Core Viewpoint - Weichai Power (02338.HK) has announced a board meeting scheduled for October 30, 2025, to review and potentially approve the unaudited consolidated results for the nine months ending September 30, 2025 [1] Summary by Category - **Company Announcement** - Weichai Power will hold a board meeting on October 30, 2025 [1] - The meeting will focus on reviewing the unaudited consolidated performance of the company and its subsidiaries for the nine months ending September 30, 2025 [1]

Group 1 - The company announced an adjustment to the upper limit of the share repurchase price following the implementation of the 2025 mid-term dividend distribution [1][4] - The repurchase plan was approved during the fourth temporary board meeting on April 29, 2025, with a maximum repurchase price set at 23.57 yuan per share and a total repurchase fund estimated between 500 million to 1 billion yuan [2] - After the dividend distribution on July 25, 2025, the upper limit for the repurchase price was adjusted to not exceed 23.22 yuan per share [2][4] Group 2 - The mid-term dividend distribution plan for 2025 indicates a total share capital of 8,713,581,296 shares, with 8,663,328,821 shares available for distribution after excluding shares held in the repurchase account [3] - A cash dividend of 3.58 yuan per 10 shares (including tax) will be distributed, resulting in a total cash dividend amount of approximately 2.41 billion yuan for A-shares [3] - The record date for the dividend distribution is set for October 23, 2025, and the ex-dividend date is October 24, 2025 [3] Group 3 - Following the dividend distribution, the repurchase price limit was further adjusted to not exceed 22.86 yuan per share, calculated by subtracting the cash dividend per share from the previous limit [4] - The company will continue to implement the repurchase plan based on market conditions and will disclose information as required [4]

Group 1 - The core viewpoint of the article highlights the successful deployment of BRT buses equipped with Weichai WP10NG natural gas engines in Tanzania, marking a significant step in the country's green public transport initiative [1][4]. - Weichai is leveraging its advanced technology and extensive overseas market experience to drive the green transformation of Tanzania's public transport sector, aligning with global trends towards low-carbon solutions [4][5]. - The WP10NG natural gas engine is noted for its strong power, reliability, and optimized NVH performance, providing a comfortable and efficient green travel experience for local residents [5]. Group 2 - Weichai has established a strong presence in the African market over the years, earning widespread trust through efficient and reliable solutions, as evidenced by the successful operation of the BRT buses in Tanzania [5]. - The collaboration between China and Africa in the field of green transportation is exemplified by this project, showcasing a win-win partnership [5].

Core Insights - Heilongjiang is undergoing a profound transformation aimed at revitalization and development, focusing on integrating into a new development pattern with emerging industries such as digital economy, bio-economy, ice and snow economy, and creative design driving industrial transformation and high-quality growth [1][2] Digital Economy - Heilongjiang has established the digital economy as a new growth engine during the 14th Five-Year Plan, with a total of 430 provincial-level digital workshops and smart factories cultivated [2] - Notable companies like Feihe Dairy and Hengfeng Paper have been recognized as national "digital leading" enterprises, showcasing the province's leadership in industrial digital transformation [2] - The establishment of unique platforms for artificial intelligence and innovation highlights Heilongjiang's emergence as a regional hub for digital innovation [2] Bio-Economy - The bio-economy in Heilongjiang is characterized by innovative technologies that convert agricultural by-products into valuable products, exemplified by Mingrui Pharmaceutical's wood sugar alcohol production from corn [2][3] - A comprehensive bio-economy system has been developed, covering stem cells, biomedicine, and green manufacturing, supported by significant investments in key projects [3] Ice and Snow Economy - The ice and snow economy has become a new engine for high-quality development, with record tourist numbers and ongoing growth in related industries [3] - The transformation of ice and snow resources into a year-round economic driver reflects the province's strategic focus on leveraging its natural assets [3] Creative Design Industry - The creative design industry in Heilongjiang has seen substantial growth, with over 20,000 operating entities and revenue increasing from over 4.6 billion yuan in 2021 to nearly 14.4 billion yuan in 2024, marking over a 200% increase [4] - The development of the creative design sector is a crucial part of Heilongjiang's industrial revitalization strategy, aiming for a diversified and high-quality economic structure by 2026 [4]

Core Viewpoint - Weichai Power is actively conducting a share buyback program, with a total planned investment between 500 million and 1 billion RMB [1] Group 1: Buyback Program Details - The company has repurchased a total of 50,252,475 A-shares through a centralized bidding trading method, with a total expenditure of approximately 761.49 million RMB (excluding transaction fees) [1] - The buyback program is expected to continue based on market conditions and funding plans within the designated timeframe [1] - The company will fulfill its information disclosure obligations in accordance with regulatory requirements [1]

Core Viewpoint - Weichai Power's management team possesses extensive industry experience and a diverse professional background, ensuring clear responsibilities and reasonable personnel allocation [1] Group 1 - The management team has many years of industry experience [1] - The team has a diversified professional background and capabilities [1] - Responsibilities within the management team are clearly defined [1]

Core Viewpoint - Weichai Power (000338) emphasizes its robust domestic supply chain for engine components, ensuring stability and safety in core part supply [1] Group 1 - The majority of engine components are supplied by domestic suppliers, with some key components following a "domestic + foreign" dual supply chain strategy to meet diverse customer needs [1] - The company possesses a self-controlled supply chain system in China, which effectively guarantees the stability and security of core component supply [1]

Core Viewpoint - The report from JPMorgan indicates that Weichai Power (000338)(02338) has underperformed since July, lagging behind major indices and peers, but shows improved confidence in its Q3 outlook due to the recovery in the Chinese heavy truck market and the resolution of restructuring issues at Kion [1] Summary by Categories Stock Performance - Weichai Power's stock has not performed well since July, trailing behind major indices and its peers, including Kion [1] Market Outlook - The heavy truck market in China is experiencing a significant recovery, which is expected to positively impact Weichai Power's performance [1] - Confidence in the company's Q3 outlook has increased due to the elimination of restructuring challenges at Kion [1] Price Target and Rating - JPMorgan has raised the target price for Weichai Power from 22 HKD to 22.8 HKD, maintaining an "Overweight" rating, citing attractive current valuations [1] Competitive Position - The company is well-positioned to benefit from import substitution opportunities in heavy trucks, construction machinery engines, and AIDC engines, especially as its main competitors, Cummins and Caterpillar, face increasing risks from tariffs and trade restrictions [1]

Core Viewpoint - Morgan Stanley's report indicates that Weichai Power is well-positioned to benefit from import substitution opportunities in heavy trucks, construction machinery engines, and AIDC engines due to increasing tariff and trade restriction risks faced by major competitors Cummins and Caterpillar [1] Group 1: Market Conditions - The report highlights a significant recovery in the Chinese heavy truck market, which enhances confidence in Weichai Power's third-quarter outlook [1] - The restructuring challenges faced by Kion have largely been resolved, further supporting the positive market conditions for Weichai Power [1] Group 2: Financial Outlook - Morgan Stanley raised its target price for Weichai Power from HKD 22 to HKD 22.8, reflecting a more optimistic view on the company's valuation [1] - The rating for Weichai Power has been upgraded to "Overweight," indicating that the current valuation is considered highly attractive [1]

2020-2025年1-4月中国发动机产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市企业：潍柴动力（000338）,动力新科（600841）,全柴动力（600218）,宗申动力（001696）,云内动 力（000903）,航发动力（600893）,隆鑫通用（603766）,广汽集团（601238） 相关报告：智研咨询发布的《2025-2031年中国发动机行业市场全景调研及产业趋势研判报告》 根据国家统计局数据显示：2025年4月中国发动机产量为1.9亿千瓦，同比下降2.5%；2025年1-4月中国 发动机累计产量为7.8亿千瓦，累计下降0.7%。 ...