香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部或任何部份內容而產生或因依賴該等內容而引起的任何損失承擔任何責任。 濰柴動力股份有限公司 WEICHAI POWER CO., LTD. （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：2338） 海外監管公告 本公告乃根據香港聯合交易所有限公司（「聯交所」）證券上市規則第13.10B條 而 作 出。 茲載列濰柴動力股份有限公司（「本公司」）在 深 圳 證 券 交 易 所 網 站 刊 登 的 公 告， 僅 供 參 閱。中 文 公 告 的 全 文 刊 登 於 聯 交 所 及 本 公 司 網 站。 承董事會命 董事長 馬常海 1 中國山東濰坊 二零二六年三月二日 於本公告刊發之日，本公司執行董事為馬常海先生、王德成先生、袁宏明先生及 馬 旭 耀 先 生；本 公 司 職 工 代 表 董 事 為 黃 維 彪 先 生；本 公 司 非 執 行 董 事 為 王 延 磊 先生、張良 ...

证券代码：000338 证券简称：潍柴动力 公告编号：2026-008 潍柴动力股份有限公司 关于回购公司部分 A 股股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 另，鉴于公司2024年度分红派息方案及2025年中期分红派息方案 已分别于2025年7月25日、2025年10月24日实施完毕，回购价格上限 已由不超过人民币23.57元/股调整为不超过人民币22.86元/股。具体内 容详见公司于2025年7月19日、2025年10月18日在巨潮资讯网 （http://www.cninfo.com.cn）上披露的《潍柴动力股份有限公司关于 2024年度分红派息实施后调整回购公司部分A股股份价格上限的公 1 告》《潍柴动力股份有限公司关于2025年中期分红派息实施后调整回 购公司部分A股股份价格上限的公告》。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律 监管指引第9号——回购股份》等相关规定，公司应当在每个月的前 三个交易日内，公告截至上月末的回购进展情况。现将公司回购股份 进展情况公告如下： 一、回购股份的进展情况 截至2026年2月 ...

Summary of Weichai Power Conference Call Company Overview - **Company**: Weichai Power - **Industry**: Heavy-duty truck manufacturing and data center power solutions Key Points Industry and Market Position - Weichai Power's stock price has shown a significant correlation with its data center business since October 2025, with valuations rising to nearly 20 times earnings, potentially reaching 30-40 times in the future, similar to Caterpillar's valuation increase driven by data center logic [2][4] - Despite a decline in comparable companies' performance in 2025, Weichai Power's valuation is expected to rise due to its growth trajectory, with better performance anticipated in 2026-2027 [2][5] Financial Performance and Projections - The main growth driver for Weichai Power in 2026 is expected to be from Kion, with a projected net profit contribution increase of at least 2 billion euros, supporting the traditional core business [2][6] - Heavy-duty truck exports are projected to grow by 10%-20% in 2025, reaching 400,000 units by 2030, with the export business being more profitable than domestic sales [2][7] Engine Sales and Market Dynamics - In 2025, total engine sales are expected to remain stable at around 1.14 million units, with a slight increase in 2026. The export ratio is expected to rise, benefiting Weichai due to higher market share in exports compared to domestic sales [2][9] - The external market for heavy-duty truck engines is dominated by China National Heavy Duty Truck Group and Shaanxi Heavy Duty Automobile, which together hold over 60% of the export market, further benefiting Weichai [3][9] Impact of New Energy Vehicles - The penetration of new energy vehicles is expected to replace diesel trucks, impacting diesel engine sales. However, Weichai is diversifying into battery and electric vehicle components, which may mitigate risks associated with this transition [2][10] - The profitability of new energy vehicles is projected to be comparable to that of diesel trucks, with a long-term profit margin expected to be around 4-5% [10][11] Data Center Business Growth - Weichai Power is the leading player in the domestic data center backup power market, with a global market share expected to reach around 10% by 2026 [2][12] - The company has been expanding its production capacity rapidly, with a projected doubling of sales in 2026, driven by successful certifications from major manufacturers [12][13] Valuation and Investment Outlook - The valuation of Weichai Power could reach 800 billion to 1 trillion yuan if it achieves a market position similar to its competitors, with potential for significant growth in the data center segment [14] - Overall, Weichai Power's main business is expected to remain stable with slight growth, and the current valuation offers substantial upside potential, with recommendations to maintain a focus on the stock [14]

Investment Rating - The report maintains a recommendation for the automotive sector, indicating a gradual recovery in retail sales expected in March 2026 [1]. Core Insights - The automotive sector continues to face challenges from weak retail sales and rising material costs. However, March is anticipated to see improvements due to several factors, including the reduction of deferred consumers from last year, new car launches, and the opening of subsidy programs [1]. - The report highlights that the cost of lithium carbonate for PHEVs has increased by approximately 1,000-2,000 CNY year-on-year, while for BEVs, the increase is about 2,000-4,000 CNY. The cost for economic storage has risen by several hundred CNY, and for high-end models, it has increased by 1,000-3,000 CNY [1]. - The report emphasizes that automakers often find ways to mitigate the impact of rising material costs, such as cost reduction in the supply chain, adjustments in product configurations, and price increases. The acceptance of reasonable price hikes by consumers will be crucial for new car launches and annual model updates [1]. Data Tracking - The discount rate in early February decreased to 9.3%, with a year-on-year increase of 0.3 percentage points and a month-on-month decrease of 0.2 percentage points. The average discount amount was 20,714 CNY, showing a year-on-year increase of 307 CNY but a month-on-month decrease of 828 CNY [3]. - In December, wholesale and retail sales of passenger vehicles saw a year-on-year decline, with wholesale sales at 2.85 million units (down 8.7% year-on-year) and retail sales at 2.28 million units (down 16.8% year-on-year) [3]. Market Performance - The automotive sector index increased by 0.59%, ranking 22 out of 29 sectors. The overall market indices showed positive growth, with the Shanghai Composite Index up by 1.98% [7][8]. - Key material prices have shown significant fluctuations, with lithium carbonate averaging 152,881 CNY per ton in Q1 2026, a year-on-year increase of 102% [7].

Core Viewpoint - The A-share market in 2026 is experiencing a slow upward trend in indices, while individual stocks show a stark contrast in performance, with retail investors often facing losses due to chasing popular stocks. Meanwhile, institutional investors are quietly accumulating shares in low-profile companies with strong fundamentals, characterized by consistent earnings growth, low valuations, and significant technological barriers [1]. Group 1: Company Highlights - Shenghong Technology is a global leader in AI server PCB production, supplying major clients like NVIDIA and Google. The company achieved a net profit of 3.245 billion yuan in 2025, a year-on-year increase of over 324%, and expects a profit range of 4.16 billion to 4.56 billion yuan for 2025, reflecting a growth of 260% to 295% [3]. - Xibu Materials is the sole domestic supplier of high-temperature niobium alloy materials for commercial aerospace, with a significant order from SpaceX. The company anticipates revenue from aerospace materials to exceed 1.5 billion yuan in 2025, with a gross margin of 45% [4]. - XianDao Intelligent is a leading provider of solid-state battery equipment, with new orders totaling 12.4 billion yuan in the first half of 2025. The company reported a net profit of 1.186 billion yuan in the first three quarters of 2025, a nearly 95% increase year-on-year [5]. - Jiangsu Bank, a city commercial bank, reported a revenue of 67.183 billion yuan and a net profit of 30.583 billion yuan in the first three quarters of 2025, with a non-performing loan ratio of only 0.84% [7]. - Chaojie Co., Ltd. transitioned from automotive fasteners to aerospace components, securing 285 million yuan in commercial aerospace orders by the end of 2025, with a 161% year-on-year growth in aerospace revenue [8]. - Xiamen Tungsten is a resource giant with a focus on tungsten, rare earths, and lithium battery materials, achieving a revenue of 46.469 billion yuan in 2025, a 31.37% increase year-on-year [9]. - Tianfu Communication is a key supplier of optical devices in the optical communication sector, expecting a net profit of 1.881 billion to 2.150 billion yuan in 2025, a growth of 40% to 60% [11]. - Weichai Power is transitioning from traditional heavy-duty engines to becoming a key player in AI data center energy supply, with a significant increase in sales of its M-series engines for data centers [12]. - Fuzheng Technology leads in nonlinear optical crystals, holding over 80% market share in high-end manufacturing applications, driven by the demand for 6G technology and laser radar [13]. - China Jushi is a dominant player in the fiberglass industry with over 40% market share, focusing on high-end products and global expansion to mitigate cyclical risks [14].

资金流向方面，深证国企股东回报（970064）指数成份股当日主力资金净流入合计6.63亿元，游资资金 净流出合计5.13亿元，散户资金净流出合计1.5亿元。成份股资金流向详情见下表： 证券之星消息，2月27日，深证国企股东回报（970064）指数报收于1795.06点，跌0.4%，成交8.27亿 元，换手率0.03%。当日该指数成份股中，上涨的有18家，电投能源以5.61%的涨幅领涨，下跌的有4 家，潍柴动力以4.65%的跌幅领跌。 深证国企股东回报（970064）指数十大成份股详情如下： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 资金流向方面，深证国企ESG（970055）指数成份股当日主力资金净流出合计2.01亿元，游资资金净流 出合计2.36亿元，散户资金净流入合计4.37亿元。成份股资金流向详情见下表： 证券之星消息，2月27日，深证国企ESG（970055）指数报收于1551.66点，跌0.63%，成交16.03亿元， 换手率0.04%。当日该指数成份股中，上涨的有22家，中钨高新以10.0%的涨幅领涨，下跌的有9家，潍 柴动力以4.65%的跌幅领跌。 深证国企ESG（970055）指数十大成份股详情如下： ...

Investment Rating - The report maintains a "Buy" rating for Weichai Power Co., Ltd. [5] Core Insights - Weichai Power has established a diversified industrial chain, starting from diesel engines and expanding through acquisitions in related fields. The company is evolving into a global high-end equipment group covering power systems and new energy [4][11]. - The company's main business is expected to stabilize, while new business segments, particularly AIDC-related power generation, are anticipated to experience rapid growth, contributing to profit increments [5][6]. - The company has a strong cash dividend policy, with payout ratios expected to remain high at 50% in 2023 and 55% in 2024, reflecting robust profitability and cash flow [5][37]. Summary by Sections 1. Strategic Upgrade of Weichai Power - Weichai Power has continuously expanded its business scope through acquisitions, establishing a diversified industrial chain. Key acquisitions include the purchase of French Baudouin in 2009 and the restructuring of Lovol Heavy Industry in 2021 [4][11]. 2. Engine Business - The impact of electrification on the engine business is expected to be limited, with natural gas truck penetration likely to stabilize. The company anticipates a modest decline in heavy truck sales, with a recovery in natural gas truck penetration expected [5][51]. 3. AIDC Power Generation - The sales of large-bore diesel generator sets have surged, with over 900 units sold in the first three quarters of 2025, marking a year-on-year increase of over 300%. The demand for AIDC power generation is expected to drive continued growth in the company's performance [5][5]. 4. Profit Forecast and Investment Recommendations - The report adjusts the forecast for the company's net profit attributable to shareholders for 2025-2027 to 11.97 billion, 14.20 billion, and 16.03 billion yuan, respectively, indicating an optimistic outlook for growth [5].

Group 1 - The State Intellectual Property Office of China has granted a patent to Weichai Power Co., Ltd. and Weifang Weichai Power Technology Co., Ltd. for a "method and device for detecting wiring faults," with the announcement number CN115113105B and application date of June 2022 [1] - Weichai Power Co., Ltd., established in 2002 and located in Weifang, primarily engages in the automotive manufacturing industry, with a registered capital of 87,156.71296 million RMB [1] - The company has invested in 64 enterprises, participated in 5,000 bidding projects, holds 736 trademark registrations, and has 5,000 patent records, along with 778 administrative licenses [1] Group 2 - Weifang Weichai Power Technology Co., Ltd., founded in 2017 and also based in Weifang, focuses on research and experimental development, with a registered capital of 17,600 million RMB [1] - This subsidiary has participated in 6 bidding projects, holds 879 patent records, and possesses 3 administrative licenses [1]

Investment Rating - The report assigns a "Buy" rating to Weichai Power (02338) with a target price of HKD 37 [1] Core Insights - Goldman Sachs highlights that Weichai's subsidiary, Baudouin, has been recognized by major data center companies through its emergency generators, marking a significant milestone for the company [1] - The report anticipates substantial growth opportunities for Weichai in the under-supplied AIDC power generation equipment industry, suggesting a potential revaluation following significant changes in the investment landscape [1] - Two major catalysts for Weichai are expected in March: the announcement of the full-year results on March 26, where management is likely to provide further guidance on the long-term outlook for the power generation business, and Generac's Investor Day on March 25, which is expected to discuss more details about its data center strategy [1]