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 ...

Company Overview - The company aims to become a trusted provider of precision manufacturing and new material application solutions, focusing on advanced precision manufacturing and new material R&D [2][3]. - The main products include precision functional parts and structural components used in consumer electronics and new energy lithium batteries [3]. Financial Performance - The company achieved a revenue of CNY 437.56 million, with a year-on-year growth of 27.51% [3]. - The net profit attributable to shareholders was -CNY 38.02 million, with a net profit of -CNY 30.09 million after deducting share-based payment expenses [3]. - The gross margin increased by 1.51% year-on-year [3]. R&D Investment - R&D expenses amounted to CNY 38.13 million, representing 8.71% of total revenue [3]. - Continuous high-intensity R&D investment is aimed at enhancing core competitiveness and responding to customer customization needs [3]. Strategic Acquisitions - The company acquired 51% of Sainuo Gaode, enhancing its business scope and customer structure [4]. - As of the report date, the company holds 49.90% of Sainuo Gaode's shares, which has been included in the consolidated financial statements [4]. Business Expansion - The company is actively developing new business areas, including CCS modules for lithium batteries and high-specific surface area carbon black products [6]. - Sainuo Gaode has achieved a supplier code from a major North American client, indicating progress in the heat dissipation component sector [7]. Inventory and Asset Management - The company recorded an inventory impairment loss of CNY 31.52 million, primarily due to poor quality during the ramp-up phase of production [8]. - The company is cautious in managing its assets and has a healthy debt ratio, allowing for potential financing opportunities [11]. Client Relationships - Major clients include Apple, Amazon, SONOS, META, and Google, with a focus on smart devices and home products [11]. - The company is working on new product development with META and has secured supplier codes for various high-profile clients [11].

Group 1: Financial Performance - The company achieved a revenue of 1.25 billion yuan in the first half of 2025, a decline of 34.04% compared to the same period last year [2] - The net profit attributable to shareholders was 16.99 million yuan, down 79.86% year-on-year [2] - The increase in fixed asset depreciation costs by approximately 50% to around 45 million yuan contributed to the financial decline [2] Group 2: Project Updates - The Colombian mineral project is currently undergoing environmental assessment approval, expected to receive approval by the end of this year, with a construction period of approximately two years [2][3] - The company has been using forged liners in various mines, including Zijin Mining and several international locations, with revenue recognition expected to start in Q4 of this year [3] Group 3: Future Growth Strategy - The growth logic for the next three to five years includes the gradual production of overseas manufacturing bases, which is expected to double revenue scale [4] - The new product, the second-generation composite liner, is in a critical phase from trial to mass production, indicating significant potential for revenue growth [4] - Strategic investments in copper and gold resources through mining partnerships are anticipated to provide clear long-term growth opportunities [4]

Group 1: Company Overview and Strategic Focus - The company is committed to ensuring national food security and promoting technological advancements in agriculture, aligning with the group's goals for developing new production capabilities [2] - The company aims to incubate strategic emerging industries and implement internationalization strategies while accelerating the transformation of research achievements [2] - The focus is on high-quality development, emphasizing the enhancement of operational quality and the transition towards high-end, intelligent, and green development [2] Group 2: Business Development and Innovation - Key initiatives include promoting technological innovation, focusing on high-end equipment and digital empowerment, and selecting significant R&D projects [3] - The company is enhancing its core competitiveness by deepening market penetration in key customer segments and regions [3] - There is a strong emphasis on expanding the self-sufficiency rate of equipment and achieving external growth to rapidly scale operations [3] Group 3: Financial Performance and Accounts Receivable Management - In the first half of 2025, the company achieved total revenue of 18.13 billion, reflecting a year-on-year growth of 10.56% [3] - Accounts receivable increased by 2.19% compared to the end of the previous year, significantly lower than the revenue growth rate [3] - The company has implemented a comprehensive accounts receivable management strategy, including the establishment of a collection office and the use of information technology for better tracking and management [3]

Company Overview - Founded in 2003 with a registered capital of 84.748746 million yuan [4] - Focuses on R&D, design, manufacturing, sales, and project management of automotive injection molds and plastic parts [4] - Operates 5 wholly-owned subsidiaries, including locations in Thailand and Europe [4] Product and Client Base - Main products include interior and exterior injection molds for vehicles, serving major automotive brands like General Motors, Volkswagen, and BMW [5] - Collaborates with renowned automotive interior and exterior parts companies such as Yanfeng and Magna [5] R&D and Innovation - Holds a total of 105 patents as of June 2025, including 31 invention patents and 74 utility model patents [6][7] - Develops advanced injection mold technologies and modified materials, leading in domestic market [7][8] Recent Developments - In H1 2025, focused on R&D of PEEK modified materials, achieving breakthroughs in lightweight and high-temperature resistant components [10][11] - Established a production base for high polymer materials with an annual capacity of 150,000 tons, expected to be operational by January 2026 [19] Financial Performance and Outlook - In H1 2025, the Thai subsidiary generated revenue of 44.6361 million yuan, with a capacity utilization rate nearing saturation [12] - Anticipates continued growth in injection mold and polymer materials businesses, supported by increased production capacity and market demand [18] Strategic Partnerships and Market Position - Maintains strong relationships with key automotive manufacturers, enhancing market competitiveness [19] - Plans to leverage "mold-plastic integration" to meet customer demands for comprehensive solutions [19] Future Prospects - Positive impact expected from the conversion of convertible bonds on financial structure and profitability [17] - Continued focus on expanding the modified materials segment, with expected revenue growth in the coming year [19]

Financial Performance - In the first half of 2025, the company achieved operating revenue of 191,513.63 million yuan, a year-on-year decrease of 17.96% [2] - Distribution business revenue was 158,909.80 million yuan, down 10% year-on-year, while engineering strategic business revenue was 32,603.83 million yuan, down 42.68% [2] - The net profit attributable to shareholders was -566.82 million yuan, a decline of 106.86% [2] Market Conditions - The construction ceramics industry remains highly competitive, impacting the company's performance [2] - The average selling price of products has decreased, leading to overall sales revenue falling short of expectations [2] - The real estate industry has entered a stock era, significantly reducing tile order volumes and constraining the company's engineering channel sales [2] Channel Performance - In the first half of 2025, the distribution channel revenue decreased by 10%, while the engineering channel revenue fell by 42.68% [3] - In Q1 2025, the distribution channel accounted for 81.86% of revenue, while the engineering channel accounted for 18.14%. By Q2, the distribution channel's share increased to 82.98% [3] Strategic Responses - The company aims to survive by focusing on market share and cash flow, optimizing internal management to reduce costs and improve efficiency [4] - Strategies include maintaining a balance between price and volume, promoting high-value new products, and empowering distributors through various policies [4] Distributor and Store Dynamics - The number of directly signed distributors and specialty stores has remained relatively stable, with recent efforts focused on replacing underperforming distributors [5] - The company has implemented price concessions and inventory handling benefits to support distributors [5] Customer Segmentation - The strategic customer business has seen a decline in real estate client cooperation, with the engineering channel now accounting for 17% of total business [7] - The downstream demand structure shows that real estate-related projects account for approximately 17%, while the distribution channel primarily serves new home renovations and second-hand home refurbishments, making up about 83% [7] Production Capacity - The Guangxi base has a high capacity utilization rate, with six out of seven production lines operational [8] - Despite high depreciation costs for new capacity, the Guangxi base remains a significant contributor to profitability due to advantages in raw materials, labor, and electricity costs [8] Industry Outlook - The exit of small and medium enterprises in the industry is primarily driven by market competition, with environmental policies having a limited short-term impact [9] - The industry is expected to face a sales decline in 2025, with a slow recovery anticipated due to competitive pressures and regulatory policies [9] Future Investments - The company maintains a focus on its core business of tiles while exploring financial investments to increase revenue under controlled risk [9]

Group 1: Financial Performance - The company achieved a revenue of 85.6 billion CNY in the first half of 2025, representing a year-on-year growth of 6.7% [2] - Net profit attributable to shareholders reached 1.88 billion CNY, a significant increase of 89.3% year-on-year [2] - Operating cash flow amounted to 27.3 billion CNY, showing a remarkable growth of 115.9% [2] Group 2: Semiconductor Display Business - The global retail demand for LCD TVs remained stable, with a focus on large-size panels driven by national subsidy policies [2] - TCL Huaxing reported a revenue of 50.43 billion CNY, up 14.4% year-on-year, and a net profit of 4.32 billion CNY, reflecting a 74.0% increase [2] - The company continues to optimize its business and product structure, enhancing its competitive advantage in the semiconductor display industry [2] Group 3: Semiconductor Wafer Business - The company achieved a revenue of 2.74 billion CNY in the semiconductor wafer segment, marking a year-on-year increase of 38.2% [2] - The company is confident in maintaining growth in the second half of the year, bolstered by improved product quality and stable supply to major domestic integrated circuit manufacturers [2] Group 4: New Energy Photovoltaic Business - The photovoltaic business reported a revenue of 9.87 billion CNY, down 28.0% year-on-year, with crystalline wafer revenue declining by 7.1% [2] - The company aims to enhance its competitive position and navigate through the industry cycle by improving operational conditions [2] Group 5: Future Demand and Market Outlook - Demand for TV panels is expected to rebound in the second half of the year, driven by major shopping events [3] - The long-term demand for large-size LCD panels is projected to grow steadily, supported by increasing average screen sizes [4] Group 6: Production and Operational Updates - The T9 production line is operating at high capacity, with a strong demand for various products [6][7] - The T11 production line, acquired from LGD, is expected to contribute positively to the company's performance as operational efficiencies improve [5] Group 7: Cash Flow and Capital Expenditure - The company reported a net operating cash flow of 27.3 billion CNY, primarily from TCL Huaxing [10] - Future capital expenditures are expected to decline, with a focus on increasing ownership stakes in panel production lines and managing financial costs [11] Group 8: Industry Trends and Pricing - The photovoltaic industry is experiencing a recovery in pricing, with a focus on maintaining healthy price levels across the supply chain [11]

Financial Performance - The company achieved operating revenue of CNY 8.468 billion, a year-on-year increase of 6.2% [2] - The net profit attributable to shareholders reached CNY 2.627 billion, marking a historical high with a growth of 3.1% [2] - The net profit excluding non-recurring items was CNY 2.519 billion, up 16.4% year-on-year, indicating improved economic efficiency [2] Business Operations - Container throughput reached 101.207 million TEUs, an increase of 5.7% year-on-year [2] - Bulk cargo throughput was 630 million tons, slightly down by 0.7% [2] - Domestic port projects achieved container throughput of 79.189 million TEUs, up 6.2% [2] - Overseas port projects completed container throughput of 19.209 million TEUs, a growth of 5.0% [2] Strategic Initiatives - The company aims to become a world-class comprehensive port service provider, focusing on global expansion, lean operations, and innovation [2] - The company operates 51 ports across 26 countries on six continents, actively seeking acquisition opportunities in fast-growing regions [3] Market Trends and Challenges - The international shipping rates fluctuated in the first half of 2025, with a cautious outlook for rate increases in 2026 [3] - The company is focusing on enhancing core competencies and operational efficiency to adapt to market changes [3] - The impact of U.S. tariffs on goods transiting through Southeast Asia is being monitored, with a strategy to mitigate risks through diversified market engagement [4] Digital Transformation - The company is advancing its digital transformation with the launch of three major service platforms, enhancing operational efficiency and customer service capabilities [5] - Automation and smart technologies are being integrated, with significant improvements in operational efficiency, achieving over 80% efficiency in automated operations [5] Shareholder Value Enhancement - The company has initiated a share buyback plan, aiming to repurchase shares worth between CNY 195 million and CNY 389 million by October 28, 2025 [7] - A commitment to distribute at least 40% of profits as dividends annually from 2024 to 2026 has been established [7]

Group 1: AI Applications in Healthcare Finance - The company has developed a "Medical Smart Financial Digital Management Platform" that integrates financial and business data in real-time, enhancing operational efficiency and risk control [3][4]. - The platform empowers various stakeholders, including medical staff, finance departments, hospital decision-makers, and patients, through intelligent financial services and data analysis [3][4]. - AI applications have been implemented in major hospitals, with the model achieving a 95% accuracy rate in rule compliance and data processing [5][6]. Group 2: AI Applications in Fiscal Management - The company launched the "BoZhiXing" series products to enhance fiscal management efficiency, utilizing a core knowledge base and rule library [5][6]. - The AI applications in fiscal management include intelligent execution monitoring and budget review, significantly improving regulatory precision and fund utilization [6][7]. - The company has successfully implemented these products in multiple provinces, aiding in the modernization of digital fiscal governance [7]. Group 3: Electronic Voucher Business Progress - The company has established an electronic voucher service platform that digitizes the entire process of public expenditure, achieving paperless applications and electronic accounting records [8][10]. - The electronic voucher solutions have been deployed in various provinces, including Inner Mongolia, Heilongjiang, and Chongqing, with nearly 200 hospitals adopting these solutions [10][11]. Group 4: Advantages in AI Application Development - The company possesses a robust data ecosystem that enhances its model capabilities, allowing for rapid iteration and upgrade of AI applications [11]. - A comprehensive growth system supports the productization of services, focusing on user efficiency, effectiveness, and risk management [11]. - The company targets the fiscal and tax sectors, providing end-to-end solutions that address client pain points and optimize management [11][12]. Group 5: Tax Management Innovations - The "LeXiangZhiShui" platform offers a one-stop tax management solution for medium to large enterprises, integrating advanced technologies for comprehensive tax data governance [12][13]. - The platform has received high recognition from enterprise clients, with ongoing development of intelligent tax products to enhance core competitiveness [13].

Group 1: Industry Development Perspective - The Chinese capital market is currently in a development stage focused on "high-quality development," with a national strategy emphasizing the construction of a financial powerhouse [2] - The new "National Nine Articles" introduced in April 2024 highlight the principles of financial service for the public and market-oriented legal frameworks [2] - Regulatory measures are centered around "risk prevention, strong regulation, and promoting high-quality development," leading to a restructuring of market foundational systems [2] Group 2: Business Layout and Outlook - The company has made significant progress in key areas since early 2025, including accelerating traditional business transformation and enhancing competitive capabilities [3] - The company aims to strengthen its ability to serve the real economy and enhance cross-border business interactions [3] - Future strategies include a focus on wealth management, investment banking, trading, and investment management, with an emphasis on comprehensive service capabilities [3] Group 3: Wealth Management Business Development - The company is committed to transforming into a buyer-oriented investment advisory model, enhancing multi-asset allocation capabilities [4] - As of June 2025, the company’s financial product distribution scale exceeded 300 billion yuan, reflecting a growth of approximately 14.13% compared to the previous year [4] - The company ranks second in the industry with over 4,600 individuals obtaining investment advisor qualifications [4] Group 4: Derivatives Business Development - The company, as a primary dealer in the OTC derivatives market, focuses on pricing and trading expertise while enhancing product offerings and client services [5] Group 5: Investment Banking Business Development - The company emphasizes its role in supporting high-quality development of the real economy and adheres to national strategies and regulatory requirements [6] - It aims to strengthen its market position in key regions such as the Greater Bay Area and the Yangtze River Delta [6] - The company is advancing its digital transformation and improving risk management to ensure stable development [7]