Core Insights - A-shares have lower trading costs and better market liquidity compared to H-shares, with an overall premium of 20% for A-shares as indicated by the Hang Seng AH Premium Index (HSAHP) remaining above 120 [1][2] - A peculiar situation has arisen where H-shares of certain companies, such as CATL, are trading at higher prices than their A-shares, attributed to factors like limited liquidity and the preference of overseas investors for industry leaders [1][2][3] Group 1: Market Dynamics - The six companies experiencing H-share price premiums over A-shares include CATL, China Merchants Bank, Hengrui Medicine, Weichai Power, WuXi AppTec, and Midea Group, with others like Zijin Mining and BYD showing closer price alignment [2][3] - The phenomenon of "inverted pricing" is largely due to the smaller market capitalization of H-shares compared to A-shares, leading to relative scarcity in liquidity which drives up prices [2][3] Group 2: Investor Preferences - Foreign investors show a strong preference for industry leaders that are scarce in the international market, often leading to higher valuations for these companies in H-shares [4][5] - Companies with stable financials and established operational histories, particularly in traditional sectors like finance and energy, tend to attract more foreign investment, reflecting differing growth expectations between domestic and international investors [3][4] Group 3: Future Outlook - As large institutional investors gradually exit their positions, the liquidity of H-shares is expected to increase, potentially narrowing the premium of H-shares over A-shares [2][4] - The case of CATL illustrates this trend, where its H-share premium over A-shares decreased from over 30% to approximately 13% following the unlocking of shares held by certain investors [2][4]

Group 1: Heavy Truck Market Overview - In November 2025, China's heavy truck market is expected to sell around 100,000 units, a decrease of approximately 6% month-on-month from October 2025, but a significant increase of about 46% year-on-year from 68,500 units [1] - The heavy truck market has experienced eight consecutive months of growth from April to November, with an average growth rate of 42% [1] - Strong terminal sales growth, driven by the policy on scrapping old operational trucks, has supported the high wholesale sales in the fourth quarter [1] Group 2: New Energy and Gas Heavy Trucks - New energy heavy trucks have set new records, while natural gas heavy trucks have seen four consecutive months of growth, each exceeding 20,000 units for three months [1] - Domestic diesel heavy truck terminal sales in November are expected to remain stable [1] Group 3: Industry Outlook and Recommendations - CITIC Construction Investment has reported a stable outlook for domestic heavy truck sales and continued growth in exports, highlighting the importance of ongoing domestic subsidies and opportunities for leading companies to exceed performance expectations [1] - The release of replacement demand in 2026 and sustained export growth are expected to support a high and stable industry total [1] Group 4: Company-Specific Insights - China National Heavy Duty Truck Group - In the first half of 2025, China National Heavy Duty Truck Group achieved sales of 9,376 new energy heavy trucks, a year-on-year increase of 220.3%, with a market share of 11.8% [2] - The company plans to distribute a dividend of 0.68 yuan per share, totaling 1.877 billion yuan, maintaining a high dividend payout ratio of 54.8% [2] - In the first half of 2025, heavy truck exports to non-Russian regions reached 143,000 units, a year-on-year increase of 35.8%, supporting overseas demand growth [2] Group 5: Company-Specific Insights - Weichai Power - Weichai Power anticipates a 10% recovery in industry sales in 2025, potentially reaching 1 million units, benefiting from scrapping subsidies [3] - The company delivered 5,000 large-bore engines in the first half of the year, a year-on-year increase of 41%, with a projected median annual sales of 11,000 large-bore engines [3] - The company delivered 10,000 new energy heavy trucks, achieving a market share of approximately 12.6%, with expectations for significant growth in the second half of the year [3]

Industry Overview - In November 2025, China's heavy truck market sold approximately 100,000 units, a month-on-month decrease of about 6% from October 2025, but a significant year-on-year increase of approximately 46% from 68,500 units in the same month last year [1] - The heavy truck market has experienced eight consecutive months of growth, with an average growth rate of 42% from April to November 2025 [1] - Strong terminal sales growth, driven by the policy promoting the scrapping and updating of old operating trucks, has supported domestic demand [1] New Energy and Gas Trucks - New energy heavy trucks have set new records, while natural gas heavy trucks have seen four consecutive months of growth, exceeding 20,000 units for three consecutive months [1] - Domestic diesel heavy truck terminal sales in November are expected to remain stable [1] Company Insights China National Heavy Duty Truck Group (China National Heavy Duty Truck) - In the first half of 2025, the company achieved sales of 9,376 new energy heavy trucks, a year-on-year increase of 220.3%, surpassing the industry growth rate, with a market share of 11.8% [2] - The company plans to distribute a dividend of 0.68 yuan per share, totaling 1.877 billion yuan, maintaining a high dividend payout ratio of 54.8% [2] - In the first half of 2025, heavy truck exports to non-Russian regions reached 143,000 units, a year-on-year increase of 35.8%, supporting overseas demand growth [2] Weichai Power - The scrapping subsidy is expected to stimulate a 10% recovery in industry sales in 2025, reaching 1 million units, benefiting the company as a leading heavy truck engine manufacturer [3] - The company delivered 5,000 large-bore engines in the first half of 2025, a year-on-year increase of 41%, with a projected total delivery of 11,000 large-bore engines for the year [3] - The company delivered 10,000 new energy heavy trucks, capturing a market share of approximately 12.6%, with expectations of 2-3 times growth in new energy products in the second half of the year [3]

Core Viewpoint - Weichai Power Co., Ltd. has made significant progress in its A-share repurchase plan, having repurchased approximately 50.25 million shares, representing about 0.58% of its total share capital, with a total expenditure of approximately 761 million yuan [1][3]. Summary by Sections Repurchase Plan Overview - The repurchase plan was approved on April 29, 2025, and subsequently ratified by shareholders on May 20, 2025. The company intends to use its own and self-raised funds for the repurchase, aiming to reduce registered capital [2]. - The total repurchase fund is set between 500 million yuan and 1 billion yuan, with an initial price cap of 23.57 yuan per share, later adjusted to a maximum of 22.86 yuan per share due to dividend distributions [2]. Latest Repurchase Progress - As of November 30, 2025, Weichai Power has repurchased 50,252,475 shares, accounting for approximately 0.58% of the total share capital. The highest and lowest repurchase prices were 15.43 yuan and 14.57 yuan per share, respectively. The total amount spent on repurchases reached approximately 761 million yuan, exceeding the lower limit of 500 million yuan by 152.30% and achieving 76.15% of the upper limit of 1 billion yuan [3]. Price Adjustment and Compliance - The adjustment of the repurchase price cap was primarily due to the company's dividend distributions. The price cap was adjusted from 23.57 yuan to 22.86 yuan, which remains above the average repurchase price of approximately 15.15 yuan per share [4]. - The company confirmed that the repurchase activities comply with relevant regulations, ensuring that transactions did not occur during restricted periods and that the prices did not exceed daily price limits [4]. Future Plans - Weichai Power plans to continue the repurchase scheme within the designated timeframe, which lasts until May 20, 2026. There remains approximately 239 million yuan available for future repurchases based on the upper limit of 1 billion yuan [5].

Core Viewpoint - Weichai Power (000338)(02338) announced a share buyback plan, indicating a strategic move to enhance shareholder value and confidence in the company's future performance [1] Summary by Categories Share Buyback Details - As of November 30, 2025, the company has repurchased a total of 50.2525 million A-shares, which represents approximately 0.58% of the current total share capital [1] - The highest transaction price during the buyback was RMB 15.43 per share, while the lowest was RMB 14.57 per share [1] - The total amount spent on the buyback was RMB 761 million, excluding transaction fees [1] Compliance and Strategy - The buyback is in accordance with relevant laws and regulations, as well as the company's established share repurchase plan [1]

Core Viewpoint - Weichai Power (02338) announced a share buyback program, repurchasing a total of 50.25 million A-shares, which represents approximately 0.58% of the company's total share capital [1] Summary by Category Share Buyback Details - The company conducted the buyback through a special securities account via centralized bidding [1] - The highest transaction price was RMB 15.43 per share, while the lowest was RMB 14.57 per share [1] - The total amount paid for the buyback was RMB 761 million, excluding transaction fees [1] Compliance and Regulations - The buyback aligns with relevant laws and regulations, as well as the company's established share repurchase plan [1]

Core Viewpoint - Weichai Power (02338.HK) announced a share buyback program, repurchasing a total of 50,252,475 A-shares, which represents approximately 0.58% of the company's total share capital [1] Summary by Categories Share Buyback Details - The company conducted the buyback through a dedicated securities account via centralized bidding [1] - The highest transaction price was RMB 15.43 per share, while the lowest was RMB 14.57 per share [1] - The total amount paid for the buyback was RMB 761,492,999.13, excluding transaction fees [1] Compliance and Regulations - The buyback is in accordance with relevant laws and regulations, as well as the company's established share repurchase plan [1]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 濰柴動力股份有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02338 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,943,040,000 | RMB | | 1 RMB | | 1,943,040,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 1,943,040,000 | RMB | | 1 RMB | | 1,943,040,000 | | 2. 股份分類 | 普通股 | 股 ...

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 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、黃維彪先生、 孫 少 軍 先 生、袁 宏 明 先 生 及 馬 旭 耀 先 生；本 公 司 非 執 行 董 事 為 張 良 富 先 生、 Richard Robinson Smith先生及Michael Martin Macht先 生；本 公 司 獨 立 非 執 行 董 事 為 蔣 彥 女 士、遲 德 強 先 生、趙 福 全 先 生、徐 兵 先 生 及 陶 化 安 先 生。 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」 ...

Core Insights - Weichai Power is making significant advancements in the Solid Oxide Fuel Cell (SOFC) sector, achieving breakthroughs in technology and establishing partnerships with leading companies both domestically and internationally [1][2] - The sales of products related to data centers have increased over threefold year-on-year in the first three quarters, showcasing strong performance in both emerging industries and traditional business sectors [1][2] - The company has fully mastered core technologies across the entire value chain of SOFC, including battery, stack, system, and power station, which positions it well for future commercialization [1] Group 1: SOFC Developments - Weichai Power has signed a technology licensing agreement with Xilis in November 2025, indicating comprehensive mastery of SOFC technology [1] - The company is focusing on key applications such as AI data centers and industrial parks, launching new high-power metal-supported commercial products with significant improvements in efficiency and performance metrics [1] - Partnerships with major enterprises have been established to lay a solid market foundation for future large-scale commercialization of SOFC [1] Group 2: Traditional Business Performance - The sales of M-series large-bore engines exceeded 7,700 units in the first three quarters of 2025, reflecting a year-on-year growth of over 30% [2] - Products aimed at the data center market saw sales surpassing 900 units, marking an increase of over threefold, contributing significantly to overall performance [2] - The rapid growth in the data center industry has driven demand for energy supply upgrades, highlighting the company's competitive advantages in reliability and efficiency [2] Group 3: Strategic Outlook - Weichai Power is committed to a development strategy that combines upgrading traditional businesses with breakthroughs in emerging sectors [2] - The successful implementation of SOFC technology and market expansion, along with explosive growth in the data center market, underscores the company's forward-looking positioning in the new energy sector [2] - As SOFC commercialization progresses and core market demands continue to grow, Weichai Power is expected to strengthen its leading position in the industry, contributing to energy structure transformation and high-end manufacturing upgrades [2]