Core Viewpoint - The 2025 International Internal Combustion Engine and Power Equipment Expo showcased innovations in the internal combustion engine and power systems, focusing on low-carbon, electrification, and intelligent directions, highlighting the diverse and integrated innovation landscape of the power industry [1]. Group 1: Weichai Power - Weichai exhibited 9 engine models, including the WP16NG-4.0 gas engine, which boasts a displacement of 15.7 liters, rated power of 750 horsepower, and peak torque of 3400 Nm [3][5]. - The WP16NG-4.0 gas engine features a 6% reduction in fuel consumption compared to diesel vehicles, potentially saving customers 150,000 yuan annually [5]. - The WP2H lightweight diesel engine, designed for light commercial vehicles, has a displacement of 1.994 liters, maximum power of 190 horsepower, and maximum torque of 420 Nm, offering excellent fuel efficiency [7]. Group 2: Jiefang Power - Jiefang Power showcased 7 products, including the CA4DT2-E68 series diesel engine and CA6SM6-E6N series natural gas engine, emphasizing a strong lineup in both diesel and natural gas categories [9][11]. - The CA6SM6 natural gas engine delivers a maximum power of 506 horsepower and a maximum torque of 2400 Nm, featuring a B10 lifespan of 1.5 million kilometers [11]. - The CA4DT2 diesel engine, with a displacement of 2.44 liters, offers high power and reliability, meeting blue card light truck specifications with a maximum power of 180 horsepower and torque of 500 Nm [13]. Group 3: Yuchai Machinery - Yuchai presented 8 key products, including the YCK05H hydrogen fuel engine and YCK16 diesel engine, showcasing a diverse technological approach [14][15]. - The YCK05H hydrogen fuel engine addresses industry challenges such as backfire and knocking, achieving zero carbon emissions while reducing manufacturing costs by 70% and operating costs by 50% [17]. - The YCK16 diesel engine, designed for mining applications, outputs a maximum of 775 horsepower and 3200 Nm of torque, suitable for heavy-duty machinery [19]. Group 4: QuanChai Power - QuanChai Power exhibited the most products at the expo, showcasing 11 complete machines and several components, including the Q25A engine with a power range of 110-116 kW and a maximum torque of 450 Nm [21][23]. - The F28T gas engine, primarily used in 4.5-ton light trucks, features a torque range of 230-450 Nm, highlighting its versatility in the market [25]. Group 5: Yunnei Power - Yunnei Power displayed 5 products, including the D25-180 diesel engine, which has a rated power of 132 kW and a maximum torque of 500 Nm, outperforming competitors in fuel efficiency [27][29]. - The G20TNFR gas range extender offers a maximum output of 140 horsepower and a torque of 350 Nm, integrating innovative technologies to enhance performance [31]. Group 6: Other Companies - Other participating internal combustion engine manufacturers showcased their recent developments in engines and components, indicating a comprehensive enhancement in product offerings for the commercial vehicle market [40].

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。 特别提示： 1、公司本次回购注销限制性股票 117,000 股，占公司当前股本总额的 0.0060%，涉及激励对象 2 人。其中，因 1 名激励对象退休而回购注销限制性股 票 78,000 股，回购价格为 1.54 元/股加中国人民银行公布的同期定期存款利息； 因 1 名激励对象第二个限售期（2024 年）解除限售条件未成就而回购注销对应 的限制性股票 39,000 股，回购价格为 1.54 元/股。本次回购资金总额为 185,590.41 元（含银行同期定期存款利息）。 2、截至本公告披露日，公司已在中国证券登记结算有限责任公司深圳分公 司办理完成上述限制性股票的回购注销手续。 3、本次股份回购注销完成后，公司的股本总额由 1,934,961,410 股减至 1,934,844,410 股，公司股权分布仍具备上市条件。 昆明云内动力股份有限公司（以下简称"公司"或"云内动力"）于 2025 年 8 月 25 日召开的第七届董事会第十二次会议及第七届监事会第九次会议审议 通过了《关于回购注销 2022 年限制性股 ...

Core Viewpoint - ST Yundong (000903.SZ) has clarified that the company is not involved in any collaboration related to commercial aerospace projects [1] Company Summary - ST Yundong has stated on the investor interaction platform that it does not participate in commercial aerospace project collaborations [1]

Core Viewpoint - The company, ST Yundong, has faced significant financial reporting issues leading to regulatory penalties and adjustments in its financial statements due to prior misstatements [6][8][9]. Financial Data - The company has made retrospective adjustments to its financial data for the third quarter of 2025, with operating costs revised from 3,824,397,820.43 yuan to 3,912,205,918.98 yuan, and selling expenses adjusted from 175,697,895.57 yuan to 87,889,797.02 yuan [3]. - The third-quarter financial report for 2025 has not been audited [12]. Regulatory Actions - The company received an administrative penalty notice from the Yunnan Securities Regulatory Bureau on July 8, 2025, leading to a risk warning and a change in stock designation from "Yunnei Power" to "ST Yundong" [6][8]. - On August 8, 2025, the company was penalized for false records in its 2021 and 2022 annual reports, resulting in fines and warnings for the company and responsible individuals [6][8]. Corporate Governance Changes - The company has canceled its supervisory board, transferring its responsibilities to the audit committee of the board of directors to enhance governance efficiency [8]. - The company plans to improve its internal control systems and financial reporting quality following the penalties received [8]. Legal Matters - The company is involved in a legal dispute with Suzhou Mingzhi Technology Co., Ltd., which has resulted in the freezing of 36 million yuan in bank accounts [8][9]. - A counterclaim has been filed against Mingzhi Technology for compensation of 40,162,948.38 yuan, with the court set to hear the case on November 12, 2025 [9].

Group 1 - ST Yundong reported a revenue of approximately 3.866 billion yuan for the first three quarters of 2025, a year-on-year decrease of 6.9% [1] - The net profit attributable to shareholders of the listed company was a loss of approximately 312 million yuan [1] - The basic earnings per share showed a loss of 0.162 yuan [1] Group 2 - As of the report, ST Yundong's market capitalization stands at 5.7 billion yuan [2]

Financial Performance - The company's operating revenue for Q3 2025 was CNY 1,045,965,372.81, representing a 2.15% increase compared to the same period last year[5] - Net profit attributable to shareholders for Q3 2025 was CNY 168,800,888.11, showing a significant increase of 24.87% year-on-year[5] - The total operating revenue for the period was ¥3,866,319,450.55, a decrease of 6.9% compared to ¥4,152,655,668.56 in the previous period[27] - The operating profit was reported at -¥307,550,510.04, slightly improved from -¥321,754,264.11 in the previous period[28] - The net profit for the period was -¥315,323,778.56, compared to -¥328,102,026.81 in the same period last year, indicating a reduction in losses[28] - The net profit attributable to the parent company was -311,693,743.58 CNY, compared to -324,475,511.41 CNY in the previous period, indicating a slight improvement[29] - The total comprehensive income amounted to -315,323,778.56 CNY, compared to -328,102,026.81 CNY in the previous period[29] Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date period was CNY 425,790,300, reflecting a decrease of 20.16% compared to the previous year[5] - Cash inflows from operating activities totaled 3,654,448,664.50 CNY, down from 3,936,322,684.94 CNY in the previous period[30] - The net cash flow from operating activities was -425,790,337.80 CNY, an improvement from -533,323,350.54 CNY in the previous period[31] - Cash inflows from financing activities were 5,427,714,085.30 CNY, compared to 4,227,363,752.92 CNY in the previous period[32] - The net cash flow from financing activities was 383,466,795.63 CNY, up from 350,169,740.37 CNY in the previous period[32] - The ending cash and cash equivalents balance was 238,849,142.25 CNY, down from 259,960,090.81 CNY in the previous period[32] - The company reported a decrease in cash received from sales of goods and services, totaling 3,292,322,831.92 CNY, down from 3,841,133,367.00 CNY in the previous period[30] Assets and Liabilities - The total assets as of September 30, 2025, were CNY 10,267,921,935.19, which is a decrease of 9.36% from the end of the previous year[6] - The total liabilities decreased to ¥8,933,781,565.34 from ¥9,682,205,297.96, reflecting a reduction of 7.7%[25] - The company's cash and cash equivalents decreased to ¥1,323,153,916.19 from ¥1,902,101,728.59, a decline of 30.3%[23] - The inventory level was reported at ¥1,643,705,070.48, down from ¥1,914,883,544.16, indicating a decrease of 14.1%[24] - The long-term borrowings decreased significantly to ¥246,460,000.00 from ¥1,024,955,018.00, a reduction of 76.0%[25] Shareholder Equity - The company’s total equity attributable to shareholders decreased by 18.78% to CNY 1,329,629,343.13[6] - Minority shareholders' equity decreased by 53.00% to ¥4,511,026.72 due to losses from non-wholly-owned subsidiaries[12] Research and Development - The company's research and development expenses increased by 38.21% year-on-year, amounting to CNY 331,285,419.01[11] Regulatory and Legal Matters - The company received a warning from the regulatory authority, resulting in a change of stock name to "ST Yun Dong" and a trading limit reduction from 10% to 5%[18] - The company initiated a counterclaim against Mingzhi Technology for a compensation request of ¥40,162,948.38, with the court set to hear the case on November 12, 2025[21] Other Income and Expenses - Investment income dropped by 407.67% to -¥963,138.41, primarily due to increased discount interest on receivable notes[14] - Fair value change income decreased by 42.38% to ¥1,254,078.37, attributed to reduced interest income from trading financial assets[14] - Credit impairment losses improved by 93.20% to -¥704,467.15, due to a decrease in provisions for bad debts on accounts receivable[14] - Asset disposal income increased by 122.11% to ¥247,783.91, resulting from gains on asset disposals[14] - Non-operating income surged by 401.77% to ¥542,929.98, driven by an increase in non-routine operating receipts[14] - Non-operating expenses skyrocketed by 7004.84% to ¥6,793,135.18, mainly due to increased non-routine payments[14] - Income tax expenses decreased by 76.05% to ¥1,523,063.32, reflecting a reduction in deferred tax recognition[14] Earnings Per Share - The company's basic earnings per share improved to -0.088, a 24.79% increase compared to -0.117 in the same quarter last year[6] - The basic and diluted earnings per share were both -0.162, an improvement from -0.169 in the previous period[29]

Group 1 - The ST sector concept increased by 1.03%, ranking 9th among concept sectors, with 124 stocks rising, including *ST Nanzhi, ST Zhongdi, and *ST Zhengping hitting the daily limit [1] - Notable gainers in the ST sector include *ST Jintai, *ST Gaosi, and *ST Dali, which rose by 5.84%, 4.79%, and 4.60% respectively [1] - The largest declines were seen in *ST Yuancheng, *ST Fanli, and *ST Haihua, which fell by 5.17%, 5.07%, and 5.02% respectively [1] Group 2 - The ST sector attracted a net inflow of 4.5893 million yuan, with 84 stocks receiving net inflows, and 12 stocks seeing inflows exceeding 10 million yuan [2] - The top stock for net inflow was ST Yundong, with a net inflow of 39.9567 million yuan, followed by ST Lingnan, *ST Xingguang, and *ST Huamei with net inflows of 31.1364 million yuan, 20.1979 million yuan, and 19.3140 million yuan respectively [2] Group 3 - In terms of net inflow ratio, ST Zhongdi, *ST Xingguang, and *ST Chuntian had the highest ratios at 60.25%, 26.04%, and 22.94% respectively [3] - The top stocks by net inflow in the ST sector included ST Yundong, ST Lingnan, and *ST Xingguang, with respective net inflows of 39.9567 million yuan, 31.1364 million yuan, and 20.1979 million yuan [3] Group 4 - The overall performance of the ST sector reflects a mixed sentiment among investors, with significant variations in stock performance and capital inflows [2][3]

Core Viewpoint - Shanxi Yunnei Power has not disclosed whether it has achieved profitability, as its financial data is not required to be disclosed [2] Company Summary - ST Yun Dong (000903.SZ) responded to an investor inquiry on October 20, stating that Shanxi Yunnei is a subsidiary of its controlling shareholder, Yunnei Group [2] - The financial data of Shanxi Yunnei is not considered mandatory information for disclosure [2]

Core Insights - The diesel engine market in China showed strong performance in September, with sales reaching 421,800 units, representing a month-on-month increase of 13.25% and a year-on-year increase of 12.45% [1] - Cumulatively, from January to September, diesel engine sales totaled 3.8264 million units, reflecting a year-on-year growth of 5.39% [1] Multi-Cylinder Diesel Engine Market - In September, multi-cylinder diesel engine sales reached 345,100 units, with a month-on-month increase of 12.51% and a year-on-year increase of 15.42% [2] - Cumulative sales from January to September amounted to 3.0959 million units, marking a year-on-year growth of 5.58% [2] - The top ten companies accounted for 78.06% of total multi-cylinder diesel engine sales, a slight increase from 77.95% in the previous month [2] Company Performance - Weichai maintained its leading position with sales of 733,000 units in September, achieving a month-on-month growth of 4.77% [3] - Yuchai ranked second with sales of 410,000 units, showing a marginal increase compared to the previous month [3] - Yunnei Power ranked third with sales of 292,000 units, experiencing a significant month-on-month growth of 30.83% [3] - Anhui Quanchai and other companies also showed strong performance, with notable month-on-month increases [3] Cumulative Sales Data - Weichai's cumulative sales from January to September reached 573,700 units, with a year-on-year growth of 1.62% [4] - Yuchai's cumulative sales were 434,700 units, reflecting a substantial year-on-year growth of 27.08% [4] - Yunnei Power and Anhui Quanchai also reported positive growth in cumulative sales, contributing to their market shares [4][5] Commercial Vehicle Multi-Cylinder Diesel Engine Sales - In September, commercial vehicle multi-cylinder diesel engine sales were 170,400 units, with a month-on-month increase of 12.12% and a year-on-year increase of 26.42% [7] - Cumulative sales for the first nine months reached 1.4845 million units, representing a year-on-year growth of 6.57% [7] - The top ten companies in this segment maintained their rankings from the previous month, with Weichai leading the market [8] Market Share Insights - Weichai's market share in the commercial vehicle multi-cylinder diesel engine segment was 21.79%, with cumulative sales of 323,500 units [10] - Yuchai's market share increased significantly to 12.75%, with cumulative sales of 189,300 units, reflecting a year-on-year growth of 49.51% [10] - Other companies like Yunnei Power and Foton Cummins also reported growth in market share and cumulative sales [10]

Core Viewpoint - The domestic internal combustion engine and multi-cylinder diesel engine markets are experiencing significant growth, driven by favorable sales data and government initiatives aimed at stabilizing and promoting the mechanical industry [1][2][6]. Sales Performance - In September 2025, internal combustion engine sales reached 5.069 million units, with a month-on-month increase of 13.97% and a year-on-year increase of 21.14%. Cumulative sales from January to September totaled 39.6696 million units, reflecting a year-on-year growth of 15.73% [1]. - Diesel engine sales in September 2025 were 421,800 units, showing a month-on-month increase of 13.25% and a year-on-year increase of 12.45%. Cumulative sales for the first nine months reached 3.8264 million units, up 5.39% year-on-year [2]. - Multi-cylinder diesel engines sold 340,000 units in September 2025, with a month-on-month increase of 12.51% and a year-on-year increase of 15.42%. Cumulative sales for the first nine months were 3.0959 million units, reflecting a year-on-year growth of 5.58% [6]. Market Dynamics - The commercial vehicle market, closely related to multi-cylinder diesel engines, also showed strong performance in September 2025, with production and sales reaching 376,000 and 368,000 units, respectively, marking increases of 19.3% and 16.3% month-on-month, and 27.7% and 29.6% year-on-year [6]. - The top ten companies in multi-cylinder diesel engine sales accounted for 78.06% of total sales, a slight increase from 77.95% in the previous month [6]. Company Rankings - Weichai Power led the multi-cylinder diesel engine market in September 2025 with sales of 73,300 units, achieving a month-on-month growth of 4.77%. Yuchai Group followed with 41,000 units, and Yunnei Power ranked third with 29,200 units, experiencing a significant month-on-month increase of 30.83% [8][10]. - For the cumulative sales from January to September 2025, Weichai maintained its lead with 573,700 units sold, a year-on-year increase of 1.62%. Yuchai's cumulative sales reached 434,700 units, reflecting a substantial year-on-year growth of 27.08% [10][12]. Future Outlook - The mechanical industry is expected to continue its growth trajectory, supported by government policies aimed at enhancing supply and demand dynamics. Companies are encouraged to explore new market opportunities while navigating challenges such as increased competition and regulatory pressures [1][22].