东吴证券研报指出，潍柴动力25Q2实现归母净利润29.3亿元，同环比分别-11.2%/+8.2%，25H1中期分红 率57%，同比+2pct。发动机业务盈利性同比提升，大纲径+新能源+出口+后市场四大战略方向成果亮 眼。25H1发动机销量36.2万台，同比-9.5%，其中重卡发动机12.5万台，同比-22.4%，母公司收入193.4 亿元，同比-13.2%，毛利率32.5%，同比+3.4pct，发动机业务板块盈利性同比提升。此外，陕重汽+雷 沃净利润同比增长。2025年重卡行业迎来复苏，公司作为发动机龙头强者恒强，考虑公司当前估值较低 且龙头地位稳固，维持"买入"评级。 ...

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。 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） 海外監管公告 本公告乃根據香港聯合交易所有限公司（「聯交所」）證券上市規則第13.10B條 而 作 出。 茲載列濰柴動力股份有限公司（「本公司」）在深圳證券交易所網站刊登日期為 二 零 二 五 年 八 月 二 十 九 日 的 公 告，僅 供 參 閱。中 文 公 告 的 全 文 刊 登 於 聯 交 所 及 本 公 司 網 站。 承董事會命 董事長 馬常海 中國山東濰坊 二零二五年八月二十九日 於本公告刊發之日，本公司執行董事為馬常海先生、王德成先生、黃維彪先生、 孫 少 軍 先 生、袁 宏 明 先 生 及 馬 旭 耀 先 生；本 公 司 非 執 行 董 事 為 張 良 富 ...

Weichai Power (000338.SZ) Conference Call Summary Company Overview - **Company**: Weichai Power - **Ticker**: 000338.SZ - **Reporting Period**: 2Q25 Key Financial Highlights - **Net Profit**: Rmb2.93 billion, down 11% year-over-year (yoy) but up 8% quarter-over-quarter (qoq), exceeding estimates by 7% due to better-than-expected margins [1] - **Top-line Revenue**: Rmb55.69 billion, down 1% yoy, largely in line with expectations [4] - **Gross Profit Margin (GPM)**: 22.1%, up 0.3 percentage points yoy, and 1.6 percentage points above estimates [10] - **Interim Cash Dividend**: Rmb0.358 per share, representing a 55% payout ratio and a 2% yield [1][14] Segment Performance - **Engine Unit Profitability**: - Medium-to-heavy-duty engines saw a 25% yoy increase in profitability in 1H25 [2] - GPM for medium-to-large-duty engines increased by 3.4 percentage points yoy, marking a historical high [11] - **Sales by Segment**: - **Engines**: 27% of total sales, +3% yoy in 1H25, driven by an 11% increase in average selling price (ASP) [4] - **Auto and Auto Parts**: 29% of total sales, +4% yoy in 1H25, with HDT sales volume up 15% yoy [9] - **Intelligent Logistics**: 36% of total sales, slight decline of 2% yoy in 1H25, but strong order bookings (+22% yoy) indicate a positive outlook [9] - **Large-bore Engines**: Sales up 73% yoy in 1H25, driven by data center demand [9] - **New Energy Powertrain**: Sales of Rmb1.21 billion, contributing 1% of total sales [10] Strategic Growth Areas - New strategic growth pillars include large-bore engines, e-powertrain, after-market services, and engine exports, collectively representing ~10% of total sales with a combined growth of 39% yoy [2][8] - Strong performance from overseas subsidiaries, particularly PSI in the US and KION in Germany, with significant earnings growth [2] Challenges and Risks - Decline in LNG HDT sales due to unfavorable price spreads and slower subsidy rollout, with domestic LNG engine sales volume down over 40% yoy in 2Q25 [7] - Overall medium-to-heavy-duty engine sales revenue down 13% yoy, offset by strong performance in PSI and light-duty engine sales [7] Future Outlook - Upcoming analyst briefing topics include demand outlook for HDTs, electrification strategies, and insights on new growth pillars [3] - Continued focus on digitalization, new energy powertrains, and international expansion as part of the medium-to-long-term strategy [8] Cash Flow and Balance Sheet - Strong operating cash inflow of Rmb11.48 billion in 2Q25, with solid free cash flow generation of Rmb9.43 billion [14] - Net cash position increased to Rmb26.96 billion from Rmb22.00 billion at the end of 1Q25 [14] Conclusion - Weichai Power's 2Q25 results reflect a resilient performance despite challenges in certain segments, with strong profitability and strategic growth initiatives positioning the company favorably for future growth. The commitment to returning value to shareholders through dividends and buybacks further underscores its financial health.

Core Viewpoint - The commercial vehicle industry is showing signs of recovery, with a slight increase in sales and varying performance among listed companies in terms of revenue and net profit [1][9]. Revenue Summary - In the first half of 2025, the commercial vehicle industry sold 2.122 million units, a year-on-year increase of 2.6% [1]. - Among 16 listed companies, 9 reported revenue growth, with a notable increase from Foton Motor, Hanma Technology, Zhongtong Bus, and Ankai Bus, all achieving double-digit growth [3][5]. - The highest revenue was recorded by Weichai Power at 113.152 billion yuan, a slight increase of 0.59% year-on-year [5][7]. - Foton Motor and Jinan Heavy Truck also reported significant revenues of 30.371 billion yuan and 28.079 billion yuan, respectively, with Foton achieving a double-digit growth rate [5][7]. Net Profit Summary - Out of 16 listed companies, 13 reported positive net profits, with Weichai Power leading at approximately 5.643 billion yuan [10][11]. - Yutong Bus achieved a net profit of 1.936 billion yuan, marking a year-on-year increase of 15.64% [10][11]. - Foton Motor and Jinan Heavy Truck also saw substantial net profit increases of 87.57% and 8.1%, respectively [10][11]. - Zhongtong Bus, Hanma Technology, and Ankai Bus reported impressive net profit growth rates of 75.06%, 71.61%, and 153.46%, respectively, driven by increased sales [17][19]. Industry Trends - The commercial vehicle industry is entering a phase of stock competition, making profitability increasingly challenging [20]. - Companies are focusing on strategic emerging businesses, high-quality growth, and transitioning towards new energy and intelligent upgrades [20]. - Despite some companies facing losses, there is optimism about their ability to adapt and improve competitiveness through operational optimizations and new product developments [19][20].

Group 1 - Zeekr 9X has officially started pre-sales with a starting price of 479,900 yuan, aiming to compete in the large luxury hybrid SUV market [1][6] - The vehicle features a 0-100 km/h acceleration time of 3.1 seconds, powered by a 2.0T engine and three electric motors, with a combined output of 279 horsepower from the engine, 394 horsepower from the front motor, and 503 horsepower from the rear motor [3][6] - The design includes a robust exterior with a yacht-style roof and a unique C-shaped D-pillar, while the interior boasts a black-and-white color scheme and advanced audio system [3][6] Group 2 - Changan Qiyuan E07 has been launched with a starting price of 219,900 yuan, offering both pure electric and range-extended versions [8][10] - The vehicle features a unique crossover design and a multifunctional trunk that can switch between closed and open states [10][13] - The pure electric version has a maximum power of 599 horsepower and a CLTC range of up to 701 kilometers, while the range-extended version includes a 1.5T range extender [10][13] Group 3 - Wuling Bingguo S has started pre-sales with prices ranging from 68,800 to 81,800 yuan, offering two versions with CLTC ranges of 325 kilometers and 430 kilometers [15][18] - The vehicle features a compact design with a maximum power of 102 horsepower and two battery options [18] - The introduction of Bingguo S expands Wuling's product line, but there may be internal market overlap risks [18] Group 4 - Dongfeng Fengshen L8 PHEV has been launched with a price range of 129,900 to 149,900 yuan, offering a maximum pure electric range of 185 kilometers [20][26] - The vehicle features a compact SUV design with a 1.5T engine and a hybrid system that delivers a total output of 360 horsepower [23][26] - The L8 PHEV aims to differentiate itself in the market but faces challenges from strong competitors and potential brand confusion [26] Group 5 - Wuling Xingguang 730 has been unveiled at the Chengdu Auto Show, offering gasoline, plug-in hybrid, and pure electric versions [28][29] - The gasoline version features a 1.5T engine with a maximum power of 177 horsepower, while the pure electric version offers a range of up to 500 kilometers [29][31] - The vehicle aims to enhance Wuling's image in the passenger vehicle market while competing with existing MPV models [31]

Core Viewpoint - The company reported a mixed performance for H1 2025, with slight revenue growth but a decline in net profit, while maintaining a high dividend payout and showing strong growth in specific segments like large-bore engines [1][2]. Group 1: Financial Performance - For H1 2025, the company achieved revenue of 113.15 billion yuan, a year-on-year increase of 0.6%, and a net profit of 5.64 billion yuan, a year-on-year decrease of 4.4% (after adjusting for Kion efficiency plan expenses of 490 million yuan, net profit increased by 3.8%) [1]. - In Q2 2025, revenue was 55.69 billion yuan, a year-on-year decrease of 0.8% and a quarter-on-quarter decrease of 3.1%, while net profit was 2.93 billion yuan, down 11.2% year-on-year but up 8.2% quarter-on-quarter [1]. - The company declared a mid-term dividend of 3.58 yuan per 10 shares and plans to repurchase and cancel 2.09 million shares, resulting in a total dividend payout ratio of 57% [1]. Group 2: Business Segment Performance - Revenue from various segments for H1 2025 included: engines (32.47 billion yuan, +0.3%), automotive and major components (35.01 billion yuan, +2.0%), smart logistics (43.18 billion yuan, -2.3%), and agricultural machinery (10.47 billion yuan, -2.1%) [1]. - Operating profits for the segments were: engines (5.55 billion yuan, profit margin 17.1%), automotive and major components (250 million yuan, profit margin 0.7%), smart logistics (960 million yuan, profit margin 2.2%), and agricultural machinery (540 million yuan, profit margin 5.1%) [1]. - The engine segment saw a profit margin increase of 1.9 percentage points year-on-year, while the smart logistics segment experienced a decline in profitability due to increased efficiency plan expenses [1]. Group 3: Growth Drivers - The company’s overall gross margin for H1 2025 was 22.2%, a slight increase year-on-year, while the parent company’s gross margin was 32.5%, up 3.4 percentage points, attributed to ongoing product structure optimization [2]. - Total engine sales reached 362,000 units, a year-on-year decline of approximately 9.5%, but sales of strategic high-end large-bore engines exceeded 5,000 units, a year-on-year increase of 41%, contributing 2.52 billion yuan in revenue, a significant year-on-year growth of 73% [2]. - The company’s new energy business showed strong momentum, with power battery sales of 2.3 GWh (up 91%), new energy power revenue exceeding 1.2 billion yuan (up 37%), and engine aftermarket revenue of 4 billion yuan (up 13%) [2]. Group 4: Future Outlook - Revenue forecasts for 2025-2027 are projected at 231.67 billion yuan, 252.24 billion yuan, and 264.35 billion yuan, with net profits of 12.27 billion yuan, 13.41 billion yuan, and 14.46 billion yuan respectively [3].

Group 1 - The company reported a revenue of 113.15 billion yuan for H1 2025, a year-on-year increase of 0.59%, while the net profit attributable to shareholders was 5.64 billion yuan, a decrease of 4.40% year-on-year [2] - In Q2 2025, the company achieved a revenue of 55.69 billion yuan, a year-on-year decrease of 0.75%, and a net profit of 2.93 billion yuan, down 11.23% year-on-year [3] - The company plans to distribute a cash dividend of 3.58 yuan per 10 shares, totaling approximately 368 million yuan [2] Group 2 - The company’s product structure is continuously optimized, with stable growth in various businesses including engines, complete vehicles, smart logistics, and agricultural machinery [5] - The sales of engines reached 362,000 units, with the M series large-bore engines selling over 5,000 units, a year-on-year increase of 41% [5] - The company’s overseas subsidiary, KION GROUP AG, achieved a revenue of 5.5 billion euros in H1 2025 [5] Group 3 - The expansion of the old-for-new policy for heavy trucks is expected to boost domestic demand, with an estimated 76,000 new vehicles potentially driven by the policy [6] - The company is positioned as a leader in the domestic engine sector, continuously extending its product line and enhancing core competitiveness [7] - Revenue projections for 2025-2027 are estimated at 226.92 billion yuan, 237.24 billion yuan, and 244.36 billion yuan respectively, with net profits of 12.12 billion yuan, 13.90 billion yuan, and 15.45 billion yuan [9]

Core Insights - The growth of Weichai Power is primarily driven by two main lines: new energy and exports [1][3] Company Performance - In the first half of 2025, Weichai Power achieved operating revenue of 113.15 billion yuan and a net profit attributable to shareholders of 5.64 billion yuan [1] - The company's commercial vehicle segment showed robust performance, with Shaanxi Heavy Duty Truck's sales reaching 73,000 units, a year-on-year increase of 14.6% [1] - New energy vehicle sales exceeded 10,000 units, reflecting a significant year-on-year growth of 255% [1] - Export performance was notable, with 27,000 heavy trucks exported, achieving year-on-year sales growth of over 100% in markets such as Guinea, Saudi Arabia, and Algeria [1] Industry Trends - The Chinese new energy vehicle sector is expanding its international presence, with the production and sales of new energy vehicles reaching 6.968 million and 6.937 million units respectively in the first half of 2025, marking year-on-year growth of 41.4% and 40.3% [2] - Exports of new energy vehicles surged to 1.06 million units in the first half of 2025, representing a year-on-year increase of 75.2% [2] - From January to July 2025, the cumulative export of new energy commercial vehicles reached 54,000 units, a year-on-year increase of 200% [3] - The overseas orders for Weichai Power significantly supported its performance, with its subsidiary KION Group reporting revenue of 5.5 billion euros and a net profit of 47.9 million euros, alongside new orders of 6.21 billion euros, a year-on-year increase of 22% [3] - The new energy commercial vehicle export model has evolved from simple vehicle trade to a comprehensive ecosystem that includes vehicles, chassis, power batteries, charging stations, financial leasing, and after-sales services [3] Future Outlook - Weichai Power anticipates a development opportunity period for the commercial vehicle industry in the second half of the year [4]

Core Viewpoint - The domestic natural gas heavy truck market has experienced a continuous decline, with July sales dropping by 22% year-on-year, leading to a cumulative sales decrease of 17% for the first seven months of 2025 compared to the previous year [1][2][15]. Sales Performance - In July 2025, the sales of natural gas heavy truck engines reached 14,000 units, a year-on-year decrease of 22%, resulting in a total of 105,500 units sold from January to July, which is a 17% decline compared to the same period last year [2][10][15]. - The cumulative sales decline from January to July 2025 is approximately 21,200 units compared to the previous year [15]. Engine Displacement Analysis - The main displacement ranges for natural gas heavy truck engines from January to July 2025 are 12-13L and 14-15L, accounting for 42.41% and 40.02% of the market, respectively. The share of engines over 15L has increased to 3.76% [4][5]. - The proportion of engines in the 12-13L and 14-15L categories has decreased compared to the previous year, while the share of larger displacement engines has risen [4]. Power Segment Insights - The primary power ranges for natural gas heavy truck engines from January to July 2025 are 400-500 horsepower and 500-600 horsepower, making up 37.19% and 45.26% of the market, respectively. The share of super high horsepower (≥600 horsepower) engines has increased to 15.08% [8]. - The share of super high horsepower models has risen by over 13 percentage points compared to the previous year, while the shares of the 400-500 horsepower and 500-600 horsepower segments have decreased [8]. Market Share and Competitors - In July 2025, five companies sold over 1,000 units of natural gas heavy truck engines, with Weichai leading with 6,911 units, holding a market share of 49.31% [12][19]. - Cumulative sales from January to July 2025 show Weichai with 54,400 units sold, capturing over 50% of the market share, followed by Cummins with 21,000 units (19.92% market share) and Jiefang with 13,900 units (13.15% market share) [19]. Company Performance - Among the eight companies in the natural gas heavy truck engine market, four have seen sales growth, with Yuchai, Dongfeng Longqing, Heavy Truck, and Hualing showing increases of 49%, 160%, 2%, and 400%, respectively [16]. - The companies with declining sales have experienced significant drops, with the worst performer seeing a 46% decrease in cumulative sales from January to July 2025 [16]. Conclusion - The natural gas heavy truck engine market has faced a significant downturn, with a cumulative sales drop of 17% as of July 2025. The market is characterized by a limited number of participants, with only eight companies currently active [23].

Core Viewpoint - SAIC-GM-Wuling officially unveiled its new MPV model, the Xingguang 730, at the 2025 Chengdu International Auto Show, targeting the family travel market with three power options: fuel, plug-in hybrid, and pure electric [1] Group 1 - The Xingguang 730 is developed based on the "Tianyu" architecture and features a 7-seat layout [1] - The gasoline version is equipped with a 1.5T engine (model LC4) with a maximum power output of 130kW [2] - The plug-in hybrid version has a 1.5L engine with a maximum power of 78kW, paired with a 20.5kWh lithium iron phosphate battery, offering a pure electric range of 100 kilometers [2] Group 2 - The pure electric version features a motor with a maximum power of 100kW and is available with 54.5kWh and 60kWh lithium iron phosphate batteries, providing CLTC range of 450 kilometers and 500 kilometers respectively [2]