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 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 二零二六年三月二十六日 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、袁宏明先生及 馬 旭 耀 先 生；本 公 司 職 工 代 表 董 事 為 黃 維 彪 先 生；本 公 司 非 執 行 董 事 為 王 延 磊 先生、張良 ...

Group 1: Event Overview - The 2026 (Second) Starting Point Lithium Battery Cylindrical Battery Technology Forum and the Top 20 Cylindrical Battery Ranking Conference will be held on April 10, 2026, at the Venus Hall, Venus Royal Hotel, Shenzhen [5] - The event theme is "All-Ear Technology Leap, Leading the Large Cylindrical Market" [5] - The first batch of sponsors and speakers includes companies such as Penghui Energy, Duofuduo New Energy, and others [5] Group 2: WanHua Chemical's Strategic Moves - WanHua Chemical has announced the establishment of two new companies, indicating a strategic shift towards the new energy sector [7] - The first company, Hubei Huaxing New Energy Co., Ltd., focuses on waste battery recycling, battery manufacturing, and energy storage technology services [8] - WanHua's recent projects include a 240,000-ton iron phosphate project, which is strategically located near phosphate mining areas, enhancing transportation cost efficiency [10] Group 3: Industry Positioning and Growth - WanHua Chemical has rapidly entered the top 10 in the lithium iron phosphate production sector, with projects that collectively exceed 1 million tons of capacity [9] - The company is leveraging the current recovery in lithium carbonate prices to enhance profitability [10] - WanHua's collaboration with Dazhong Mining to establish Sichuan Dazhong He Lithium Industry Co., Ltd. aims to manage a 200,000-ton lithium salt project, further solidifying its supply chain [11] Group 4: Future Outlook - WanHua Chemical is transitioning from a traditional chemical company to a new energy-focused enterprise, with expectations of significant revenue growth from its new energy materials segment [12] - The company aims to build a complete industrial chain from phosphate materials to lithium materials and lithium iron phosphate, enhancing its competitive edge [12] - With ongoing transformations, WanHua is positioned to potentially reach the top 3 in the industry, reflecting its ambitious growth strategy [13]

Core Viewpoint - The company's 2025 performance aligns with expectations, showing growth in both revenue and net profit, with a notable increase in domestic revenue growth and a decrease in reliance on joint venture clients [1][2]. Performance Summary - In 2H25, the company's revenue reached 13.45 billion RMB, representing a year-on-year increase of 11.6% and a quarter-on-quarter increase of 9.5%. The net profit attributable to shareholders was 1.49 billion RMB, up 14.2% year-on-year and 17.0% quarter-on-quarter [1]. - Domestic revenue growth turned positive in 2H25, with international and domestic market revenues at 8.35 billion RMB and 5.01 billion RMB respectively, showing year-on-year growth of 15.0% and 6.3% [1]. - Revenue from various business segments in 2H25 included battery boxes (3.95 billion RMB, +34.0% YoY), aluminum parts (2.43 billion RMB, -4.7% YoY), plastic parts (3.27 billion RMB, +8.1% YoY), and metal trims (2.87 billion RMB, -2.6% YoY) [1]. Profitability and Expenses - The overall gross margin for 2H25 was 27.8%, a decrease of 1.6 percentage points year-on-year and 0.5 percentage points quarter-on-quarter. The gross margin for the battery box business reached a record high of 24.7% [2]. - The company’s sales, management, and R&D expenses totaled 17.5%, a decrease of 0.3 percentage points year-on-year [2]. Capital Expenditure and Dividends - The company plans capital expenditures of approximately 2.21 billion RMB in 2025, a year-on-year increase of 15.6%, focusing on key international production base construction and emerging businesses [2]. - A dividend of 0.764 HKD per share is planned, totaling 810 million RMB, with a dividend payout ratio of 30% [2]. Growth Drivers - The company is expected to benefit from the acceleration of the European energy transition, with new business revenue growing rapidly. In 2025, new orders amounted to 75.7 billion RMB, with significant breakthroughs in battery boxes and chassis components for leading domestic new energy clients [2]. - Collaborations in humanoid robotics and AI computing infrastructure are anticipated to contribute several hundred million RMB to revenue in 2026 [2]. Profit Forecast and Valuation - Due to rising raw material costs, the company's 2026 net profit forecast has been reduced by 6.4% to 3.13 billion RMB, with a new 2027 profit forecast introduced at 3.85 billion RMB [2]. - The current stock price corresponds to a 10x P/E ratio for 2027 estimates, with a target price increase of 17% to 45 HKD, reflecting a 12x P/E ratio for 2027 estimates and a 25% upside potential from the current price [2].

Investment Rating - The report assigns a cautious recommendation rating to Huayang Co., Ltd. [1] Core Insights - Huayang Co., Ltd. is a leading producer of smokeless coal in China, with over 80% of its revenue and 94% of its gross profit coming from its coal business, which serves as the core pillar of its performance [1] - The company is transitioning towards new energy and materials, focusing on sodium batteries and carbon fiber to establish a second growth curve [2] - The company has a strong cost control mechanism, with coal gross margins maintained at around 40%, showcasing resilience during market downturns [1][2] - The integration of coal and electricity operations has led to stable revenue growth in its power supply business, effectively countering coal price fluctuations [1] Company Overview - Huayang Co., Ltd. has a clear business structure with coal as its core and new energy materials as growth drivers, aiming for new energy and materials to account for 40% of revenue by the end of the 14th Five-Year Plan [13][14] - The company has a robust financial position with a high dividend payout ratio, expected to reach around 50% in 2023-2024, enhancing shareholder value [2] Coal Business - The coal business generated revenue of 201.54 billion yuan in 2024, contributing 81.06 billion yuan to gross profit, making it the core profit contributor [20] - The company is expanding its production capacity, with a total approved capacity of 40.9 million tons per year by the end of 2025, and is actively acquiring new coal resources [21][22] - The company’s smokeless coal products are in high demand, with over 90% of sales secured through long-term contracts, ensuring stable pricing [24][28] Power Supply Business - The power supply business has seen significant growth, with revenue reaching 20.11 billion yuan in 2024, a 295% increase year-on-year, driven by the successful operation of the West Shangzhuang thermal power project [32] - The company’s heating business, while currently under pressure, contributes minimally to overall revenue and is focused on cost control and optimization [35] New Energy Transition - The sodium battery business is a key focus, with a complete industrial chain established, and commercial applications are accelerating [36] - The company is also developing its photovoltaic and flywheel energy storage businesses, although the photovoltaic segment is currently facing profitability challenges due to industry competition [47][48] - The high-performance carbon fiber project is set to begin production in late 2025, targeting high-end markets and contributing to the company's goal of increasing new energy and materials revenue [51][52]

Investment Rating - The report assigns a cautious recommendation rating to Huayang Co., Ltd. [1] Core Viewpoints - Huayang Co., Ltd. is a leading producer of smokeless coal in China, with over 80% of its revenue and 94% of its gross profit derived from its coal business, which serves as the core pillar of its performance [1] - The company is transitioning towards new energy and materials, focusing on sodium batteries and carbon fiber to establish a second growth curve [2] - The company has a strong cost control mechanism, with coal gross margins maintained around 40%, showcasing resilience during market downturns [1][2] - The integration of coal and electricity operations has led to stable revenue growth in its power supply business, effectively countering coal price fluctuations [1] Company Overview - Huayang Co., Ltd. has a clear business structure with coal as its core and new energy materials as growth drivers, aiming for new energy and materials to account for 40% of revenue by the end of the 14th Five-Year Plan [13][14] - The company has a robust financial position with a high dividend payout ratio, expected to reach around 50% in 2023-2024, enhancing shareholder value [2] Coal Business - The coal business generated revenue of 201.54 billion yuan in 2024, contributing 81.06 billion yuan to gross profit, solidifying its role as the main profit contributor [20] - The company is actively increasing its coal production capacity, with a total approved capacity of 40.9 million tons per year by the end of 2025 [21] - Huayang Co., Ltd. has secured significant coal resources, including a recent acquisition of a coal exploration right with an estimated resource of 630 million tons [22] Power Supply Business - The power supply business has seen significant growth, with revenue reaching 20.11 billion yuan in 2024, a year-on-year increase of 295% [32] - The company operates a key low-heat value coal power project, which enhances its coal-electricity integration and reduces fuel costs [29] New Energy Transition - The sodium battery business is a core focus, with a complete industrial chain established, and commercial applications are accelerating [36] - The company is also developing high-performance carbon fiber, with plans to produce 1,000 tons by the end of 2025, targeting high-end markets [51] - The photovoltaic business is expanding steadily, although it faces challenges due to industry competition and has not yet achieved profitability [47]

Summary of Conference Call Records Industry Overview - **Industry**: High-end manufacturing in China, particularly focusing on new energy sectors such as lithium batteries, electric vehicles, and renewable energy equipment [1][2][4] Key Insights and Arguments - **Technological Transition**: China's high-end manufacturing is shifting from technology importation to reverse technology output, exemplified by CATL's technology licensing to North America and partnerships between major automakers [1][2] - **Market Dynamics**: The lithium battery industry is experiencing strong export growth, with passenger vehicle exports increasing by 115% year-on-year in January-February 2026, offsetting domestic demand weakness [1][8] - **Price Trends**: The supply chain is seeing a second round of price increases for copper foil and separators, with expectations for lithium hexafluorophosphate prices to stabilize and rise in April 2026 [1][10] - **Global Energy Security**: The demand for energy security is creating growth opportunities for Chinese manufacturing in various sectors, including gas turbines and renewable energy technologies [4][5] - **Electric Vehicle Market**: The overseas demand for electric vehicles is increasing, with a notable rise in penetration rates, particularly in Southeast Asia due to fuel shortages [6][7] Additional Important Points - **Investment Opportunities**: The robot industry is entering a commercial phase, with significant investments and growth potential, particularly in manufacturing capabilities derived from the automotive sector [1][8] - **Battery Demand**: Despite a 26% year-on-year decline in domestic retail sales of new energy vehicles as of March 15, 2026, the demand for lithium batteries remains stable due to strong export performance [8][9] - **Potential Growth Factors**: The electric heavy truck market is showing unexpected growth, with a 56% increase in January-February 2026, necessitating an upward revision of demand forecasts [9] - **Geopolitical Impact**: Recent geopolitical tensions, such as the conflict in the Middle East, are influencing market dynamics, particularly in the energy and technology sectors [11][12] Specific Company Insights - **CATL**: Recognized for its stable performance and significant market share in the battery sector, with a focus on domestic and international growth [12] - **China Power**: Valued at approximately 68 billion yuan with a strong cash position, expected to benefit from increased orders in the Southeast Asian market [16] - **Micro Technology**: Positioned to benefit from the expansion in PCB production, with ambitious growth targets for orders and profits in the coming years [17] Conclusion - The high-end manufacturing sector in China, particularly in new energy and technology, is poised for significant growth driven by both domestic and international demand. The ongoing geopolitical shifts and the transition towards energy independence are creating new opportunities for investment and expansion in this sector.

Core Viewpoint - The Middle East conflict represents a typical supply shock, directly impacting oil supply and driving up oil prices. This exacerbates the "stagflation" risk for the US, which is already facing supply shortages, slow inflation recovery, and rising government debt. If the conflict is short-lived, the impact may be moderate, but prolonged escalation could increase fundamental pressures and financial risks for the US, with broader implications for the global economy and markets [2][4]. Group 1: Impact on the US Economy - The US is already facing supply shortages, and the supply shock from the Middle East conflict is likely to elevate its "stagflation" risk. Rising oil prices will push up inflation, with historical data indicating that a 10% increase in oil prices raises the US CPI by approximately 0.25 percentage points [6][7]. - In a moderate scenario, the US CPI is estimated to be 3.1% in 2026, while in a risk scenario, it could rise to 3.8%, and in a greater risk scenario, it may reach 4.4% [6][8]. - The US economy, being an oil-producing country, has a slightly better capacity to withstand rising oil prices compared to non-oil-producing countries. However, the overall impact will still be felt through reduced purchasing power and increased costs, with a projected GDP growth of 1.6% in a moderate scenario and a decline to 1.5% in a risk scenario [7][8]. Group 2: Financial Risks in the US - The current fragility of the US financial sector could lead to broader financial shocks if high oil prices persist, potentially causing non-linear economic impacts. The tightening liquidity in the financial system, combined with economic slowdown and geopolitical uncertainties, creates a fragile market sentiment [8][9]. - A significant rise in energy prices could exacerbate "stagflation" concerns, leading to a rapid decline in risk appetite and tightening financial conditions. This could particularly affect the private credit market, where high leverage and weak collateral increase default risks [9][10]. Group 3: Impact on the Chinese Economy - China is currently in a relatively weak demand macro state, which suggests that the oil supply shock will have a lesser overall negative impact compared to the US. The focus should be on the medium-level impacts rather than macro-level [10][11]. - The rise in oil prices will directly increase the PPI in upstream industries such as oil and gas extraction, with a projected increase of 0.3-0.4 percentage points for every 10% rise in oil prices. However, the domestic price adjustment mechanism may limit the impact when oil prices exceed certain thresholds [12][13]. - In a moderate scenario, the overall export growth may be supported by lower energy dependency compared to competitors, with projected export growth rates of 7.0%, 6.0%, and 5.0% under moderate, risk, and greater risk scenarios, respectively [14][15]. Group 4: Industry-Level Impacts - The impact of rising oil prices on industry profits will vary. Upstream industries like oil and gas extraction may benefit from price increases, while downstream industries with limited pricing power may see profit pressures [16][17]. - Historical data indicates that industries such as oil and gas extraction and coal mining tend to benefit from rising oil prices, while sectors like fuel processing and electrical machinery may experience profit declines [16][17].

Macro Changes - The ongoing US-Iran conflict has intensified global energy security concerns, prompting countries to reassess the value of renewable energy for diversifying energy supply [10][18] - Major economies, except China, have been slow to act on the urgency of energy transition highlighted by the Russia-Ukraine conflict, resulting in a decline in global wind power installations and a slower growth rate in solar power installations compared to China [17][18] Strategy Assessment - The safety theme is becoming increasingly prominent, with photovoltaic (PV) technology leading the charge in energy security [3] - The efficiency theme is weakening, as evidenced by the performance of high-efficiency sectors lagging behind low-efficiency sectors since the escalation of geopolitical tensions in 2026 [33][37] - Geopolitical disturbances are a significant catalyst for the strengthening of the safety theme, with a notable shift in market focus towards safety over efficiency [42] Public Utilities - Renewable energy is crucial for China's energy security strategy, with a significant increase in the share of non-fossil energy sources in the energy consumption structure, rising from 15.4% to 19.8% from 2019 to 2024 [53][54] - The share of coal in China's energy consumption is projected to decline from 57.5% in 2019 to 53.2% in 2024, indicating a gradual transition towards renewable energy sources [53][54] Electric New Energy - The report is optimistic about the growth of the renewable energy generation and transmission sectors, driven by the urgent need for energy security amid geopolitical conflicts [4] - The domestic and overseas demand for wind and solar power is expected to surge, with China’s complete supply chain in these sectors poised for significant international expansion [4][30] Automotive - The global push for energy security is expected to accelerate the export of domestic new energy vehicles (NEVs), as countries seek to reduce reliance on traditional energy sources [5] - The cost advantages of NEVs over traditional fuel vehicles will become more pronounced as oil prices rise, leading to increased penetration rates of NEVs in various markets [5] Machinery - Demand for energy equipment and agricultural machinery is anticipated to rise due to geopolitical tensions affecting global energy and coal trade, which will support capital expenditures in coal enterprises and boost demand for coal machinery [6] - The oil service sector is expected to see long-term demand growth as geopolitical conflicts reshape oil and gas supply dynamics [6] Military Industry - The importance of energy security is increasing, leading to heightened demand for marine equipment and information technology related to ocean energy resource development [7] Fund Allocation - The photovoltaic sector is currently underrepresented in fund allocations, with significant room for growth as geopolitical concerns shift market focus back to green energy [11][12]

Market Analysis - The A-share market continues to adjust, with the Shanghai Composite Index falling below 4000 points, closing at 3957.05, down 1.24%, indicating strong selling pressure near the 4000-point mark [2] - The Shenzhen Component Index showed relative resilience, closing at 13866.20, down 0.25%, while the ChiNext Index rose 1.30% to 3352.10, highlighting a divergence in market performance [2] - The total trading volume in the A-share market reached 2.30 trillion, an increase of 8.3% from the previous trading day, indicating overall market activity [2] Sector Performance - The market exhibited a clear structural characteristic with most sectors declining, except for communication, power equipment, and new energy, which rose by 1.44%, 1.13%, and 0.11% respectively [5] - Notable increases were seen in photovoltaic inverters, optical modules, lithium battery electrolytes, and energy storage indices, which rose by 7.22%, 2.90%, 2.76%, and 2.47% respectively, driven by strong demand in the new energy sector [5] - Conversely, sectors such as comprehensive finance, computers, defense, and media led the declines, with drops of 4.98%, 3.94%, 3.15%, and 2.99% respectively [5] Bond Market - The government bond futures market experienced a decline, with the 30-year bond futures (TL2606) falling by 0.42% to close at 110.67, and the 10-year bond futures (T2606) down 0.09% to 108.255 [12] - The People's Bank of China conducted a 205 billion yuan reverse repurchase operation, maintaining the operation rate at 1.40%, resulting in a net withdrawal of 170 billion yuan for the day [12] - The bond market's overall trend remains weak, influenced by external factors such as the Federal Reserve's interest rate stance and geopolitical tensions in the Middle East [12] Commodity Market - The commodity index fell by 1.25%, with the South China commodity index closing at 3080.83, reflecting a weak overall market performance [9] - LPG, manganese silicon, apples, corn starch, and ethylene glycol were among the top gainers, with increases of 8.44%, 3.46%, 2.92%, 2.72%, and 2.51% respectively [9] - Conversely, paraxylene, PTA, bottle flakes, silver, and low-sulfur fuel oil saw declines of -4.46%, -4.54%, -6.05%, -6.25%, and -8.28% respectively [9] Trading Hotspots - Key sectors to watch include artificial intelligence, commercial aerospace, nuclear fusion, consumer goods, brokerage firms, precious metals, and energy chemicals, each driven by specific growth catalysts and market dynamics [13] - The focus for artificial intelligence includes capital expenditure changes among leading companies and the transformation of application scenarios [13] - For commercial aerospace, attention is on domestic reusable rocket launches and technological breakthroughs from overseas leaders like SpaceX [13]

Summary of Conference Call Records Industry Overview - The records discuss the energy sector, particularly focusing on the implications of the escalating Middle East situation on oil and coal prices, as well as the potential investment opportunities in the coal and electricity sectors [1][2][3]. Key Points and Arguments Oil Price Projections - The oil price is expected to maintain a high level above $80-90 per barrel due to the escalating energy crisis risks stemming from the Middle East [1][4]. - There is a potential for oil prices to spike further due to extreme risk events [4]. Coal Sector Investment Logic - Coal chemical industry leaders (e.g., Baofeng, Guanghui) are expected to lead the investment opportunities, followed by thermal coal leaders (e.g., Shanxi Coal) and other thermal coal and coking coal [1][5]. - The cost advantage of coal chemical processes over oil and gas becomes significant when oil prices exceed $65-70 per barrel, enhancing the valuation of the coal sector [1][4]. Long-term Demand for Coal - Even if geopolitical tensions ease, the global emphasis on energy security will structurally increase the demand for coal as a substitute for oil in the chemical sector [1][6]. - The long-term fundamentals supporting the coal sector remain unchanged despite potential geopolitical resolutions [6]. Electricity Sector Opportunities - The electricity sector is highlighted for its defensive attributes and potential growth due to rising electricity demand driven by increased electric vehicle sales and industrial electricity needs [7][8]. - The anticipated rise in oil prices is expected to enhance the economic viability of electric vehicles, thereby increasing charging demand [8]. - The potential for accelerated domestic renewable energy transition policies by 2026 is noted, particularly benefiting green electricity, nuclear power, and hydropower sectors [1][8]. Additional Important Content - The recent attacks on Iranian energy facilities by Israel and the subsequent Iranian retaliations have escalated tensions, increasing the risk of a broader energy crisis [2][3]. - The strategic importance of the South Pars gas field and the Assaluyeh oil facilities is emphasized, as they are critical to Iran's domestic energy supply [2]. - The potential for U.S. ground forces to intervene in the region is discussed, which could either stabilize or further destabilize the situation [4]. Investment Opportunities in Coal and Electricity - The investment sequence in the coal sector is identified as follows: 1. Coal chemical leaders 2. Thermal coal leaders 3. Other thermal coal 4. Coking coal [1][7]. - In the electricity sector, key investment targets include: - Green electricity: Longyuan Power, CGN New Energy, Jiazhe New Energy - Nuclear power: China National Nuclear Power, China General Nuclear Power - Hydropower: Yangtze Power [8].