登录新浪财经APP 搜索【信披】查看更多考评等级 昆明云内动力股份有限公司（以下简称"公司"）第七届董事会第十三次会议于2025年9月24日在公司办 公大楼九楼会议室召开。本次董事会会议通知于2025年9月22日分别以电子邮件、书面送达方式通知各 位董事。本次会议应到董事7人，实际参会董事7人，会议由董事长杨波先生主持，公司部分高级管理人 员列席了会议。参加会议的董事符合法定人数，董事会的召集、召开及表决程序符合有关法规及《公司 章程》的规定。 二、董事会会议审议情况 1、审议通过了《关于聘任公司副总经理的议案》 表决结果：本议案7票表决，7票同意、0票反对、0票弃权。 股票简称：ST云动（维权） 股票代码：000903 编号：2025一056号 昆明云内动力股份有限公司 第七届董事会第十三次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、董事会会议召开情况 1、第七届董事会第十三次会议决议； 2、董事会提名委员会2025年第一次会议决议。 特此公告。 根据《公司法》、《公司章程》的相关规定，经公司总经理提名、董事会提名委员会审核，董事会同意 ...

Core Viewpoint - Anhui Quanchai Power Co., Ltd. has released its 2025 company charter, detailing regulations on organization, operational objectives, share management, shareholders, and the board of directors [1][2]. Group 1: Company Overview - Anhui Quanchai Power Co., Ltd. was established in 1998 and is wholly initiated by Anhui Quanchai Group Co., Ltd. The company was approved to issue 60 million shares of RMB ordinary shares to the public in the same year and was listed on the Shanghai Stock Exchange in December [1]. - The registered capital of the company is 4.35599919 billion yuan, with the chairman serving as the legal representative [1]. Group 2: Operational Objectives and Scope - The company adheres to the philosophy of "quality first, customer foremost, and continuous innovation." Its operational scope includes internal combustion engines, agricultural equipment, engineering machinery, and the import and export of various goods and technologies [1]. Group 3: Share Management - The total share capital of the company is 435,599,919 shares, all of which are ordinary shares. The company can increase its capital based on operational and developmental needs through public or private share issuance. Under specific circumstances, the company may repurchase its shares, following relevant procedures and regulations [1]. - Shareholders can legally transfer their shares, but there are restrictions for founders, directors, and senior management when transferring shares [1]. Group 4: Shareholders and Shareholder Meetings - The company establishes a shareholder register based on certificates provided by the securities registration agency. Shareholders enjoy multiple rights, such as receiving dividends and participating in shareholder meetings to exercise voting rights. The shareholder meeting is the company's authority body, divided into annual and temporary meetings, responsible for electing and replacing directors and approving profit distribution plans [2]. Group 5: Board of Directors - The company has a board of directors consisting of 9 members, including 3 independent directors. The board is accountable to the shareholder meeting and is responsible for convening meetings and executing resolutions [2]. - The chairman is elected by a majority of the board members and is responsible for presiding over and convening shareholder meetings [2]. Group 6: Additional Regulations - The charter also includes provisions regarding the general manager and other senior management personnel, the audit committee, the company's party organization, financial accounting systems, profit distribution and auditing, notifications and announcements, mergers, divisions, capital increases, reductions, dissolution, liquidation, and amendments to the charter [2]. - The release of the new charter aims to further standardize the organization and behavior of Anhui Quanchai Power Co., Ltd., safeguarding the legal rights of the company, shareholders, employees, and creditors, thereby supporting the company's sustainable and stable development [2].

Market Overview - On August 26, the Shanghai Composite Index fell by 0.39%, the CSI 300 decreased by 0.37%, the STAR 50 dropped by 1.31%, the CSI 1000 was down by 0.02%, the ChiNext Index declined by 0.76%, and the Hang Seng Index decreased by 1.18% [4] - The best-performing sectors on August 26 were Agriculture, Forestry, Animal Husbandry, and Fishery (+2.62%), Beauty and Personal Care (+2.04%), Basic Chemicals (+1.26%), Media (+1.23%), and Comprehensive (+1.09%). The worst-performing sectors were Pharmaceuticals and Biology (-1.09%), Non-Bank Financials (-1.06%), Steel (-0.98%), Defense and Military Industry (-0.93%), and Communications (-0.79%) [4] - The total trading volume of the A-share market on August 26 was 27,098.31 billion, with a net inflow of 16.572 billion HKD from southbound funds [4] Important Recommendations Weichai Heavy Machinery (000880) - Recommended as a leading manufacturer of marine medium-speed engines, with AIDC driving high growth in the diesel generator business [5] - Revenue projections for 2025-2027 are 5,280 million, 6,935 million, and 8,093 million, with growth rates of 32%, 31%, and 17% respectively. Net profit is expected to be 301 million, 502 million, and 624 million, with growth rates of 62%, 67%, and 24% respectively [5] - The expected earnings per share are 0.91, 1.52, and 1.88, with PE ratios of 56, 33, and 27 [5] Bank of China Hong Kong (02388) - Recommended for its combination of high dividends and growth potential, benefiting from Chinese enterprises going global and the Belt and Road Initiative [6] - Target price is set at 44.28 HKD per share, corresponding to a 2025 PB of 1.26 times, indicating a potential upside of 20% [6] - Expected net profit growth rates for 2025-2027 are 5.55%, 3.38%, and 1.56%, with BPS projected at 35.18, 38.38, and 41.56 HKD [7] Important Insights GLP-1 Sector Analysis - The report provides a comprehensive analysis of the GLP-1 sector, highlighting significant opportunities for domestic companies in the weight loss indication area [8] - Investment opportunities are identified in companies with competitive clinical data and advanced pipelines, including Borui Pharmaceutical, Zhongsheng Pharmaceutical, and others [8] - Catalysts for growth include clinical data releases and ongoing business development events [8] Taotao Vehicle (301345) - The company reported an 88% year-on-year growth in its first half performance, positioning itself as a leading player in the North American leisure vehicle market [9] - Investment opportunities arise from the company's consistent performance and accelerated smart technology integration [9] - Catalysts include exceeding order expectations and an improved competitive landscape [9]

Group 1 - The core viewpoint of the article highlights that Suchang Chai A reported a revenue of 1,561,186,625.83 yuan for the first half of 2025, reflecting a year-on-year growth of 4.36% [2] - The net profit attributable to shareholders of the listed company reached 73,422,814.69 yuan, showing a significant year-on-year increase of 46.56% [2]

Core Viewpoint - The establishment of China's first diesel engine oil D1 standard marks a significant step towards breaking the foreign monopoly in the diesel engine oil standardization field, driven by Weichai Power and supported by Shandong Heavy Industry Group [1][2][3] Industry Context - Despite being the world's largest producer of engines and vehicles, China has relied on the American API standard for diesel engine oil, which has limited the country's development and influence in this area [2] - The establishment of the "Engine Lubricating Oil China Standard Development Innovation Alliance" in 2016, involving 42 organizations including Weichai, aims to create a domestic standard that meets China's unique conditions [2][3] Company Involvement - Weichai Power, as a leading enterprise in the diesel engine industry and a core member of the alliance, has taken a proactive role in developing the D1 standard, emphasizing the importance of having an independent standard for the industry [3][4] - The company has organized a cross-departmental team of experts and collaborated with various research institutions to ensure the successful development of the D1 standard [3][4] Technical Development - The WP13 engine has been selected as the core testing platform for the D1 standard due to its performance and suitability for Chinese operating conditions [5][6] - Weichai has invested over 30 billion yuan in R&D over the past decade, with a focus on building national-level strategic technology platforms and a strong team of over 6,000 high-end R&D talents [7][8] Standardization Process - The D1 standard development process has involved nearly a hundred Weichai personnel over the past ten years, with extensive testing and data analysis to ensure the standard meets the needs of Chinese engines [8][9] - Weichai has contributed to the drafting of multiple industry standards and has supported the establishment of a non-profit third-party certification platform to break the foreign certification monopoly [9][10] Impact on the Industry - The D1 standard is expected to enhance the competitiveness of Weichai's products and improve the overall performance of diesel engines in the market, with oil change intervals increasing from 60,000 kilometers to 120,000 kilometers [10] - The successful implementation of the D1 standard will accelerate the independence of China's diesel engine oil industry from foreign standards, positioning Weichai as a key player in this transition [10]

Group 1: Trade Performance - Shandong's foreign trade volume reached 2.04 trillion yuan in the first seven months, with exports growing by 6.6% and imports by 8.5%, outpacing the national growth rate by 3.8 percentage points [1] - The province's machinery and electrical products exports increased by 10.7%, accounting for 48.2% of total exports, indicating a shift towards higher-value manufacturing [2] - Exports to countries involved in the "Belt and Road" initiative from Shandong reached 1.31 trillion yuan, growing by 10.3%, which is higher than the national average [3] Group 2: Company Innovations and Strategies - Shandong Huayuan Laidong Internal Combustion Engine Co., Ltd. reported a 15% increase in diesel engine exports, focusing on customized products to meet diverse market needs [1] - Qingdao Teruid Electric Co., Ltd. achieved a 770% increase in exports of smart manufacturing and integration services, with orders extending to April next year [4] - Yantai Jerry Petroleum Services Group Co., Ltd. saw a 143% increase in sales to "Belt and Road" countries by developing specialized equipment for the Central Asian market [3] Group 3: Private Sector Growth - Private enterprises in Shandong accounted for 75.9% of the province's foreign trade, with a growth rate of 8.5%, surpassing the national average [4] - The overall growth of private enterprises' exports reflects a positive trend in the region's economic development and competitiveness [5] - Nationally, private enterprises' imports and exports grew by 7.4%, indicating a robust contribution to the overall foreign trade landscape [4]

Core Viewpoint - The internal combustion engine market in China is experiencing growth, with significant increases in both sales and production, particularly in the commercial vehicle sector, indicating a recovery trend in the industry [1][6][22]. Summary by Sections Internal Combustion Engine Sales - In June 2025, China sold 4.181 million internal combustion engines, marking a month-on-month increase of 3.38% and a year-on-year increase of 6.24%. The cumulative sales from January to June reached 25.185 million units, reflecting a year-on-year growth of 11.75% [1]. - The commercial vehicle market is recovering, with multi-cylinder diesel engines also showing positive growth. In June, 167,400 multi-cylinder diesel engines were sold, representing a month-on-month increase of 7.16% and a year-on-year increase of 16.08% [1]. Diesel Engine Sales - In June 2025, diesel engine sales reached 414,400 units, with a month-on-month growth of 3.36% and a year-on-year growth of 5.99%. The cumulative sales for the first half of the year totaled 2.664 million units, showing a year-on-year increase of 4.12% [2]. Multi-Cylinder Diesel Engine Performance - The multi-cylinder diesel engine market saw sales exceed 2.154 million units in the first half of 2025, with a year-on-year growth of 4%. In June, sales were 329,700 units, with a month-on-month increase of 3.28% and a year-on-year increase of 9.74% [5][6]. Commercial Vehicle Production and Sales - In June 2025, the production and sales of commercial vehicles reached 354,000 and 369,000 units, respectively, with month-on-month increases of 5.3% and 10.3%, and year-on-year increases of 7.1% and 9.5%. Cumulative sales for the first half of the year were 2.099 million units, reflecting a year-on-year growth of 4.7% [6]. Leading Companies in Multi-Cylinder Diesel Engine Sales - The top ten companies in multi-cylinder diesel engine sales accounted for 77.84% of total sales in the first half of 2025. Leading companies included Weichai, Yuchai, and Yunnei, with Weichai maintaining the highest cumulative sales of 376,500 units [10][16]. Monthly Sales Leaders - In June, Yuchai led the monthly sales of multi-cylinder diesel engines with 52,600 units sold, followed by Weichai with 46,000 units and Yunnei with 34,300 units. Most companies reported month-on-month growth [8][15]. Cumulative Sales Data - Cumulative sales data for the first half of 2025 showed that Weichai sold 376,500 units, Yuchai sold 308,000 units, and Yunnei sold 193,200 units, with respective market shares of 17.48%, 14.30%, and 8.97% [10][12].

Core Viewpoint - The article emphasizes that in the face of intense competition and price wars in the light truck industry, QuanChai Power is focusing on innovation, quality, and customer service to create a competitive advantage rather than engaging in destructive price competition [1]. Group 1: Technical Depth - QuanChai has leveraged 40 years of experience in small-bore internal combustion engines to establish an agile R&D response system, addressing the evolving demands of urban logistics and cold chain transportation [3]. - The product lineup includes the Q23/Q25 models, upgraded versions Q23A and Q25A, and high-end H20, H25, H33 series, achieving full coverage of light truck power needs [4]. - The Q25A engine, utilizing Ricardo's dual swirl combustion technology, shows a fuel consumption advantage of 1L per 100 km compared to competitors, with a torque of 450 Nm ensuring performance in urban stop-and-go conditions [4][6]. - Upcoming F28T and F28N series flexible fuel products are expected to enhance QuanChai's market share in the 2.8L gas engine segment, showcasing rapid technological iteration [7]. Group 2: Quality Control - The company adopts a zero-tolerance approach to quality control, with each engine undergoing rigorous testing under extreme conditions before delivery [9]. - High-end models like H25A are developed with high-strength alloy bodies and must pass extensive durability tests, including 5000 hours of bench testing and 1 million kilometers of enhanced validation [10]. - QuanChai employs top-tier suppliers for core components and utilizes digital twin factories for comprehensive digital management, aiming to eliminate human error and ensure consistent quality [11]. Group 3: Customer Service - QuanChai has introduced a "warm service" model to alleviate operational pressures from price wars, including a "limited-time compensation" promise for service response times [12][14]. - Key components such as the cylinder block and crankshaft come with a lifetime warranty, supported by a network of 1716 service stations ensuring prompt assistance [14]. - The lifetime guarantee system is designed to empower drivers to take on urgent orders and long-distance trips, effectively creating an "invisible profit pool" for end customers [15]. Group 4: Strategic Outlook - QuanChai's approach demonstrates the feasibility of a "value war" replacing a "price war," with ongoing efforts in technological iteration, extreme quality control, and lifetime service to navigate industry challenges [19].

Group 1 - Yunnei Power has received an administrative penalty notice from the Yunnan Securities Regulatory Bureau and is actively addressing the regulatory requirements by organizing financial and auditing departments to rectify the issues mentioned in the notice [1] - The company is currently operating normally and is focusing on developing emerging business projects centered around smart manufacturing and green manufacturing, with initial sales of intelligent delivery vehicles and smart agricultural machinery [1] - To enhance its sustainable operational capacity, Yunnei Power is implementing multiple measures to improve its current passive business situation [1] Group 2 - In the traditional internal combustion engine sector, Yunnei Power is refining its marketing strategies and brand differentiation for diesel engines, aiming to expand its market presence [2] - The company is increasing the installation ratio in the existing market for non-road diesel engines and transitioning towards larger horsepower engines while exploring new markets such as agricultural machinery and international exports [2] - In the field of new energy powertrains, Yunnei Power is accelerating the development of gasoline and natural gas range-extended powertrains and hydrogen fuel cell powertrains, aiming for breakthroughs in the new energy market [2] Group 3 - On the international front, Yunnei Power is focusing on Southeast Asia, Africa, South America, and the Middle East to enhance its export capabilities and expand its international market presence [3] - The recent administrative penalty has negatively impacted the company's image, but it is expected to drive improvements in governance, internal control, and management standards, ultimately benefiting the company's long-term sustainable development [3] - The company plans to use this opportunity to continuously improve its internal governance system and enhance the quality of financial reporting and operational standards [3]

Core Insights - The article highlights the digital transformation of Anhui Quanchai Power Co., Ltd., showcasing its implementation of smart manufacturing through 5G and industrial internet technologies [1][3]. Group 1: Digital Transformation - Quanchai Power has integrated 11 5G indoor distribution systems to manage data flow across five production lines, allowing workers to interact with information without leaving their stations [1]. - The company has established a smart manufacturing platform that encompasses equipment, network, platform, and application layers, supported by digital twin technology for three-dimensional visualization of factory operations [3]. Group 2: Production Efficiency - The production line is designed with a cycle time of 75 seconds, with alerts triggered by millisecond-level discrepancies, ensuring product consistency and reliability [1]. - The use of RFID technology enables automatic switching of production parameters for different products, facilitating seamless production changes and comprehensive data collection for quality tracking and design optimization [1][3]. Group 3: Sales Performance - In the first quarter of this year, Quanchai's engine sales increased by 15% year-on-year, with overseas exports rising by 50% [3]. Group 4: Industry Context - Anhui province is leading in the digital transformation of manufacturing, with numerous successful cases, including Quanchai, contributing to a new industrialization path [3][4]. - In 2024, Anhui ranked first in the number of typical cases for manufacturing digital transformation and first in industrial internet platform innovation applications [4].