Core Insights - The equipment manufacturing industry has transitioned from incremental competition to stock competition, with the aftermarket becoming a new growth engine, attracting various stakeholders to enhance their layouts [1][4] - Weichai has been a pioneer in the aftermarket industrialization journey since 2005, emphasizing "service creates value" and achieving significant growth and efficiency improvements over 20 years [1][4][6] Industry Development - The Weichai aftermarket business officially started in 2005 with the establishment of two companies, marking the beginning of its journey [4] - Over the past 20 years, Weichai has built a robust service network with over 5,000 service stations and more than 80 central warehouses, achieving a nearly 30% compound annual growth rate in its aftermarket business [4][6] Strategic Initiatives - Weichai's growth is driven by two core factors: organizational transformation and continuous model innovation, adapting to new industry conditions and customer needs [6][11] - The company aims to achieve a target of 10 billion in aftermarket revenue by 2025, supported by its strong position in the engine market and strategic backing from Shandong Heavy Industry Group [9][11] Market Opportunities - Weichai has over 6 million engines in global circulation, providing a vast opportunity for aftermarket expansion [9] - The company is focusing on activating the domestic market and exploring overseas opportunities, while also enhancing its product system to meet diverse customer needs [11][13] Future Vision - Weichai plans to transform its aftermarket services from parts sales to comprehensive system services, aiming to create a win-win ecosystem for customers and partners [11][13] - The company is committed to professionalizing, standardizing, and digitizing its aftermarket services, positioning itself as a leading brand in the aftermarket sector [13]