中国北京市建国门外大街 1 号国贸写字楼 2 座 12-15 层 100004 12-15th Floor, China World Office 2, No.1 Jianguomenwai Avenue, Beijing 100004, China 电话 Tel: +86 10 6563 7181 传真 Fax: +86 10 6569 3838 电邮 Email: beijing@tongshang.com 网址 Web: www.tongshang.com 北京市通商律师事务所 关于潍柴动力股份有限公司 2024 年度股东周年大会的 法律意见书 致：潍柴动力股份有限公司 根据《中华人民共和国律师法》《中华人民共和国公司法》（以下简称"《公 司法》"）《中华人民共和国证券法》《上市公司股东会规则》（以下简称"《股 东会规则》"）《深圳证券交易所上市公司股东大会网络投票实施细则》（以下 简称"《网络投票实施细则》"）等法律、法规和规范性文件以及《潍柴动力股 份有限公司章程》（以下简称"《公司章程》"）的规定，北京市通商律师事务 所（以下简称"本所"）接受潍柴动力股份有限公司（以下简称"公司"）的委 托，指派 ...

潍柴动力股份有限公司 第一章 总则 第一条 为维护公司、股东、职工和债权人的合法权益，规范公司的组织和行为， 根据《中华人民共和国公司法》（下称"《公司法》"）、《中华人民共和国证券 法》（下称"《证券法》"）、《上市公司章程指引》《香港联合交易所有限公司 证券上市规则》（下称"《香港上市规则》"）和其他有关规定，制定本章程。 第二条 本公司系依照《公司法》和中国其他有关规定成立的股份有限公司。 公司经山东省人民政府鲁政股字〔2002〕64 号文批准，于 2002 年 12 月 23 日以 发起方式设立；公司在潍坊市市场监督管理局注册登记，取得营业执照，统一社会 信用代码为 913700007456765902。 第三条 公司向境外投资人发行的以外币认购并且在境外上市的境外上市外资股 为 12,650 万股，于 2004 年 3 月在香港联合交易所有限公司（下称"香港联交所"） 主板上市。 公司于 2007 年 3 月 30 日经中国证券监督管理委员会（下称"中国证监会"）批 准，首次向境内社会公众发行人民币普通股 19,065.3552 万股，于 2007 年 4 月 30 日 在深圳证券交易所（下称"深交 ...

| 第二章 | 股东会的召集 | 2 | | --- | --- | --- | | 第三章 | 股东会的提案与通知 | 3 | | 第四章 | 股东会的召开 | 4 | | 第五章 | 附则 9 | | 潍柴动力股东会议事规则 第一章 总则 第一条 为规范潍柴动力股份有限公司（下称"公司"或"本公司"）行为，保 障股东依法行使权利，确保股东会高效规范运作和科学决策，完善公司治理结构， 根据《中华人民共和国公司法》（下称"《公司法》"）《中华人民共和国证券法》 （下称"《证券法》"）《上市公司股东会规则》（下称"《股东会规则》"）等 有关法律法规，深圳证券交易所（下称"深交所"）、香港联合交易所有限公司的 相关规定和《潍柴动力股份有限公司章程》（下称"《公司章程》"）的规定，制 定本规则。 第二条 公司股东会的召集、提案、通知、召开等事项适用本规则。 第三条 公司应当严格按照法律法规、公司股票上市地证券监管规则、本规则及 《公司章程》的相关规定召开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当勤 勉尽责，确保股东会正常召开和依法行使职权。 第四条 股东会 ...

| | | 潍柴动力董事会议事规则 第一章 总则 第一条 为了进一步规范潍柴动力股份有限公司（下称"公司"或"本公司"） 董事会的议事方式和决策程序，促使董事和董事会有效地履行其职责，提高董事会 规范运作和科学决策水平，根据《中华人民共和国公司法》（下称"《公司法》"） 《中华人民共和国证券法》（下称"《证券法》"）《上市公司章程指引》（下称 "《章程指引》"）《上市公司治理准则》（下称"《治理准则》"）《香港联合 交易所有限公司证券上市规则》《潍柴动力股份有限公司章程》（下称"《公司章 程》"）及其他有关法律法规规定，制订本规则。 第二章 董事会的组成和产生 第二条 公司设董事会，董事会不多于 18 名董事组成，其中独立董事占董事会 成员的比例不得低于三分之一。公司设董事长 1 人，可设副董事长，设职工代表董 事 1 人。董事长和副董事长由全体董事的过半数选举产生。 第三条 董事会下设证券部门，处理董事会日常事务。 董事会秘书兼任证券部门负责人，保管董事会和证券部门印章。 第四条 董事由股东会选举或更换，并可在任期届满前由股东会以普通决议方式 解除其职务。董事任期 3 年，任期届满可以连选连任，但独立董事连 ...

证券代码：000338 证券简称：潍柴动力 公告编号：2025-042 潍柴动力股份有限公司 2024 年度股东周年大会会议决议公告 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。 一、重要提示 1．潍柴动力股份有限公司（下称"公司"或"潍柴动力"）2024 年 度股东周年大会（下称"本次会议"）未出现否决议案的情形。 2．本次会议未涉及变更以往股东大会已通过的决议。 二、会议召开情况 1．召开时间： （1）现场会议召开时间：2025 年 6 月 13 日下午 2:50 （2）网络投票时间： 采用交易所交易系统投票时间：2025 年 6 月 13 日上午 9:15-9:25， 9:30-11:30，下午 1:00-3:00； 采用互联网投票系统投票时间：2025 年 6 月 13 日上午 9:15 至下午 3:00 期间的任意时间。 2．现场会议召开地点：山东省潍坊市高新技术产业开发区福寿东街 197 号甲公司会议室 出席本次会议的股东及股东代表共 1,766 人，代表有表决权的股份 4,383,330,696 股，占公司有表决权股份总数的 50.2925%。 ...

Core Points - The "Two-Step Declaration" reform by customs has officially launched, enhancing the efficiency of customs clearance for foreign trade enterprises [1][2] - The reform allows for a streamlined process where companies can submit a summary declaration for quick cargo release, followed by a complete declaration within a specified timeframe [2][3] - The new model has reportedly reduced logistics costs by approximately 5%, thereby increasing the competitiveness of companies involved [1][2] Group 1 - The "Two-Step Declaration" reform was initiated in 2019 and has undergone optimization since May 6, 2023, in several customs locations [2] - The new model simplifies the declaration process by reducing the number of required checks during summary declarations, allowing for more flexibility in import planning [2][3] - Companies can now complete preliminary declarations before cargo arrival, enabling immediate pickup upon arrival [1][2] Group 2 - Guangzhou Customs has organized multiple policy briefings and created operational guidelines to assist companies in adapting to the new declaration process [3] - The reform aims to achieve a win-win situation for customs supervision and enterprise efficiency, allowing faster market entry for goods while ensuring effective regulatory oversight [3] - The customs authority is committed to continuous improvements and reforms to enhance its capabilities in facilitating high-level foreign trade [3]

Investment Rating - The industry is rated as "Overweight" [6] Core Views - Multiple automakers have committed to shortening payment terms to within 60 days, which is expected to improve the automotive supply chain ecosystem [1] - The shortening of payment terms is anticipated to alleviate concerns regarding automakers' repayment capabilities and promote healthy industry development [1] - The average cash turnover rates for components, complete vehicles, and dealers in 2024 are projected to be 4.5, 2.2, and 8.9 respectively, with the new payment terms expected to enhance cash flow [1] - The reduction in payment terms aligns with international standards, potentially benefiting Chinese brands in overseas markets [2] - Price competition has paused, leading to a narrowing of discount rates, which is favorable for healthy competition within the industry [2] Summary by Sections Section 1: Impact of Shortened Payment Terms - The adjustment to a 60-day payment term is expected to have limited impact on the cash flow of complete vehicle manufacturers, as many currently operate with payment terms exceeding 110 days [2] - The new terms are expected to enhance the cash turnover ability and cash levels of upstream component manufacturers, with an estimated increase in cash funds of approximately 32 billion yuan (+37%) if accounts receivable turnover improves to 6 [3] Section 2: Export Growth of Domestic Passenger Vehicles - Domestic brands are leading in competitiveness within the market, driving foreign brands out [4] - In 2024, market shares for domestic brands in various price segments are projected to be 80%, 48%, and 42% respectively, with year-on-year increases of 7, 14, and 4 percentage points [4] - In May, domestic brand exports reached 375,000 units, a year-on-year increase of 18% and a month-on-month increase of 10% [4] - The global market is viewed as a significant growth opportunity for Chinese automakers, with a recommendation to focus on industry leaders with global competitiveness [4]

Group 1 - The core event is the launch of the 2025 online collective reception day for listed companies, which started on May 12, 2023, with participation from 16 regulatory jurisdictions and over 1,050 listed companies [2][3] - A total of 3.6 million investors participated in the event, submitting 20,495 questions, with an average response rate of 87.55% from the companies [2][3] - The event aims to enhance communication between listed companies and investors, reflecting a significant shift in investor relations practices in China [2][3] Group 2 - The total revenue of listed companies in 16 jurisdictions reached 16.39 trillion yuan in 2024, remaining stable compared to 2023 [5][8] - The top ten companies by revenue include Jianfa Co., Wuchan Zhongda, Jiangxi Copper, and others, with Jianfa Co. contributing 701.3 billion yuan [8][9] - The overall net profit for these companies was 903.82 billion yuan, showing slight fluctuations compared to the previous year [10][12] Group 3 - The net assets of listed companies reached a record high of 12.87 trillion yuan in 2024, marking a year-on-year growth of 5.06% [15][17] - The top ten companies by net assets include Industrial Bank, Ningde Times, and Guizhou Moutai, with Industrial Bank leading at 893.61 billion yuan [17][19] - The companies are focusing on sustainable development and enhancing their international competitiveness [18][19] Group 4 - The total operating cash flow for listed companies was 1.42 trillion yuan in 2024, indicating a stable performance [20][22] - The top cash-generating companies include Ningde Times and Guizhou Moutai, both exceeding 900 billion yuan in cash flow [22][24] - Companies are increasingly investing in research and development, with total R&D expenses reaching 350.22 billion yuan, a historical high [25][27] Group 5 - The event has transformed the investor relations landscape in China, emphasizing the importance of effective communication and value transmission [31] - The collective reception day has become a vital platform for observing regional economic vitality and industry upgrades [3][31] - Companies are encouraged to enhance their engagement with investors, focusing on clear and understandable communication [3][31]

Core Viewpoint - The commercial vehicle industry in China is experiencing a mixed performance in Q1 2025, with significant disparities in profitability among listed companies, reflecting varying business structures and responses to market changes [1][2]. Group 1: Heavy Truck Market Performance - The heavy truck market is showing signs of recovery, with a total commercial vehicle sales of 1.051 million units in Q1 2025, a year-on-year increase of 1.8%. Heavy truck sales reached 111,500 units, a quarter-on-quarter growth of 37.02% [3][8]. - Leading companies like Weichai Power reported a revenue of 57.464 billion yuan, a year-on-year increase of 1.92%, and a net profit of 2.711 billion yuan, up 4.27% year-on-year. Excluding certain expenses, the net profit growth rate was 22.42%, returning to levels seen in 2018 [3][4][6]. - China National Heavy Duty Truck achieved a revenue of 12.91 billion yuan, a 13% increase, and a net profit of 310 million yuan, up 13.3% [7]. Group 2: Commercial Vehicle Industry Overview - The total revenue of seven listed commercial vehicle companies exceeded 113 billion yuan, with a total net profit of nearly 4.4 billion yuan in Q1 2025 [2]. - Foton Motor reported a revenue of 14.8 billion yuan, a 15% increase, and a net profit of 436 million yuan, a significant rise of 70.1%. The company saw a total sales volume of over 170,000 units, a 9.8% increase, driven by strong growth in new energy vehicle sales [7]. - In contrast, FAW Jiefang faced challenges with a revenue of 14.34 billion yuan but a net profit of only 29.05 million yuan, down 83.42% year-on-year, indicating internal adjustment pressures [7]. Group 3: Bus Market Performance - The bus market is experiencing a positive trend, with all reported bus companies showing significant profit increases. Yutong Bus reported a revenue of 6.418 billion yuan and a net profit of 755 million yuan, a year-on-year increase of 14.91% [9]. - Zhongtong Bus achieved a revenue of 1.693 billion yuan, a 32.1% increase, and a net profit of 76.51 million yuan, up 80.52% year-on-year. The sales volume reached 2,766 units, a 10.02% increase [11]. - King Long Motor reported a revenue of 4.922 billion yuan, a 23.69% increase, and a net profit of 46.76 million yuan, up 164.79% year-on-year, benefiting from the transition to new energy and overseas market expansion [11].

Investment Rating - The report upgrades the investment rating to "Buy" [8] Core Views - The company is expected to benefit from the recovery of the heavy truck industry due to the scrapping and replacement policy, which is projected to drive heavy truck sales to exceed 1 million units in 2025 [6][33] - The company’s high-margin products are gaining traction, with significant growth anticipated in the large-bore engine and data center segments, leading to improved profitability [8][29] - The company is accelerating its transformation in six key areas, including new energy, digitalization, and export markets, aiming for substantial revenue growth in the coming years [8][45] Summary by Sections AIDC Engine Outlook - The AIDC engine market is characterized by high barriers to entry, with domestic manufacturers like Weichai making significant breakthroughs [16] - The demand for AIDC engines is rapidly increasing, but supply is constrained due to limited production capacity [25][24] - The company’s large-bore engine business is entering a high-growth phase, with sales of over 8,100 units expected in 2024, reflecting a 20% year-on-year increase [29] Heavy Truck Industry Recovery - The inclusion of natural gas and National IV trucks in the scrapping subsidy program is expected to stimulate heavy truck sales significantly [33] - The company holds a 59.6% market share in natural gas heavy truck engines, positioning it well for growth as the scrapping policy takes effect [36] - The penetration rate of clean energy vehicles is projected to increase, leading to a more balanced market among diesel, natural gas, and new energy vehicles [42] Annual Performance Highlights - In 2024, the company reported revenue of 215.69 billion yuan, with a net profit of 11.40 billion yuan, marking a 26.51% increase year-on-year [49] - The engine segment's profit margin improved by 4.80 percentage points, driven by higher sales of high-value products [55] - The company’s subsidiaries, including Shaanxi Heavy Truck and KION, reported significant profit increases, contributing positively to overall performance [57] Profit Forecast and Investment Recommendations - The company is projected to achieve net profits of 12.68 billion, 14.64 billion, and 16.51 billion yuan from 2025 to 2027, with respective growth rates of 11.21%, 15.47%, and 12.75% [8][11] - The price-to-earnings ratio is expected to decrease from 10.38X in 2025 to 7.98X in 2027, indicating an attractive valuation for investors [8][11]