Core Viewpoint - Weichai Power (02338) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1: Company Actions - The company plans to repurchase 2.09 million A-shares at a total cost of 10.9767 million RMB [1] - The buyback price is set at 5.252 RMB per share [1]

Core Viewpoint - Weichai Power (02338.HK) announced a share buyback of 2.09 million A-shares at a cost of 10.977 million yuan on September 30 [1] Group 1 - The company spent 10.977 million yuan for the repurchase [1] - A total of 2.09 million A-shares were repurchased [1]

FF305 呈交日期： 2025年9月30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 | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | | 已發行股份總數 | | 於下列日期開始時的結存(註1) 2025年9月4日 ...

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。 由 於 本 公 司 需 要 額 外 時 間 落 實 將 載 列 於 通 函 的 若 干 資 料，預 期 寄 發 通 函 的 日 期 將 延 遲 至 二 零 二 五 年 十 月 三 十 一 日 或 之 前。 承董事會命 濰柴動力股份有限公司 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） 公 告 持續性關連交易 延遲寄發通函 茲提述濰柴動力股份有限公司（「本公司」）日期為二零二五年八月二十九日的 公 告（「該公告」），內 容 有 關（其 中 包 括）訂立有關不獲豁免持續性關連交易（定 義 見 該 公 告）的 新 框 架 協 議。除 非 另 有 界 定，否 則 本 公 告 所 用 詞 彙 與 該 公 告 所 界 定 者 具 ...

Group 1 - The A0-level new energy vehicle market is experiencing significant growth, with a sales increase of 61.6% in August and a total of 629,000 units sold in the first eight months, reflecting a growth rate of 97.6% [2] - Wuling and Geely are intensifying their focus on the A0-level new energy vehicle segment, with Wuling's new model, the Bingguo S, officially launched on September 27 [2] - The Bingguo S offers four configurations with a price range of 66,800 to 79,800 yuan, and customers can benefit from additional subsidies, including a maximum of 20,000 yuan in national/local purchase subsidies [2] Group 2 - The Bingguo S is designed to meet the diverse needs of 2.35 million users, emphasizing quality, safety, and aesthetics, and is a strategic model for Wuling's market expansion [4] - The vehicle is built on the Tianyu architecture M platform, enhancing its performance in terms of aesthetics, comfort, intelligence, and safety [4] - The Bingguo S is the first A0-level model to win the "2025 China Top Ten Body" award, featuring a high-strength steel ratio of 74.5% and advanced safety structures [4][5] Group 3 - The Bingguo S is equipped with Wuling's self-developed "Shenlian Battery," which has a proven track record of 3 million units sold without combustion incidents, and includes advanced safety features such as four airbags and a 540° panoramic camera [5] - Wuling aims to reshape the quality standards for A0-level pure electric vehicles with the Bingguo S and plans to continue innovating based on user needs [5]

Group 1 - The article highlights the integration of technology and digital services in agriculture, leading to smarter and more efficient harvests [1] - Companies are building data platforms and developing scenario-based services to support agricultural production throughout the entire cycle, enhancing yield and income [2] - Zhejiang Agricultural Group has created a comprehensive agricultural service ecosystem, promoting mechanization and digitalization to improve production efficiency and reduce costs [2] Group 2 - Anhui Huillong Agricultural Group has established a vast agricultural resource network and modern service centers, training nearly 150,000 farmers annually and selling over 1.2 million tons of grain [3] - Companies like Weichai Power are leveraging technological breakthroughs in agricultural machinery to enhance productivity during the harvest season [4] - The integration of smart machinery has led to significant improvements in operational efficiency, reliability, and cost-effectiveness compared to traditional equipment [5] Group 3 - The Chinese smart agriculture market is projected to grow at an annual rate of over 20%, potentially exceeding 280 billion yuan by 2030 [6] - Companies with stronger financial and R&D capabilities are expected to drive the industry's transition towards smart and digital solutions, enhancing global competitiveness in agricultural equipment [6]

Core Insights - The article discusses the launch of the new A0-class electric vehicle, Bingguo S, by Wuling, priced between 63,800 to 76,800 yuan after trade-in subsidies, as part of its "Transportation Vehicle 3.0 Strategy" [1][3] Market Context - The A0-class electric vehicle market has shown a resurgence, with sales reaching 543,000 units from January to July this year, of which 538,000 were electric vehicles, marking a 100.3% year-on-year increase, making it the fastest-growing segment [3][5] - The market has been revitalized by the introduction of various high-quality small cars, contrasting with the previous stagnation due to low configurations and small spaces [5] Product Features - Bingguo S boasts a spacious design with dimensions of 4265mm in length, 1785mm in width, and 1600mm in height, along with a wheelbase of 2610mm, providing ample interior space [7] - The vehicle includes 25 storage compartments and a maximum trunk capacity of 1450L when the rear seats are folded down [7] - It features advanced technology with an 8.88-inch digital instrument panel and a 12.8-inch touchscreen, powered by a Qualcomm 6125 chip, supporting multiple connectivity protocols [9] Safety and Competitive Positioning - Bingguo S incorporates a five-dimensional safety system, utilizing high-strength steel and advanced battery technology to enhance safety [11] - Despite its advantages in space and pricing compared to competitors like Geely's Xingyuan and BYD's Haiou, Bingguo S faces challenges in market recognition and value perception [11][12] Strategic Direction - Wuling's "Transportation Vehicle 3.0 Strategy" aims for premiumization and globalization, supported by the I²MS intelligent manufacturing system, which enhances production efficiency and reduces costs [14] - The company has expanded its electric vehicle presence to 27 countries, with plans for Bingguo S to enter the European market by 2026 [14]

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [4][18]. Core Insights - The humanoid robot sector is gaining attention, particularly showcased at the 2025 Shanghai Industrial Expo, indicating a growing demand for innovative technologies [2][16]. - The report emphasizes the importance of identifying high-cost performance technology routes similar to lithium iron phosphate batteries in the electric vehicle sector, and companies with inherent advantages like CATL [18][17]. - The domestic passenger car market is facing increased competition as the effects of vehicle replacement programs diminish, leading to a recommendation for companies that focus on differentiated competition [18][15]. Summary by Sections 1. Industry Weekly Market Review - The automotive index remained flat over the past week, while the new energy vehicle index fell by 2%. The commercial vehicle index decreased by 3% [2][7]. - Over the past month, the automotive index increased by 5%, while the new energy vehicle index decreased by 2% [8][9]. 2. Investment Strategy and Recommendations - The report suggests focusing on companies like Dechang Motor Holdings and Haoneng Co., which are positioned to benefit from the humanoid robot supply chain [18][19]. - It highlights the potential of companies like Great Wall Motors, SAIC Motor, and JAC Motors in the competitive passenger car market [18][19]. - Recommendations for the heavy truck market include China National Heavy Duty Truck Group, Foton Motor, and Weichai Power, which are expected to benefit from industry upgrades [18][19]. - In the automotive parts sector, companies like Nexteer Automotive and Asia-Pacific Holdings are recommended due to their growth potential [18][19]. 3. Passenger Car Weekly Sales - From September 1 to 21, 2025, retail sales of passenger cars reached 1.191 million units, a year-on-year increase of 1% [15]. - The retail penetration rate for new energy vehicles reached 58.5%, with cumulative retail sales of 8.267 million units this year, reflecting a 24% year-on-year growth [15][18]. 4. Humanoid Robots at the Expo - The report notes the participation of several humanoid robot manufacturers at the Shanghai Industrial Expo, showcasing advancements in robotics technology [16][17]. - Companies like Xynova Future are highlighted for their comprehensive production capabilities in the humanoid robot sector, indicating a trend towards innovation and cost efficiency [17][18].

Group 1 - The company has a subsidiary, Shandong Ourun Oil Products Co., Ltd., that sells lubricating oil [2] - The sales volume of lubricating oil for the current year has seen a slight increase compared to the previous year [2]

Summary of Conference Call Notes on China Machinery: Trucks & Engines Industry Overview - **Industry Focus**: Heavy-Duty Trucks (HDT) and Engines in China - **Key Companies Discussed**: Weichai Power, Sinotruk Jinan Truck, Sinotruk-H Core Insights Domestic HDT Cycle - **2025 Sales Outlook**: Industry participants expect domestic HDT sales volume to be between 700k-800k units, up from previous estimates of 600k-700k units, driven by a stronger-than-expected equipment upgrade program [4][6][7] - **2026 Uncertainty**: There is uncertainty regarding demand in 2026, with expectations of flat or declining sales due to the diminishing impact of the equipment upgrade program [7][8] Near-Term Trends - **Strong Order Momentum**: OEMs reported strong order momentum in 3Q25, with retail sales volume more than doubling year-over-year in early September [6][8] - **Sales Projections for September**: Expected retail sales volume of 75-80k units (up 80%+ YoY) and wholesale volume exceeding 100k units (up 70%+ YoY) [6][8] Export Performance - **3Q25 Export Volume**: Sinotruk reported stronger-than-expected export volumes, with a monthly run-rate of ~13k units, primarily driven by demand from Africa and Southeast Asia [8][10] - **Full-Year Export Expectations**: Industry participants expect full-year HDT export volume to be in the range of 300-310k units [10] Powertrain Dynamics - **Shift Towards LNG and Electrification**: There is a notable comeback of LNG HDTs, with sales volume up +110% YoY in early September. Electrification is accelerating, but concerns remain regarding technology and business models [9][11] - **Electrification Projections**: eHDT penetration could reach 25-26% for the full year, with expectations of continued growth into 4Q25 [11] Competitive Landscape - **Intensified Competition**: Despite better-than-expected demand, competition among truck and engine OEMs has intensified, leading to price reductions and market share shifts [12][13] - **Market Share Changes**: Foton and Dongfeng gained market share, while FAW and Sinotruk lost shares, particularly in the LNG segment [12][13] Regulatory Developments - **China VII Emission Standard**: The draft policy for the China VII emission standard is expected by end-2025 or 1H26, with potential implications for pre-buying and phasing out older models [14] - **GB 1589 Amendment**: Discussions are ongoing regarding increasing the weight limit for eHDTs, which could enhance their economic returns [14] Financial Outlook Weichai Power - **Investment Thesis**: Positive outlook on cyclical recovery for HDTs, with expectations of stronger profitability and robust free cash flow [50][53] - **Valuation**: Target price set at HK$21.00/share, reflecting improving engine earnings prospects [54] Sinotruk - **Investment Thesis**: Concerns over accelerating truck electrification and its impact on competitive landscape and margins [56][57] - **Valuation**: Target price set at HK$20.00/share, reflecting expected margin deterioration due to electrification [60] Key Risks - **Macro Activity**: Slower-than-expected macro activity, particularly in road freight and infrastructure [55][61] - **Electrification Impact**: Risks associated with the shift to higher electrification penetration and lower LNG usage [55][61] Additional Insights - **Channel Inventory**: Healthy channel inventory observed, with sell-in and sell-through trends moving in tandem [6][22] - **LNG Price Dynamics**: Favorable LNG/diesel price spread expected to support LNG HDT sales, despite seasonal price volatility [11]