FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 濰柴動力股份有限公司 呈交日期： 2025年7月29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 | | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 佔有關事件前的現有已發 | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 已發行股 ...

Core Viewpoint - The after-market services in the equipment manufacturing industry are crucial for enhancing core competitiveness and achieving sustainable development, with significant growth potential as the industry transitions from "passive maintenance" to "active service" and from "single product" to "ecosystem integration" [1] Group 1: Company Development and Strategy - Weichai Group has established a comprehensive service network across the country, leveraging digitalization to upgrade services and create unique advantages in after-market services [1][3] - The company aims to achieve a target of 10 billion yuan in after-market revenue by 2025, marking it as a key strategic transformation task [1][5] - Weichai has been actively innovating in after-market services for 20 years, evolving from a traditional model to a more integrated and digital approach [3][4] Group 2: Historical Milestones - Weichai began its after-market business in 2005, marking the start of a diversified strategic development [3] - From 2006 to 2011, the company transitioned to a regional dealer model and expanded into remanufacturing and oil technology [3][4] - Between 2012 and 2015, Weichai introduced specialized store models and unified branding for distributors, enhancing its service channel support system [4] Group 3: Service Network and Customer Engagement - Weichai has built the largest and densest service network in the industry, with over 5,000 service stations nationwide [4] - The company has established a rapid service system with response times of 5 minutes for customer interactions and on-site service within 2 to 12 hours depending on location [4] - Weichai's digital initiatives include the launch of the "Weichai Together" app and the establishment of the W-TCO club, focusing on providing optimal solutions for the entire lifecycle of engines [4][5] Group 4: Future Outlook and Market Expansion - Weichai plans to further activate the domestic market while expanding into overseas markets, with a current engine ownership of 1 million units abroad, indicating significant growth potential [12] - The company aims to enhance its brand influence in international markets by establishing overseas oil production bases and sales channels [12] - Weichai is committed to continuous technological innovation and service quality improvement to create greater value for global customers [12]

Core Viewpoint - The domestic natural gas heavy truck market is experiencing a decline, with sales dropping for four consecutive months, indicating a challenging environment for the industry [1][25]. Sales Performance - In June 2025, domestic natural gas heavy truck sales reached 13,500 units, a year-on-year decrease of 17% [1][13]. - Cumulatively, from January to June 2025, sales totaled 91,500 units, down 16% compared to the same period last year, representing a net decrease of 17,300 units [1][16]. Engine Market Characteristics - The main displacement ranges for natural gas heavy truck engines in the first half of 2025 were 12-13L and 14-15L, accounting for 42.18% and 40.30% of the market, respectively [6]. - The share of engines over 15L has increased, while the shares of 12-13L and 14-15L engines have decreased compared to the previous year [6]. Power Segment Analysis - The primary power ranges for natural gas heavy truck engines in the first half of 2025 were 400-500 horsepower and 500-600 horsepower, comprising 37.12% and 45.67% of the market, respectively [9]. - The share of super high-power (≥600 horsepower) models has increased by over 12 percentage points compared to the same period last year [10]. Market Share and Rankings - In June 2025, five companies sold over 1,000 units of natural gas heavy truck engines, with Weichai leading at 6,611 units and a market share of 49.13% [15]. - Cumulatively, from January to June 2025, Weichai held a market share of 51.85%, followed by Cummins with 19.83% and Jiefang with 13.21% [20]. Top Selling Engine Models - The top-selling natural gas heavy truck engines from January to June 2025 included: - WP13NG480E61 (Weichai) with 23,200 units sold, 25.35% market share, 12.51L displacement, and 480 horsepower [22]. - DG ! 13 T520-60 (Dongfeng Commercial Vehicle) with 5,600 units sold, 6.12% market share, 12.9L displacement, and 520 horsepower [22]. Future Outlook - The natural gas heavy truck engine market has seen a cumulative decline of 16% as of June, raising questions about potential recovery in the remaining months of 2025 [25]. - The market currently has limited participants, with only eight companies actively selling, suggesting potential for new entrants [25].

Group 1 - UBS downgraded Weichai Power's rating from Buy to Neutral, while raising the target price from HKD 18.2 to HKD 18.5 [1] - Weichai Power's stock price has increased by 50% year-to-date, outperforming the Hang Seng Index, and is approaching UBS's previous target price [1] - The current price reflects positive outlooks on data center engine demand and improved investment sentiment driven by equipment replacement subsidies [1] Group 2 - UBS has reduced its earnings forecasts for Weichai Power for 2025 to 2027 by 2% to 5% due to ongoing weakness in traditional engine business impacted by electric truck penetration [1] - The company’s large-bore engines are in a structural growth phase driven by data center demand, with profits expected to rise from RMB 800 million in 2024 to nearly RMB 3 billion by 2027, indicating a compound annual growth rate of 50% over three years [1] - Overall, UBS anticipates a compound annual growth rate of 9% for the company's earnings from 2024 to 2027 [1]

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [62]. Core Views - June sales figures for the heavy truck industry exceeded expectations, with production, wholesale, and export volumes all showing positive growth [5][7]. - The market structure indicates a recovery in domestic sales for Foton, while Jiefang and Dongfeng saw an increase in export market share [6][39]. - The heavy truck segment is experiencing a significant increase in new energy vehicles, while natural gas truck sales are declining [7][28]. Summary by Sections Sales Tracking - In June, wholesale sales of heavy trucks reached 98,000 units, with year-on-year growth of 37.1% and month-on-month growth of 10.2%, surpassing expectations [4][19]. - Terminal sales for June were 69,000 units, showing a year-on-year increase of 47.0% and a month-on-month increase of 9.7%, also exceeding expectations [4][15]. - Export sales in June were 29,000 units, with year-on-year growth of 23.8% and month-on-month growth of 10.5%, again surpassing expectations [4][19]. - The current total industry inventory stands at 144,000 units, with a slight decrease in channel inventory [20]. Market Structure Tracking - The market share for heavy truck manufacturers in June was as follows: Jiefang 19.8%, Dongfeng 21.1%, Heavy Truck 16.9%, Shaanxi Heavy Truck 11.1%, and Foton 13.4% [6][37]. - In the export market, the shares were: Jiefang 17.2%, Dongfeng 13.3%, Heavy Truck 42.7%, Shaanxi Heavy Truck 15.5%, and Foton 7.3% [6][39]. - The penetration rate for new energy heavy trucks reached 25.9%, with a significant year-on-year increase of 159% in sales [7][28]. Engine Market Structure - Weichai maintained the largest market share in the engine segment at 17.9%, although it saw a decline compared to previous periods [8][48]. - The market shares for natural gas engines were reported as follows: Weichai 49.0%, Cummins 19.6%, and others [55]. Investment Recommendations - The report recommends focusing on companies such as China National Heavy Duty Truck Group and Weichai Power, highlighting the potential for performance improvement in FAW Jiefang and Foton [57].

Core Insights - The event highlighted the advancements in agricultural technology, particularly focusing on the capabilities of the "Dongfanghong" brand, which is recognized for its reliable quality and performance [1][2] - The "Dongfanghong" brand is associated with modern agricultural practices, showcasing products like the LF2204 unmanned tractor that features all-weather operation, automatic obstacle avoidance, and precise sowing [1] - The company operates with over 8,000 employees under an 8-hour work system, indicating a significant workforce dedicated to agricultural machinery production [2] Company Overview - "Dongfanghong" is positioned as a leader in agricultural machinery, with a comprehensive range of equipment that covers all stages of farming, including plowing, planting, managing, and harvesting [2] - The company is perceived as a "wisdom cradle" for modern agriculture, reflecting its innovative approach and technological advancements in the industry [2] Visitor Insights - International guests, such as journalists from Egypt, expressed admiration for the technological innovations and the historical significance of the "Dongfanghong" brand, indicating its global recognition [1] - The engagement of foreign visitors with the products suggests a growing interest in China's agricultural technology on the international stage [1][2]

Core Insights - The internal combustion engine (ICE) industry in China is undergoing a historic transition from "scale expansion" to "value enhancement" amid the backdrop of the "dual carbon" strategy, the rise of new productive forces, and the global restructuring of industrial chains [1][2] - The "14th Five-Year Plan" serves as a crucial guide for the ICE industry, emphasizing low-carbon and zero-carbon development paths while promoting technological innovation and industrial collaboration [2][4] Policy and Technological Breakthroughs - The ICE industry is expected to encounter three major opportunities during the "14th Five-Year Plan," driven by national strategic design and the industry's own innovative vitality [2][4] - National policies, such as the "Hydrogen Energy Industry Standard System Construction Guide (2023 Edition)" and the "Industrial Structure Adjustment Guidance Catalog (2024 Edition)," provide strong support for the low-carbon transition of the ICE industry [4] Strategic Needs and Industry Advantages - The demand for major technological equipment is critical for national economic security and industrial upgrading, necessitating a focus on advanced equipment in power, rail transport, and aerospace [3] - The ICE industry has established itself as a cornerstone of China's manufacturing sector, with a complete domestic supply chain and growing research and testing capabilities [4][10] Market Demand and Innovation - The core development trend for the next generation of ICEs is "high efficiency, low carbon, and near-zero pollutant emissions," driven by both policy mandates and market demand [5][6] - The industry is focusing on multi-dimensional technological innovations, including the development of alternative fuels such as ammonia, hydrogen, and methanol [5][11] Challenges and Strategic Focus - The ICE industry faces multiple challenges, including the need to meet stringent emission regulations and enhance the reliability of alternative fuel engines [8][9] - A systematic response plan is required, focusing on nine key areas such as strengthening foundational research, consolidating traditional industry advantages, and enhancing international competitiveness [9][12] Achievements and Future Directions - By the end of the "14th Five-Year Plan," China has solidified its position as the world's largest manufacturer of ICEs, with significant technological advancements and a stable sales volume between 76 million to 82.6 million units from 2021 to 2024 [10][11] - The industry has made notable progress in developing new generation diesel engines and alternative fuel applications, indicating a promising future in the context of the "dual carbon" era [11][12]

Group 1 - The core viewpoint of the article highlights the launch of the Wuling Hongguang EV 305km model, which is positioned as an affordable electric commercial vehicle, challenging the perception that electric commercial vehicles are excessively priced [2][4] - The new model features a range of 305km, LED headlights, a 7-inch LCD instrument panel, reverse imaging, and enhanced safety configurations, including airbags for both the driver and passenger, all at a price point just above 57,800 yuan [2][4] - Wuling aims to attract young entrepreneurs by offering a versatile design that caters to various needs, such as transporting goods and family, while also appealing to the lifestyle of weekend camping [2] Group 2 - The article notes a shift in the commercial vehicle market, where the focus is moving from mere functionality to incorporating brand value, reflecting the changing demographics of consumers [4] - Despite the competitive pricing achieved through Wuling's supply chain and scale effects, challenges remain in the industry, including battery costs, charging convenience, and residual value risks [4] - Wuling's strategy involves establishing dominance in niche markets such as small electric vehicles and micro-vans, gradually expanding into the electric commercial vehicle sector without chasing the smart technology trend [4]

Core Viewpoint - The release of China's first diesel engine oil D1 standard marks a significant step towards breaking foreign monopolies and establishing an independent standard in the industry, with Weichai Power playing a crucial role in its development [1][3][7]. Group 1: Industry Background - China is the world's largest producer and seller of engines, yet it has long relied on the American API system for diesel engine oil standards, which has hindered the industry's independent development [3]. - In 2016, the China Internal Combustion Engine Society, along with Weichai and 42 other organizations, formed the "Engine Lubricating Oil China Standard Development Innovation Alliance" to break foreign technological monopolies [3]. Group 2: Technical Contributions - Weichai invested nearly 100 technical experts over nearly ten years to develop the D1 standard, using its WP13 engine as a core testing platform [4][8]. - The testing data indicated that the new standard allows for an oil change interval of up to 120,000 kilometers, a 100% increase compared to previous standards, significantly reducing user costs [4]. Group 3: Collaborative Efforts - Weichai collaborated with the China Automotive Research and Testing Center to develop the WP13 evaluation method, leading to the implementation of four industry standards and participation in drafting eight supporting specifications [6]. Group 4: Future Implications - The D1 standard not only enhances the competitiveness of Weichai engines but also promotes upgrades across the entire industry chain, with potential benefits for future emissions standards (National VI and VII) [7]. - The promotion of the D1 standard is expected to accelerate the Chinese diesel engine oil industry's transition away from foreign dependency, moving towards high-quality development [7].

Core Viewpoint - The new energy light commercial vehicle (NE LCV) market in China has shown a fluctuating trend in sales, with a cumulative growth of 14% in the first five months of 2025, indicating a strong recovery and potential for continued growth in the sector [1][11]. Market Performance - In June 2025, the NE LCV market sold 24,300 units, representing a month-on-month increase of 1% and a year-on-year increase of 10% [4][6]. - The sales trend for NE LCVs in the first half of 2025 has been characterized by alternating months of growth and decline, culminating in a total of 120,700 units sold, which is a 14% increase compared to the same period last year [11][25]. Market Penetration - The NE LCV market has achieved a penetration rate exceeding 60% in three out of the first five months of 2025, highlighting its position as the segment with the highest penetration of new energy vehicles in the commercial vehicle market [1]. Regional Insights - In the first half of 2025, all 31 provincial-level administrative regions in mainland China recorded NE LCV registrations, with Guangdong province leading with over 22,500 units, accounting for 18.68% of the national total [13][15]. Company Performance - In June 2025, Wuling maintained its position as the monthly sales champion with over 5,000 units sold, followed by Yuancheng and Changan, which also showed significant growth [19][23]. - The market share of Wuling and Yuancheng exceeded 10% in June, with Wuling holding 21.98% and Yuancheng 17.33% [23][29]. Sales Rankings - The cumulative sales rankings for NE LCVs in the first half of 2025 show that Wuling, Yuancheng, and Changan are the top three brands, with respective sales of 27,900 units, 20,700 units, and 15,100 units [27][29]. - The overall market performance indicates that most companies experienced growth, with significant increases noted for Wuling (92%), Jiangling (83%), and Guizhou Changjiang (73%) [27][29]. Future Outlook - The NE LCV market is expected to continue its growth trajectory, with the potential for further increases in sales and market penetration as the year progresses [31].