2025 年第四次临时董事会会议决议公告 证券代码：000338 证券简称：潍柴动力 公告编号：2025-028 潍柴动力股份有限公司 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。 潍柴动力股份有限公司（下称"公司"）2025年第四次临时董事 会会议（下称"本次会议"）通知于2025年4月25日以专人送达或电子 邮件方式发出，本次会议于2025年4月29日以通讯表决方式召开。 本次会议应出席董事14人，实际出席董事14人，共收回有效票数 14票，本次会议的召集、召开及表决程序符合《中华人民共和国公司 法》和《公司章程》的有关规定。本次会议合法有效通过如下决议： 一、关于公司2025年第一季度报告的议案 本议案已经公司董事会审核委员会审议通过。 本议案实际投票人数14人，其中14票赞成，0票反对，0票弃权， 决议通过本议案。 《潍柴动力股份有限公司2025年第一季度报告》详见指定信息披 露网站巨潮资讯网（http://www.cninfo.com.cn）公告。 二、关于回购公司部分A股股份方案的议案 同意公司使用自有资金和自筹资金以集中竞价交易方式回购公司 部 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 57.46 billion, representing a 1.92% increase compared to CNY 56.38 billion in the same period last year[9]. - Net profit attributable to shareholders for Q1 2025 was CNY 2.71 billion, up 4.27% from CNY 2.60 billion year-on-year[9]. - Basic and diluted earnings per share for Q1 2025 were both CNY 0.31, reflecting a 3.32% increase from CNY 0.30 in the same quarter last year[9]. - Operating profit decreased to RMB 3.08 billion, down 25.00% from RMB 4.11 billion year-on-year[25]. - Net profit attributable to shareholders of the parent company was RMB 2.71 billion, an increase of 4.20% from RMB 2.60 billion in the previous year[26]. - The total equity attributable to shareholders of the parent company was RMB 89.48 billion, up from RMB 86.70 billion year-on-year, reflecting a growth of 3.00%[24]. Cash Flow and Investments - The net cash flow from operating activities was negative CNY 4.65 billion, a significant decrease of 388.24% compared to a positive CNY 1.61 billion in the previous year[9]. - The company's operating cash flow for the current period is -4,645,924,486.64 RMB, a significant decrease compared to 1,611,808,374.28 RMB in the previous period[28]. - Total cash inflow from operating activities decreased to 44,949,280,456.62 RMB from 50,532,315,739.26 RMB year-over-year, representing a decline of approximately 11.5%[28]. - Cash outflow from operating activities increased to 49,595,204,943.26 RMB, up from 48,920,507,364.98 RMB, indicating a rise of about 1.4%[28]. - Investment activities resulted in a net cash outflow of -5,454,228,855.25 RMB, compared to a net inflow of 81,862,651.49 RMB in the previous period[28]. - Cash inflow from investment activities increased significantly to 14,827,337,348.73 RMB from 7,720,541,439.98 RMB, marking an increase of approximately 92.5%[28]. - Cash outflow from investment activities surged to 20,281,566,203.98 RMB, up from 7,638,678,788.49 RMB, reflecting an increase of about 165.5%[28]. - Financing activities generated a net cash inflow of 409,713,231.89 RMB, a turnaround from a net outflow of -2,511,919,069.60 RMB in the previous period[28]. - The company received 2,040,696,647.20 RMB in borrowings during the current period, compared to 517,507,801.53 RMB in the previous period, indicating a substantial increase[28]. - The company reported a total cash inflow of 2,180,055,822.73 RMB from financing activities, up from 575,664,668.89 RMB, representing an increase of approximately 278.5%[28]. Assets and Liabilities - Total assets at the end of Q1 2025 were CNY 353.46 billion, a 2.79% increase from CNY 343.88 billion at the end of the previous year[9]. - Total liabilities rose to RMB 228.32 billion, compared to RMB 221.92 billion in the previous year, marking an increase of 2.00%[24]. - The equity attributable to shareholders increased to CNY 89.48 billion, up 3.21% from CNY 86.70 billion at the end of the previous year[9]. - The company reported a total current assets of ¥191.86 billion, an increase from ¥184.75 billion, representing a growth of approximately 3.0%[22]. Expenses - Management expenses rose by 56.61% to CNY 409.08 million, mainly due to efficiency-related expenses incurred by the subsidiary KION GROUP AG[15]. - The company reported a significant decrease in income tax expenses, down 63.03% to CNY 30.76 million, attributed to reduced contributions from overseas subsidiaries[15]. - Research and development expenses for the quarter were RMB 2.04 billion, slightly down from RMB 2.09 billion in the previous year[25]. - The company reported a decrease in total operating costs to RMB 54.04 billion, down from RMB 52.22 billion in the previous year[25]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 224,105[17]. - The total number of shares held by the top 10 shareholders includes 16.30% by Weichai Holding Group Co., Ltd., equating to 1,422,550,620 shares[17]. - The total number of shares held by foreign shareholders is 22.22%, totaling 1,938,983,635 shares[17]. - The company has not disclosed any significant changes in the relationships or actions among the top shareholders[19]. Inventory and Receivables - The company recorded a 34.61% increase in accounts receivable, reaching CNY 4.16 billion, primarily due to customers settling payments on time[15]. - Accounts receivable increased to ¥41.56 billion, up from ¥30.88 billion, representing a growth of approximately 34.6%[22]. - Inventory rose to ¥36.48 billion, compared to ¥35.68 billion, indicating an increase of about 2.2%[22]. Other Information - The company temporarily suspended the spin-off of its subsidiary Weichai Torch Technology Co., Ltd. for listing on the Growth Enterprise Market[20]. - The company's cash and cash equivalents decreased to ¥62.48 billion from ¥72.07 billion, a decline of approximately 10.5%[22]. - The company's cash and cash equivalents at the end of the period decreased to 45,487,457,018.58 RMB from 70,696,683,312.81 RMB, a decline of approximately 35.6%[28].

Financial Performance - The company reported a net profit attributable to shareholders of the parent of 11,403 million in 2023, an increase from 9,228 million in 2022, reflecting a growth of approximately 23%[21]. - Basic earnings per share for 2024 were reported at 1.31, up from 1.13 in 2023, indicating a year-over-year increase of about 16%[19]. - Total revenue for 2024 reached 220,215 million, compared to 213,958 million in 2023, representing a growth of approximately 1.2%[17]. - The company's revenue increased by 0.8% year-on-year to approximately RMB 215,691 million, while net profit attributable to shareholders rose by approximately 26.5% to RMB 11,403 million[27]. - Basic earnings per share reached RMB 1.31, representing a year-on-year increase of approximately 25.4%[27]. - The company's EBIT increased from approximately RMB 16,507 million in 2023 to approximately RMB 21,176 million in 2024, marking a year-on-year increase of approximately RMB 4,669 million or 28.3%[88]. - The gross profit for the year was approximately RMB 48,386 million, with a gross operating margin of approximately 22.4%, an increase of 2.1 percentage points from the previous year[83]. - The company anticipates sales revenue for 2025 to be between RMB 226.5 billion and RMB 237.3 billion, indicating a projected growth of approximately 5% to 10% compared to 2024[78]. Market and Product Development - The company plans to expand its market presence and invest in new technologies to enhance product offerings and drive future growth[10]. - The company is actively pursuing mergers and acquisitions to strengthen its market position and expand its product portfolio[10]. - The heavy-duty truck industry saw a sales volume of 902,000 units in 2024, a year-on-year decrease of 1%, while the agricultural equipment industry experienced a sales volume increase of 4.9% to 437,000 units[25]. - The company launched the world's first diesel engine with a base thermal efficiency of 53.09%, achieving a record for four consecutive years[27]. - New energy products, including hydrogen-powered trucks, commenced commercial operations and achieved industry-leading sales[33]. - The company introduced 6,000 full-platform products and completed the deployment of new energy vehicle 2.0 charging products[33]. - The company launched an AI brand, Tianyan, marking the first software-defined vehicle technology framework in the industry[33]. - The commercial vehicle segment achieved annual sales of 118,000 units, a year-on-year increase of 2%, enhancing both production scale and operational efficiency[34]. Research and Development - The establishment of the world's largest multi-source power comprehensive testing laboratory enhanced the company's R&D capabilities[27]. - The Group invested over RMB 3.2 billion in R&D for the engines segment, achieving an R&D intensity of nearly 6%[64]. - The Group established the world's first digital unmanned engine factory, featuring 100% automated machining and 80% automated assembly[64]. - The Group is constructing the Weichai (Yantai) New Energy Power Industrial Park, creating a world-class R&D and manufacturing base for new energy powertrains[64]. Corporate Governance and Management - The strategic development and investment committee has been restructured with new appointments to enhance governance and oversight[12]. - The company is focusing on environmental, social, and governance (ESG) initiatives, establishing a dedicated committee to address these areas[11]. - The company aims to strengthen its aftermarket business by offering integrated lifecycle product-service packages, focusing on Total Cost of Ownership (TCO) solutions[50][51]. - The company will enhance digital transformation by embedding advanced technologies into high-end product development, aiming for technological leadership[50][51]. - The company will strengthen corporate risk management and governance standards to ensure operational efficiency and asset security[50][51]. - The company is focused on expanding its leadership team with experienced professionals from diverse backgrounds to enhance strategic decision-making[165]. - The company aims to leverage its technological expertise and market presence to drive future growth and innovation in the automotive sector[164]. Financial Position and Cash Flow - As of December 31, 2024, total assets of the Group amounted to approximately RMB 343,879 million, with current assets at approximately RMB 184,750 million, a decrease from RMB 197,925 million as of December 31, 2023[104]. - Total liabilities as of December 31, 2024, were approximately RMB 221,921 million, compared to RMB 221,561 million as of December 31, 2023, with current liabilities increasing by approximately RMB 8,789 million, or 6%[104]. - The Group's total equity as of December 31, 2024, was approximately RMB 121,959 million, of which approximately RMB 86,696 million was attributable to equity holders of the Company[106]. - Net cash inflows from operating activities decreased by approximately RMB1,377 million year-on-year to RMB26,094 million, despite an increase in sales receipts by about RMB5,724 million[96][98]. - Net cash outflows from investing activities amounted to RMB28,911 million, an increase of approximately RMB23,174 million compared to the previous year, with cash received from investments increasing by RMB31,308 million[97][98]. Future Outlook - Future guidance indicates a positive outlook for revenue growth, driven by increased demand in key markets[10]. - The company plans to aggressively expand its new energy business and integrate resources to ensure growth that outperforms the industry[47][50]. - The company will focus on precision marketing and R&D to enhance product competitiveness and customer satisfaction, aiming for stable sales growth[49]. - In 2025, the company aims to accelerate innovation and transformation to achieve high-quality operational goals while maximizing efficiency[46]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of RMB 3.47 per 10 shares, based on a total of 8,715,671,296 shares, pending approval at the 2024 annual general meeting[43]. - On March 27, 2025, a cash dividend of RMB 3.47 per 10 shares is planned for distribution to shareholders[134].

未经许可，不得转载或者引用。 投资要点 数据总览： 批发： 3月重卡批发销量11.1万辆，同环比分别为-3.7%/+37%，符合我们预期。 终端： 3月重卡终端销量7.2万辆，同环比分别为-4.4%/+49.1%，符合我们预期。 出口： 3月重卡出口销量2.8万辆，同环比分别为+12.3%/+22.7%，超我们预期。 库存： 行业总库存+1.2万辆，当前行业总库存16.1万辆。 展望：我们预计25年4月重卡内销7万辆左右，同比增长5%-10%。 3 月销量：内销符合预期韧性彰显，出口超预期表现亮眼 ： 行业总量：3月产批零符合预期，出口超预期。 1）产量 ： 3月重卡产量11.6万辆，同环比分 别-0.4%/+33.7%； 2）批发： 3月重卡批发销量11.1万辆，同环比分别-3.7%/+37%； 3）上险： 3月重卡终端销量7.2万辆，同环-4.4%/+49.1%； 4）出口： 3月重卡出口销量2.8万辆，同环比 分别为+12.3%/+22.7%； 5）库存： 3月重卡企业库存+0.5万辆，渠道库存+1.2万辆。根据我们 测算，当前行业总库存16.1万辆，库存处于合理水平。 行业结构：新能源持续高增，天然气 ...

Investment Rating - The report maintains a "Buy" rating for Weichai Power (2338 HK) with a target price raised to HKD 20.50, indicating a potential upside of 31.4% from the current price of HKD 15.60 [1][6][8]. Core Insights - Weichai Power's engine profits have shown strong growth, with a record high dividend payout ratio of 55%. The company is expected to achieve a revenue growth of 0.8% in 2024, reaching RMB 215.7 billion, driven by improved gross margins and a net profit increase of 26.5% to RMB 11.4 billion [2][6]. - The report highlights several catalysts for growth, including new subsidies to boost heavy truck demand, strong growth in data center engines, and robust demand for natural gas heavy trucks [6][10]. Financial Overview - Revenue projections for Weichai Power are as follows: - 2023: RMB 213.96 billion - 2024: RMB 215.69 billion (0.8% YoY growth) - 2025E: RMB 237.92 billion (10.3% YoY growth) - 2026E: RMB 254.83 billion (7.1% YoY growth) - 2027E: RMB 269.35 billion (5.7% YoY growth) [3][10]. - Net profit forecasts are: - 2023: RMB 9.01 billion - 2024: RMB 11.40 billion (26.5% YoY growth) - 2025E: RMB 14.64 billion (28.4% YoY growth) - 2026E: RMB 16.19 billion (10.6% YoY growth) - 2027E: RMB 17.77 billion (9.8% YoY growth) [3][10]. - The report notes a significant improvement in gross margin, which is expected to reach 22.4% in 2024, up from 21.1% in 2023 [11]. Market Position and Performance - Weichai Power's market share in the domestic heavy truck engine market is 38.7%, with a strong performance in high-end markets such as data centers, where sales of M-series engines grew by 148% [6][10]. - The company has maintained a stable market share despite a 5% decline in overall commercial vehicle demand in the domestic market [6][10]. Valuation Metrics - The report provides the following valuation metrics: - Price-to-Earnings (P/E) ratio for 2025E is projected at 11.5x, with a corresponding dividend yield of 6.6% [6][10]. - The book value per share is expected to be RMB 8.73 in 2025E, with a price-to-book (P/B) ratio of 2.4x [3][10].

Investment Rating - The report maintains a "Buy" rating for Weichai Power (2338 HK) with a target price raised to HKD 20.50, indicating a potential upside of 31.4% from the current price of HKD 15.60 [1][6][8]. Core Insights - Weichai Power's engine profits have shown strong growth, with a record high dividend payout ratio of 55%. The company is expected to achieve a revenue growth of 0.8% in 2024, reaching RMB 215.7 billion, driven by improved gross margins and a net profit increase of 26.5% to RMB 11.4 billion [2][6]. - The report highlights several catalysts for growth, including new subsidies to boost heavy truck demand, strong growth in data center engines, and robust demand for natural gas heavy trucks [6][10]. Financial Overview - Revenue projections for Weichai Power are as follows: - 2023: RMB 213.96 billion - 2024: RMB 215.69 billion (0.8% YoY growth) - 2025E: RMB 237.92 billion (10.3% YoY growth) - 2026E: RMB 254.83 billion (7.1% YoY growth) - 2027E: RMB 269.35 billion (5.7% YoY growth) [3][10]. - Net profit forecasts are: - 2023: RMB 9.01 billion - 2024: RMB 11.40 billion (26.5% YoY growth) - 2025E: RMB 14.64 billion (28.4% YoY growth) - 2026E: RMB 16.19 billion (10.6% YoY growth) - 2027E: RMB 17.77 billion (9.8% YoY growth) [3][10]. - The report notes a significant improvement in gross margin, which is expected to reach 22.4% in 2024, up from 21.1% in 2023 [11]. Market Position - Weichai Power's heavy truck engine sales are projected to remain stable, with a market share of 38.7% in the domestic market. The company has also seen a 148% increase in sales of data center products [6][10]. - The company has a market capitalization of approximately HKD 250.4 billion and has shown a year-to-date price change of 31.31% [5][10].

Financial Performance - Revenue for the year ended December 31, 2024, was approximately RMB 215,691 million, an increase of about 0.8% compared to the previous year[3] - Net profit attributable to shareholders of the parent company was approximately RMB 11,403 million, representing an increase of approximately 26.5%[3] - Basic earnings per share were approximately RMB 1.31, up by approximately 25.4%[3] - Operating profit for the year was RMB 17,321 million, compared to RMB 13,151 million in the previous year, reflecting a significant increase[4] - The company achieved a net profit of RMB 14,278 million, compared to RMB 11,212 million in the previous year, indicating strong overall performance[4] - Total revenue for 2024 reached CNY 15,730,343,333.20, an increase of 29.5% compared to CNY 12,173,391,466.12 in 2023[5] - Net profit attributable to shareholders for 2024 was CNY 1,535,060,989.93, up from CNY 375,112,554.70 in 2023, representing a significant growth[5] - Basic and diluted earnings per share for 2024 were both CNY 1.31, compared to CNY 1.04 in 2023, indicating a 26% increase[5] - The company reported a significant increase in other comprehensive income, with a net amount of CNY 1,709,743,990.92 in 2024 compared to CNY 450,995,017.09 in 2023[5] - The company’s net profit margin improved significantly, with profit growth outpacing revenue growth, indicating strong operational efficiency[73] Cost Management - The company reported a decrease in operating costs to RMB 167,305 million from RMB 170,437 million, indicating improved cost management[4] - Financial expenses decreased to RMB 230 million from RMB 560 million, showing improved financial management[4] - The cost of goods sold for the year was RMB 167,304,917,397.32, down from RMB 170,437,251,422.34, indicating a decrease of approximately 1.3%[45] - Selling expenses increased from approximately RMB 11,815 million in 2023 to about RMB 12,485 million in 2024, a rise of approximately 5.7%[100] - Management expenses rose from approximately RMB 9,457 million in 2023 to about RMB 10,259 million in 2024, an increase of about RMB 802 million or 8.5%[101] Asset Management - Total current assets decreased to CNY 184,749,684,708.12 in 2024 from CNY 197,925,301,358.43 in 2023, a decline of approximately 6.3%[6] - Cash and cash equivalents were CNY 72,066,926,728.68 in 2024, down from CNY 92,856,868,996.26 in 2023, reflecting a decrease of about 22.5%[6] - Accounts receivable increased to CNY 30,877,182,388.79 in 2024, up from CNY 23,753,999,010.24 in 2023, showing a growth of 29.5%[6] - Total non-current assets rose to CNY 159,129,727,839.42 in 2024, compared to CNY 136,321,911,666.48 in 2023, marking an increase of 16.7%[6] - The total assets of the company reached CNY 343,879,412,547.54 in 2024, up from CNY 334,247,213,024.91 in 2023, indicating a growth of 2%[6] Liabilities and Equity - Total liabilities increased slightly to approximately 221.92 billion from 221.56 billion year-over-year, reflecting a growth of 0.16%[7] - Current liabilities rose to approximately 154.84 billion, up from 146.05 billion, marking an increase of 6.03%[7] - Non-current liabilities decreased to approximately 67.08 billion from 75.51 billion, a decline of 11.43%[7] - Total equity attributable to shareholders increased to approximately 86.70 billion from 79.34 billion, representing a growth of 9.66%[8] - Retained earnings grew to approximately 59.85 billion from 55.18 billion, an increase of 8.83%[8] Market and Growth Strategy - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[4] - The company aims to enhance its competitive edge by focusing on high-end product development and expanding into overseas markets[82] - The company plans to accelerate the development of new energy business and strengthen integration with existing advantageous resources[82] - The company is committed to improving its governance and risk management systems to ensure operational stability[83] Research and Development - Research and development expenses were RMB 8,299 million, slightly up from RMB 8,045 million, highlighting continued investment in innovation[4] - The company invested over RMB 3.2 billion in R&D for the engine segment, with an R&D intensity of nearly 6%[91] - The company established the largest multi-source power comprehensive testing laboratory globally, enhancing its R&D capabilities[75] Shareholder Information - The company plans to distribute a cash dividend of RMB 3.47 per 10 shares for the 2024 fiscal year, based on a total of 8,715,671,296 shares[80] - The top five customers accounted for less than 30% of the total sales of the group during the year[162] - The top five suppliers accounted for less than 30% of the total purchases of the group during the year[163] Corporate Governance - The audit committee is composed of independent non-executive directors, chaired by Ms. Jiang Yan, who possesses appropriate professional qualifications as required by the Listing Rules[176] - The company has adhered to all provisions of the Corporate Governance Code as outlined in Appendix C1 of the Listing Rules during the year[177] - KPMG was appointed as the auditor on June 28, 2023, replacing Deloitte, and a resolution will be proposed at the upcoming annual general meeting to reappoint KPMG for the fiscal year 2025[180] Future Outlook - The company plans to achieve sales revenue of approximately RMB 226.5 billion to RMB 237.3 billion in 2025, representing a growth of 5% to 10% compared to 2024[97] - For 2025, the revenue target is set at RMB 231.2 billion, with a sales profit margin of at least 9%[167] - By 2026, the company expects to achieve a revenue of no less than RMB 258.9 billion, maintaining a sales profit margin of at least 9%[167]

Investment Rating - The report maintains a "Buy" rating for Weichai Power (2338 HK) with a target price of HKD 18.60, indicating a potential upside of 57.9% from the current price of HKD 11.78 [1][3][8]. Core Insights - Weichai Power's gross margin improved against the trend in Q3 2024, with a gross margin of 22.1%, exceeding expectations due to a decline in raw material prices. Despite a decrease in revenue and net profit, the performance was better than the overall heavy truck wholesale sales decline [1][2]. - The report highlights a recovery in logistics demand for heavy trucks in Q4 2024, driven by new policies supporting the replacement of old vehicles, particularly in major cities like Shanghai and Beijing [2][3]. - The valuation remains attractive, with projected P/E ratios of 7.8x for 2024 and 6.8x for 2025, alongside dividend yields of 7.2% and 7.9% respectively [3][5]. Financial Summary - For the fiscal year ending December 31, 2024, Weichai Power is expected to generate revenue of RMB 235.46 billion, a year-on-year growth of 10.1%. Net profit is projected at RMB 11.84 billion, reflecting a growth of 31.3% [5][9]. - The report outlines a significant increase in net profit from RMB 9.01 billion in 2023 to RMB 11.84 billion in 2024, with earnings per share expected to rise from RMB 1.05 to RMB 1.38 [5][9]. - The company’s gross profit margin is anticipated to improve from 18.7% in 2022 to 21.1% in 2024, indicating enhanced operational efficiency [9].

Financial Performance - Total revenue for Q3 2024 was CNY 49.46 billion, a decrease of 8.82% compared to CNY 54.25 billion in the same period last year[3] - Net profit attributable to shareholders was CNY 2.50 billion, down 4.00% from CNY 2.60 billion year-on-year[3] - Net profit excluding non-recurring items increased by 10.00% to CNY 2.23 billion from CNY 2.03 billion in the previous year[3] - Basic earnings per share for Q3 2024 was CNY 0.29, a decrease of 3.99% from CNY 0.30 in the same quarter last year[3] - The net profit for Q3 2024 reached CNY 10,341,880,125.59, an increase of 29.1% compared to CNY 7,996,994,567.86 in Q3 2023[11] - The total revenue from operating activities was CNY 165,451,846,515.08, up from CNY 154,412,319,124.49 in the previous year, reflecting a growth of 7.1%[13] - The operating profit for Q3 2024 was CNY 12,553,387,150.51, an increase of 33.0% from CNY 9,396,597,108.89 in Q3 2023[11] - The total comprehensive income for the period was CNY 11,368,422,799.80, compared to CNY 9,487,763,277.59, representing a growth of 19.9%[12] Cash Flow and Liquidity - Operating cash flow for the year-to-date period was CNY 13.52 billion, a decline of 32.72% compared to CNY 20.09 billion last year[3] - The cash flow from operating activities showed a net inflow of CNY 13,515,538,061.25, down from CNY 20,088,767,771.42, a decrease of 32.9%[13] - The company's cash and cash equivalents decreased to ¥64.77 billion from ¥92.86 billion at the beginning of the period, representing a decline of approximately 30.3%[8] - The net decrease in cash and cash equivalents was CNY -24,722,462,726.69, compared to an increase of CNY 7,248,800,602.35 in the prior year[14] - The ending balance of cash and cash equivalents was CNY 46,897,849,599.24, down from CNY 70,009,878,376.33 at the end of the previous period[14] Assets and Liabilities - Total assets at the end of the reporting period were CNY 334.25 billion, an increase of 2.86% from the previous year-end[3] - Total assets increased to ¥343.81 billion from ¥334.25 billion, marking a growth of approximately 2.3%[10] - Total liabilities rose to ¥222.56 billion from ¥221.56 billion, indicating a slight increase of about 0.5%[10] - The company's equity attributable to shareholders increased to ¥86.41 billion from ¥79.34 billion, reflecting a growth of approximately 8.5%[10] Shareholder Information - As of September 30, 2024, the total number of ordinary shareholders is 254,416, with the largest shareholder, Hong Kong Central Clearing Agent Co., holding 22.22% of shares[6] - The top ten shareholders collectively hold a significant portion of the company's shares, with the second-largest shareholder, Weichai Holding Group Co., Ltd., owning 16.30%[6] - The total number of shares held by the top ten unrestricted shareholders amounts to 2.66 billion shares, indicating a strong concentration of ownership[6] - The company reported that the number of shares held by shareholders with limited sale conditions includes 1.35 billion shares pledged or frozen[6] Operational Metrics - The company experienced a 33.60% increase in operating profit year-to-date, reaching CNY 1.26 billion compared to CNY 939.66 million last year[5] - Total operating costs decreased to ¥150.30 billion from ¥151.22 billion, reflecting a reduction of about 0.6%[10] - Inventory decreased to ¥34.70 billion from ¥37.93 billion, a decline of about 8.0%[9] - Accounts receivable rose to ¥34.25 billion, compared to ¥23.75 billion at the beginning of the period, reflecting an increase of about 44.4%[8] - Accounts receivable financing increased to ¥8.90 billion from ¥8.14 billion, showing a growth of approximately 9.4%[9] Research and Development - Research and development expenses increased to CNY 6,205,675,437.50, compared to CNY 5,650,409,153.82, marking an increase of 9.8%[11] Financial Expenses - The financial expenses decreased to CNY 387,696,200.04 from CNY 526,422,587.50, a reduction of 26.4%[11] Other Financial Metrics - Non-recurring gains for the quarter totaled CNY 266.39 million, with government subsidies contributing CNY 310.16 million[4] - The total cash outflow from investment activities was CNY 71,572,329,814.62, significantly higher than CNY 32,941,476,054.73 in the prior year[14] - The net cash flow from investment activities was CNY -30,005,948,084.26, worsening from CNY -3,701,715,396.58 year-over-year[14] - The total cash inflow from financing activities was CNY 6,585,541,928.47, down from CNY 7,813,071,684.86 in the previous period[14] - Cash outflow from financing activities totaled CNY 14,760,423,007.36, compared to CNY 16,959,708,766.55 in the prior year[14] - The net cash flow from financing activities was CNY -8,174,881,078.89, an improvement from CNY -9,146,637,081.69 year-over-year[14] Audit Status - The third quarter report was not audited[14]

Share Issuance and Listing - The total number of issued shares as of 30 June 2024 is 8,726,556,821, consisting of 6,783,516,821 A Shares and 1,943,040,000 H Shares[11] - The company's A Shares are listed on the Shenzhen Stock Exchange with the stock code 000338, and H Shares are listed on the Hong Kong Stock Exchange with the stock code 2338[11] - The company's H-Share registrar and transfer office in Hong Kong is Computershare Hong Kong Investor Services Limited[10] Company Address and Banking - The company's registered address and headquarters are located at 197, Section A, Fu Shou East Street, High Technology Industrial Development Zone, Weifang, Shandong Province, China[4] - The company's principal bankers include Industrial and Commercial Bank of China, China Construction Bank Corporation, Bank of China, and HSBC[9] Committees and Governance - The company's audit committee is chaired by Jiang Yan, with members including Chi Deqiang, Zhao Fuquan, Xu Bing, and Tao Huaan (appointed on 10 May 2024)[6] - The company's strategic development and investment committee is chaired by Ma Changhai (appointed on 12 August 2024), with Michael Martin Macht as vice-chairman[6] - The company's remuneration committee is chaired by Jiang Yan, with members including Zhang Liangfu and Zhao Fuquan[6] - The company's nomination committee is chaired by Chi Deqiang, with members including Ma Changhai and Xu Bing[7] Financial Performance - Revenue amounted to approximately RMB112,490 million, an increase of approximately 6.0%[14] - Net profit attributable to the shareholders of the parent amounted to approximately RMB5,903 million, an increase of approximately 51.4%[14] - Basic earnings per share was approximately RMB0.68, an increase of approximately 51.4%[14] - Revenue increased by 6.0% to approximately RMB112,490 million in the first half of the year compared to the same period in 2023[23] - Net profit attributable to shareholders rose by 51.4% to approximately RMB5,903 million, with basic earnings per share also increasing by 51.4% to RMB0.68[23] - Total revenue for the first half of 2024 reached RMB 112.49 billion, a 6% increase compared to RMB 106.14 billion in the same period of 2023[113] - Net profit attributable to shareholders of the parent company was RMB 5.90 billion, up 51.4% from RMB 3.90 billion in the first half of 2023[113] - Operating profit increased by 60.2% to RMB 8.95 billion, compared to RMB 5.59 billion in the same period last year[113] Industry Performance - Heavy-duty truck industry achieved a sales volume of 504,000 units, representing a slight year-on-year increase of 3.3%[21] - Construction machinery industry achieved sales of approximately 377,000 units, representing a year-on-year decrease of approximately 6%[21] - Agricultural equipment industry sales volume amounted to approximately 235,000 units, representing a year-on-year increase of approximately 6%[21] - Global industrial truck market order numbers in the first half of 2024 were comparable with those in the corresponding period last year[21] - Americas market for supply chain solutions recorded a slight growth, driven by rebounded demand in the U.S.[21] - EMEA and APAC regions saw customer investment in warehouse automation slow down due to economic uncertainties[21] Technological Advancements - Breakthroughs in key technologies of CVT hydraulic unit, control system, and integrated design were achieved, forming a significant differentiated advantage in hydraulic powertrains for construction machinery[22] - The company's new energy business developed heavy-duty and light-duty truck power battery products with long driving range and mass application[39] - The 220-platform high-speed flat wire motor was mass-produced for light-duty trucks, mine trucks, and heavy-duty trucks[39] - High-power fuel cells for high-speed trunk logistics scenarios were developed, with system power increased to 300kW[39] - Solid oxide fuel cells achieved a maximum power generation efficiency exceeding 60% and combined heat and power efficiency exceeding 90%[39] Sales and Market Share - Engine sales volume reached 400,000 units, a year-on-year increase of 9.8%, with domestic market share of natural gas heavy-duty engines at 63.1% and 6x4 tractor engines with 500hp or above at 44.6%[24] - Gear box sales volume increased by 12.1% to 477,000 units, and axle sales volume grew by 18.7% to 428,000 units[24] - Domestic revenue of high-end hydraulic products grew by 6.6% to RMB530 million[24] - Engine business contributed sales revenue of approximately RMB24,904 million, a year-on-year increase of 6.6%[25][26] - Commercial vehicle sales volume increased by 3.6% to 63,000 units, with gas vehicle sales surging by 134.3% to over 17,000 units[28] - Export volume reached 30,000 units, capturing a 20% market share, the highest level in the same period of previous years[28] - New energy vehicle sales doubled year-on-year to 2,840 units, with hydrogen-fueled electric heavy-duty trucks leading the industry[28] - Agricultural equipment business contributed sales revenue of approximately RMB10,618 million[32] - Agricultural equipment sales revenue increased by 28% year-on-year, reaching a historical high[34] - Overseas export sales volume of agricultural machinery products grew by 68% year-on-year[34] - Tractors with horsepower above 100 accounted for 42.3% of total agricultural equipment sales, up 8.3 percentage points year-on-year[34] KION Group Performance - KION Group achieved a record-high revenue of EUR5.74 billion, a 2.1% year-on-year increase[36] - Adjusted EBIT for KION Group increased by 28.3% year-on-year to EUR450 million[36] - KION's forklift business generated EUR4.31 billion in revenue, while the supply chain solution business contributed EUR1.45 billion[36] Financial Metrics and Expenses - Revenue for the first half of 2024 was approximately RMB112,490 million, a 6% increase from RMB106,135 million in the same period in 2023[42] - Principal operations revenue increased by 6.9% to approximately RMB111,665 million from RMB104,410 million in the corresponding period last year[42] - Gross operating margin rebounded to 21.7%, an increase of 3.0 percentage points compared to the same period last year[42] - Distribution and selling expenses increased by 10.9% to approximately RMB6,127 million from RMB5,526 million in the corresponding period of 2023[43] - General and administrative expenses increased by 10.2% to approximately RMB5,095 million from RMB4,624 million in the corresponding period of 2023[43] - EBIT increased by 52.5% to approximately RMB10,792 million from RMB7,077 million in the corresponding period last year[43] - EBIT margin improved from 6.7% in the corresponding period of 2023 to 9.6% during the Period[43] - Finance expenses increased by RMB10 million, representing a year-on-year increase of 47.9%, mainly due to foreign exchange losses from Euro fluctuations and higher interest rates on lease payables and operating financing funds[44] - Provision for impairment during the period amounted to approximately RMB747 million, including RMB375 million for credit losses, RMB368 million for inventory decline, and RMB4 million for fixed assets, right-of-use, and contract assets[44] - Income tax expenses increased by 60.4% to approximately RMB1,542 million, driven by a significant rise in total profit, with the average effective tax rate rising from 16.7% to 17.3%[44] - Net profit for the period was approximately RMB7,374 million, a 54.1% increase from the corresponding period last year, with net profit margin rising to 6.6% from 4.5%[47] - Net cash inflows from operating activities amounted to approximately RMB12,802 million, a year-on-year decrease of RMB90 million, partly used for debt repayment and business expansion[47] - As of 30 June 2024, the Group's net cash position was RMB27,104 million, down from RMB36,368 million at the end of 2023[47] - The Group's gearing ratio decreased to 22.4% as of 30 June 2024, compared to 23.8% at the end of 2023[47] - Total assets of the Group as of 30 June 2024 were approximately RMB343,596 million, with current assets accounting for approximately RMB189,319 million[48] - The Group's cash and bank balance as of 30 June 2024 was approximately RMB75,323 million, down from RMB92,857 million as of 31 December 2023[48] - Total liabilities as of 30 June 2024 amounted to approximately RMB225,212 million, with current liabilities at approximately RMB150,915 million[48] - The Group's current ratio was approximately 1.25x as of 30 June 2024, compared to 1.35x as of 31 December 2023[48] - Total equity as of 30 June 2024 was approximately RMB118,385 million, with RMB83,981 million attributable to equity holders of the Company[48] - The Group's borrowings as of 30 June 2024 totaled approximately RMB34,250 million, including bonds of RMB8,624 million and bank borrowings of RMB24,825 million[48] - Bank borrowings repayable within one year or on demand were approximately RMB7,458 million, while those repayable within more than one year but not exceeding two years were approximately RMB8,648 million[51] - Bonds payable within one year were approximately RMB1,361 million, and those payable within more than one year but not exceeding two years were approximately RMB4,187 million[51] - The Group's revenue is primarily in Renminbi and Euro, and the company does not consider its currency risk significant[51] - The Group's capital management objectives focus on maintaining going concern, a sound capital ratio, and maximizing shareholder value, with an unchanged overall strategy from prior years[51] - Bank deposits, notes receivable, and other non-current assets pledged amounted to approximately RMB22,730 million as of 30 June 2024, down from RMB27,635 million as of 31 December 2023[52] - Fixed assets, long-term receivables, and accounts receivable pledged totaled approximately RMB10,337 million as of 30 June 2024, up from RMB9,587 million as of 31 December 2023[52] - Bank guarantees provided to distributors and agents increased to approximately RMB433 million as of 30 June 2024, up from RMB286 million as of 31 December 2023[52] - Buy-back guarantee liability risk exposure rose to approximately RMB3,941 million as of 30 June 2024, up from RMB2,802 million as of 31 December 2023[52] - Capital commitments decreased to approximately RMB6,731 million as of 30 June 2024, down from RMB13,000 million as of 31 December 2023[53] - Total intangible assets amounted to approximately RMB22,424 million as of 30 June 2024, with land use rights at RMB2,880 million and trademark rights at RMB8,036 million[53] - Intangible assets from in-house R&D accounted for 25.47% of the total intangible assets balance as of 30 June 2024[53] Cash Flow and Hedging - The total cash flow of the hedged item amounted to RMB 4,491,525,423.74 (EUR 586,230,917.91), with RMB 3,721,336,386.20 (EUR 485,706,355.80) due within 1 year and the remaining portion due in 2025[54] - The loss on fair value changes of the hedging instrument included in other comprehensive income amounted to RMB 51,545,588.51 (EUR 6,580,000.00), with RMB 814,702.31 (EUR 104,000.00) transferred to profit or loss for the period[54] - Weichai Power (Hong Kong) International Development Co., Limited conducted cash flow hedging on EUR 241 million of floating rate borrowings, with a loss on fair value changes of RMB 33,821,493.75 (EUR 4,370,002.38) included in other comprehensive income[54] - KION entered into interest rate swap contracts for fair value hedging on fixed-rate medium-term notes with a par value of EUR 100,000,000.00, presenting a book value of RMB 595,168,517.70 (EUR 77,681,000.00) as non-current liabilities due within one year[56] - The adjustment of the fair value change of hedged items included in the carrying amount was RMB 3,534,157.00 (EUR 458,000.00)[56] - KION signed an amortised interest rate swap contract to hedge the interest rate risk of lease receivables, with a carrying amount of RMB 19,631,129,531.40 (EUR 2,562,242,000.00) and an accumulative adjustment of RMB 127,574,966.70 (EUR 16,651,000.00)[56] - The change in fair value of the ineffective portion of the hedged item during the period amounted to RMB 37,043,554.56 (EUR 4,861,000.00)[56] Employee and Training - The Group had approximately 95,000 employees as of 30 June 2024, including 42,000 employees from KION, with total remuneration paid during the period amounting to approximately RMB18,389 million[57] - Training expenses incurred during the period totaled approximately RMB14 million[57] - The Company implemented a restricted share incentive scheme for A Shares, targeting directors, senior management, middle management, and core technical staff, with shares granted at a fixed number upon fulfillment of unlocking conditions[57] Dividends and Share Issuance - The Company approved a cash dividend of RMB3.72 (including tax) per 10 shares, based on the total number of shares eligible for profit distribution on the future record date[58] - The non-public issuance of A Shares was completed on 31 May 2021, with 792,682,926 A Shares issued at RMB16.40 per share, raising a total of RMB12,999,999,986.40[60] - The issue price of RMB16.40 per A Share represented a premium of approximately 9.26% over the benchmarked price of HK$18.02 (equivalent to RMB15.01)[60] Investment Projects - Fuel Cell Industry Chain Development Project has a total investment of RMB 2,000 million, with RMB 835.51 million already utilized and RMB 1,164.49 million remaining[69] - H platform engines intelligent manufacturing upgrade project has a total investment of RMB 1,000 million, with RMB 640.21 million already utilized and RMB 359.79 million remaining[70] - New million units digitalised power industry base stage I project has a total investment of RMB 3,000 million, with RMB 1,155.09 million already utilized and RMB 1,844.91 million remaining[71] - Large diameter high-end engine industrialisation project has a total investment of RMB 1,075 million, with RMB 662.07 million already utilized and RMB 412.93 million remaining[80] - High efficiency and high speed self-owned brand engine industrialisation project has a total investment of RMB 685 million, with RMB 554.57 million already utilized and RMB 130.43 million remaining[82] - Large diameter high-end engine development project has a total investment of RMB 1,240 million, with RMB 793.77 million already utilized and RMB 446.23 million remaining[83] - Full Series hydraulic pressure powertrain and large-scale CVT powertrain industrialisation project has a total investment of RMB 3,000 million, with RMB 1,247.78 million already utilized and RMB 1,752.22 million remaining[85] - Replenishment of working capital has a total investment of RMB 1,000 million, with RMB 800.72 million already utilized and RMB 199.28 million remaining, expected to be fully utilized by the end of 2027[86][87] - Total investment across all projects is RMB 13,000 million, with RMB 6,310.28 million already utilized and RMB 6,689.72 million remaining[88] - The total unutilised proceeds net of expenses amounted to RMB 6,298.34 million, with remaining proceeds of approximately RMB 7 billion expected to be used for relevant investment projects[89] - The company expects to fully utilise proceeds for projects (1)(a), (1)(b), (1)(c), (2)(a), (3)(a), and (3)(c) by the end of 2027, and for projects (2)(b) and (4) by the end of 2026[89] Strategic and Operational Plans - The company temporarily terminated the proposed spin-off and separate listing of Weichai Lovol on the ChiNext Board, which is not expected to have a substantial impact on operations or financial positions[90] - The global economy is expected to shift to a new equilibrium state with stronger-than-expected growth in emerging markets, while China's economy is expected to maintain stability with policy support[91] - The commercial vehicle industry is expected to maintain growth in the second half of 2024, with opportunities arising from intelligentisation and electrification for the company's "Three New" businesses[91] - The company plans to consolidate its leading edge in natural gas engines and achieve breakthroughs in strategic businesses such as generator sets for large-scale data centers[94] - The company will increase R&D investment, strengthen technical research on key components, and focus on improving the risk resistance capability of the supply chain[94] - The company aims to improve the performance parameters of "three electric" products and fuel cells to create differentiated advantages in new energy products[94] - The company will accelerate digital transformation, break down barriers in core systems, and achieve full data communication across all business domains[94] - The company will focus on major equipment upgrading, technological transformation, and project construction to accelerate the release of new quality productivity[94] Financial Position and Liabilities - Total current liabilities increased to RMB 150.91 billion