Core Viewpoint - The company reported its 2025 mid-year results, showing a slight decline in revenue and net profit, but with a focus on strategic growth areas such as new energy and exports, indicating potential for recovery in the heavy truck industry [3][4][8]. Financial Performance - In Q2 2025, the company achieved revenue of 55.69 billion yuan, with year-on-year and quarter-on-quarter declines of 0.8% and 3.1% respectively. The net profit attributable to shareholders was 2.93 billion yuan, reflecting a year-on-year decrease of 11.2% but a quarter-on-quarter increase of 8.2% [3]. - For the first half of 2025, the company maintained a dividend payout ratio of 57%, an increase of 2 percentage points year-on-year [3]. Engine Business Performance - The engine business saw a year-on-year improvement in profitability, despite a 9.5% decline in total engine sales to 362,000 units. Heavy truck engine sales dropped by 22.4% to 125,000 units, with revenue from this segment at 19.34 billion yuan, down 13.2% but with a gross margin increase of 3.4 percentage points to 32.5% [4]. - Key growth areas included: 1. Outline diameter engines: Sales increased by 41% to 5,100 units, with revenue rising 73% to 2.52 billion yuan [4]. 2. New energy: Revenue grew by 37% to 1.21 billion yuan [4]. 3. Exports: Direct engine exports increased by 14% to 37,000 units [4]. 4. Aftermarket: Revenue rose by 13% to 4 billion yuan [4]. Competitor Analysis - Shaanxi Heavy Truck reported a 13.4% increase in net profit to 360 million yuan, with a market share of 13.5%, the highest since 2021 [5]. - Kion Group (Kaili) faced an 80% drop in net profit for H1 2025 due to one-time layoff costs, but Q2 profits rebounded by 38.6% [5]. - Lovol achieved a net profit of 570 million yuan, a year-on-year increase of 2.4%, maintaining the top market share in tractors [6]. Cost Management and Profitability - The company reported a gross margin of 22.1% in Q2 2025, an increase of 0.7 percentage points year-on-year, reflecting effective cost management in the supply chain [7]. - Total selling, general, and administrative expenses as a percentage of revenue were 14.7%, up 1.2 percentage points year-on-year but down 1.6 percentage points quarter-on-quarter [7]. Profit Forecast and Investment Rating - The heavy truck industry is expected to recover in 2025, with the company maintaining its position as a leading engine manufacturer. The projected net profits for 2025-2027 are 12.9 billion, 15.2 billion, and 16.1 billion yuan respectively, with corresponding EPS of 1.48, 1.75, and 1.85 yuan [8]. - The company is rated as a "buy" due to its low current valuation and strong market position [8].

Group 1 - The company announced that as of August 31, 2025, it has repurchased a total of 39,142,475 A-shares through a dedicated repurchase account via centralized bidding, which represents approximately 0.45% of the company's current total share capital [1]

Group 1 - The company Weichai Power (000338)(02338) announced a share buyback plan, intending to repurchase 7.3 million A-shares at a cost of 109 million yuan [1]

潍柴动力（000338）(02338)发布公告，截至2025年8月31日，公司通过回购专用证券账户以集中竞价交 易方式累计回购A股股份共计3914.25万股，占公司目前总股本的比例约为0.45%，最高成交价为人民币 15.43元/股，最低成交价为人民币15.05元/股，支付的总金额为人民币5.96亿元(不含交易费用)，本次回 购符合相关法律法规及公司既定回购股份方案的要求。 ...

Group 1 - The company Weichai Power (02338) announced a share buyback plan, intending to repurchase 7.3 million A-shares at a cost of 109 million yuan [1]

格隆汇9月1日丨潍柴动力(02338.HK)发布公告，2025年9月1日耗资1.09亿元人民币回购730万股A股，回 购价格每股14.84-15元。 ...

Core Viewpoint - Weichai Power (02338) announced a share buyback plan, indicating a commitment to enhancing shareholder value through strategic capital allocation [1] Summary by Categories Share Buyback Details - As of August 31, 2025, the company has repurchased a total of 39.1425 million A-shares, representing approximately 0.45% 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 15.05 per share [1] - The total amount spent on the buyback was RMB 596 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]

備註： 已發行股份占有關股份發行前的現有已發行股份數目百分比是依據本公司已發行股份數目總額8,715,671,296股（包括1,943,040,000股H股及6,772,631,296 股A股）計算 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 濰柴動力股份有限公司 呈交日期： 2025年9月1日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | | 說明 | 於深圳證券交易所上市 | | | | | A. 已發行股份或庫存股份變動 | ...

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日期為 二零二五年九月一日的公告，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 二零二五年九月一日 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 Robinson Smith先生及Michae ...

格隆汇9月1日丨潍柴动力(000338.SZ)公布，截至2025年8月31日，公司通过回购专用证券账户以集中竞 价交易方式累计回购A股股份共计39,142,475股，占公司目前总股本的比例约为0.45%，最高成交价为人 民币15.43元/股，最低成交价为人民币15.05元/股，支付的总金额为人民币596,349,863.83元（不含交易 费用），本次回购符合相关法律法规及公司既定回购股份方案的要求。 MACD金叉信号形成，这些股涨势不错！ ...