Core Viewpoint - Weichai Power Co., Ltd. has announced a share buyback plan approved during the fourth temporary board meeting held on April 29, 2025, with details disclosed on April 30, 2025 [1] Shareholding Situation Top Ten Shareholders as of May 13, 2025 - The announcement includes the names, shareholding quantities, and proportions of the top ten shareholders as of the equity registration date [1] - Notable shareholders include China Life Insurance Co., Ltd., Industrial and Commercial Bank of China, and China Construction Bank [1] Top Ten Unrestricted Shareholders as of May 13, 2025 - The announcement also lists the top ten unrestricted shareholders, with similar notable names as in the previous section [1] - The shareholding quantities are based on the total holdings from both ordinary accounts and margin trading accounts [1] Reference Documents - The shareholder register issued by China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, is available for review [1]

编号：2025-03 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动类 | □媒体采访 ☑业绩说明会 | | 别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（电话会议） | | 活动参与人员 | 接待对象：网上投资者 | | | 接待人员：公司董事长、总经理杨波先生、财务总监朱国友先生、董 | | | 事会秘书翟建峰先生 | | 时间 | 2025 年 5 月 16 日 (周五) 下午 16:00-17:00 | | 地点 | 全景网"投资者关系互动平台"（https://ir.p5w.net） | | 形式 | 网络远程 | | | 公司就投资者在本次说明会中提出的问题进行了回复，问答环节 | | | 主要内容如下： | | | 1、请问贵公司有没有涉及工业机器人业务，若涉及请问是什么 | | | 业务，是否有在售产品或生产线的搭建？ | | | 您好，目前公司除智能物流配送车外，无其他机器人业务。谢谢！ | | | 2、公司发动机可以间接用于航空或者无人机相关领域吗？ | | 交流内容及具体问 | 目前公司暂无航空和无人机发动机业务， ...

Core Viewpoint - In 2024, Yunnei Power maintains a strong leading position in the diesel engine segment while actively pursuing transformation in traditional internal combustion engines and new energy strategies, focusing on technological innovation in diesel engines, hybrid systems, and hydrogen fuel cells, alongside developing emerging business projects centered on intelligent and green manufacturing to support the company's upgrade and sustainable development [1][6]. Group 1: Company Overview - Yunnei Power, established nearly sixty years ago, is a joint-stock listed company initiated by Yunnan Internal Combustion Engine Factory, with its actual controller being the Kunming State-owned Assets Supervision and Administration Commission [2]. - The company has solidified its position in the engine business, achieving breakthroughs in key core technologies, lightweight design, energy efficiency, and new product development, with its engine products reaching advanced domestic levels in economic efficiency, reliability, and environmental protection [2][4]. - As of December 31, 2024, the company holds 335 valid patents in the engine field, including 231 utility model patents, 68 design patents, and 36 invention patents [2]. Group 2: Product Performance and Revenue - In 2024, the company achieved a revenue of 4.731 billion yuan, with engine products generating 3.962 billion yuan, accounting for 83.75% of total revenue, while parts and other products contributed 556 million yuan, representing 11.74% [4]. - The company's diesel engines meet national emission standards, with series "90, 95, 100, 102" achieving National IV standards, showcasing excellent power, economy, and reliability [4]. - The company has established a production capacity of 850,000 engines annually, positioning it as a leader in the industry [5]. Group 3: Quality Management - The company operates under the IATF16949:2016 quality management system, ensuring product quality stability through rigorous control at every management stage, from raw material procurement to production and inspection [3]. - It has received numerous accolades, including being recognized as a national advanced typical enterprise for integrity and a benchmark enterprise for product and service quality [3]. Group 4: New Energy and Intelligent Manufacturing - The company is actively expanding its new energy business, focusing on hybrid, range-extended, dual-fuel, and hydrogen fuel cell products, aligning with the "dual carbon" strategy [6]. - In 2024, the company launched hybrid products in collaboration with major automotive manufacturers and is developing a comprehensive product system for fuel cells [6]. - The company is also advancing in intelligent manufacturing, with projects like smart rubber tapping machines and L4-level intelligent delivery vehicles, having received testing licenses for autonomous delivery vehicles in Kunming [7].

来源：人民日报微信公众号 "白血病复发期间的困难与不便 远非几段文字能够描述 万幸被雪覆盖的道路，终于通向春天" 近日，北京理工大学机械与车辆学院 动力工程及工程热物理专业 当时的刘泽昌就立下宏愿：用技术创新锻造国之重器！ 两年后，他以优异成绩考入北理工机械与车辆学院发动机研究所，师从刘福水教授。 刘泽昌与指导老师何旭 在发动机研究所读书期间，刘福水教授指导他攻克低温冷启动技术难关；何旭老师则通过光学诊断技术 帮他开展燃烧机理研究。 当研究渐入佳境时，刘教授确诊胃癌晚期的消息击碎平静。 2021级博士生刘泽昌 两战白血病的故事，引发关注 时间回到刘泽昌大二时，一场关于发动机设计的讲座，让他见识到刘福水教授领衔的一项突破性成果， 是如何推动我国装备动力系统实现代际跨越。 这位将一生奉献给坦克发动机事业的学者，在病床上仍坚持工作，直到生命最后时刻。 "愿我国能源与动力学科早日跻身国际一流行列！祝我国早日成为设计与制造强国！"刘福水教授用生命 践行了铁甲报国的铮铮誓言。 病榻上的刘福水在指导学生 在刘福水教授的言传身教下，刘泽昌深刻认识到国家重点领域动力装备自主创新的重要性和紧迫性—— 问题摆在面前，传统发动机在高 ...

Group 1: New Energy Business Development - The company is actively promoting its new energy strategic transformation, with plans to significantly increase revenue from new energy sources by over 100% year-on-year in 2025 [1] - The first phase of the Weichai (Yantai) New Energy Industrial Park was officially put into operation on March 28, marking the establishment of a large-scale production base for new energy powertrains, motors, motor controllers, and batteries [1] - Factors such as policy support and cost reductions are driving the gradual increase in new energy penetration rates in heavy trucks, light trucks, and construction machinery, indicating a broad future application space [1] Group 2: Large Bore Engine and Data Center Business Goals - In Q1 2025, the company sold nearly 2,500 units of the M series large bore engines, with significant year-on-year growth in data center product sales [2] - The company expects rapid growth in sales of M series large bore engines and data center products, leveraging advantages in technical performance, production capacity, and delivery efficiency to capture key high-end markets [2] Group 3: Dividend Policy - Considering the dividend distribution plan for 2024, the total cumulative dividends since the company's listing will reach nearly 35 billion yuan [2] - The company emphasizes the importance of shareholder opinions and continuously rewards them through dividends, maintaining a proactive and stable dividend policy while balancing development and shareholder interests [2]

Core Viewpoint - The domestic market for large mining equipment core components, traditionally reliant on imports, is experiencing a significant shift as Weichai breaks the international monopoly on key technologies in this sector, marking a move towards self-sufficiency in the industry [1][13]. Product Features and Upgrades - Weichai's second-generation mining power products include the M series and H/T series, specifically designed for mining conditions, showcasing advancements over the first generation [3][5]. - The M series features three major platforms (M25, M33, M55) with displacement ranging from 19.6L to 87.5L and power output from 522kW to 2800kW, suitable for various large mining equipment [5][11]. - The H/T series introduces three key products (WP14T, WP15H, WP17T) that cater to wide-body dump trucks and excavators, utilizing advanced technologies to achieve over 10% lower fuel consumption compared to competitors [7][8]. Performance and Reliability - The M series products demonstrate a high-altitude adaptability of up to 5000 meters, with a comprehensive fuel consumption reduction of over 5% compared to competitors and a long overhaul cycle of 20,000 hours [5][11]. - The H/T series boasts a unique engine platform with a thermal efficiency of 53.09%, enhanced reliability, and a design margin exceeding 34%, significantly surpassing industry standards [7][8]. Green Energy Solutions - Weichai is transitioning from traditional diesel engines to diversified green power solutions, including methanol, gas, and electric engines, aligning with the industry's shift towards sustainability [8][10]. - The WP17T methanol engine, developed over 10 years with an investment of 120 million yuan, addresses multiple industry challenges and supports the green transformation of mining power [10]. Market Position and Historical Context - Weichai has established itself as a leader in the domestic equipment manufacturing sector, holding an 80% market share in the wide-body dump truck segment and a strong presence in the mining equipment market [11][13]. - The company has a history of innovation, having introduced the first domestic engine for wide-body dump trucks in 2005 and continuously adapting to market demands for larger and more efficient equipment [11][13].

Core Insights - The heavy truck market in China is under pressure, with total sales down 4% year-on-year in Q1 2024, while natural gas heavy trucks show resilience with a 4% increase in sales [1] - Huafeng Power Co., Ltd. is focusing on technological upgrades and flexible production lines to strengthen its core business and seize market opportunities despite facing performance challenges in 2024 [2] Market Performance - Natural gas heavy trucks have gained market share due to their economic and technological advantages, although Huafeng has faced reduced orders and capacity utilization due to mismatches in production lines and client needs [2] - The sales of new energy heavy trucks reached 82,000 units in 2024, marking a significant 140% year-on-year increase, indicating a growing market penetration [3] Technological Development - Huafeng has established a joint R&D center with the Shanghai Institute of Ceramics to focus on solid-state battery technology, which is seen as a key future technology [3] - The company is exploring combining halide systems with polymer matrices to enhance ionic conductivity and mechanical strength, although the technology is still in the early stages of development [3] Business Expansion - Huafeng is expanding its traditional diesel engine and intelligent generator businesses through strategic partnerships and market development, including collaborations with Weichai Lovol in agricultural machinery [4] - The company has successfully developed and delivered silent generator sets for communication base stations in Congo and the Philippines, enhancing its competitiveness in the overseas market [4] International Market Opportunities - The demand for diesel generator sets as critical backup power sources is increasing due to the global expansion of data centers, providing opportunities for domestic companies to enter international markets [5] - Huafeng plans to strengthen its research on international trade and local industry policies while actively seeking new clients abroad to mitigate risks in overseas markets [5]

证券代码：000880 证券简称：潍柴重机 潍柴重机股份有限公司投资者关系活动记录表 编号：20250512 | | ☑特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | 活动类别 | ☑现场参观 | | | □其他（请文字说明其他活动内容） | | | 广发证券 黄晓萍 | | 参与单位名称 | 悦溪投资 李晓光 | | | 鸿道投资 赵 云 | | 及人员姓名 | 道仁资产 陈跃雄 | | | 中加基金 苗 超 | | 时间 | 2025 年 5 月 12 日 13:30-15:00 | | 地点 | 公司会议室 | | 上市公司接待人 | 温涛、盛卫宁、柳国超 | | 员姓名 | | | | 来访者首先参观了公司大缸径材料成型中心，随后在公司会 | | | 议室就关注问题与公司进行交流，交流内容主要包括： | | | 1.简单介绍下公司 2024 年及 2025 年一季度的经营情况。 | | | 2024 年，面对复杂多变的内外部环境及竞争激烈的行业发展 | | | 态势，公司最终实现公司运行平稳发展。报 ...

WP14H/T-2.0发动机覆盖580Ps～630Ps黄金动力链，2750N.m超强扭矩输出，加速快、爬坡强、效率 高。依托潍柴全球首创53.09%热效率技术，通过燃烧系统精准控制、超低摩擦损失设计、整车与发动 机一体化协同，该产品油耗比同排量产品、竞品低5%以上。 近日，以"为省油而生"为主题的潍柴动力（000338）股份有限公司(以下简称"潍柴")全新一代H/T-2.0高 热效率发动机产品发布会在江苏省南京市举行。该公司同时启动"省油动力潍柴行"全国巡展。 此次潍柴推出12L、14L、15L产品，功率覆盖460Ps～680Ps，以突破性的热效率技术和全方位的性能提 升，为中国物流运输行业带来"省油、省钱、省心、省时"的全新价值体验，开启大马力商用车效率革命 新时代。 WP12H/T-2.0发动机针对复合运输场景开发，创新采用"拓扑优化"结构设计、轻量化材料应用及新工 艺，整机自重较同类产品轻约150kg。产品最大扭矩2400N.m，转速区间下探至950r/min，拥有低速工况 下的超强爆发力，全面提升复杂路况的适应性。同时，该产品通过精准优化燃油系统与空气系统，降低 摩擦损失，产品油耗比同排量产品、竞品低 ...

Company Overview - Kunming Yunnei Power Co., Ltd. was established in 1999 and listed on the Shenzhen Stock Exchange on April 15, 1999, with stock code 000903 [2] - The company primarily engages in engine and industrial-grade electronic products, including diesel engines, gasoline engines, and natural gas engines [2] Financial Performance - In 2024, the company experienced a decline in engine product sales and revenue due to structural differentiation in the commercial vehicle sector and rising penetration of new energy [4] - Despite a decrease in sales, the gross profit margin per engine increased compared to the previous year due to technological upgrades and internal management optimization [4] - The overall R&D expenditure increased compared to the previous year, but the company still reported a net loss due to rising financial costs after two consecutive years of losses [4] Product Development and Innovation - The company is focusing on the development of new energy products, including hybrid, range-extended, dual-fuel, and hydrogen fuel cell engines, as part of its "dual carbon" strategy [2] - The company is actively expanding its wire harness product business through technological innovation and increased R&D efforts [3] Business Expansion Strategies - For traditional internal combustion engines, the company is refining marketing strategies and promoting brand differentiation to expand market share [5] - In the industrial-grade electronic products sector, the company aims to enhance its technical capabilities and market competitiveness while participating in industry standard formulation [5] - The company is accelerating the development of new energy powertrains and emerging businesses, including L4 level intelligent delivery vehicles and smart rubber cutting machines [5] Market and Regulatory Environment - The company is currently cooperating with the China Securities Regulatory Commission regarding an ongoing investigation and has not received any conclusive opinions or decisions [5] - The company is also focusing on expanding its international market presence, particularly in Southeast Asia, Africa, South America, and the Middle East [5]