Core Viewpoint - Weichai Power (000338.SZ) reported a year-on-year increase in revenue and net profit for the first three quarters of 2025, indicating stable growth in its financial performance [1] Financial Performance - The company's operating revenue for the first three quarters reached 170.57 billion yuan, representing a year-on-year growth of 5.32% [1] - The net profit attributable to shareholders of the listed company was 8.878 billion yuan, showing a year-on-year increase of 5.67% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 7.975 billion yuan, reflecting a year-on-year growth of 3.43% [1] - Basic earnings per share stood at 1.03 yuan [1]

Core Viewpoint - Weichai Power is a leading enterprise in the domestic internal combustion engine industry, with significant advantages in technology and industrial chain [1] Group 1: Business Performance - In Q3 2025, Weichai Power achieved an operating revenue of 170.57 billion yuan, ranking first among 103 companies in the industry, significantly surpassing the second-ranked Top Group's 20.93 billion yuan [2] - The net profit for the same period was 10.85 billion yuan, also the highest in the industry, with Top Group's net profit at 1.97 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Weichai Power's debt-to-asset ratio was 63.87%, higher than the industry average of 39.06% [3] - The gross profit margin for Q3 2025 was 21.91%, above the industry average of 21.53% [3] Group 3: Executive Compensation - The chairman, Ma Changhai, received a salary of 1.766 million yuan in 2023, while the general manager, Wang Decheng, earned 2.228 million yuan in 2024, a decrease from 2.5812 million yuan in 2023 [4] Group 4: Shareholder Information - As of February 29, 2012, the number of A-share shareholders decreased by 1.96% to 173,000, with an average holding of 3,995.83 shares, an increase of 2.00% [5] - As of September 30, 2025, Hong Kong Central Clearing Limited held 441 million shares, a decrease of 163 million shares from the previous period [5] Group 5: Future Outlook - CITIC Securities projects the company's net profit for 2025 and 2026 to be 12.2 billion yuan and 14.1 billion yuan, respectively, maintaining a "buy" rating [6] - Longjiang Securities forecasts net profits of 11.6 billion yuan, 13.34 billion yuan, and 14.56 billion yuan for 2025 to 2027, with corresponding PE ratios of 10.98X, 9.55X, and 8.75X, also maintaining a "buy" rating [6]

Core Viewpoint - Weichai Power reported record high net profit for the first three quarters of 2025, demonstrating strong operational resilience and growth potential under a long-term strategic focus [1][9]. Financial Performance - For the first three quarters, Weichai Power achieved operating revenue of 170.57 billion yuan, a year-on-year increase of 5.3% [2]. - The net profit attributable to shareholders reached 8.88 billion yuan, up 5.7% year-on-year [2]. - In Q3 alone, the company recorded operating revenue of 57.42 billion yuan, a 16.1% increase year-on-year, and net profit of 3.23 billion yuan, growing by 29.5% [1][2]. Business Segments - The engine sales reached 536,000 units in the first three quarters, with heavy truck engine sales at 188,000 units, including 117,000 diesel and 71,000 natural gas engines [3]. - The natural gas heavy truck sector showed a strong recovery with a year-on-year growth of 37% [3]. - The new energy power system business generated revenue of 1.97 billion yuan, marking an 84% increase year-on-year [3][6]. Market Trends - The demand for diesel generators in the AI data center market is projected to grow significantly, with the global market expected to reach 83.4 billion yuan by 2028, and the AI data center segment alone forecasted to reach 30.2 billion yuan with a compound annual growth rate of 43% [5][6]. - Weichai's M-series large-bore engine sales exceeded 7,700 units, with a year-on-year increase of over 30%, particularly strong in the data center market where sales grew more than threefold [6]. Traditional Business Strengths - The heavy truck and agricultural equipment segments continue to perform well, with Shaanxi Heavy Truck selling 109,000 heavy trucks, a year-on-year increase of 18% [8]. - Weichai's agricultural equipment division also saw revenue and profit growth, maintaining a steady market share [8]. International Expansion - Weichai Power's overseas business has become a significant part of its operations, effectively mitigating domestic market volatility [8]. - In the first three quarters, the company reported an 18.3% increase in total new orders, reaching 8.88 billion euros, with new forklift orders up by 11.8% and supply chain solutions orders increasing by 50.5% [8]. Future Outlook - Weichai Power aims to continue its strategy of stabilizing traditional businesses while breaking through in growth sectors and empowering diversified operations, reinforcing its growth resilience and development potential [9].

Core Viewpoint - Weichai Power (02338) reported its performance for the first three quarters of 2025, showing a steady growth in revenue and net profit [1] Financial Performance - The company's operating revenue reached approximately 170.57 billion yuan, representing a year-on-year increase of 5.32% [1] - The net profit attributable to shareholders was about 8.88 billion yuan, with a year-on-year growth of 5.67% [1] - Basic earnings per share stood at 1.03 yuan [1]

Core Insights - Weichai Power reported record high net profit attributable to shareholders for the first three quarters of 2025, achieving a net profit of 8.88 billion yuan, a year-on-year increase of 5.7% [1] - The company’s revenue for the first three quarters reached 170.57 billion yuan, up 5.3% year-on-year, with a significant quarterly revenue increase of 16.1% in Q3 [1] Group 1: Financial Performance - In Q3 alone, Weichai Power achieved a net profit of 3.23 billion yuan, marking a 29.5% year-on-year growth [1] - The company’s revenue for Q3 was 57.42 billion yuan, reflecting a 16.1% increase compared to the same period last year [1] Group 2: Business Segments - The engine sales reached 536,000 units in the first three quarters, with heavy-duty truck engines accounting for 188,000 units sold [2] - The natural gas heavy-duty truck engine segment saw a strong recovery, with a year-on-year growth of 37% [2] - The new energy power system business generated 1.97 billion yuan in revenue, representing an 84% year-on-year increase [2] Group 3: Market Trends - The demand for diesel generators in AI data centers is expected to grow significantly, with the global market projected to reach 83.4 billion yuan by 2028, growing at a compound annual growth rate of 6% [2] - The M series large-bore engine sales exceeded 7,700 units, with a year-on-year increase of over 30%, particularly strong in the data center market [2] Group 4: Traditional Business and International Expansion - The heavy-duty truck and agricultural equipment segments maintained strong performance, with Shaanxi Heavy Duty Truck selling 109,000 units, a year-on-year increase of 18% [3] - Weichai Power's international business has become a significant part of its operations, with overseas orders growing by 18.3% to 8.88 billion euros in the first three quarters [3] - The company aims to strengthen its three-dimensional layout of traditional business stability, growth business breakthroughs, and diversified business empowerment for future development [3]

Core Insights - Weichai Power (000338.SZ) reported a third-quarter revenue of 57.419 billion yuan, representing a year-on-year increase of 16.08% [1] - The net profit attributable to shareholders reached 3.234 billion yuan, marking a year-on-year growth of 29.49% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 2.827 billion yuan, reflecting a year-on-year increase of 26.69% [1]

Group 1 - Morgan Stanley increased its stake in Weichai Power (02338) by 610,018 shares at a price of HKD 15.0989 per share, totaling approximately HKD 9.21 million [1] - After the increase, Morgan Stanley's total shareholding in Weichai Power is approximately 117 million shares, representing a holding percentage of 6.02% [1]

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 中國山東濰坊 二零二五年十月三十日 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、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 R ...

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。 并以募集资金等额置换的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为潍柴动力股份 有限公司（以下简称"潍柴动力"或"公司"）非公开发行股票及持续督导的保荐机构， 根据《证券发行上市保荐业务管理办法》《上市公司募集资金监管规则》《深圳证券交易所 股票上 ...

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。 承董事會命 董事長 馬常海 中國山東濰坊 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。 二零二五年十月三十日 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、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 R ...