Core Viewpoint - The domestic internal combustion engine market showed strong annual performance in 2025, with total sales reaching 53.81 million units, a year-on-year increase of 12.76%, marking the highest sales since 2018. However, December sales experienced a slight decline due to a weak terminal market and slower supply pace [1]. Group 1: Internal Combustion Engine Sales - In December 2025, internal combustion engine sales were 4.7454 million units, a month-on-month decrease of 1.97% but a year-on-year increase of 0.98% [1]. - For the entire year of 2025, total internal combustion engine sales reached 53.81 million units, reflecting a year-on-year growth of 12.76% [1]. Group 2: Diesel Engine Sales - In December 2025, diesel engine sales were 456,300 units, with a month-on-month increase of 2.75% and a year-on-year increase of 11.62%. The total sales for the year reached 5.126 million units, up 6.8% year-on-year [4][3]. - The multi-cylinder diesel engine market also performed well, with December sales of 360,000 units, a month-on-month increase of 1.41% and a year-on-year increase of 12%. Total sales for the year reached 4.1317 million units, a year-on-year increase of 7.35% [4]. Group 3: Market Performance of Key Companies - Weichai maintained its leading position in the multi-cylinder diesel engine market with total sales of 807,300 units in 2025, achieving a year-on-year growth of 8.58% and a market share of 19.54% [8]. - Yuchai ranked second with total sales of 549,100 units, a year-on-year increase of 23.17%, and a market share of 13.29% [8]. - Yunnei Power ranked third with sales of 353,700 units, a year-on-year increase of 4.65%, holding a market share of 8.56% [8]. - In December, Weichai sold 80,500 units, achieving a month-on-month growth of 2.82%, while Yuchai and Yunnei Power sold 34,300 and 33,500 units, respectively [6]. Group 4: Strategic Partnerships - Yunnei Power and SF Express established a comprehensive strategic partnership focusing on intelligent delivery robots, with SF Express prioritizing the procurement of vehicles equipped with Yunnei Power engines [7].

Core Viewpoint - The announcement details the resignation of Li Jun, the Executive Vice President of Kunming Yunnei Power Co., Ltd., due to work adjustments, while he will continue to serve as a director and a member of the Investment and Decision-Making Advisory Committee [1]. Group 1 - The company's board received a written resignation report from Li Jun, effective immediately upon delivery to the board [1]. - Li Jun's resignation will not affect the company's normal production and operations, and he will complete the handover process according to company regulations [1]. - The company expresses gratitude for Li Jun's contributions during his tenure as Executive Vice President [1].

Core Viewpoint - The announcement details the resignation of Li Jun, the Executive Vice President of Kunming Yunnei Power Co., Ltd., due to work adjustments, while he will continue to serve as a director and a member of the Investment and Decision-Making Advisory Committee [1][2]. Group 1 - Li Jun submitted a written resignation report to the board, effective immediately upon delivery [1]. - His resignation will not impact the company's normal production and operations [1]. - Li Jun has no shareholding in the company and has fulfilled all commitments [1]. Group 2 - The board expresses gratitude for Li Jun's contributions during his tenure as Executive Vice President [1]. - The company assures that the information disclosed is true, accurate, and complete [1]. - The announcement is in compliance with relevant laws and regulations, including the Company Law and the Shenzhen Stock Exchange's self-regulatory guidelines [1].

证券代码：000903 证券简称：ST 云动 公告编号：2026-002 号 昆明云内动力股份有限公司 关于常务副总经理辞职的公告 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。 昆明云内动力股份有限公司（以下简称"公司"）董事会于近日收到常务副总经理李钧 先生的书面辞职报告，李钧先生因工作调整，申请辞去公司常务副总经理职务（其原定任期 至第七届董事会任期届满为止）。辞职后，李钧先生仍在公司担任董事及董事会下设投资与 决策咨询委员会委员职务。 根据《公司法》《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》等法律法规及《公司章程》的有关规定，李钧先生的辞职报告自送达公司董事会之日 起生效。截至本公告披露日，李钧先生未持有公司股份，亦不存在应履行而未履行完毕的承 诺。 李钧先生的辞职不会影响公司正常的生产经营，李钧先生将会按照公司相关规定做好离 职交接工作。李钧先生在担任公司常务副总经理期间恪尽职守、勤勉尽责，公司及公司董事 会对李钧先生在其任职期间为公司发展所作出的贡献表示衷心的感谢。 特此公告。 昆明云内动力股份有限公司 董 事 会 ...

Core Insights - The evolution of Chinese truck exports has transitioned from "product trade" to "ecosystem layout," marking a significant shift towards global operations and local value chain integration [1][16][17] Group 1: Evolution of Export Strategies - Chinese truck exports have progressed through three stages: 1.0 Product output era focused on cost-effectiveness and trade with developing countries [18] 2.0 Market deepening era with established distribution networks and brand awareness while maintaining centralized decision-making [19] 3.0 Chain-rooted era by 2026, emphasizing local integration of R&D, manufacturing, supply chain, finance, and services [19][20] Group 2: Diverse Strategic Paths for 2026 - China National Heavy Duty Truck Corporation aims to export 250,000 heavy trucks and achieve $1 billion in overseas market revenue by leveraging its extensive global network [20] - FAW Jiefang plans to sell 80,000 units overseas and establish seven subsidiaries to diversify its market presence [20] - Dongfeng Commercial Vehicle targets over 30% of its sales from overseas, focusing on building an ecosystem through partnerships [20] - Foton Motor's strategy includes establishing production bases in over 10 countries to enhance local manufacturing and mitigate trade risks [20] - Weichai Power aims for 130,000 overseas engine sales, supporting mainstream vehicle manufacturers with diverse energy solutions [20][27] Group 3: Strategic Models - China National Heavy Duty Truck and FAW Jiefang are replicating successful domestic systems internationally, focusing on comprehensive operational frameworks [22][23] - Foton Motor adopts a "anchor" model with aggressive global production layout to ensure local integration [24] - Dongfeng Commercial Vehicle emphasizes an "integrator" model, shifting from transactional relationships to ecosystem collaboration [25] - Weichai Power and Yunnei Power are pursuing a "guardian" model, enhancing supply chain collaboration to support vehicle manufacturers [26][28] Group 4: Necessity of Localization by 2026 - Companies are increasingly localizing production to overcome traditional tariff and non-tariff barriers, ensuring sustainable market access [29] - Local operations allow firms to capture lifecycle value through financial services, data, and after-sales support, enhancing profitability [30] Group 5: Challenges Ahead - The path to global integration is fraught with complexities, including compliance costs and political risks associated with deep localization [31] - Effective management of overseas subsidiaries and diverse teams poses significant challenges for Chinese companies [32] - Large-scale investments in overseas facilities require substantial capital and a skilled workforce familiar with international operations [33] Group 6: Future Competitive Landscape - The competition in the global truck market by 2026 will hinge on the robustness of localized value chains and ecosystem-building capabilities [34] - Companies that can leverage China's technological advantages in new energy and smart solutions will be better positioned against global competitors [34][35]

Core Insights - The industry consensus indicates a shift from an incremental expansion phase to a new cycle focused on deepening the value of existing assets, with competition evolving from price-based to providing comprehensive lifecycle value (TCO) [1][9] Industry Consensus: Three Deterministic Trends - The market is expected to enter a phase of "high-level consolidation and structural differentiation," with the medium and heavy truck market projected to remain stable at 1.1 to 1.25 million units, similar to 2025, as the driving force shifts from policy stimulus to optimizing existing resources [2][10] - Three major trends have emerged as strategic anchors for all companies: 1. Accelerated penetration of new energy vehicles (NEVs), with a consensus that the penetration rate will exceed 30% and potentially reach 35% or higher by 2026, driven by market demand rather than policy [3][11] 2. Value competition is replacing price wars, with a focus on service and ecosystem as key differentiators, emphasizing the importance of a comprehensive ecosystem that includes finance, used vehicles, and connectivity [3][11] 3. Globalization is becoming a core growth driver, with exports viewed as a crucial growth engine, as companies shift from simple trade to a more integrated approach involving products, technology, services, and finance [3][11] Strategic Differentiation: Paths of Eight Major Companies - Companies are adopting different strategic focuses based on their resources and capabilities: - China National Heavy Duty Truck Corporation aims to consolidate its leading position through a comprehensive transformation strategy [4][13] - FAW Jiefang focuses on accelerating overseas expansion and enhancing its core components [4][13] - Dongfeng Commercial Vehicle targets breakthroughs in new energy, globalization, and traditional energy markets [4][13] - Shaanxi Heavy Duty Truck emphasizes value creation through a diversified product lineup [4][13] - Foton Motor is pursuing a multi-faceted strategy focusing on internationalization and new energy [4][13] - Dongfeng Liuzhou Motor is leading in regional markets through ecosystem competition [4][13] - Weichai Power and Yunnei Power are adopting a pragmatic approach by diversifying their energy technology routes [6][14] Technology Routes: Diverse Approaches Based on Application Scenarios - The commercial vehicle power technology landscape is expected to be diverse, with choices heavily influenced by application scenarios: - Traditional power is evolving towards high-end and specialized applications, focusing on improving thermal efficiency and reducing fuel consumption [7][15] - Pure electric technology is becoming the preferred choice for short-distance fixed routes, with competition centered on battery energy density and lifecycle costs [7][15] - Hybrid and range-extended technologies are seen as key solutions for long-distance logistics, with significant R&D efforts underway [7][15] - Hydrogen fuel technology is being explored as a future strategic reserve, with ongoing commercial exploration [7][15] Ecosystem Construction: From Chain Leaders to Symbiosis - Leading companies are actively reshaping the industry ecosystem, moving beyond simple supplier relationships to create a community that shares risks and values: - China National Heavy Duty Truck Corporation leverages its capabilities for strong collaboration [8][16] - Dongfeng Liuzhou Motor is integrating upstream and downstream through the "Chenglong Ecosystem Alliance" [8][16] - Weichai Power is collaborating with multiple strategic partners to create a comprehensive service system [8][16] Observations: Coexistence of Consensus and Differentiation - The 2026 Chinese commercial vehicle market is characterized by both consensus on the shift to value-based competition and differentiation in strategic paths chosen by companies [9][17] - The upcoming competition will focus on technological depth, ecosystem breadth, and precision in user operations, with companies that effectively reduce operational costs and enhance efficiency poised to lead in this transformative phase [9][17]

股票简称：ST 云动 股票代码：000903 编号：2026—001 号 二、本次变更后的签字注册会计师的信息 （一）基本信息 汪军先生，2009 年成为中国执业注册会计师，2012 年开始从事上市公司审 计，2015 年开始在中兴华所执业，2023 年开始为本公司提供审计服务，近三年 来为 6 家上市公司和 1 家挂牌公司签署审计报告。 昆明云内动力股份有限公司 关于变更签字注册会计师的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 昆明云内动力股份有限公司（以下简称"公司"）分别于 2025 年 4 月 28 日、2025 年5月20日召开的第七届董事会第十次会议及2024年年度股东大会审议通过了《关 于续聘会计师事务所的议案》，同意聘任中兴华会计师事务所（特殊普通合伙）（以 下简称"中兴华所"）为公司 2025 年度财务报告及内部控制审计机构（含控股子 公司的审计）。具体内容详见公司于 2025 年 4 月 30 日披露于《中国证券报》《证券 时报》及巨潮资讯网 http://www.cninfo.com.cn 上的《关于拟续聘会计师事务所的公 告 ...

格隆汇12月22日丨ST云动(000903.SZ)在投资者互动平台表示,该整车厂此前确为公司发动机产品的客 户。目前，公司暂未向吉利供应发动机产品。公司将依据市场与客户需求变化，持续优化合作体系。 ...

ST云动（000903.SZ）12月22日在投资者互动平台表示，该整车厂此前确为公司发动机产品的客户。目 前，公司暂未向其供应发动机产品。公司将依据市场与客户需求变化，持续优化合作体系。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司产品是否供应吉利公司？ ...

本报讯(记者李如是)近日，昆明云内动力股份有限公司(以下简称"云内动力")控股股东云南云内动力集 团有限公司与顺丰速运有限公司(以下简称"顺丰速运")正式达成全方位战略合作。双方依托制造研发与 物流服务领域的核心优势，将在五大维度深度携手，构建"产运融合"的智慧物流新生态。 在国际业务层面，双方将推动"技术出海+物流护航"的协同模式，顺丰速运将通过国际联运、海外仓配 等服务，助力云内动力拓展全球市场。此外，双方还将积极挖掘仓储共享、技术联合研发等潜在合作机 会。 本次战略合作聚焦智能配送机器人领域，顺丰速运将在云内动力已获路权的区域范围内，开展无人车租 赁、智能驾驶运维等相关业务。同时，顺丰速运在采购卡车、叉车等设备时，在同等条件下优先选用搭 载云内动力发动机产品。 此次合作打破了制造业与物流业的行业边界，形成了"研发—应用—拓展"的完整闭环。双方表示，将以 此次合作为重要契机，推动智慧物流与高端制造产业的高质量发展，为行业提供可复制、可推广的合作 样本。 在物流服务领域，顺丰速运将为云内动力提供从采购到售后的全链条物流解决方案，并依托其全国性仓 储网络，满足云内动力位于山东、成都等地子公司的仓储服务需求。 ...