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　　On February 5th, the first workday after the Spring Festival, the Shandong Provincial Committee and Provincial Government convened a provincial conference on promoting high-quality development through reform and innovation, issuing a call to action for invigorating development with reform and innovation and bravely striving for the lead. As a pioneer in China's industrial equipment field, Weichai Group responded swiftly and took the lead, strengthening technological innovation, deploying in emerging fields, tapping into the potential for transformation, and fully dedicating itself to the new journey of high-quality development.

　　At a time when all parts of the country are making every effort to boost the economy, seize the initiative, and strive for a 'successful start,' Weichai, with its bold actions and innovative practices, has taken the lead, becoming an industry leader. Since the beginning of this year, the Group has achieved double-digit growth in both revenue and profit, with profit growth exceeding revenue growth. This impressive achievement marks a stunning start to the year, laying a strong foundation for high-quality development in the new year.

Reform and Innovation

Building a New Foundation for Development

　　Shandong's "first meeting of the new year" serves as an inspiring call to action, signaling a strong determination to drive development through reform and innovation.

　　In this wave of reform and innovation, on February 25th, Weichai ushered in a milestone moment—the roll-off of its 800,000th gas engine. Simultaneously, the all-new WP16NG4.0 gas engine was launched. These 800,000 units represent more than just a simple number; they highlight Weichai's leading position in this field. From 1.0 to 4.0, product iteration cycles have become increasingly shorter, and iteration speeds have continuously increased. Currently, its market share exceeds 60%, solidifying its dominant position. These achievements are inseparable from the core driving force of technological innovation.

　　For more than a decade, Weichai has unwaveringly adhered to the principle of high-level technological self-reliance and self-improvement, making the strengthening of independent innovation capabilities a top priority for the company's development.

　　Weichai's investment in R&D is substantial. Taking the engine sector as an example, a cumulative investment of over 30 billion yuan has been made over the past 10 years, with an R&D intensity of over 6%, ranking among the top in the global industry. Remarkably, Weichai's R&D investment in the first quarter of this year is expected to continue its year-on-year growth trend, continuously injecting strong momentum into technological innovation. Innovation platforms, as important vehicles for aggregating innovative elements and conducting technological innovation, play an irreplaceable role. Weichai has taken the lead in establishing several national-level strategic technology platforms, including the National Key Laboratory of Internal Combustion Engines and Power Systems, the National Fuel Cell Technology Innovation Center, and the National Internal Combustion Engine Industry Metrology and Testing Center. At the same time, Weichai has carefully constructed an independent forward-looking R&D system centered on "eight institutes and one center," actively deploying cutting-edge global technologies.

　　Relying on these strong platform supports, Weichai has made significant strides in technological R&D, successfully mastering a number of key core technologies that are unique and globally recognized. The "Key Technologies and Applications of Heavy Commercial Vehicle Powertrain" project won the first prize of the National Technological Progress Award in 2018; four times in four years, Weichai has broken the world record for the thermal efficiency of diesel engine bodies; and Weichai independently controls the core technologies of engineering machinery hydraulic powertrains, CVT powertrains, and new energy powertrains.

　　These major technological breakthroughs have not only enabled Weichai to establish an insurmountable competitive advantage in the industry, but also serve as a powerful engine driving the company and the entire industry toward a higher level. Data shows that in 2024, Weichai's market share in the domestic heavy-duty truck power market reached 40%, exceeding 60% in the gas-powered heavy-duty truck power market, and reaching 40% in the 500-horsepower and above tractor power market. The proportion of high-end and high-value-added products is accelerating.

　　On February 21st, Weichai once again held a technological innovation mobilization conference, further "adding fuel to the fire" to stimulate the innovation enthusiasm of scientific and technological personnel and creating a stronger atmosphere for innovation. To fully stimulate the innovative vitality of its talent pool, Weichai has taken the lead in implementing the "military order" and "competing for projects" systems, implementing large-scale equity incentives for core technology personnel, and regularly holding scientific and technological award ceremonies to reward outstanding scientific and technological achievements, igniting the passion for innovation. Currently, Weichai's engine sector alone has gathered more than 6,000 high-end R&D personnel, with 70% holding master's degrees and over 300 holding doctoral degrees, carefully cultivating a team of top industry leaders.

　　In the grand journey of promoting Chinese-style modernization, state-owned enterprises bear significant responsibilities. Against the backdrop of reform and innovation being prioritized as the main theme of the province's work for the new year, Weichai Group actively benchmarks itself, quickly formulating a series of reform measures with its own unique characteristics, striving to remove obstacles to development, laying a solid foundation for the steady development of the enterprise, and accelerating the release of development vitality.

　　Weichai is working to build a scientific management system, following the principles of Shandong Heavy Industry Group's "strong headquarters, large industries, few levels, and wide breadth." It is drastically optimizing its organizational structure, actively promoting efficient collaboration between departments, and improving operational efficiency by streamlining management levels. It is also improving the corporate governance system, perfecting the rules of procedure, and deepening the construction of the internal control system, laying a solid foundation for the company's steady development in various aspects.

　　With the dual impetus of reform and innovation, Weichai has achieved a remarkable "successful start" this year with a series of solid measures to stabilize growth, strengthen breakthroughs, improve profitability, and increase revenue: major product sales have all achieved year-on-year growth, and both revenue and profit have achieved double-digit growth, with profit growth exceeding revenue growth. The profit margin within the country continues to expand, playing an inspiring triumphant symphony, and moving confidently towards even higher goals for the year.

Riding the Waves

Cultivating New High-Quality Productivity

　　Tradition and innovation, two seemingly opposing concepts, have found a harmonious coexistence in Weichai's development blueprint, becoming its winning formula in fierce market competition.

　　In the journey of new industrialization, Weichai adheres to the essence of traditional technologies while also actively deploying its forces in new industrial sectors with a keen strategic vision. Through a "traditional + innovative" dual-drive strategy, Weichai continuously promotes technological innovation and industrial upgrading. Currently, it has proactively completed the layout of multiple technical routes, including clean energy internal combustion engines, pure electric, hybrid, and fuel cells.

　　At the 2025 Global Partner Conference, Weichai made a significant debut, showcasing for the first time its independently developed high-performance, high-reliability, and long-life power battery products. These products cover the full range of commercial vehicles and construction machinery, and also comprehensively showcase new energy full-industry chain products such as motors, electronic controls, and drive assemblies.

　　"80% energy replenishment in 18 minutes," "system cycle life up to 4500 times," and "supports low-temperature charging at -20℃ and supports 2C/3C fast charging"—these leading Technical Index fully demonstrate Weichai's outstanding strength in the field of commercial vehicle power battery technology. These technologies, which represent the top level of the industry, will undoubtedly bring more advanced and professional solutions to the development of China's new energy commercial vehicle industry, powerfully driving the industry to a new level of development.

　　In the crucial process of new energy commercial vehicle transformation, Weichai, with its profound technological accumulation and continuous investment in innovation, has fully mastered the core technologies of batteries, motors, and electronic controls ("three electrics"), as well as key technologies such as vehicle control units (VCUs) and intelligent driving, accelerating breakthroughs in the core technologies of new energy commercial vehicles and striving to build a golden industrial chain for new energy commercial vehicles.

　　In Fushan District, Yantai City, 250 kilometers away from Weifang, the construction site of Weichai (Yantai) New Energy Power Industry Park is bustling with activity. This industry-leading industrial park will cover the entire industrial chain of new energy commercial vehicle power batteries, motors, electronic controls, and electric drive assemblies, with an annual production capacity of 50 GWh battery packs, 500,000 flat-wire motors, 400,000 electronic controls, and 50,000 electric drive assemblies.

　　Fuel cell technology is an important direction for future energy development. Weichai has proactively deployed and successfully developed five hydrogen energy power systems, with power ranges from 30kW to 300kW. Many of its key Technical Indexes have reached the international forefront, and the overall performance of its hydrogen energy power system is leading, effectively promoting the full chain breakthrough of Shandong's hydrogen energy industry. At the Hannover Messe in September 2024, Weichai launched a new generation of 15-liter in-cylinder direct injection hydrogen internal combustion engine with a power of up to 560 horsepower and a maximum torque of 2600N·m. In 2022, Weichai and China National Heavy Duty Truck jointly released the nation's first commercial heavy-duty truck equipped with an independently developed hydrogen internal combustion engine. Currently, Weichai is taking Weifang as its core and striving to build a hydrogen energy industrial ecosystem, exploring an innovative path for the development of hydrogen energy industry in Shandong and even the whole country.

　　It is precisely because of its comprehensive technological layout that Weichai can cope with ease in a complex and changing environment and effectively promote the vigorous development of new productivity in the automotive power field.

　　With the synergy of traditional and emerging industries, Weichai has successfully built a high-end industrial cluster integrating R&D, production, and sales, achieving a comprehensive upgrade from products to services, further consolidating its leading position in the industry, and is moving forward with a more stable pace towards higher-quality and more sustainable development goals.

Digital Leadership

Building a New Engine for Transformation

　　Recently, "DeepSeek" has attracted much attention, which also reflects the widespread attention paid to artificial intelligence and digital technologies within the industry.

　　At this critical juncture of industrial transformation, promoting industrial innovation and deepening the integration of the real and digital economies is the inevitable path for enterprise development. Weichai actively implements the spirit of the Provincial Conference on Promoting High-Quality Development through Reform and Innovation, regarding digital transformation as a key measure to strengthen its future development engine, comprehensively deploying and accelerating its progress.

　　Weichai keeps pace with the times and actively promotes the application of new technologies such as intelligent networking, AI large models, etc., to empower its business. On February 19, Weichai Group held a digital transformation launch conference, clarifying the goals and tasks of digital transformation, and drawing a clear blueprint for the company's future digital development. In order to further explore the frontier technologies of artificial intelligence, Weichai has established an Artificial Intelligence Research Institute, dedicated to promoting the digitalization, automation, and intelligence of the entire "research, production, supply, sales, and service" process, striving to seize the opportunities in the wave of digitalization.

　　Weichai has achieved remarkable results in the field of intelligent manufacturing. Recently, Weichai's high-end engine digital factory has been rated as an excellent intelligent factory, and the new generation of engine digital industrial park project demonstrates strong production capacity, with an annual production capacity of 200,000 high-end engines, and its intelligent manufacturing level is world-class, with a processing automation rate as high as 100% and an assembly automation rate of 80%.

　　As a global "lighthouse factory," Weichai has implemented a comprehensive digital transformation of its end-to-end value chain. By leveraging the rapid application of new technologies such as intelligent networking and AI large models, the product R&D cycle has been shortened by 20%, and operating costs have been reduced by 35%. At the same time, Weichai vigorously promotes the deep integration of digital technologies and big data models in high-end products, successfully launching integrated solutions such as intelligent driving, intelligent construction, and intelligent logistics, effectively improving the intelligence level of the entire industry. The in-depth application of digitalization has fundamentally changed Weichai's production model and injected continuous technical impetus into the cultivation of new productivity.

　　Digital transformation relies on "human intelligence." Weichai deeply understands the importance of talent and, through three major projects: campus talent reserves, introduction of high-level talents, and cultivation of skilled talents, it widely recruits talents from all walks of life and has established a sound career development and incentive mechanism. In 2024, campus Jobs in the engine sector alone attracted thousands of outstanding graduates, and more than 200 doctors and high-end talents were introduced. As of now in 2025, more than 600 college graduates have been signed, continuously accumulating strength for the company's high-quality development.

　　In the wave of digitalization, Weichai is actively cultivating new growth drivers, exploring new operating models, building new engines driving future development, and building a more intelligent, efficient, and collaborative industrial ecosystem through deep integration with upstream and downstream enterprises.

Strive for a Successful Start

Leading High-Quality Development

　　Against the backdrop of profound changes in the industry landscape, rapid technological iteration, and changes in market demand, in 2025, Shandong Heavy Industry Group clearly proposed the goal of accelerating the "three major strategic transformations" of new energy, digitalization, and after-sales service. Weichai shoulders its mission, actively participates in this wave of transformation, prioritizes hard work, and strives for a successful start in the first quarter.

　　At the beginning of the new year, Weichai proposed the goal of optimizing its product structure, accelerating the transformation from homogeneous Price competition to high-end technological competition, and striving to improve market share, the proportion of high-end products, and profitability in various businesses. At the same time, it actively builds a comprehensive solution of "traditional power + clean power + new energy power" to establish new competitive advantages and help vehicle and machinery manufacturers move towards world-class levels.

　　On January 2, Weichai took swift action, holding a mobilization meeting on "Fighting for the First Quarter and Winning a Successful Start," reiterating, redeploying, and re-emphasizing the key tasks for the first quarter. Unwavering in its pursuit of goals, leading cadres took the lead, signing target responsibility letters. These responsibility letters are not only a powerful declaration of not giving up until goals are achieved, but also demonstrate the firm determination of the group to work together to achieve Achievements.

　　"Hard work" is for "achievements".

　　On the sixth day of the first lunar month, when most people were still enjoying the joy of family reunion, members of the Weichai Power "three high" test team were already conducting tests on new products in the -28℃ cold of Hailar, Inner Mongolia. The 16L gas engine they tested broke through the technical bottleneck of high braking performance, while the 8L engine solved the problem of insufficient power for gas-powered cargo trucks, and a new technology that cancels the engine Venturi tube was also born in the field of engineering machinery. Each new technology on the test vehicles represents a new height in the industry, and the team members are working hard to create new competitive advantages for Weichai.

　　The power battery products launched at the 2025 Global Partner Conference have already made their mark in the market. Recently, dozens of Yaxing new energy buses equipped with Weichai blade batteries were delivered to Jixi City, Heilongjiang Province, successfully withstanding the low-temperature test. These battery technologies, representing the leading level of the commercial vehicle industry, have carved out a new market space.

　　Meanwhile, good news about product delivery is frequently reported: 1192 logistics vehicles equipped with Weichai WP15NG-4.0 are shining in Ningxia, the "塞上江南" (a poetic name for Ningxia); 110 Weichai WP14T mining truck power products have strongly entered the Ordos mining area in Inner Mongolia; batch after batch of heavy trucks equipped with star products such as Weichai WP13NG, WP12H, and WP15NG-4.0 are heading to various parts of the country. At the beginning of the new year, the booming delivery trend everywhere is just like this Shandong "New Year's First Meeting," gathering continuous fighting spirit.

　　In 2024, facing industry pressure, Weichai maintained a high-quality and steady development trend, with total operating income exceeding 310 billion yuan, total profit increasing by 36% year-on-year, and profitability ranking among the top of Shandong's provincial-owned enterprises. In 2025, Weichai once again took the lead, showing a vigorous trend of high-quality development, and shouldering the mission of "walking in the front and taking on major responsibilities" more firmly, powerfully, and effectively.

　　At present, Weichai is relying on its profound technical accumulation and perfect system and mechanism, with a forward-looking strategic vision, actively opening up new tracks in strategic transformation areas such as new energy, digitalization, and after-sales markets. Through continuous exploration and practice, it is making every effort to build a new development pattern driven by innovation, laying a solid foundation for the Group's "14th Five-Year Plan" high-quality development to get off to a good start.