Yinchuan Weili Transmission Technology Co., Ltd. 2025 Annual Report (Corrected) 2026-043 June 2026
Section I: Important Notes, Table of Contents, and Definitions
The Board of Directors, directors, and senior management of the Company guarantee that the information in this annual report is true, accurate, and complete, and that there are no false records, misleading statements, or major omissions, and they assume individual and joint legal liability.
Company head Li Xiang, person in charge of accounting Li Na, and head of the accounting department (accounting supervisor) Kou Dongju declare: We guarantee the truth, accuracy, and completeness of the financial report in this annual report.
All directors attended the board meeting to review this report.
During the reporting period, the Company recorded a net loss of 93.7679 million RMB attributable to shareholders of the listed company. The main reasons for the performance change are as follows:
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The wind power industry market remains highly competitive, with cost pressures gradually shifting upstream. The selling price of the Company's wind power gearbox products is facing further pressure, which has impacted the Company's overall profitability and profit margins.
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The Company actively adjusted its business development strategy, achieving a significant year-on-year increase in operating revenue during the reporting period. However, to ensure the rapid production capacity targets of the Speed Increaser Smart Factory (Phase I) project, the Company increased investment in personnel and production capacity, leading to a significant rise in employee compensation, social insurance, and welfare expenses. Combined with a substantial year-on-year increase in interest expenses, the Company's overall profit margin has been pressured accordingly.
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During the reporting period, the Company's non-recurring profit and loss decreased significantly year-on-year, with the current period's non-operating profit and loss at 19.7015 million RMB. This was mainly due to a significant decline in government subsidies related to income, coupled with losses from the disposal of financial assets held for trading.
Any future plans or performance forecasts mentioned in this report do not constitute a commitment by the Company to any investors or relevant parties. Investors and relevant parties should maintain sufficient risk awareness and understand the differences between plans, forecasts, and commitments.
The risks and countermeasures the Company may face in its operations have been described in Section III, "Management Discussion and Analysis," under "XI. Outlook for the Company's Future Development." Investors are advised to pay attention and be aware of investment risks.
The Company plans not to distribute cash dividends, not to issue bonus shares, and not to convert capital reserves into share capital.
As of the end of the reporting period, the parent company has accumulated losses.
According to the standard unqualified audit report issued by Tianjian Certified Public Accountants (Special General Partnership) for Yinchuan Weili Transmission Technology Co., Ltd., as of December 31, 2025, the Company's distributable profit in the consolidated statements was -17.5694 million RMB, and the parent company's distributable profit was -20.0238 million RMB. In accordance with the Company Law, the Guidelines for the Supervision of Listed Companies No. 3—Cash Dividends of Listed Companies, and other relevant laws and regulations, the Company does not currently meet the conditions for implementing cash dividends. Investors are advised to pay attention to this situation and be aware of investment risks.
Table of Contents
Section I: Important Notes, Table of Contents, and Definitions 2 Section II: Company Profile and Key Financial Indicators 7 Section III: Management Discussion and Analysis 11 Section IV: Corporate Governance, Environment, and Society 31 Section V: Important Matters 51 Section VI: Share Changes and Shareholder Situation 61 Section VII: Bond-related Information 67 Section VIII: Financial Report 68