Core Viewpoint - Weichai Power Co., Ltd. plans to repurchase part of its A-shares using self-owned and self-raised funds, with the aim of canceling and reducing its registered capital [2][5][24]. Group 1: Repurchase Plan Details - The repurchase price will not exceed RMB 23.57 per share, with a total fund amount between RMB 5 billion and RMB 10 billion [2][9][24]. - The estimated number of shares to be repurchased ranges from 21.2134 million to 42.4268 million, accounting for 0.24% to 0.49% of the company's total share capital [2][9][14]. - The repurchase period is set for 12 months from the date of approval by the shareholders' meeting [2][11][24]. Group 2: Approval and Compliance - The repurchase plan has been approved by the company's board of directors and shareholders' meetings held on April 29, 2025, and May 20, 2025 [2][5][15][24]. - The company has opened a special securities account for the repurchase at the Shenzhen branch of China Securities Depository and Clearing Corporation [3][17]. Group 3: Funding and Financial Arrangements - The funding for the repurchase will come from the company's self-owned funds and self-raised funds, with a loan commitment of RMB 900 million from the China Development Bank [10][18]. - The company has ensured that the funds for the repurchase will be available in a timely manner according to its financial planning [18]. Group 4: Shareholder Communication and Disclosure - The company will fulfill its information disclosure obligations during the repurchase period, including announcements of repurchase progress and any significant changes [16][26]. - The company has notified creditors regarding the repurchase in accordance with legal requirements [17].

证券代码：000338 证券简称：潍柴动力 公告编号：2025-041 截至2025年5月31日，公司暂未回购股份，根据相关规定，公司将 于首次回购股份事实发生的次一交易日予以披露。 二、其他说明 潍柴动力股份有限公司 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，回购价格为不超过人民币23.57元 /股，预计用于回购的资金总额不低于人民币5亿元，不超过人民币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。具体内容详见公司分别于2025年4月30日、2025年5月21日、2025 年6月4日在巨潮资讯网（http://ww ...

证券代码：000338 证券简称：潍柴动力 公告编号：2025-040 潍柴动力股份有限公司 关于回购公司部分 A 股股份的报告书 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。 重要内容提示： 1．潍柴动力股份有限公司（下称"公司"或"本公司"）拟使用自有资 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（下称"本次回 购"），用于注销并减少公司注册资本。本次回购A股股份的价格为不超 过人民币23.57元/股，预计用于回购的资金总额不低于人民币5亿元，不 超过人民币10亿元。按回购股份价格上限人民币23.57元/股测算，预计 回购股份数量不低于2,121.34万股，不超过4,242.68万股，即不低于公司 总股本的0.24%，不超过公司总股本的0.49%。具体回购股份的数量以回 购期满时实际回购的股份数量为准，具体回购资金总额以回购期满时实 际回购股份使用的资金总额为准。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。 2．本次回购方案已经公司于2025年4月29日召开的2025年第四次临 时董事会会议及于2025年5月20日召开的202 ...

Investment Rating - The report maintains an "Overweight" (OW) rating for Weichai Power with a price target of HK$22.00 for the H shares and Rmb24.00 for the A shares, both with a target date of December 31, 2026 [4][13]. Core Insights - Weichai Power is positioned as a growth stock within the heavy-duty truck (HDT) and engine markets, anticipating double-digit year-on-year monthly sales growth due to the China IV HDT trade-in program starting in June/July 2025 [2][3]. - The company is making significant advancements in large-bore engines and AI Data Center (AIDC) engines, targeting sales of 10,000-12,000 units in 2025, with a goal of capturing a 10% market share in China and 5% globally for AIDC engines [7][8]. - Weichai is enhancing its new energy capabilities through collaboration with BYD, focusing on electric HDT solutions and leveraging technology and customer resources to drive growth [2][7]. Summary by Sections Heavy-Duty Truck Market - China's domestic HDT sales are expected to increase significantly due to the trade-in program, with management projecting full-year sales to reach approximately 1 million units, implying a 15-20% year-on-year growth for the remaining months of 2025 [3][4]. - Weichai holds a dominant market share of around 60% in the domestic LNG HDT engine market, positioning itself to benefit from the increased demand for LNG trucks [3][4]. Engine Development - Weichai aims to sell 1,000-1,200 AIDC units in 2025, significantly increasing from 400 units in 2024, with a production capacity expansion to 4,000 units planned for the long term [7][8]. - The company produced nearly 200 AIDC power engines in Q1 2025, with 55% of these engines destined for overseas markets, indicating strong international demand [7]. New Energy Initiatives - Weichai anticipates that EV penetration in China will reach around 30% in the medium term, up from 20% year-to-date, while addressing challenges related to long-distance EVs [7][8]. - The Yantai New Energy Industrial Park Phase I is set to produce electric solutions for various vehicle types, marking a significant step in Weichai's strategic transition towards new energy [7][8]. Valuation - The price target of HK$22.00 for Weichai Power's H shares and Rmb24.00 for A shares is based on a discounted cash flow (DCF) valuation, with a weighted average cost of capital (WACC) of 9.4% [9][14].

Summary of Weichai Power Conference Call Industry Overview - The data center bidding orders for 2025 are expected to reach a total of 8-9 billion RMB, with 60% to be delivered within the year and the remainder in the following year, indicating a year-on-year increase in delivery volume [2][23] - The current price of diesel generators for data centers is stable at 2.4-2.5 million RMB, expected to rise to 2.7-2.8 million RMB in the second half of the year [2][9] - Major companies involved in the bidding include Inspur, Meituan, Xiaohongshu, Pinduoduo, and Kuaishou [2][10] Key Insights and Arguments - Weichai Power's bidding situation with Tencent exceeded expectations, with an estimated 300 units at a price increase of 100,000 to 200,000 RMB per unit due to expedited delivery requests [4] - The bidding situation for the second half of the year includes orders from Kuaishou, Xiaomi, Inspur, Pinduoduo, Meituan, and Xiaohongshu, with a total demand from provincial operators estimated at around 1,230 units [5][6] - The price increase trend for products is irreversible, driven by industry competition and engine bottlenecks, with export products priced 100,000 to 200,000 RMB higher than domestic products [7] Market Dynamics - Weichai Power has made significant progress in overseas markets, with exports accounting for 20%-30% of its business, achieving good performance in the global market [8] - The overall bidding volume for domestic data centers is expected to grow by about 40% in 2026 compared to 2025 [3][29] - The procurement price for Tencent's data center equipment is expected to rise by 100,000 to 200,000 RMB, influenced by trade wars and data security policies, leading domestic internet companies to prefer purchasing domestic equipment [11] Financial Performance - The profit margin for 240-250 kW generators is estimated at 400,000 to 500,000 RMB per unit, reflecting a significant increase in profitability due to rising prices [32][37] - The company anticipates a year-on-year revenue growth of 45%-50% in Q2, with an overall annual growth estimate of 50%-60% [38] Strategic Partnerships and Collaborations - Weichai Power has established close cooperation with manufacturers such as KOTAI, Taihao, and Sumida, with strategic procurement agreements exceeding 300 units [18] - The company has a clear internal division of responsibilities, with Weichai Power responsible for non-marine power generation and heavy machinery handling marine power generation [17][19] Production Capacity and Supply Chain Management - Weichai Power has developed strategic reserve plans to address component shortages, including core components like fuel injection systems and turbochargers, with reserves of 200-300 units [21] - Heavy machinery has set production expansion plans to meet data center demands, with current capacity exceeding 1,200 units and potential to reach 2,000 units [22] Conclusion - The overall outlook for Weichai Power in the data center and diesel generator market is positive, with expected growth in both domestic and international markets, driven by strategic partnerships, rising prices, and increased demand from major internet companies and provincial operators.

Investment Rating - The report maintains a "Buy" rating for Weichai Power [6] Core Views - Weichai Power reported a revenue of 57.464 billion yuan for Q1 2025, representing a year-on-year growth of 1.92%. The net profit attributable to shareholders was 2.711 billion yuan, up 4.27% year-on-year. The projected net profits for 2025-2027 are 12.763 billion, 14.473 billion, and 15.396 billion yuan, corresponding to PE ratios of 10.39X, 9.16X, and 8.61X respectively. The report cites the old-for-new policy support, stabilization and recovery in the heavy truck industry, and stable cash flow as reasons for the positive outlook [2][4][10]. Summary by Sections Financial Performance - In Q1 2025, Weichai Power achieved a revenue of 57.464 billion yuan, with a year-on-year increase of 1.92%. The net profit attributable to shareholders was 2.711 billion yuan, reflecting a 4.27% year-on-year growth. The heavy truck sales for Q1 were 265,000 units, showing a year-on-year increase of 21.0% [2][4][10]. Strategic Initiatives - The company is advancing six strategic directions aimed at long-term development, focusing on adjusting product, business, and market structures. This includes accelerating the transition to new energy and digital intelligence, and expanding into large-diameter, aftermarket, non-road vehicles, and export businesses. The demand for high-end large-diameter power generation products is expected to increase, particularly in sectors like 5G data centers and mining [10]. Investment Outlook - The report projects net profits for 2025-2027 at 12.763 billion, 14.473 billion, and 15.396 billion yuan, with corresponding PE ratios of 10.39X, 9.16X, and 8.61X. The combination of supportive policies, industry recovery, and stable cash flow positions Weichai Power as a high-dividend quality stock, justifying the "Buy" rating [2][10].

Group 1 - This week, 10 listed companies announced share buybacks and capital increase through special loans, including Weichai Power, which received a commitment letter for a buyback loan not exceeding 900 million yuan [1][2] - Weichai Power plans to repurchase shares amounting to 500 million to 1 billion yuan to cancel and reduce its registered capital [1][2] Group 2 - Jianyou Co. announced a buyback with loan support not exceeding 36 million yuan on May 22 [2] - Gongniu Group received a commitment letter for a buyback loan not exceeding 360 million yuan on May 22 [2] - Fenda Technology obtained a commitment letter for a buyback loan not exceeding 90 million yuan on May 21 [2] - Xingshuai Er received a commitment letter for a buyback loan not exceeding 34.55 million yuan on May 20 [2] - Hexing Packaging plans to repurchase shares between 50 million to 100 million yuan with a loan not exceeding 90 million yuan [2] - Anhui Construction's controlling shareholder received loan support not exceeding 180 million yuan for capital increase on May 23 [2] - Hubei Yihua's controlling shareholder obtained a commitment letter for a capital increase loan not exceeding 360 million yuan on May 22 [2] - Tunnel Co.'s controlling shareholder received loan support not exceeding 450 million yuan for capital increase on May 22 [2] - Shanghai Laishi's controlling shareholder plans to increase shares between 250 million to 500 million yuan with a loan not exceeding 450 million yuan [2]

Meeting Overview - The company, Weichai Power Co., Ltd., will hold its 2024 Annual General Meeting on June 13, 2025 [1] - The meeting will be convened by the company's board of directors and complies with relevant laws and regulations [1][2] - The meeting will start at 2:50 PM on June 13, 2025, with network voting available from 9:15 AM to 3:00 PM on the same day [1][2] Voting Procedures - The meeting will utilize a combination of on-site and online voting methods, with shareholders required to choose one voting method [2] - The record date for shareholders eligible to attend the meeting is June 6, 2025 [3] - Shareholders can appoint proxies to attend and vote on their behalf, with each share carrying one vote [3][4] Meeting Location and Attendance - The meeting will take place at the company's conference room located at 197 Jia, Fushou East Street, High-tech Industrial Development Zone, Weifang, Shandong Province [6] - Only A-share shareholders registered by the record date are eligible to attend, while H-share shareholders will receive separate notifications [3][6] Agenda Items - The meeting will review various proposals, including special resolutions requiring a two-thirds majority for approval [7][8] - Independent directors will present their annual performance reports during the meeting [8] Registration and Voting Instructions - Shareholders or their proxies must present identification and, if applicable, a power of attorney to attend the meeting [9] - Registration for the meeting must be completed by June 10, 2025, through the company's designated registration system [9][10] - Detailed instructions for online voting will be provided, with specific voting codes and procedures outlined [14][15]

Investment Rating - The report rates both Weichai Power's A- and H-shares as Buy [16]. Core Insights - Weichai Power is on track with sales of large-bore engines, maintaining its full-year target and showing positive development in blended average selling price (ASP) [1]. - The company anticipates that the impact of the replacement policy will become more visible by June, as local government implementations vary [1][10]. - Weichai is committed to developing a strong new energy powertrain business and may consider acquisitions to support this growth [1][15]. - Shareholder return enhancement is a focus, with plans for increased cash dividends and share buybacks [1][15]. Sales and Market Performance - Sales volume for large-bore engines reached 2,400 units in Q1, with April achieving 800 units, reflecting a 50% year-over-year increase [10]. - The domestic market's contribution to sales has risen to 40%, up from 30% in 2024 [10]. - The blended ASP for large-bore engines increased to RMB 450,000 from RMB 430,000 in 2024 [10]. - The full-year sales volume target is set at 120,000 units, with expectations for data-center application engines to stabilize at 2,500 to 2,600 units over the next two years [10]. Strategic Focus and Future Outlook - Weichai's long-term strategy includes focusing on new energy powertrains, off-highway machinery engines, overseas expansion, and aftermarket services [15]. - The company is exploring acquisition targets in new energy powertrains and humanoid robots [15]. - Management expects total industry sales of 950,000 units, with potential upward revisions depending on the implementation of the replacement policy [10]. Financial Projections - Revenue for 2024 is projected to be RMB 1.5 billion, with expectations to increase to RMB 4-5 billion in the current year [11]. - The expected net profit for the current year is RMB 100 million [11]. - The company anticipates a robust free cash flow profile, yielding approximately 10-20% from 2025 to 2027 [14].

证券代码：000338 证券简称：潍柴动力 公告编号：2025-039 潍柴动力股份有限公司 关于召开 2024 年度股东周年大会的通知 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"或"潍柴动力"）定于 2025 年 6 月 13 日（星期五）召开 2024 年度股东周年大会（下称"本次会 议"），现将会议情况通知如下： 一、召开会议的基本情况 （1）现场会议召开时间：2025 年 6 月 13 日下午 2:50 开始。 （2）网络投票时间为：通过深圳证券交易所（下称"深交所"） 交易系统进行网络投票的具体时间为 2025 年 6 月 13 日交易日上午 9:15- 9:25，9:30-11:30，下午 1:00-3:00；通过深交所互联网投票系统进行网 络投票的时间为 2025 年 6 月 13 日上午 9:15 至下午 3:00 期间的任意时 间。 5．会议的召开方式：本次会议采取现场投票与网络投票相结合的 方式。公司将通过深交所交易系统和互联网投票系统向公司股东提供网 络形式的投票平台，公司股东可以在网络投票时间内通 ...