Group 1: Engine and Data Center Business Development - The M series large-bore engines have seen significant production and sales growth in 2025, particularly for data center engines, driven by strong industry demand [1] - The company aims to leverage its technological performance, production capacity, and delivery efficiency to achieve its annual sales targets and expand into strategic high-end markets [1] Group 2: Heavy Truck Industry Outlook - In the first half of 2025, China's heavy truck market recorded cumulative sales of approximately 539,000 units, a year-on-year increase of about 7%, with exports reaching around 156,000 units, up about 3% [2] - The heavy truck market is expected to improve gradually, supported by the implementation of vehicle replacement policies, with June sales showing a year-on-year growth of 37% and a month-on-month increase of 10% [2] Group 3: Dividend Policy and Shareholder Returns - The company plans to maintain a cash dividend and share buyback strategy, with a projected dividend payout ratio of 55% for the full year of 2024, and cumulative dividends since listing nearing 35 billion yuan [2] - A share buyback plan of 1 billion yuan is set for 2025 to enhance investor satisfaction, while the company will continue to balance development needs and shareholder interests [2]

根据市场公开信息及7月11日披露的机构调研信息，知名私募红筹投资近期对3家上市公司进行了调研， 相关名单如下： 调研纪要：潍柴动力表示，2024年分红派息比例达到55%，累计分红近350亿元，2025年推出5-10亿元 规模的股份购计划。上半年中国重卡市场销量约53万辆，同比增长6%，公司看好重卡行业发展，将推 进产品竞争力提升。2024年底，公司首次发布全系列新能源动力电池产品，取得热管理、智能管理等突 破。2025年M系列大缸径发动机产销两旺，数据中心用发动机产销大幅提升，公司将继续发挥技术性 能、产能、交付效率等优势，推动市场份额和盈利能力双提升。 调研纪要：华鹏飞公司2023年9月出售宏图创展部分股权后不再将其纳入合并范围，导致2023年度营业 收入下降，但确认投资收益使归母净利润有所提升。公司主要服务于制造业客户，包括工业零部件、精 密仪器、新能源锂电池、高端消费电子等行业。公司现金流充裕，购置固定资产有利于业务开展，不影 响持续经营能力。公司已制定相关制度，主要采取即期锁汇方式管理外汇，并关注其他套期保值业务。 剔除宏图创展影响后，2024年应收账款同比增长14.46%，客户结算账期普遍在3-6个 ...