Core Insights - The cyclical fluctuations in the heavy truck industry are being disrupted, as evidenced by Weichai Power's strong performance in Q3 2025, with revenue reaching 574.2 billion yuan, a year-on-year increase of 16.1%, and net profit of 32.3 billion yuan, up 29.5% [1][4] Financial Performance - For the first three quarters of 2025, Weichai Power reported total revenue of 1,705.71 billion yuan, a growth of 5.32% year-on-year, and a net profit attributable to shareholders of 88.78 billion yuan, increasing by 5.67% [1][4] - The third quarter alone set historical records for both revenue and net profit, indicating a robust growth trajectory [1][4] Business Growth Drivers - The growth is attributed to a combination of stable traditional business, breakthroughs in emerging sectors, and synergies across diverse business lines, particularly benefiting from the recovery in the natural gas heavy truck market [1][3] - The sales of Weichai's M-series large-bore engines exceeded 7,700 units in the first three quarters, marking a year-on-year increase of over 30% [2] Market Trends - The heavy truck market in China showed a strong recovery, with total sales reaching 823,000 units in the first three quarters of 2025, a year-on-year increase of 20.5% [3] - The demand for natural gas heavy trucks is rebounding due to policies promoting vehicle upgrades and the recovery of oil and gas price differentials, with a notable 37% year-on-year growth in Q3 [3] Product Development - Weichai has developed a comprehensive product matrix, including the WP16NG4.0 gas engine and the new H/T 2.0 high-efficiency engine, which significantly reduce operational costs for users [3][4] - The company has also launched its first power battery product using blade battery technology, enhancing its offerings in the new energy vehicle sector [3] International Expansion - Weichai's internationalization strategy has effectively mitigated cyclical fluctuations in the heavy truck industry, with the company having acquired 10 overseas enterprises, all of which are profitable [6][7] - The company is collaborating with leading firms like Accenture to develop AI-driven industrial vehicles and expand its market share in the Asia-Pacific region [7]

Core Insights - The cyclical fluctuations in the heavy truck industry are being disrupted, as evidenced by Weichai Power's strong performance in Q3 2025, with revenue reaching 574.2 billion yuan, a year-on-year increase of 16.1%, and net profit of 32.3 billion yuan, up 29.5% [1][3] Group 1: Financial Performance - Weichai Power reported a total revenue of 1,705.71 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 5.32%, and a net profit of 88.78 billion yuan, up 5.67% [1][3] - The third quarter alone saw record-breaking figures, with revenue and net profit reaching historical highs [1][3] Group 2: Market Dynamics - The heavy truck market in China showed a robust recovery, with total sales of 823,000 units in the first three quarters of 2025, marking a year-on-year increase of 20.5% [2] - The demand for natural gas heavy trucks is rebounding due to policies promoting vehicle replacement and the recovery of oil and gas price differentials, with Q3 sales of natural gas heavy trucks increasing by 37% year-on-year [2] Group 3: Product Development - Weichai has developed a comprehensive product matrix, including the WP16NG4.0 gas engine and the new H/T2.0 high-efficiency engine, which are setting industry benchmarks for performance and efficiency [2] - The company is also advancing its new energy product lines, with the first phase of its new energy power industry park officially launched, producing high-end power solutions for commercial vehicles and construction machinery [2] Group 4: International Expansion - Weichai's internationalization strategy has effectively mitigated cyclical fluctuations in the heavy truck industry, with the company having acquired 10 overseas enterprises, all of which are profitable [5] - The company has established a global collaborative R&D platform and has been actively involved in cross-border mergers and partnerships to enhance its technological capabilities [5][6] Group 5: Future Outlook - Weichai is collaborating with leading firms like Accenture to develop AI-driven industrial vehicles and digital twin models, aiming to expand its market share in the Asia-Pacific region [6] - The company’s subsidiary, Kion Group, reported strong demand, with a total new order value increasing by 18.3% to 8.88 billion euros in Q3 2025 [6]

Core Viewpoint - The company reported a solid performance in the first half of 2025, with significant growth in various sectors despite a challenging global economic environment. The focus on innovation and strategic resource allocation has strengthened its competitive position in the market [4][5][6]. Financial Performance - The company achieved a net profit attributable to shareholders of RMB 564,345.30 million for the first half of 2025, with no statutory or discretionary reserves deducted [67][68]. - The profit distribution plan involves a cash dividend of RMB 3.58 per 10 shares, totaling approximately RMB 3,105,449,097.91, which represents 57% of the net profit [68][69]. Business Segments Overview Engine Business - The company sold 362,000 engines, with a notable 41% increase in sales of the M series large-bore engines and a 491% increase in data center engines [5][6]. - The launch of new high-efficiency engines and the establishment of a smart factory have enhanced product competitiveness [6]. Commercial Vehicle Business - The company reported a 14.6% increase in overall vehicle sales, reaching 73,000 units, with a remarkable 255% increase in new energy vehicle sales [7]. - Strategic partnerships and product innovations have strengthened market presence, particularly in overseas markets [7]. Agricultural Equipment Business - The agricultural equipment segment generated revenue of RMB 9.86 billion, with an 18.6% increase in export revenue [8]. - The introduction of advanced agricultural machinery has improved operational efficiency and reduced costs [8]. Smart Logistics Business - The overseas subsidiary, KION GROUP AG, secured new orders worth €6.21 billion, marking a 22.2% increase, with total revenue reaching €5.5 billion [9][10]. - The company has focused on AI-driven innovations and sustainable development, receiving high recognition in sustainability assessments [10]. Strategic Initiatives - The company is actively pursuing strategic layout planning, optimizing product structure, and enhancing core competitiveness through technological innovation [5][6]. - The establishment of a new energy power industry park and the launch of advanced battery technologies are part of the company's commitment to sustainable development [6]. Governance and Compliance - The company has revised several governance policies to align with the latest legal requirements and improve operational standards [17][19]. - The board of directors has ensured that all disclosures are accurate and complete, maintaining transparency with stakeholders [71].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部或任何部份內容而產生或因依賴該等內容而引起的任何損失承擔任何責任。 濰柴動力股份有限公司 WEICHAI POWER CO., LTD. （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：2338） 海外監管公告 本公告乃根據香港聯合交易所有限公司（「聯交所」）證券上市規則第13.10B條 而 作 出。 茲載列濰柴動力股份有限公司（「本公司」）在深圳證券交易所網站刊登日期為 二 零 二 五 年 八 月 二 十 九 日 的 公 告，僅 供 參 閱。中 文 公 告 的 全 文 刊 登 於 聯 交 所 及 本 公 司 網 站。 承董事會命 董事長 馬常海 中國山東濰坊 二零二五年八月二十九日 於本公告刊發之日，本公司執行董事為馬常海先生、王德成先生、黃維彪先生、 孫 少 軍 先 生、袁 宏 明 先 生 及 馬 旭 耀 先 生；本 公 司 非 執 行 董 事 為 張 良 富 ...

Core Viewpoint - Weichai Power has demonstrated strong financial performance and technological advancements, allowing the company to confidently distribute dividends to its investors Financial Performance - In 2024, Weichai Power achieved operating revenue of 215.69 billion yuan, a year-on-year increase of 0.81% [1][5] - The net profit reached 11.40 billion yuan, marking a year-on-year growth of 26.51% [1][5] - The net profit excluding non-recurring items was 10.53 billion yuan, up 30.29% year-on-year [1][5] - For the first time, both net profit and net profit excluding non-recurring items exceeded 10 billion yuan, setting a historical record [6] Profitability Metrics - The gross profit margin for 2024 was 22.43%, the highest since 2017 [2][8] - By the end of 2024, the asset-liability ratio was 64.53%, a decrease of 2.66 percentage points compared to the same period last year [7] Research and Development - From 2021 to 2024, Weichai Power's R&D expenses increased, totaling approximately 31.4 billion yuan over four years [3][9] - R&D personnel accounted for 18.08% of the workforce by the end of 2024, up from 16.81% the previous year [9] - The company has made significant advancements in diesel engine thermal efficiency, achieving a breakthrough of 53% in 2024 [3][10] Dividend Distribution - Weichai Power plans to distribute a total dividend of 6.27 billion yuan in 2024, with a cash dividend of 3.47 yuan per share [4][11] - The total cash dividend for 2024, including interim distributions, amounts to 6.27 billion yuan [11]