长，研发周期长， 且需持续研发和技术迭代，质量控制至关重要。 公司计划逐步提升自制零部件比例，从而提高毛利率和净利率。目标是 实现双位数净利率，初期目标毛利率参考德力佳的 20 多个点，净利率 目标 10 个点左右。 减速器业务方面，2025 年预计销售额可达六七亿元 ...

Company Overview - Shandong Jinlei Heavy Duty Transmission Equipment Co., Ltd. has been established with a registered capital of 50 million yuan [1][2] - The legal representative of the company is Liu Zhe [1][2] - The company is wholly owned by Jinlei Co., Ltd. (300443) [1] Business Scope - The business scope includes manufacturing of gears and gear reducers, manufacturing of rubber products, and sales of high-speed precision gear transmission devices [1][2] - Additional activities include general equipment manufacturing (excluding special equipment), processing of mechanical parts, and sales of bearings, gears, and transmission components [2] Corporate Structure - The company is classified as a limited liability company (non-natural person investment or holding) [2] - The company is located in Dongying Economic and Technological Development Zone, Shandong Province [2] - The business registration is valid indefinitely from July 9, 2025 [2]

Core Viewpoint - The IPO application of Delijia Transmission Technology (Jiangsu) Co., Ltd. has been approved by the Shanghai Stock Exchange, indicating a positive outlook for the company's market entry and growth potential in the precision gear transmission sector [1]. Group 1: Company Overview - Delijia primarily engages in the research, production, and sales of high-speed heavy-duty precision gear transmission products, with a focus on wind turbine gearboxes as its core product [4]. - The company was established in January 2017 and transitioned to a joint-stock company in June 2023, with a total share capital of 36 million shares prior to the IPO [4]. - As of the end of 2024, the company employs a total of 1,505 staff members [4]. Group 2: Financial Performance - The company's revenue for the reporting period was 3,107.80 million yuan, 4,441.82 million yuan, and 3,715.34 million yuan, respectively [6]. - The net profit attributable to the parent company, excluding non-recurring gains and losses, was 483.54 million yuan, 573.65 million yuan, and 534.76 million yuan for the same periods [6]. Group 3: Shareholding Structure - Nanjing Chenrui holds 30.53% of the company's shares, making it the controlling shareholder [5]. - Liu Jianguo and Kong Jinfeng, who are spouses, collectively hold 38.98% of the shares, controlling 41.98% of the company [5]. Group 4: Key Issues Raised During Listing Committee Inquiry - The company was asked to explain the impact of technological trends in the wind power sector, market price changes, and the stability of its performance [7]. - Questions were raised regarding the company's governance structure and its dependency on major customers for sustainable operations [8]. - The inquiry also focused on the reasonableness of the fundraising scale and project justification in light of existing production capacity and order demand [9].

Core Viewpoint - The acquisition of Shaanxi Changkong Gear Co., Ltd. by Feiya Group aims to enhance its high-end precision manufacturing capabilities, particularly in the context of the declining traditional watch market and the rise of smart wearable devices [2][3][12]. Company Summary - Feiya Group plans to acquire a controlling stake in Shaanxi Changkong Gear, a hidden champion in the small modulus gear sector, which is controlled by the same parent company, AVIC [3][4]. - The acquisition is part of Feiya's strategy to overcome technical bottlenecks and explore new growth avenues, particularly in aerospace watches and smart wearables [3][11]. - Shaanxi Changkong Gear, established in 1969, is the only specialized gear manufacturer under AVIC and a leader in the domestic small modulus gear market, with total assets of 673 million yuan and net assets of 232 million yuan as of the end of 2024 [6][8]. Industry Context - The traditional watch market is facing significant challenges, with a reported 18%-20% decline in personal luxury goods sales in mainland China, and a 25.8% drop in Swiss watch exports to China [16]. - In contrast, the demand for smart wearable devices has surged, with a 20.1% increase in shipments in the first three quarters of the year, positioning China as the global leader in this segment [16]. - The acquisition reflects a broader trend of capital mergers in the Han Zhong region, which is undergoing a revaluation of its industrial assets and transitioning towards new industries [21][24].