Core Insights - The launch of the Bingguo S marks a significant upgrade in Wuling's electric vehicle offerings, transitioning from basic transportation to high-quality mobility solutions [3][6][9] - The vehicle is available in four configurations with prices ranging from 66,800 to 79,800 yuan, and additional subsidies can reduce the price to between 63,800 and 76,800 yuan [2][3] - Wuling aims to meet the evolving demands of consumers for stylish, safe, and practical electric vehicles, with a focus on user experience and product innovation [6][9] Pricing and Promotions - The Bingguo S is priced between 66,800 and 79,800 yuan, with trade-in subsidies bringing the effective price down to 63,800 to 76,800 yuan [2][3] - Customers can enjoy various promotional offers, including a maximum of 20,000 yuan in government subsidies and additional benefits worth up to 16,000 yuan through the Wuling app [2][4] Product Features - The Bingguo S features a spacious interior with a five-door, five-seat layout and a maximum trunk capacity of 1,450 liters, catering to diverse storage needs [8] - The vehicle is built on the Tianyu M platform, emphasizing aesthetics, comfort, intelligence, and safety, with a high-strength steel structure and advanced battery technology [6][8] - It includes a range of high-end features such as a 12.8-inch HD screen, AI integration, and a premium sound system, enhancing the overall user experience [7][8] Market Positioning - Wuling has established itself as a leader in the global electric vehicle market, with over 2.35 million units sold, positioning the Bingguo S as a strategic model in its product lineup [6] - The company continues to focus on user needs, driving product innovation and technological upgrades to maintain its competitive edge in the electric vehicle sector [9]

Core Insights - Wuling Bingguo S was officially launched in Chengdu on September 27, with a replacement subsidy price ranging from 63,800 to 76,800 yuan [1][3] - The model is available in four configurations: 325km Premium, 325km Flagship, 430km Premium, and 430km Flagship [3] - Wuling has achieved global sales of over 2.35 million units of its new energy vehicles, leveraging its product matrix including the Hongguang MINIEV and Bingguo family [3] Product Features - The Bingguo S is designed based on the Tianyu architecture M platform, enhancing aesthetics, comfort, intelligence, and safety [3] - The vehicle features a "Liuguang Aesthetics" design language, with a sleek body proportion and flowing lines, complemented by wing-style LED headlights and a pulsing star ring tail light [3] - Wuling collaborated with BASF to develop a new color palette for the Bingguo S, offering four color options and utilizing an 8-layer color coating process that underwent 2,500 hours of durability testing [3]

濰柴動力股份有限公司 WEICHAI POWER CO., LTD. (a joint stock limited company incorporated in the People's Republic of China with limited liability) （於中華人民共和國註冊成立之股份有限公司） (Stock Code 股份代號: 2338) 26 September 2025 Dear Non-Registered Holder(Note 1) , Weichai Power Co., Ltd. (the "Company") – Notice of Publication of Interim Report (the "Current Corporate Communication") As a non-registered shareholder, if you wish to receive corporate communications from the Company pursuant to the Listing Rules, you should liaise with ...

（记者 曾健辉） 每经头条（nbdtoutiao）——"9·24"一周年，A股总市值破116万亿元！四大变革重塑中国资本市场新生 态 每经AI快讯，潍柴动力发布公告称，2025年9月24日，潍柴动力接受富国基金等投资者调研，公司王 丽、韩彬参与接待，并回答了投资者提出的问题。 ...

濰柴動力股份有限公司 WEICHAI POWER CO., LTD. (a joint stock limited company incorporated in the People's Republic of China with limited liability) （於中華人民共和國註冊成立之股份有限公司） (Stock Code 股份代號: 2338) 26 September 2025 Dear Registered Shareholder, Weichai Power Co., Ltd. (the "Company") – Notice of Publication of Interim Report (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communication are available on the Company's website at www.weichaipower.com and the HKEXnew ...

| Contents | | 目錄 | | --- | --- | --- | | Corporate Information | 2 | 公司資料 | | Financial Summary | 6 | 財務概要 | | Management Discussion and Analysis | 7 | 管理層討論與分析 | | Auditors' Review Report | 39 | 審閱報告 | | Reviewed Financial Statements | | 已審閱財務報表 | | Consolidated Balance Sheet | 40 | 合併資產負債表 | | Company Balance Sheet | 43 | 公司資產負債表 | | Consolidated Income Statement | 45 | 合併利潤表 | | Company Income Statement | 47 | 公司利潤表 | | Consolidated Statement of Changes in Equity | 48 | 合併股東權益變動表 | | Company Statement o ...

Group 1: Heavy Truck Industry Trends - The heavy truck market in China saw cumulative sales of approximately 716,000 units from January to August 2023, representing a year-on-year growth of about 14% [2][3] - In August alone, sales reached 92,000 units, marking a year-on-year increase of approximately 47% and a month-on-month increase of about 8% [2][3] - The market is expected to maintain an upward trend for the entire year, driven by the implementation of vehicle replacement policies and strong overseas demand [3] Group 2: Engine Market Performance - The domestic sales of natural gas heavy trucks reached 122,000 units with a penetration rate of 25% from January to August 2023 [3] - Sales of new energy heavy trucks were 114,000 units, achieving a penetration rate of 23% [3] - The company’s M series large-bore engines sold over 5,000 units in the first half of the year, reflecting a year-on-year growth of 41%, with data center market sales nearing 600 units, a nearly fivefold increase [4] Group 3: New Energy and Technology Development - The company is accelerating its layout in new energy and technology sectors, focusing on pure electric systems, hydrogen fuel cells, and SOFC technologies [5] - Revenue from the new energy business reached 1.2 billion yuan in the first half of the year, with expectations for over 100% year-on-year growth [5] - The hydrogen fuel cell engine covers a power range of 13-300 kW, catering to various vehicle types including buses and trucks [5] Group 4: Shareholder Returns and Dividend Policy - The company has implemented share buybacks and increased the mid-year dividend payout ratio to 57% [5] - Future dividend policies will consider shareholder expectations and market conditions while maintaining a proactive and stable approach [5]

Investment Rating - The report maintains a positive outlook on the AIDC diesel generator market, indicating high demand and potential for domestic manufacturers to replace foreign counterparts [2]. Core Insights - Diesel generators are a key growth point for diesel engines, with applications in remote power supply, data centers, and industrial facilities [2][18]. - The demand for diesel generators is expected to accelerate due to increased capital expenditure (CAPEX) in the AI sector, with North American CSPs projected to spend approximately $340 billion in 2025, a 49% year-on-year increase [2][30]. - The domestic diesel generator market is currently dominated by foreign and joint-venture companies, which hold an 83% market share, leaving significant room for domestic manufacturers to grow [2][41]. - Investment recommendations include focusing on companies like Weichai Power, Yuchai International, and Weichai Heavy Machinery, which are well-positioned to benefit from the market dynamics [2]. Industry Trends - The AIDC infrastructure is experiencing high demand, with diesel generators playing a critical role in ensuring power reliability for data centers [5][18]. - The diesel engine market is closely tied to the commercial vehicle cycle, with generator sales showing consistent growth [11][12]. - The market for diesel generators is projected to reach 12.5 billion yuan in 2025, reflecting a 53% year-on-year increase, with a compound annual growth rate (CAGR) of 22% from 2024 to 2028 [34]. Market Dynamics - The global diesel generator market is expected to grow from $3 billion in 2023 to $12 billion by 2030, with a CAGR of 22% [17][34]. - The report highlights that diesel generators account for 2-3% of the capital expenditure for large data centers, emphasizing their importance in infrastructure investment [24][27]. - Domestic manufacturers are expected to gain market share as they improve production capacity and respond to demand more effectively than foreign competitors [2][41]. Supply Chain and Key Players - The supply chain includes three main segments: engines, OEMs, and component suppliers, all of which are expected to benefit from the growing demand for diesel generators [42]. - Key players in the engine segment include Cummins, MTU, and Weichai Power, with significant revenue contributions from diesel generator sales [43][44]. - The report identifies specific companies to watch, including Weichai Heavy Machinery and KOTAI Power, which are focusing on the diesel generator OEM market [65].

Group 1 - The conference titled "Insurance Capital Entering Shandong: Insurance Asset Management Supporting Industrial Upgrading and Innovative Development" was held in Jinan to facilitate the flow of insurance capital into Shandong and promote high-quality development [1] - The event was co-hosted by the Provincial Financial Office and Shandong Financial Regulatory Bureau, with participation from major insurance asset management companies, representing over two-thirds of the industry’s total asset management scale [1] - Various provincial departments provided insights on Shandong's new productivity, technological innovation, key industries, and state-owned enterprises, while insurance companies shared experiences on utilizing insurance funds [1] Group 2 - As of the end of June this year, insurance funds have invested over 580 billion yuan in Shandong through debt investment plans, equity investment plans, and insurance private equity funds, focusing on new infrastructure, green industries, and strategic emerging industries [2] - These investments have resulted in a number of projects that are both profitable and well-regarded [2] - Insurance funds are also actively participating in economic development in Shandong through bond subscriptions, strategic equity investments, and involvement in public REITs [2]

Group 1 - GAC Toyota launched the 2026 models of its global vehicles, including Sienna, Highlander, Camry, and Crown, focusing on enhancing entry-level value with upgraded features previously reserved for higher trims [2] - All models are equipped with the Qualcomm 8155 chip, providing four times the computing power and large screen interactions, with the Highlander featuring a 15.6-inch screen and the Crown a 12.9-inch screen, supporting various smartphone connectivity options [2] - The TSS intelligent driving assistance system is now standard across all models, covering multiple driving scenarios such as highways, urban areas, and parking [2] Group 2 - GAC Toyota emphasizes the importance of addressing real user needs by making high-end features widely available, ensuring that every entry-level model offers a high-value experience [3] - In the context of increasing penetration of new energy vehicles, Toyota's intelligent hybrid technology is offered at "zero price difference," allowing users to access advanced technology without additional costs [3]