Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company achieved a revenue of 22.9 billion RMB in 2025, representing a year-on-year growth of 45%. The net profit reached 280 million RMB, up 110% year-on-year, while the adjusted net profit was 410 million RMB, reflecting a 184% increase [1] - The company is actively expanding its same-city delivery and last-mile services, with significant growth in revenue and order volume, particularly in the food delivery and instant retail sectors [2] - The integration of artificial intelligence into operations is a key focus, enhancing efficiency and service quality, with a robust deployment of unmanned logistics solutions [3] Financial Performance - In 2025, the company reported a net profit margin of 1.2%, an increase of 0.4 percentage points year-on-year, and an adjusted net profit margin of 1.8%, up 0.9 percentage points [1] - The company anticipates adjusted net profits of 530 million RMB, 750 million RMB, and 970 million RMB for 2026, 2027, and 2028, respectively, with corresponding adjusted EPS of 0.58, 0.82, and 1.05 RMB per share [3] - The projected revenue growth rates for the next few years are 20.2% in 2026, 19.8% in 2027, and 18.5% in 2028 [5] Business Growth Drivers - The company has seen a 72% increase in active merchants and an 11% increase in active consumers, indicating strong market penetration [1] - The same-city delivery revenue for 2025 was 135 billion RMB, a 48% increase year-on-year, with a significant rise in order volume exceeding 55% [2] - The last-mile delivery revenue reached 94 billion RMB in 2025, growing by 42% year-on-year, driven by deep collaboration with major clients [2]

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 ...

Core Viewpoint - GAC Aion and New Stone Technology have signed a strategic cooperation agreement to collaborate in the field of unmanned logistics vehicles, aiming to enhance technology, manufacturing, and market expansion in this sector [1][3]. Group 1: Strategic Cooperation Details - The cooperation will involve comprehensive collaboration on the production of New Stone's existing unmanned vehicle products and the joint development of next-generation fully vehicle-grade unmanned logistics vehicles [2][3]. - Both companies will explore innovative business models and market expansion paths to accelerate the deployment of unmanned vehicles in various scenarios, while also promoting industry standards and ecosystem development for high-quality growth [3]. Group 2: Company Profiles and Market Position - New Stone Technology is a leading player in the unmanned logistics vehicle industry, focusing on L4-level autonomous vehicle development, manufacturing, and services, with over 16,000 unmanned vehicles deployed globally across 15 countries and more than 300 cities [5]. - The company has achieved a cumulative driving distance of over 100 million kilometers with L4 autonomous vehicles and operates the world's largest L4-level unmanned delivery fleet in Qingdao [5]. - GAC Aion serves as the core platform for GAC Group in the new energy commercial vehicle sector, with strong manufacturing capabilities and a comprehensive R&D system, particularly in smart vehicle hardware development [5]. Group 3: Market Outlook and Future Prospects - The unmanned logistics vehicle industry is entering a new development phase, with the market expected to reach 150,000 units by 2026 and potentially form a trillion-yuan market by 2030 [7]. - The collaboration aims to leverage each company's strengths in industry resources, manufacturing capabilities, and operational systems to create competitive unmanned logistics vehicle products and accelerate their deployment in the Guangdong-Hong Kong-Macao Greater Bay Area and nationwide [7]. - This strategic partnership signifies a significant step towards the commercialization of autonomous vehicles, transitioning from demonstration applications to large-scale commercial use, thereby contributing to the development of smart transportation systems [7].

Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [6]. Core Insights - The forklift sales in China showed a mixed performance with a total of 80,900 units sold in February 2026, a year-on-year decrease of 20.3%. However, the cumulative sales for January-February 2026 reached 222,600 units, reflecting a year-on-year increase of 14.1% [5]. - Domestic forklift sales in January-February 2026 increased by 9.31% year-on-year, while export sales grew by 22% [5]. - The demand for forklifts is closely linked to the manufacturing and logistics sectors, with the manufacturing PMI new orders index at 48.60% in February 2026, indicating a gradual improvement in the manufacturing sector [5]. - Companies like Zhongli Co., Ltd. are investing in smart robotics projects to enhance their production capabilities, with a total investment of 350 million yuan planned for a new technology project [5]. - Anhui Heli, a leading company in industrial vehicles, received recognition for its strategic partnerships and is expanding its marketing network through collaboration with JD Industrial [5]. Summary by Sections Forklift Sales Performance - In February 2026, domestic forklift sales were 42,800 units, down 35.5% year-on-year, while overseas sales were 38,100 units, up 8.34% [5]. - The overall forklift sales trend is expected to continue its stable growth into 2026, supported by increasing domestic demand and favorable export conditions [5]. Company Developments - Zhongli Co., Ltd. announced a 350 million yuan investment in a project to produce 50,000 smart robots and 100,000 sets of forklift components, aiming to enhance its production capabilities and align with national policies [5]. - Anhui Heli was awarded the "2025 Super Strategic Partner Award" for its collaboration with JD Industrial, highlighting its strong market presence and product quality [5]. Market Outlook - The forklift industry is characterized by its broad applications and relatively weak cyclical features, with future demand expected to benefit from a recovery in manufacturing and growth in logistics [5]. - Domestic companies are accelerating their globalization efforts, establishing local production and service capabilities overseas, which is expected to enhance their market penetration [5].

Investment Rating - The report does not explicitly state an overall investment rating for the industry Core Views - The express delivery sector is positively influenced by regulatory measures against "involution" competition, with a focus on stabilizing prices and improving service quality, which is expected to enhance profitability for leading companies like Zhongtong Express and Jitu Express [2] - The logistics sector is recommended to focus on smart logistics, with companies like Haichen Co. being highlighted due to the anticipated recovery in chemical logistics driven by rising chemical product prices [3] - The aviation sector shows signs of recovery with increased flight volumes and potential for improved profitability as oil prices stabilize [4] - The shipping sector is experiencing high freight rates due to geopolitical tensions affecting oil transport routes, particularly in the Strait of Hormuz [5] - The road and rail sectors are noted for their steady performance, with opportunities for investment in companies with attractive dividend yields [6] Summary by Sections Transportation Market Review - The transportation index fell by 0.7% last week, while the Shanghai and Shenzhen 300 index decreased by 1.1%, indicating a slight outperformance of the transportation sector [1][13] Industry Fundamentals Tracking Shipping Ports - The export container shipping market is under pressure, with the China Container Freight Index (CCFI) at 1044.57 points, down 4.0% week-on-week and 20.8% year-on-year [21] - High oil transport rates are maintained due to geopolitical tensions, with the BDTI index rising to 2868.4 points, up 51.4% week-on-week and 225.4% year-on-year [40] Aviation Airports - The average daily flights in China increased by 17.86% year-on-year, with domestic flights up by 19.64% [4] - Brent crude oil prices rose to $92.69 per barrel, impacting operational costs for airlines [67] Rail and Road - The national highway freight traffic saw a significant increase of 229.68% week-on-week, although it remains down 35.52% year-on-year [84] - The railway sector reported a passenger volume increase of 8.52% year-on-year, indicating a positive trend in rail transport [82] Express Logistics - The express delivery sector recorded a collection volume of approximately 4.231 billion packages, up 12.6% year-on-year, while delivery volume decreased by 6.3% year-on-year [2]

National Policies - The Ministry of Transport has adjusted the age requirement for certain road transport personnel to a maximum of 63 years, effective from March 20, 2026 [2] - The Ministry of Transport and the State Administration of Taxation have issued new management regulations for online freight platforms, focusing on driver rights protection and digital supervision [4] - New technical standards for hydrogen transportation have been released, effective from March 1, 2026, detailing equipment conditions and emergency procedures for hydrogen transport [7] Local Policies - In Henan, 134 driver service stations have been equipped with navigation features to enhance accessibility for truck drivers, providing essential services like rest areas and hot meals [11] - Qinghai plans to build heavy-duty truck battery swap stations along major highways to reduce logistics costs [12] - Guangdong has initiated the construction of 20 heavy-duty truck supercharging stations, aiming to create a green energy supply hub in the Guangdong-Hong Kong-Macao Greater Bay Area [14] - In Hunan, the province will enhance highway service areas and establish 14 "Driver Homes" to provide free services for truck drivers, including rest and charging facilities [19] - Sichuan is implementing a safety risk management system for passenger and hazardous goods transport companies, utilizing big data for enhanced regulatory oversight [21][22]

Group 1 - The "Fifteen Five" plan is being launched in Liaoning, with a focus on major projects as a key support for a good start [1] - The "Kaigong Kan Kaiju" column will report on project construction sites across the province, highlighting the determination and courage of builders [1] - The new factory of Sailun Group in Shenyang is undergoing significant upgrades and expansions, with a total investment of 20 billion yuan planned [2] Group 2 - The new factory aims to produce 1.14 million tires annually by 2026, generating an output value of 1 billion yuan [2] - The factory is also establishing an advanced intelligent control center, expected to be operational by June [2] - The Shenyang Smart Land Port project, with an investment of 650 million yuan, is also under construction, integrating cutting-edge technologies for logistics [2][4] Group 3 - The local workforce is actively engaged, with numerous job interviews taking place post-holiday, reflecting a positive business environment [2] - The city has made commitments to various projects, with over 884 projects resuming work and 226 new projects starting [4] - The completion rate for new project procedures in the city has exceeded 51% for the 1,295 projects planned for 2026 [4]

Core Viewpoint - The Jinan Railway Logistics Center is a crucial hub for the China-Europe Railway Express, facilitating the efficient transportation of Shandong-made products to various global destinations, especially during the busy Spring Festival period [2][3]. Group 1: Operational Efficiency - The China-Europe Railway Express from Jinan to Budapest operates on a precise schedule, taking only 12 days for the journey, which is a 30% reduction in time compared to traditional freight services [3]. - Jinan's railway network has expanded from 8 routes in 2020 to 15 routes currently, connecting to 23 countries and 50 cities, with four overseas consolidation centers established in Kazakhstan, Serbia, Russia, and Laos [4]. Group 2: Technological Advancements - The logistics operations at the Jinan center have integrated advanced technologies such as digital twin technology for real-time monitoring of operations, significantly reducing the time for vehicle entry from 20-30 minutes to just a few seconds [6][7]. - Automated systems, including drones for inspection and robotic loading, enhance operational safety and efficiency by monitoring cargo status and ensuring precise handling [7]. Group 3: Commitment and Cultural Significance - The dedication of staff, exemplified by the commitment of employees like Mulin, highlights the cultural importance of the railway service, as they often work during holidays to ensure uninterrupted operations [8][9]. - The railway service symbolizes not only the flow of goods but also the collaborative development of regions, connecting local economies to global markets [4][9].

Core Insights - The CeMAT ASIA exhibition, focusing on logistics technology and transport systems, will take place from November 3-6, 2026, at the Shanghai New International Expo Centre, showcasing the latest trends and innovations in the logistics sector [1][6]. Group 1: Event Overview - CeMAT ASIA has been held since 2000 and has become a significant platform for the logistics and transportation industry in Asia, with over 80,000 square meters of exhibition space and more than 900 exhibitors expected in 2025 [1]. - The event is organized by the China Federation of Logistics and Purchasing, the Chinese Mechanical Engineering Society, and Hannover Messe, indicating strong institutional support [1]. Group 2: Industry Trends - The logistics equipment demand in China is expected to focus on e-commerce, cold chain logistics, manufacturing logistics, apparel logistics, and bulk commodity logistics, driven by government policies supporting modern logistics development [6]. - Traditional sectors such as tobacco, pharmaceuticals, machinery, automotive, home appliances, postal services, books, and retail are anticipated to maintain stable growth alongside economic expansion [6]. Group 3: Product Categories - The exhibition will cover a wide range of product categories, including material handling equipment, storage systems, packaging and sorting technologies, transportation vehicles, and logistics services [4]. - Specific technologies highlighted will include automated guided vehicles, warehouse management systems, and integrated supply chain management systems, reflecting the industry's shift towards smart logistics [4][6].

Core Insights - The Zhengzhou Central Multi-Modal Transport International Hub project by SF Express has successfully completed the first phase of its foundation work, focusing on the temperature monitoring of large concrete structures to ensure safety and durability [1][2] - The project aims to create a comprehensive international logistics hub that integrates various functions such as multi-modal transport, smart logistics, and modern warehousing, leveraging SF Express's core resources [2] - Upon completion, the hub is expected to serve as a benchmark for smart logistics in China and enhance logistics capabilities in Henan province, contributing to the national unified market [2] Project Details - The first phase involves the pouring of 920 foundation slabs, each equipped with temperature sensors to monitor internal and external temperature differences [2] - The foundation slabs are designed to support a high-standard building area of 225,000 square meters, with each slab capable of bearing over 400 tons [1] - The project has been progressing efficiently since its initiation in June of the previous year, with all earthworks and pile foundation works completed, and the construction of the foundation slabs currently underway [2] Workforce Commitment - Workers, including skilled laborers, are returning to the site ahead of schedule to prepare for the next phases of construction, indicating a strong commitment to project timelines [3] - The construction site is expected to become increasingly active as more workers return, signaling a robust development phase for the logistics hub [3]