Group 1 - The company has approved a share repurchase plan using its own and self-raised funds, with a maximum repurchase price of RMB 23.57 per share, and a total fund amount between RMB 500 million and RMB 1 billion [1][2] - The repurchase period is set for 12 months from the date of approval by the shareholders' meeting [1] - The company has received a loan commitment letter from the Shandong Branch of the National Development Bank, which does not guarantee the total amount for the share repurchase [1][2] Group 2 - The company will adhere to relevant regulations and make repurchase decisions based on market conditions during the repurchase period [1] - The company commits to timely information disclosure regarding the progress of the share repurchase [1]

Core Points - The company has approved the repurchase and cancellation of a portion of restricted stock due to unmet conditions for the second release period of the 2022 restricted stock incentive plan [1] - A total of 14,807,763 shares, accounting for 0.7595% of the company's total share capital, will be repurchased and canceled [1] - Following the completion of the repurchase, the total number of shares will change from 1,949,769,173 to a new total, which will be confirmed after the application is processed [2] Debt Creditor Notification - Creditors have 30 days from receiving the notification or 45 days from the announcement date to request debt repayment or provide guarantees [2] - Creditors must submit written requests along with relevant proof of claims to the company [2][3] - Various methods for submitting claims include in-person, mail, email, or fax, with specific documentation required based on the type of creditor [3]

Group 1: Business Layout - The company confirmed that it is not involved in industrial robotics business, except for smart logistics delivery vehicles [1] - Currently, there is no business related to drone engines, but the company has increased its investment in Kunming Yunnei Intelligent Equipment Co., which includes sales of intelligent unmanned aerial vehicles [1][2] Group 2: Performance and Financials - The company has reported a significant loss of 800 million in the fourth quarter for four consecutive years, attributed to asset impairment and provisions [2] - In 2024, the company improved the gross margin of single-engine units through technological upgrades, but the fourth-quarter loss was impacted by industry business policies and year-end asset impairment provisions [2] Group 3: Future Strategy - The company is facing challenges in the commercial vehicle market and aims to enhance management and foster emerging businesses for transformation [2] - The company is currently under investigation by the China Securities Regulatory Commission, with no results available yet [2]

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].

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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]