潍柴动力9月1日公告，公司于2025年4月29日召开2025年第四次临时董事会会议，于2025年5月20日召开 2025年第二次临时股东大会、2025年第二次A股股东会议和2025年第二次H股股东会议，审议通过了 《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 购公司部分A股股份，回购股份用于注销并减少公司注册资本，回购价格为不超过23.57元/股，预计用 于回购的资金总额不低于5亿元，不超过10亿元，回购期限为自公司股东大会审议通过回购股份方案之 日起12个月内。截至2025年8月31日，公司累计回购3914.25万股，占公司总股本的0.45%，回购价格区 间为15.05元/股至15.43元/股，累计使用资金5.96亿元（不含交易费用）。 ...

Group 1 - The company Weichai Power (SZ 000338) announced on September 1 that it has repurchased approximately 39.14 million A-shares, accounting for about 0.45% of its total share capital, with a total expenditure of approximately RMB 596 million [1] - The highest transaction price during the repurchase was RMB 15.43 per share, while the lowest was RMB 15.05 per share [1] - As of the report date, Weichai Power's market capitalization is RMB 129.1 billion [1] Group 2 - For the first half of 2025, Weichai Power's revenue composition is as follows: 77.74% from transportation equipment manufacturing, 20.63% from agricultural equipment, and 1.62% from other industries [1]

证券代码：000338 证券简称：潍柴动力 公告编号：2025-064 潍柴动力股份有限公司 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。 二、其他说明 公司回购A股股份的时间、回购股份数量、回购股份价格及集中 竞价交易的委托时段均符合《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》等法律法规的相关 规定。 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。 潍柴动力股份有限公司（下称"公司"）于2025年4月29日召开 2025年第四次临时董事会会议，于2025年5月20日召开2025年第二次 临时股东大会、2025年第二次A股股东会议和2025年第二次H股股东 会议，审议通过了《关于回 ...

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8月31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9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 ...

Investment Rating - The report assigns a "Buy" rating to Weichai Power (2338 HK) with a target price of HKD 20.50, indicating a potential upside of 25.8% from the current price of HKD 16.30 [1][7][11]. Core Insights - Weichai Power's 1H25 performance was stable, with revenue of RMB 113.15 billion, a year-on-year increase of 0.6%. The net profit attributable to shareholders was RMB 56.43 billion, a decrease of 4.4% year-on-year. The company expects strong growth from its M series large-bore engines and data center engines, driven by increasing demand in these segments [2][8]. - The company is experiencing significant growth in its large-bore engine sales, with over 5,000 units sold, representing a 41% year-on-year increase. The sales of new energy heavy trucks surged by 255% year-on-year, with over 10,000 units sold [8]. - The report highlights the acceleration of overseas business expansion, with new orders from Kion Group amounting to EUR 6.21 billion in 1H25, setting a new quarterly record in 2Q25 [8]. Financial Overview - Revenue projections for Weichai Power are as follows: RMB 213.96 billion in 2023, RMB 215.69 billion in 2024, and RMB 237.92 billion in 2025, reflecting a compound annual growth rate (CAGR) of approximately 10.3% from 2024 to 2025 [3][13]. - The net profit is expected to grow from RMB 9.01 billion in 2023 to RMB 14.64 billion in 2025, with a significant year-on-year growth rate of 28.4% in 2025 [3][13]. - The report indicates a projected dividend yield of 6.5% in 2025, with a payout ratio expected to increase to 60% in the future, providing a strong safety margin for investors [8]. Market Position and Competitive Advantage - Weichai Power holds an estimated market share of 9-10% in the domestic data center engine market, with significant growth potential due to the increasing demand for AI data centers and the domestic replacement of foreign products [8]. - The company benefits from a short supply cycle, product reliability, and strong product capabilities, which are expected to enhance its market share in the high-margin large-bore engine segment [8].

Core Viewpoint - Dongwu Securities report indicates that Weichai Power achieved a net profit attributable to shareholders of 2.93 billion yuan in Q2 2025, with a quarter-on-quarter decrease of 11.2% and a year-on-year increase of 8.2% [1] Financial Performance - In the first half of 2025, the company announced an interim dividend payout ratio of 57%, an increase of 2 percentage points year-on-year [1] - Engine business profitability improved year-on-year, with total engine sales of 362,000 units in H1 2025, a decrease of 9.5% year-on-year, including heavy truck engines at 125,000 units, down 22.4% year-on-year [1] - The parent company's revenue was 19.34 billion yuan, a year-on-year decrease of 13.2%, with a gross margin of 32.5%, an increase of 3.4 percentage points year-on-year [1] Strategic Directions - The company has made significant progress in four strategic directions: outline diameter, new energy, exports, and aftermarket [1] - Shaanxi Heavy Duty Automobile and Leiwo reported year-on-year net profit growth [1] Industry Outlook - The heavy truck industry is expected to recover in 2025, with Weichai Power positioned as a leading engine manufacturer, maintaining a strong competitive edge [1] - Given the current low valuation and the company's solid leadership position, a "buy" rating is maintained [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日期為 二 零 二 五 年 八 月 二 十 九 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 二零二五年八月二十九日 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 ...

Weichai Power (000338.SZ) Conference Call Summary Company Overview - **Company**: Weichai Power - **Ticker**: 000338.SZ - **Reporting Period**: 2Q25 Key Financial Highlights - **Net Profit**: Rmb2.93 billion, down 11% year-over-year (yoy) but up 8% quarter-over-quarter (qoq), exceeding estimates by 7% due to better-than-expected margins [1] - **Top-line Revenue**: Rmb55.69 billion, down 1% yoy, largely in line with expectations [4] - **Gross Profit Margin (GPM)**: 22.1%, up 0.3 percentage points yoy, and 1.6 percentage points above estimates [10] - **Interim Cash Dividend**: Rmb0.358 per share, representing a 55% payout ratio and a 2% yield [1][14] Segment Performance - **Engine Unit Profitability**: - Medium-to-heavy-duty engines saw a 25% yoy increase in profitability in 1H25 [2] - GPM for medium-to-large-duty engines increased by 3.4 percentage points yoy, marking a historical high [11] - **Sales by Segment**: - **Engines**: 27% of total sales, +3% yoy in 1H25, driven by an 11% increase in average selling price (ASP) [4] - **Auto and Auto Parts**: 29% of total sales, +4% yoy in 1H25, with HDT sales volume up 15% yoy [9] - **Intelligent Logistics**: 36% of total sales, slight decline of 2% yoy in 1H25, but strong order bookings (+22% yoy) indicate a positive outlook [9] - **Large-bore Engines**: Sales up 73% yoy in 1H25, driven by data center demand [9] - **New Energy Powertrain**: Sales of Rmb1.21 billion, contributing 1% of total sales [10] Strategic Growth Areas - New strategic growth pillars include large-bore engines, e-powertrain, after-market services, and engine exports, collectively representing ~10% of total sales with a combined growth of 39% yoy [2][8] - Strong performance from overseas subsidiaries, particularly PSI in the US and KION in Germany, with significant earnings growth [2] Challenges and Risks - Decline in LNG HDT sales due to unfavorable price spreads and slower subsidy rollout, with domestic LNG engine sales volume down over 40% yoy in 2Q25 [7] - Overall medium-to-heavy-duty engine sales revenue down 13% yoy, offset by strong performance in PSI and light-duty engine sales [7] Future Outlook - Upcoming analyst briefing topics include demand outlook for HDTs, electrification strategies, and insights on new growth pillars [3] - Continued focus on digitalization, new energy powertrains, and international expansion as part of the medium-to-long-term strategy [8] Cash Flow and Balance Sheet - Strong operating cash inflow of Rmb11.48 billion in 2Q25, with solid free cash flow generation of Rmb9.43 billion [14] - Net cash position increased to Rmb26.96 billion from Rmb22.00 billion at the end of 1Q25 [14] Conclusion - Weichai Power's 2Q25 results reflect a resilient performance despite challenges in certain segments, with strong profitability and strategic growth initiatives positioning the company favorably for future growth. The commitment to returning value to shareholders through dividends and buybacks further underscores its financial health.

Core Viewpoint - Multiple companies conducted share buybacks on August 29, 2025, with Tencent Holdings leading in both the number of shares repurchased and the total amount spent [1][2]. Group 1: Company Buyback Details - Tencent Holdings (00700) repurchased 919,000 shares for a total of 550 million [2]. - Weichai Power (02338) repurchased 16.42 million shares for 250 million [2]. - China Hongqiao (01378) repurchased 8.92 million shares for 227 million [2]. - Hang Seng Bank (00011) repurchased 210,000 shares for 23.52 million [2]. - MGM China (02282) repurchased 1 million shares for 16.06 million [2]. - Other notable buybacks include Zhongxu Future (09890) with 664,200 shares for 10 million and Weigao Group (01066) with 1.26 million shares for 7.45 million [2]. Group 2: Cumulative Buyback Data - Tencent Holdings has a cumulative buyback of 46.66 million shares, representing 0.508% of its total share capital [2]. - Weichai Power's cumulative buyback stands at 39.14 million shares, accounting for 0.449% of its total share capital [2]. - China Hongqiao's cumulative buyback is 88.67 million shares, which is 0.950% of its total share capital [2]. - Other companies like YUM China (09987) and IGG (00799) have cumulative buybacks of 545.32 million shares (1.460%) and 13.60 million shares (1.166%), respectively [2].

Core Viewpoint - The company reported a mixed performance for H1 2025, with slight revenue growth but a decline in net profit, while maintaining a high dividend payout and showing strong growth in specific segments like large-bore engines [1][2]. Group 1: Financial Performance - For H1 2025, the company achieved revenue of 113.15 billion yuan, a year-on-year increase of 0.6%, and a net profit of 5.64 billion yuan, a year-on-year decrease of 4.4% (after adjusting for Kion efficiency plan expenses of 490 million yuan, net profit increased by 3.8%) [1]. - In Q2 2025, revenue was 55.69 billion yuan, a year-on-year decrease of 0.8% and a quarter-on-quarter decrease of 3.1%, while net profit was 2.93 billion yuan, down 11.2% year-on-year but up 8.2% quarter-on-quarter [1]. - The company declared a mid-term dividend of 3.58 yuan per 10 shares and plans to repurchase and cancel 2.09 million shares, resulting in a total dividend payout ratio of 57% [1]. Group 2: Business Segment Performance - Revenue from various segments for H1 2025 included: engines (32.47 billion yuan, +0.3%), automotive and major components (35.01 billion yuan, +2.0%), smart logistics (43.18 billion yuan, -2.3%), and agricultural machinery (10.47 billion yuan, -2.1%) [1]. - Operating profits for the segments were: engines (5.55 billion yuan, profit margin 17.1%), automotive and major components (250 million yuan, profit margin 0.7%), smart logistics (960 million yuan, profit margin 2.2%), and agricultural machinery (540 million yuan, profit margin 5.1%) [1]. - The engine segment saw a profit margin increase of 1.9 percentage points year-on-year, while the smart logistics segment experienced a decline in profitability due to increased efficiency plan expenses [1]. Group 3: Growth Drivers - The company’s overall gross margin for H1 2025 was 22.2%, a slight increase year-on-year, while the parent company’s gross margin was 32.5%, up 3.4 percentage points, attributed to ongoing product structure optimization [2]. - Total engine sales reached 362,000 units, a year-on-year decline of approximately 9.5%, but sales of strategic high-end large-bore engines exceeded 5,000 units, a year-on-year increase of 41%, contributing 2.52 billion yuan in revenue, a significant year-on-year growth of 73% [2]. - The company’s new energy business showed strong momentum, with power battery sales of 2.3 GWh (up 91%), new energy power revenue exceeding 1.2 billion yuan (up 37%), and engine aftermarket revenue of 4 billion yuan (up 13%) [2]. Group 4: Future Outlook - Revenue forecasts for 2025-2027 are projected at 231.67 billion yuan, 252.24 billion yuan, and 264.35 billion yuan, with net profits of 12.27 billion yuan, 13.41 billion yuan, and 14.46 billion yuan respectively [3].