证券代码：000338.SZ/2338.HK 证券简称：潍柴动力 潍柴动力股份有限公司投资者关系活动记录表 编号：20250924 | | ■特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | ■现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称及 | 10:30-11:30 东方红资管 沈高翔、刘中群、李疆、郑华航 | | | 富国基金 冯升 | | | 睿远基金 郑斌、邓梦琳 | | | 中信保诚 杜中明 | | | 关呈基金 许宏图、程威 | | 人员姓名 | 华西证券 周少明 | | | 14:00-15:30 | | | 广发证券 闫俊刚、张力月 | | | 平安养老 许景源、蓝逸翔、丁劲、陈良源、童秋涛 | | 时间 | 2025 年 9 月 24 日 | | 地点 | 公司科技大楼会议室 | | 上市公司接待人 | 王丽、韩彬 | | 员姓名 | | | 投资者关系活动 主要内容介绍 | | | | 来访者首先参观了公司一号工厂和博杜安工厂，随后在公 司会议 ...

证券日报网讯潍柴动力（000338）9月16日发布公告，在公司回答调研者提问时表示，今年上半年，公 司M系列大缸径发动机销售超5000台，同比增长41%；其中数据中心市场销售近600台，同比增长近5 倍。M系列大缸径发动机整体量价提升明显，对公司利润贡献显著加大。公司预计行业将保持高景气度 发展，公司将积极开拓国内外战略客户，加速抢占数据中心等重点高端市场，持续推动产品结构优化， 进一步提升市场份额和盈利能力。 ...

| | ■特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | ■现场参观 | | | □其他（请文字说明其他活动内容） | | | 高盛 郑睿丰 | | 参与单位名称及 | 中投公司 潘秉旭 | | 人员姓名 | 周南 Marshall Wace | | | Point72 张蕊名 | | 时间 | 2025 年 9 月 15 日 15:30-17:00 | | 地点 | 公司科技大楼会议室 | | 上市公司接待人 员姓名 | 李婷婷、袁景 | | | 来访者首先参观了公司一号工厂，随后在公司会议室就关 | | | 注问题与公司进行了交流，交流主要内容包括： | | | 1.如何看待重卡行业发展？ | | | 根据中汽协数据，今年上半年中国重卡市场累计销量约 | | | 53.9 万辆，同比增长约 7%，其中出口市场销售约 15.6 万辆， | | | 同比增长约 3%，保持稳定增长。随着以旧换新政策的逐步落地， | | 投资者关系活动 主要内容介绍 | 重卡市场需求环比也呈现出逐步向好的趋势，最 ...

Group 1 - The core viewpoint of the news is that Weichai Power is actively engaging with investors to discuss its performance and future outlook in various business segments, including natural gas heavy-duty engines, large-bore engines, and new energy power business [1][2]. Group 2 - In the first half of this year, domestic sales of natural gas heavy-duty trucks reached 91,000 units, a year-on-year decrease of 16%, primarily due to a decline in sales during the second quarter. However, the implementation of trade-in policies is expected to boost sales in the second half of the year, and natural gas is anticipated to become a significant energy type in the heavy-duty truck industry [3]. - Weichai Power's M-series large-bore engine sales exceeded 5,000 units in the first half of the year, representing a year-on-year increase of 41%. The data center market saw nearly 600 units sold, a nearly fivefold increase. The company expects to maintain high industry demand and will actively pursue strategic customers domestically and internationally [4]. - The new energy power business achieved revenue of 1.21 billion yuan in the first half of the year, a year-on-year growth of 37%. The company anticipates that this business will double its revenue for the full year. It has completed a comprehensive layout of products including batteries, motors, and electronic controls, with performance leading the industry [5].

Group 1: Natural Gas Heavy-Duty Truck Engine Outlook - In the first half of the year, domestic sales of natural gas heavy-duty trucks reached 91,000 units, a year-on-year decrease of 16%, primarily due to a decline in sales in the second quarter [2] - Short-term outlook indicates that the replacement policy will include natural gas heavy-duty trucks for subsidies, which is expected to boost sales in the second half of the year [2] - Long-term, natural gas is projected to become a significant component in the heavy-duty truck industry, with a high penetration rate expected to be maintained [2] Group 2: Large Bore Engine Business Performance - In the first half of the year, sales of the M series large bore engines exceeded 5,000 units, representing a year-on-year growth of 41% [3] - Sales in the data center market approached 600 units, showing nearly a fivefold increase year-on-year [3] - The overall increase in volume and price of the M series large bore engines significantly contributed to the company's profits, with expectations of continued high industry demand [3] Group 3: New Energy Power Business Development - The new energy power business achieved revenue of 1.21 billion yuan in the first half of the year, reflecting a year-on-year growth of 37% [3] - The company anticipates that full-year revenue will more than double compared to the previous year [3] - The company has completed a comprehensive layout of products including batteries, motors, and electronic controls, with performance leading the industry [3]

证券代码：000338.SZ/2338.HK 证券简称：潍柴动力 潍柴动力股份有限公司投资者关系活动记录表 编号：20250901 其次，公司旗下海外产业势头强劲，盈利能力持续向好。 智慧物流业务的客户需求持续提升，上半年德国凯傲集团新增 订单 62.1 亿欧元，同比增长 22%；其中，二季度新增订单创下 历史最高水平。美国 PSI 得益于电力系统业务的高增长表现， 业绩创历史新高，营业收入 3.3 亿美元，同比增长 59%；净利 润 0.7 亿美元，同比增长 145%。 此外，重卡整车新能源转型加速，农业装备保持行业领先 地位。上半年，控股子公司陕重汽销售重卡 7.3 万辆，同比增 长 15%，市占率连年上升达 13.5%；新能源重卡销量约 1 万辆， 同比增长 255%，稳居行业前列。农业装备逆势增长，雷沃收入 增至 98.6 亿元，净利润增至 5.7 亿元。市场地位保持领先，拖 拉机、轮式谷物收获机、玉米收获机均位居国内第一。 2025 年下半年，业务层面，公司将继续提速结构增长，拓 展未来增量。管理层面，深挖运营潜能，增强发展韧性。坚持 向外、向内"两手抓"，一手抓产品升级和市场开拓，一手抓 管理提升 ...

Core Viewpoint - The commercial vehicle industry in China has shown strong resilience in the first half of 2025, marking a significant recovery from previous years of decline, supported by sales data, policy backing, and structural adjustments [1] Sales and Production Data - From January to July 2025, commercial vehicle production and sales reached 2.397 million and 2.428 million units, respectively, representing year-on-year growth of 6% and 3.9% [2] Heavy Truck Market Performance - Heavy trucks, as a market indicator, saw cumulative sales of 539,300 units in the first half of 2025, reflecting a year-on-year increase of 6.96% [3] Company Financial Performance - Weichai Power reported revenue of 113.152 billion yuan and a net profit of 5.64 billion yuan for the first half of 2025, with net profit decreasing by approximately 4.4% due to a one-time event related to its subsidiary KION Group [4][5] - Excluding this one-time impact, the company's net profit showed an approximate 4% growth compared to the previous year [5] Core Business Growth - The company achieved stable growth in its core business, selling 362,000 engines, including 125,000 heavy truck engines, while maintaining a leading market share in the natural gas heavy truck engine sector [6] Strategic Emerging Business Growth - Weichai Power's strategic emerging businesses are rapidly growing, with sales of high-end M series large-bore engines exceeding 5,000 units, a 41% year-on-year increase, generating revenue of 2.52 billion yuan, up 73% [7] - The company’s power battery sales reached 2.32 GWh, a 91% increase year-on-year, supported by advancements in battery technology [7] Global Expansion and Financial Improvement - The overseas subsidiary KION Group showed significant recovery, achieving revenue of 5.5 billion euros and new orders of 6.21 billion euros, a 22% year-on-year increase [8] - The company’s gross margin improved to 22.13% in the second quarter, up 0.74 percentage points year-on-year, indicating enhanced profitability [8] Future Growth Potential - The global data center market is experiencing robust growth, with China's data center market expected to exceed 318 billion yuan by 2025, reflecting a compound annual growth rate of over 25% [10] - Weichai Power is well-positioned to benefit from the increasing demand for large-bore engines and diesel generator sets in data centers, enhancing its market share and profitability [11] Policy and Market Opportunities - The heavy truck market is expected to see sustained demand due to policies supporting the replacement of old operational trucks, with a significant number of vehicles entering the replacement cycle [13] Shareholder Returns - Weichai Power announced a high interim dividend plan, distributing 3.58 yuan per 10 shares, with total payouts expected to reach 3.105 billion yuan, reflecting a commitment to shareholder returns [15]

Group 1 - The company reported a revenue of 113.15 billion yuan for H1 2025, a year-on-year increase of 0.59%, while the net profit attributable to shareholders was 5.64 billion yuan, a decrease of 4.40% year-on-year [2] - In Q2 2025, the company achieved a revenue of 55.69 billion yuan, a year-on-year decrease of 0.75%, and a net profit of 2.93 billion yuan, down 11.23% year-on-year [3] - The company plans to distribute a cash dividend of 3.58 yuan per 10 shares, totaling approximately 368 million yuan [2] Group 2 - The company’s product structure is continuously optimized, with stable growth in various businesses including engines, complete vehicles, smart logistics, and agricultural machinery [5] - The sales of engines reached 362,000 units, with the M series large-bore engines selling over 5,000 units, a year-on-year increase of 41% [5] - The company’s overseas subsidiary, KION GROUP AG, achieved a revenue of 5.5 billion euros in H1 2025 [5] Group 3 - The expansion of the old-for-new policy for heavy trucks is expected to boost domestic demand, with an estimated 76,000 new vehicles potentially driven by the policy [6] - The company is positioned as a leader in the domestic engine sector, continuously extending its product line and enhancing core competitiveness [7] - Revenue projections for 2025-2027 are estimated at 226.92 billion yuan, 237.24 billion yuan, and 244.36 billion yuan respectively, with net profits of 12.12 billion yuan, 13.90 billion yuan, and 15.45 billion yuan [9]

Group 1 - Company reported a revenue of 113.15 billion RMB for the first half of 2025, a year-on-year increase of 0.6% [1] - Net profit attributable to shareholders was 5.64 billion RMB, a decrease of approximately 4.4% year-on-year [1] - The company sold 362,000 engines, with M series large-bore engines sales exceeding 5,000 units, a year-on-year increase of 41% [1] Group 2 - The subsidiary, Shaanxi Heavy Duty Automobile, achieved a vehicle sales volume of 73,000 units, a year-on-year increase of 14.6% [2] - New energy vehicle sales exceeded 10,000 units, representing a year-on-year growth of 255% [2] - The company launched the X6000 flagship version 16NG720 horsepower natural gas heavy truck, redefining the high horsepower value benchmark in the Chinese heavy truck industry [2] Group 3 - The company actively supports the national rural revitalization strategy, focusing on enhancing its agricultural equipment sector [3] - Revenue from the agricultural equipment segment reached 9.86 billion RMB, with export revenue increasing by 18.6% year-on-year [3] - The company introduced new products that significantly improved fuel efficiency and reduced grain loss rates [3] Group 4 - The overseas subsidiary, KION Group, secured new orders worth 6.21 billion euros, a year-on-year increase of 22.2% [4] - The overall revenue reached 5.5 billion euros, with the forklift business generating 4.13 billion euros [4] - The company received a gold rating in sustainable development from a leading global assessment system, achieving the highest historical score [4]

Core Viewpoint - The Chinese heavy truck market is showing significant signs of recovery in 2025, driven by the "old-for-new" policy, with sales expected to exceed expectations due to strong demand and supportive policies [1][6][9]. Group 1: Market Performance - In June 2025, heavy truck sales reached 97,900 units, a year-on-year increase of 37.14% and a month-on-month increase of 10.25%, marking three consecutive months of growth beyond seasonal factors [1]. - The first half of 2025 saw a strong performance in the heavy truck sector, particularly in the second quarter, with sales rebounding significantly after a sluggish first quarter [1][4]. - New energy heavy trucks experienced robust growth, with sales nearly doubling from 27,700 units in the first half of 2024 to 79,200 units in 2025, achieving a market penetration rate of over 26.03% [1][2]. Group 2: Policy Impact - The "old-for-new" policy, implemented in March 2025, includes subsidies for scrapping old trucks and has expanded to include gas vehicles, stimulating market demand [6][7]. - The policy aims to encourage the replacement of older trucks with more environmentally friendly models, thereby promoting a green transition in the industry [7][11]. - By mid-2025, over half of the provinces and municipalities had released detailed implementation rules for the policy, enhancing user willingness to update their vehicles [7][11]. Group 3: Future Growth Drivers - The heavy truck market's growth is supported by improved domestic infrastructure investment, with industrial investment rising by 10.3% and infrastructure investment by 4.6% in the first half of 2025 [9]. - The ongoing technological advancements in commercial vehicles, particularly in new energy trucks, are expected to provide a solid foundation for sustained industry growth [10][11]. - The combination of policy support and technological innovation is likely to create a virtuous cycle, enhancing demand for new trucks and driving further upgrades in the industry [10][11].