Core Insights - Cummins has been closely intertwined with China's economic reform and development over the past 50 years, marking its commitment to "walk with China" [2][5][12] - The company has evolved from technology licensing to local manufacturing and innovation, significantly contributing to the growth of China's commercial vehicle and engineering machinery industries [4][5][12] Historical Development - Cummins established its presence in China in 1975, coinciding with the pre-reform era, and has since built a strong partnership with Chinese enterprises [2][5] - The company began its collaboration through technology licensing agreements in the early 1980s, leading to joint ventures as China's market opened up [5][6] - By 1997, Cummins had expanded its strategic layout in China, establishing multiple manufacturing facilities and sales networks [6][8] Current Operations - As of 2024, Cummins' sales revenue in China is projected to reach $6.5 billion, with 19 out of 24 engine series produced locally [8] - The company has invested over $1 billion in China, reflecting its commitment to local development and innovation [8][10] - Cummins has established a comprehensive value chain in Wuhan, including R&D, parts manufacturing, and distribution services, enhancing its integration into the Chinese commercial vehicle market [9] Future Outlook - Cummins aims to continue its partnership with China, focusing on digitalization, smart technology, and zero-carbon solutions to support China's transition to higher value in the global supply chain [12] - The company is set to launch a new 30-liter engine platform in 2026, tailored for mining applications, showcasing its commitment to innovation and performance [11] - Cummins is enhancing its service offerings with a comprehensive upgrade strategy, ensuring nationwide coverage and rapid response capabilities [11]

撰 文 / 牛 一龙 设 计 / s h e l l y 1975年初，中国重型机械进出口公司进口一批美国制造的重型矿用卡车，用于辽宁鞍钢下属的本溪 铁矿，这些矿卡配备了康明斯大马力柴油机。 康明斯和国内主要主机厂合作"朋友圈"还在不断扩展。汪开军透露，和长城商用车合作属于起步阶 段，我们正携手共同打造定制化产品，满足长城在产品定制化方面的全系列需求。 在康明斯工作20年的康明斯副总裁、康明斯中国首席技术官赛俊峰（Stephen Saxby）依然充满了热 情："对于我们来讲没有躺平，我们总是去迎接挑战，勇于创新，不断探索前行。我们有一个非常 强大的技术团队，而且我们的研发中心实力也非常雄厚，推动我们'在中国为中国'的开发策略，并 且积极助力我们的合作伙伴，尤其是整车厂商在海外市场业务拓展。 谈及这50周年成功经验，石内森没有谈到什么原则、长期主义，而是坦言成功源于"远见与运气"。 他提到，当中国向世界敞开大门之际，康明斯即预见到中国市场的巨大潜力。的确，时代的机遇为 康明斯在华发展提供了肥沃的土壤。 这一年的6月，时任康明斯董事长埃尔文·米勒（Irwin Miller）专程访问北京，与中方伙伴签署售后 服务协 ...

Core Insights - Cummins celebrates its 50th anniversary in China, highlighting its journey and future prospects in the market [1][18] - The company emphasizes its transition from technology introduction to local innovation, showcasing its adaptability and growth in the Chinese market [2][4] Group 1: Historical Development - Cummins entered the Chinese market 50 years ago, seizing opportunities as China opened up to the world, which laid the foundation for its success [2][4] - The company has evolved from providing external support to local production and now focuses on developing products tailored for the Chinese market that are also applicable globally [4][6] Group 2: Innovation and Market Adaptation - Cummins is actively innovating to address challenges in the commercial vehicle market, including competition and the rise of new energy solutions [7][9] - The company maintains a strategic focus on enhancing product performance rather than engaging in competitive practices among manufacturers [7][9] Group 3: Product Development - Cummins has introduced a range of products in traditional energy sectors that meet market demands for energy efficiency and cost-effectiveness [9][11] - The company is set to launch next-generation new energy products in 2026, including electric motors and power electronics, to support the transition to cleaner energy [11][15] Group 4: Partnership and Ecosystem - The success of Cummins in China is attributed to its long-term commitment to localization and building strong partnerships [12][17] - The company provides comprehensive lifecycle solutions to customers, enhancing trust and market share, particularly in sectors like mining [12][14] Group 5: Future Outlook - Cummins aims to contribute to China's green development goals by focusing on total cost of ownership (TCO) and supporting local customers in their global expansion [15][17] - The company plans to continue its innovation in cleaner and more efficient power technologies, reinforcing its role as a leader in the industry [17][18]

Core Viewpoint - Cummins celebrates its 50th anniversary in China, reflecting on its journey and commitment to a zero-carbon future while collaborating with partners and customers [1][3][11]. Group 1: Historical Development - Cummins began its journey in China in 1975 with the introduction of high-power diesel engines for mining trucks, marking the start of a significant partnership with local industries [5]. - The company has evolved from a pure engine manufacturer to a diversified power solutions provider, covering the entire industry chain including engines, power generation, components, and new energy solutions [6][11]. - Key milestones include establishing joint ventures and wholly-owned subsidiaries in the 1990s and setting up an engine technology R&D center in Wuhan in 2006 [5]. Group 2: Collaboration and Impact - The company has built strong relationships with various sectors in China, including transportation, construction, mining, telecommunications, and power, contributing to the growth of these industries [3][10]. - Cummins' products and services are widely used across China, from remote areas to urban centers, ensuring support for users' quality of life [8][10]. Group 3: Commitment to Zero-Carbon Future - In response to global energy transitions, Cummins is advancing its "zero-carbon goal" strategy, focusing on both traditional power reduction and breakthroughs in zero-emission technologies [11]. - The company has made significant advancements in emission upgrades, including preparations for National VI and non-five emission standards, and is set to launch a new 30-liter engine platform tailored for mining applications by 2026 [11]. - Cummins has introduced a new multi-fuel powertrain that optimizes performance across various operating conditions and can utilize low-carbon and zero-carbon fuels [12]. Group 4: Future Innovations and Services - The company is enhancing its electric drive business and has developed core technologies for electric motors, controls, and integrated electric drive systems [12]. - Cummins' aftermarket services are designed to provide comprehensive, intelligent, and rapid support through a vast network of service providers and digital platforms [12]. - The CEO emphasizes the importance of innovation and collaboration in driving economic development and benefiting communities in China [14].

Core Viewpoint - Cummins celebrates its 50th anniversary in China, highlighting its journey and commitment to the market, while introducing new initiatives to support China's energy transition and enhance value for customers [1][3][6]. Group 1: Historical Overview - Cummins has established a strong presence in China since 1975, starting with the introduction of high-power diesel engines for mining trucks [11]. - The company has evolved from an engine manufacturer to a diversified power solutions provider, covering the entire industry chain from engines to renewable energy [14]. - Over the past 50 years, Cummins has collaborated closely with local enterprises, contributing to various sectors such as transportation, construction, mining, and power generation [6][12]. Group 2: New Initiatives and Innovations - Cummins has launched several new initiatives tailored for the Chinese market, focusing on multi-energy technology solutions and service innovations to aid in the energy transition [3][29]. - The company aims to achieve value upgrades for customers through three key strategies: advanced emission technologies, integration of global product experiences, and customized development based on big data insights [31]. - A new 30-liter engine platform is set to be introduced in 2026, specifically designed for the mining industry, promising enhanced performance and fuel efficiency [33]. Group 3: Commitment to Sustainability - Cummins is committed to a "zero-carbon goal" strategy, focusing on both traditional power reduction and breakthroughs in zero-emission technologies [29]. - The latest multi-fuel powertrain 3.0 has been developed to optimize performance across various operating conditions, utilizing low-carbon and zero-carbon fuels [35]. - The company emphasizes a comprehensive after-sales service system, ensuring customer support through a network of over 2,000 service providers and advanced digital solutions [37]. Group 4: Future Outlook - Cummins plans to continue its deep engagement in the Chinese market, leveraging its technological expertise to drive innovation and provide cleaner, more efficient power solutions [40].

证券代码：600218 证券简称：全柴动力 公告编号：临 2025-024 安徽全柴动力股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 每股分配比例 A 股每股现金红利0.06元 Ａ股 2025/6/19 － 2025/6/20 2025/6/20 ? 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 4 月 25 日的2024年年度股东会审议通过。 ，共计派发现金红利26,135,995.14元。 三、 相关日期 | 股份类别 | 股权登记日 | | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/19 | － | 2025/6/20 | 2025/6/20 | | 四、 分配实施办法 无限售条件流通股的红利委托中国结算上海分公司通过其资金清算系统向股权登记日上 海证券交易所收市后登记在册并在上海证券交易所各会员办理了指定交易的股东派发。 ...

Core Viewpoint - Guangxi Yuchai Machinery Group Co., Ltd. (Yuchai) is committed to innovation and green development, launching five new energy power products to establish a comprehensive "green power supermarket" [3][4][9] Group 1: New Product Launch - Yuchai introduced five new energy power products covering various sectors including vehicles, engineering machinery, shipping, and emerging low-altitude economy [3] - The YCK06H hydrogen range extender is the first commercial application in China achieving "zero carbon" emissions, designed for urban buses and short-distance cargo vehicles [4] - The YCY30N natural gas range extender is tailored for N3 class heavy trucks and N2 class light trucks, providing high power while significantly reducing operational costs [4] Group 2: Technological Advancements - The YCK16LM methanol hybrid powertrain, designed for non-road mining trucks, boasts a 28% durability advantage over industry averages and reduces fuel costs by 45% compared to diesel engines [4][5] - Yuchai is actively participating in the pre-research of international standards for emissions and collaborating with vehicle manufacturers to provide testing prototypes [5][6] Group 3: Strategic Vision - Yuchai aims to create a "power supermarket" that meets diverse market demands and fuel types, ensuring users find suitable power solutions [4][8] - The company emphasizes a gradual approach to achieving "dual carbon" goals, advocating for a diversified technological route [5][7] Group 4: Commitment to Innovation - Yuchai has maintained high R&D investment, receiving the Guangxi Science and Technology Progress Award for five consecutive years and leading a national key R&D project in 2024 [8][9] - The company has broken international technical barriers in the new energy sector, establishing a foundation for its products to enter global markets [8] Group 5: Future Goals - Yuchai's leadership emphasizes that innovation is the core of its sustainable growth, aiming to become a world-class independent power system supplier [9] - The company is focused on accelerating technological breakthroughs and transforming results to contribute to China's technological self-reliance and "dual carbon" goals [9]

Core Viewpoint - The article emphasizes the importance of engine performance in commercial vehicles, highlighting how it affects transportation efficiency, product reliability, and operator profitability. It discusses the latest engine products from Yuchai Machinery, particularly the YCK16LN natural gas engine and the YKC12L diesel engine, which aim to meet current market demands amid increasing competition in the industry [1][3][15]. Group 1: Engine Product Features - The YCK16LN natural gas engine is designed to address user pain points in heavy-duty climbing conditions, offering a power range of 590-660 horsepower and peak torque of 2600-2800 Nm, targeting long-distance logistics and oversized transport [4][10]. - The YCK12L diesel engine is aimed at 6×4 medium to long-distance composite transport and 8×4 heavy-duty dump trucks, with a power range of 470-520 horsepower and peak torque of 2200-2400 Nm, making it the most powerful product in the domestic 12-liter diesel engine category [6][12]. - Both engines are designed to enhance operational performance, with the YCK12L series boasting a 10% higher low-speed torque compared to competitors, providing better acceleration and climbing capabilities [6][12]. Group 2: Technological Innovations - The YCK16LN engine incorporates advanced technologies such as "reverse flow" cooling and super materials, which enhance reliability and performance under extreme conditions, achieving a B10 lifespan exceeding 1.8 million kilometers [10][12]. - The YCK12L engine features a lightweight design, being over 50 kg lighter than competitors, and includes a built-in braking system that reduces wear on tires and brake discs, leading to lower maintenance costs [12][13]. Group 3: Market Position and Strategy - Yuchai Machinery is focusing on continuous innovation and product iteration to improve economic efficiency and reliability, addressing market concerns about traditional fuel vehicles amid the rapid influx of new energy products [13][14]. - Despite a decline in the gas heavy truck market, Yuchai has seen an increase in the shipment of its related models, indicating a growing influence in the market and a successful product matrix for gas engines [14][15].

Core Viewpoint - Two significant fires occurred in Russian engine manufacturing facilities within two days, raising concerns about the impact on the country's military and civilian vehicle production capabilities [1] Group 1: Incident Details - A fire broke out at the Avtodizel engine factory in Yaroslavl, which is one of Russia's largest diesel engine manufacturers and a supplier to the military [1] - The fire engulfed a 400 square meter workshop that produces 12-cylinder engines, and firefighters took over 90 minutes to extinguish the flames [1] - This incident follows another fire and explosion at the Zavodsky automobile plant in Nizhny Novgorod on June 2, which produces gasoline and diesel engines for both civilian and military vehicles [1] Group 2: Context and Implications - The Avtodizel factory has been under U.S. sanctions since May 2024, which may exacerbate the challenges faced by the facility [1] - The occurrence of these fires could disrupt the supply chain for military and civilian vehicle production in Russia, potentially affecting operational readiness and production timelines [1]

Group 1 - The domestic internal combustion engine industry is expected to exceed 80 million units in production and over 2.9 billion kilowatts in total power by 2024, with a growth rate of over 10% in the first four months of this year, resulting in a total output value of approximately 600 billion yuan [4] - The National VI emission standards have been a focal point for the industry, with the National VII standards set to be completed by December 2026, aiming for a 50% reduction in VOC emissions for light vehicles and the introduction of a collaborative control mechanism [5][8] - The development of carbon-neutral fuels and efficient engines is gaining traction, with a consensus in the automotive industry that a diversified technological approach is necessary for low-carbon and zero-carbon development [6] Group 2 - The competition to improve engine thermal efficiency is becoming a trend in the industry, although it is not the only indicator of engine advancement, as overall vehicle fuel economy is influenced by various factors [11] - The development of hydrogen internal combustion engines is seen as a viable path to near-zero carbon emissions, with Delphi focusing on mid-pressure hydrogen injection technology for light vehicles and non-road machinery [18][20] - The low-altitude economy is emerging as a significant growth engine, with a market expected to grow rapidly, particularly in urban air mobility and logistics, where hybrid power systems are seen as a key solution to overcome electric vehicle limitations [21][24] Group 3 - The development of high-end V-type turbocharged direct injection engines by FAW Hongqi has reached international advanced levels, indicating significant progress in the domestic engine sector [28] - The industry is encouraged to adopt a global perspective in the development of engines and power systems, particularly in high-power and large-displacement engines, as part of China's strategy to expand its automotive market internationally [30]