Stock Abbreviation: Weili Transmission
Stock Code: 300904
Yinchuan Weili Transmission Technology Co., Ltd.
(Address: No. 600, Wencui South Street, Xixia District, Yinchuan City, Ningxia)
Analysis Report on the Plan for Issuing A Shares to Specific Objects in 2025 (Second Revision)
June 2026
1
Yinchuan Weili Transmission Technology Co., Ltd. (hereinafter referred to as "Weili Transmission" or "the Company") is listed on the Growth Enterprise Market of the Shenzhen Stock Exchange. To meet the Company's business development needs and enhance its profitability and market competitiveness, in accordance with the "Company Law of the People's Republic of China," the "Securities Law of the People's Republic of China," the "Administrative Measures for the Registration of Issuance of Securities by Listed Companies," and other relevant laws, regulations, and normative documents, the Company has compiled this analysis report on the plan for issuing A shares to specific objects.
Unless otherwise specified, the abbreviations used in this report have the same meanings as those defined in the "Definitions" section of the "Proposal for Issuance of A Shares to Specific Objects by Yinchuan Weili Transmission Technology Co., Ltd. in 2025 (Second Revision)."
I. Background and Objectives of the Issuance of A Shares to Specific Objects
(I) Background of the Issuance
- National Industrial Policies Continue to Empower, Building a Long-Term Favorable Development Environment
Against the backdrop of global efforts to promote green and low-carbon development, China, guided by its "dual carbon" goals, has established a comprehensive, multi-level policy support system, injecting strong momentum into the development of the wind power industry and its related industrial chains. The policy system, from top-level design to implementation, forms a complete closed loop, creating a long-term favorable policy environment for the industry's development.
At the top-level design stage, the state has designated wind power generation equipment and component manufacturing as strategic emerging industries. The "14th Five-Year Plan for the Development of the General Machinery Parts Industry" also identifies "5 MW wind power gearboxes" as a key development product. This policy positioning not only highlights the core position of wind power gearboxes in the industrial chain but also guides the industry towards upgrading to high-power and high-reliability through technical indicators. The state's requirement to promote the localization of key components and enhance the self-supply capability of high-end equipment opens up market space for enterprises with technological accumulation.
Concurrently, a combination of policies is dismantling the reliance on subsidies. From central to local governments, supporting measures are being introduced sequentially, forming a policy loop of "dual carbon goals - energy structure transformation - industrial technology upgrading." For example, the National Energy Administration has proposed increasing the installed capacity of non-fossil fuel power generation to 55% and wind power generation to over 17% by 2024, and to around 60% by 2025. These hard targets are driving the growth of installed capacity. The State Council's "Equipment Renewal Action" and "Thousands of Villages and Thousands of Towns Wind Power Action" policies are stimulating demand for the replacement of existing equipment and the rural distributed wind power market, respectively, creating differentiated incremental space. These policies indicate that the wind power industry has shifted from a "subsidy-driven" model to a "policy + market" dual-driven approach, enhancing the resilience of industrial development and providing a predictable long-term growth environment for enterprises.
- Broad Market Prospects for Wind Power Generation, with Sustained Growth in Demand for Wind Power Gearboxes
The scale of wind power installations globally and in China is continuously expanding, with significant industry growth, laying a solid demand foundation for the wind power gearbox market. This has formed a market pattern of "steady global market growth, China leading the way, and technological iteration driving upgrades."