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通告的內容概不 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 通 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） 濰柴動力股份有限公司股東特別大會通告 茲通告 濰柴動力股份有限公司（「本公司」）謹訂於二零二五年十月三十一日下 午 二 時 五 十 分，假 座 中 國 山 東 省 濰 坊 市 高 新 技 術 產 業 開 發 區 福 壽 東 街197號 甲 本 公 司 會 議 室 舉 行 股 東 特 別 大 會，以 審 議 及 酌 情 批 准 下 列 事 項。除 文 義 另 有 所 指 外，本 通 告 所 用 詞 彙 與 本 公 司 寄 發 予 股 東 日 期 為 二 零 二 五 年 十 月 十 六 日 的 通 函（「通 函」，本 通 告 構 成 其 中 之 一 部 分）及日期為二零二五年 ...

此乃要件 請即處理 閣下如 對本補充通函任何方面 有任何疑問，應諮詢 閣 下 的 股 票 經 紀 或 其 他 註 冊 證 券 交 易 商、銀 行 經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓 所有名下的濰柴動力股份有限公司境外上市外資股（「H股」），應立即將本補充 通函送交買方或承讓人，或經手買賣或轉讓的銀行、股票經紀或其他代理人，以便轉交買方或承讓人。 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補充通函的內容概不負責，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補充通函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。 本補充通函僅供參考，並不構成收購、購買或認購濰柴動力股份有限公司任何證券之邀請或要約。 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） 本公司將於二零二五年十月三十一日下午二時五十分假座中國山東省濰坊市高新技術產業開發區福 壽東街197號甲本公司會議室召開股東特別大會，有關通告載於股東特別大會通函。無論 閣下是否 打算出席上述會議，務請將隨附的 ...

此乃要件 請即處理 閣下如 對本通函任何方面 有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券交易商、銀行經理、 律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓 所有名下的濰柴動力股份有限公司境外上市外資股（「H股」），應立即將本通函 送交買方或承讓人，或經手買賣或轉讓的銀行、股票經紀或其他代理人，以便轉交買方或承讓人。 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通函的內容概不負責，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通函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。 本通函僅供參考，並不構成收購、購買或認購濰柴動力股份有限公司任何證券之邀請或要約。 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） 建議修訂若干公司治理政策 及 股東特別大會通告 董事會函件載於本通函第3至6頁。 本公司將於二零二五年十月三十一日下午二時五十分假座中國山東省濰坊市高新技術產業開發區福 壽東街197號甲本公司會議室召開股東特別大會，有關通告載於本通函第38至42頁。無論 閣下是否 ...

证券代码：000338 证券简称：潍柴动力 公告编号：2025-067 潍柴动力股份有限公司 关于召开 2025 年第三次临时股东会的通知 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"）定于 2025 年 10 月 31 日召开 2025 年第三次临时股东会（下称"本次会议"），现将本次会议情况通知如 下： 一、召开会议的基本情况 1．股东会届次：2025 年第三次临时股东会 2．股东会的召集人：董事会 3．公司七届四次董事会会议已审议通过了《关于召开公司临时股东会的 议案》，本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交 易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板 上市公司规范运作》等法律、行政法规、部门规章、规范性文件及《公司章程》 的有关规定。 4．会议时间： （1）现场会议时间：2025 年 10 月 31 日 14:50 5．会议的召开方式：现场表决与网络投票相结合 6．会议的股权登记日：2025 年 10 月 27 日 7．出席对象： （1）截至 2025 年 10 ...

Core Insights - The article discusses the transformation and advancements of state-owned enterprises (SOEs) in Shandong Province, highlighting their role in China's economic transition and reform efforts during the 14th Five-Year Plan period [2][21]. Group 1: Economic Transformation and SOE Advancements - The five years have seen Shandong's SOEs enhance their functions, increase value, and strengthen strategic support, shifting from a focus on speed to quality and from solving problems to improving efficiency [2][21]. - Shandong's SOEs are redefining innovation by aligning with market demands and focusing on green and low-carbon transformations, thereby reshaping the industrial ecosystem [2][21]. Group 2: Technological Breakthroughs - Shandong SOEs are addressing "bottleneck" technologies by anchoring their strategies to real market needs, investing in R&D, and converting technological challenges into competitive advantages [3][6]. - Shandong Steel has developed the world's first 500 MPa high-strength wind power steel, setting new industry standards and achieving a market share of over 25% in the wind power steel sector [4][5]. Group 3: Collaborative Innovation - The successful collaboration between production, sales, research, and application has led to significant breakthroughs in key technologies, resulting in over 600 domestic and international patents [5][6]. - Weichai Power has achieved multiple breakthroughs in diesel engine thermal efficiency, setting world records and enhancing China's position in the global internal combustion engine industry [6][7]. Group 4: Strategic Growth and Market Expansion - Shandong's SOEs have seen a 5.1% increase in export revenue from January to July, with heavy truck exports accounting for 62% of the national total [10][11]. - The province's strategic initiatives have led to a significant increase in the share of new strategic industries, with revenue from these sectors reaching 24.6% of total revenue by mid-2025 [14][21]. Group 5: Infrastructure Development - Shandong has made significant advancements in transportation infrastructure, with high-speed rail and highways expanding rapidly, positioning the province as a leader in national transportation [16][20]. - The province's ports have achieved a cargo throughput of over 1.8 billion tons, ranking first globally, showcasing the integration of resources in the global supply chain [20][21]. Group 6: Green Energy Initiatives - Shandong is transitioning from traditional energy sources to renewable energy, with significant investments in wind and solar power, aiming for a substantial increase in renewable energy capacity by 2027 [21][23]. - The province's initiatives in green infrastructure, such as the zero-carbon highway, exemplify its commitment to sustainable development and innovation in energy consumption [22][27]. Group 7: Organizational Restructuring - Strategic mergers and reorganizations among Shandong's SOEs aim to enhance efficiency and address industry challenges, focusing on collaborative strengths rather than isolated operations [24][25]. - The restructuring efforts are designed to optimize resource allocation and improve public service capabilities, ensuring that state capital effectively supports key industries and public needs [26][28].

Summary of China Industrials Update Industry Overview - **China Industrials** is currently experiencing an upcycle driven by industrial upgrade and replacement cycles [6][6][6] - Key long-term drivers identified include: - AI technology diffusion into intelligent manufacturing and equipment - Advanced equipment localization - Global expansion [6][6][6] - The robotics sector is entering a new booming era, with significant growth anticipated [6][6][6] Subsector Insights - **Automation, Robotics, and AIDC Equipment**: - Rated as Overweight (OW) with key stocks including Inovance, Geekplus, Han's Laser, Shuanghuan, Hongfa, and Neway Valve [6][6][6] - **Construction Machinery**: - Rated as Overweight (OW) with key stocks including Sany, Hengli Hydraulic, and Zoomlion [6][6][6] - **Lithium Battery Equipment**: - Rated as Overweight (OW) with key stocks including Wuxi Lead and Hangke [6][6][6] - **Heavy Duty Trucks and Railway Equipment**: - Rated as Equal Weight (EW) with key stocks including Weichai, Sinotruck, and CRRC [6][6][6] - **Solar Equipment and Infrastructure E&C**: - Rated as Underweight (UW) with key stocks including SC New Energy and CSCEC [6][6][6] Market Performance - The automation market showed a mild recovery with a 1% year-on-year increase in sales for 1H25, indicating a less intense competitive environment compared to the previous year [28][28][28] - Anticipated recovery in 2026-27 driven by: - Replacement demand from equipment sold during the 2020-21 capex upcycle - New capex demand from AI applications - Continued benefits from overseas capacity expansion [28][28][28] Financial Metrics - **Return on Equity (ROE)**: Mixed trends observed across subsectors, with growth in ROE for lithium battery equipment, automation, and construction machinery, while solar equipment and E&C show eroding ROE [20][20][20] - **Sector P/E Multiples**: Most subsector valuations are above the five-year median, particularly in automation, solar equipment, and lithium battery equipment [13][13][13] Robotics Market Insights - The Chinese robotics market is expected to double by 2028, with significant growth in drones, mobile robots, and collaborative robots (cobots) [62][62][62] - Localization in robotics is increasing, with domestic players gaining market share [76][76][76] - The market for robot components is projected to reach a total addressable market (TAM) of US$40 billion by 2024, with a 23% CAGR anticipated from 2025 to 2028 [86][86][86] Conclusion - The China Industrials sector is poised for growth, driven by technological advancements and increasing localization. Key subsectors such as automation and robotics are expected to lead this growth, with significant investment opportunities identified in specific companies. The overall market dynamics suggest a favorable environment for both established players and new entrants in the industrial landscape [6][6][6][62][62][62]

Core Viewpoint - Weichai Power is actively conducting a share buyback program, with a total planned investment between 500 million and 1 billion RMB [1] Group 1: Buyback Program Details - The company has repurchased a total of 50,252,475 A-shares through a centralized bidding trading method, with a total expenditure of approximately 761.49 million RMB (excluding transaction fees) [1] - The buyback program is expected to continue based on market conditions and funding plans within the designated timeframe [1] - The company will fulfill its information disclosure obligations in accordance with regulatory requirements [1]

Core Viewpoint - Weichai Power's management team possesses extensive industry experience and a diverse professional background, ensuring clear responsibilities and reasonable personnel allocation [1] Group 1 - The management team has many years of industry experience [1] - The team has a diversified professional background and capabilities [1] - Responsibilities within the management team are clearly defined [1]

Core Viewpoint - Weichai Power's subsidiary holds a significant stake in XCMG Machinery, indicating potential strategic interests and investment opportunities in the construction machinery sector [1] Group 1 - Weichai Power's subsidiary, Huzhou Yingcan Investment Partnership (Limited Partnership), owns 367,957,139 shares of XCMG Machinery [1]

Core Viewpoint - Weichai Power is focusing on the recruitment and training of high-end professionals in hydrogen fuel cell engines, emphasizing its commitment to advancing hydrogen fuel cell technology and maintaining industry-leading performance indicators [2] Group 1: Company Strategy - The company is accelerating the promotion of hydrogen fuel cell technology and has established a comprehensive layout across the entire industry chain, including basic materials, key components, stacks, and engines [2] - Weichai Power has a strong emphasis on the recruitment and cultivation of talent in the hydrogen fuel cell sector, ensuring a skilled workforce to support its technological advancements [2] Group 2: Industry Position - The performance indicators of Weichai Power's hydrogen fuel cell products are at the leading level within the industry, showcasing the company's competitive edge [2]