投资者关系活动记录表（2025） 证券代码：002334 证券简称：英威腾 | 投资者关系活动 | 特定对象调研 分析师会议 | | --- | --- | | 类别 | 媒体采访 业绩说明会 | | | 新闻发布会 路演活动 | | | 现场参观 | | | 其他 线上调研 | | 参与单位名称及 | 嘉实基金、国金证券 | | 人员姓名 | | | 时间 2025 | 年 月 日 12 15 15:00 | | 2025 | 年 月 日 12 16 10:00 | | 地点 | 英威腾光明科技大厦 | | 上市公司接待人 | 董事会秘书：左桃林 | | 员姓名 | 证券事务代表：刘玲芳 | | | 1、公司整体情况介绍 | | | 公司聚焦工业自动化和能源电力两大领域，业务包括工业自 | | | 动化、网络能源、新能源动力、光伏储能四大板块。工业自动化 | | | 等核心部件及一体化 业务能提供变频器、伺服系统、PLC＆HMI | | | 解决方案；网络能源业务能提供微模块数据中心、供配电产品、 | | 投资者关系活动 | 智能温控产品、智能监控产品及一体化解决方案；新能源动力业 | | ...

格隆汇12月10日丨宁波华翔(002048.SZ)公布，上海峰梅动力系统有限公司（简称"峰梅动力""标的公 司"）为上汽大众汽车有限公司（简称"上汽大众"）的全资子公司，是为承接上汽大众拟出售的上海嘉 定区发动机一厂土地、厂房、设备和相关业务而专门设立的公司。为促进宁波华翔电子股份有限公司在 新能源动力领域和智能底盘领域的转型升级，推动公司在新能源动力领域相关零部件产品的快速发展， 同时避免新业务及客户订单波动给公司稳定经营带来的风险，经公司2025年12月9日召开的第八届董事 会第二十六次会议审议通过《关于与关联方共同收购上汽大众持有的峰梅动力100%股权暨关联交易的 议案》，同意公司与实控人控制的企业——宁波峰梅控股有限公司（简称"峰梅控股"）共同以现金出资 的方式购买上汽大众持有的标的公司100%股权，其中宁波华翔购买标的公司40%股权，峰梅控股购买 标的公司60%股权，待新业务运行稳定并达成预期效果后，公司将依据《上市公司治理准则》等法律法 规要求，进行业务整合。关联董事周晓峰先生回避了该项表决。 根据银信资产评估有限公司对标的公司资产出具的《上汽大众汽车有限公司拟转让持有的上海峰梅动力 系统有限公司 ...

Core Viewpoint - Ningbo Huaxiang Electronics Co., Ltd. is acquiring a 40% stake in Shanghai Fengmei Power System Co., Ltd. from SAIC Volkswagen, which is a strategic move to enhance its capabilities in the new energy power sector and smart chassis field [1][2] Group 1: Acquisition Details - Shanghai Fengmei Power System Co., Ltd. is a wholly-owned subsidiary of SAIC Volkswagen, established to manage the assets and operations related to the sale of land, buildings, and equipment in Shanghai Jiading District [1] - The total valuation of Fengmei Power's equity is set at 530 million yuan, with Ningbo Huaxiang contributing 212 million yuan for a 40% stake and Fengmei Holdings contributing 318 million yuan for a 60% stake [2] Group 2: Strategic Implications - The acquisition is aimed at facilitating Ningbo Huaxiang's transformation in the new energy battery and smart chassis sectors, promoting the development of related products [2] - By not acquiring a controlling stake, the company mitigates investment risks associated with market volatility in the new energy sector, especially with the anticipated reduction in new energy vehicle purchase tax starting in 2026 [2]

Core Viewpoint - China is actively opening its shipbuilding industry to global collaboration, aiming to enhance its technological capabilities and supply chain resilience while maintaining a dominant market position [1][3]. Group 1: Industry Position - China is projected to produce approximately 65% of the global shipbuilding market share this year, with an annual capacity of around 65 million tons of large ships [3]. - The China State Shipbuilding Corporation (CSSC) has confirmed a continuous influx of orders from global shipping companies, indicating a strong competitive advantage in the industry [3][6]. Group 2: Supply Chain and Collaboration - The Chinese government encourages foreign enterprises and research institutions to invest and collaborate in China, aiming to build a more secure and resilient supply chain for shipbuilding [3]. - By inviting global suppliers and research institutions, China seeks to enhance the overall technological level and quality stability of its shipbuilding sector [3]. Group 3: Future Technologies - The next generation of ships is expected to be smarter and greener, incorporating new energy sources like hydrogen and ammonia, as well as artificial intelligence technologies [4]. - Open collaboration with foreign partners will allow China to rapidly gather global expertise and accelerate the implementation of advanced technologies in the shipbuilding industry [4]. Group 4: Strategic Intent - China's proactive approach to inviting global partners is not due to a lack of capability but is a constructive strategy to expand the shipbuilding market [6].

Core Insights - Weichai Power is making significant advancements in the Solid Oxide Fuel Cell (SOFC) sector, achieving breakthroughs in technology and establishing partnerships with leading companies both domestically and internationally [1][2] - The sales of products related to data centers have increased over threefold year-on-year in the first three quarters, showcasing strong performance in both emerging industries and traditional business sectors [1][2] - The company has fully mastered core technologies across the entire value chain of SOFC, including battery, stack, system, and power station, which positions it well for future commercialization [1] Group 1: SOFC Developments - Weichai Power has signed a technology licensing agreement with Xilis in November 2025, indicating comprehensive mastery of SOFC technology [1] - The company is focusing on key applications such as AI data centers and industrial parks, launching new high-power metal-supported commercial products with significant improvements in efficiency and performance metrics [1] - Partnerships with major enterprises have been established to lay a solid market foundation for future large-scale commercialization of SOFC [1] Group 2: Traditional Business Performance - The sales of M-series large-bore engines exceeded 7,700 units in the first three quarters of 2025, reflecting a year-on-year growth of over 30% [2] - Products aimed at the data center market saw sales surpassing 900 units, marking an increase of over threefold, contributing significantly to overall performance [2] - The rapid growth in the data center industry has driven demand for energy supply upgrades, highlighting the company's competitive advantages in reliability and efficiency [2] Group 3: Strategic Outlook - Weichai Power is committed to a development strategy that combines upgrading traditional businesses with breakthroughs in emerging sectors [2] - The successful implementation of SOFC technology and market expansion, along with explosive growth in the data center market, underscores the company's forward-looking positioning in the new energy sector [2] - As SOFC commercialization progresses and core market demands continue to grow, Weichai Power is expected to strengthen its leading position in the industry, contributing to energy structure transformation and high-end manufacturing upgrades [2]

Group 1 - The article highlights the collaboration between a company and Huawei to launch a large model integrated machine, as well as a technical partnership with Moore Threads [1] - A company has signed a 100 million yuan contract for new energy power batteries, indicating a strong focus on renewable energy and storage solutions [1] - Another company has entered into a strategic cooperation agreement for humanoid robot components with a rolling bearing enterprise, showcasing advancements in humanoid robotics and automotive technology [1]

Core Viewpoint - Weichai Power (02338) shows strong financial performance in Q3 2025, with significant revenue and profit growth, driven by robust demand in the heavy truck industry and advancements in new energy systems [1] Financial Performance - For the first three quarters of 2025, Weichai Power achieved revenue of approximately 170.57 billion yuan, a year-on-year increase of 5.32% [1] - The net profit attributable to shareholders for the same period was about 8.88 billion yuan, reflecting a year-on-year growth of 5.67% [1] - In Q3 2025 alone, the company reported revenue of 57.4 billion yuan, marking a year-on-year increase of 16.1% [1] - The net profit for Q3 2025 reached 3.23 billion yuan, showing a year-on-year growth of 29.5% [1] Industry Insights - Guohai Securities noted that the heavy truck industry is experiencing strong demand in Q3 2025, with natural gas penetration rates showing month-on-month recovery [1] - The revenue growth of 16.1% in Q3 2025 and a non-recurring net profit growth of 26.7% are attributed to this favorable industry environment [1] Business Segments - The new energy power systems and AIDC large-bore engine segments have seen rapid growth in the first three quarters of 2025 [1] - Revenue from the new energy power systems reached 1.97 billion yuan, representing an impressive year-on-year increase of 84% [1] - Sales of large-bore engines surpassed 7,700 units, reflecting a growth of over 30% year-on-year, with data center-related product sales exceeding 900 units, up more than threefold [1]

Core Viewpoint - Weichai Group showcased its advanced technology and diverse product offerings at the 2025 Global Partner Conference, emphasizing its commitment to the high-end equipment industry and the growing natural gas market [1][2][13]. Product Highlights - Weichai introduced six natural gas engine products, including WP3NNG, WP4.6NNG, WP8NG-4.0, WP13NG-4.0, WP15NG-4.0, and WP16NG-4.0, reflecting its focus on the natural gas power market [2]. - The WP16NG-4.0 engine features a displacement of 15.7L, an output of 750 horsepower, and a peak torque of 3400 N·m, achieving a 6% reduction in fuel consumption compared to diesel engines, potentially saving customers 150,000 yuan annually [2]. - The WP15NG-4.0 engine, designed for heavy-duty gas tractors, delivers 630 horsepower and 2800 N·m of peak torque, with enhanced combustion response and reduced fuel consumption through advanced technologies [4]. - The WP13NG-4.0 engine, aimed at composite transport, offers 570 horsepower and 2600 N·m of peak torque, utilizing precise control technologies for optimized fuel efficiency [6]. - Weichai also presented six diesel engine products, including the WP17H/T, which is the world's largest heavy-duty truck engine with a maximum output of 840 horsepower and a peak torque of 3700 N·m [8][10]. New Energy Initiatives - Weichai emphasized its commitment to new energy by showcasing 12 new energy products, including the WP15 hydrogen engine with a displacement of 14.6L, a maximum power of 560 horsepower, and advanced hydrogen injection technology [12][13]. - The TZ220 flat wire motor, designed for light and heavy trucks in mountainous conditions, boasts a peak power of 270 kW and a torque of 550 N·m, featuring high power density and efficiency [15]. Conclusion - The conference highlighted Weichai's diverse range of products across diesel, natural gas, electric, and fuel cell technologies, showcasing significant advantages in comfort, lightweight design, reliability, and economic efficiency, reinforcing its leading position in the internal combustion engine industry [17].

Core Insights - The launch of the "Gezhouba" vessel marks a significant advancement in China's inland shipping, transitioning to a "zero-emission, intelligent" development phase, setting a global benchmark for new energy vessels [1][2] Group 1: Vessel Specifications - The "Gezhouba" vessel measures 129.98 meters in length, 22 meters in width, and has a maximum load capacity of 13,740 tons [1] - It is equipped with 12 lithium battery boxes, providing an energy capacity of approximately 24,000 kilowatt-hours, enabling a range of up to 500 kilometers [1] Group 2: Environmental Impact - The vessel is projected to replace approximately 617.5 tons of fuel annually, leading to a reduction of about 2,052 tons of carbon dioxide emissions [1] Group 3: Technological Innovations - The vessel features a smart control system for remote navigation, enhancing safety and operational efficiency [1] - It successfully integrates key technologies such as large-capacity batteries and distributed DC power systems, demonstrating a new path for the integration of shipping and energy sectors [2]

Core Insights - The Weichai Group's 2025 Global Partner Conference, themed "Empowering Technology for a Better Future," gathered over 1,000 partners from nearly 100 countries, emphasizing a global dialogue on technological empowerment [1][3]. Financial Performance - In the first three quarters, Weichai Group achieved over 250 billion yuan in revenue, marking a 6% year-on-year increase, with both sales and revenue indicators showing varying degrees of growth [3]. Strategic Goals - Weichai aims to transition into a value co-creator and ecological leader by achieving three major leaps: product value, customer relationships, and industrial win-win scenarios [3]. Product and Market Position - Weichai has established itself as a leading multinational industrial equipment group in China, with a comprehensive product range across various sectors, including power systems, commercial vehicles, agricultural equipment, and marine transportation [5]. - The company has a total annual revenue exceeding 300 billion yuan and has developed a full series of power solutions ranging from 2 to 579 liters in displacement and 18 to 10,000 kilowatts in power [5]. Research and Development - Over the past decade, Weichai has invested more than 30 billion yuan in R&D, with an intensity exceeding 6%, positioning it among the top in the global industry [5]. - The company is focusing on three strategic transformations: new energy, digital intelligence, and aftermarket services, to create a diversified power industry landscape [5][12]. Product Showcase - At the conference, Weichai showcased 29 domestic and international brands, highlighting its comprehensive power system offerings and demonstrating its strength in various sectors [9]. - The company presented nearly 60 products in the power system sector, catering to different emission standards and regulations, and covering traditional and new energy power solutions [9][11]. Aftermarket Services - Weichai is transitioning its aftermarket business model from merely selling parts to offering comprehensive service solutions, enhancing the value chain [12]. Brand Heritage - Weichai Group boasts a rich brand heritage with 29 well-known brands, including several with over a century of history, reflecting its deep-rooted presence in the industry [13]. Technological Advancements - The company has achieved significant technological milestones, including the world's first diesel engine with thermal efficiency exceeding 53%, showcasing its commitment to innovation [11][15].