Weichai Power Co., Ltd.

Weichai Power Co., Ltd. is a leading manufacturer in the automobile sector, primarily focused on the production of powertrain systems, commercial vehicles, and agricultural equipment. Founded in 2002 and listed on the Shenzhen Stock Exchange in 2007, Weichai Power has established itself as a significant player in the internal combustion engine industry. The company was initiated by the Weifang Diesel Engine Factory and has since expanded its operations through various domestic and international partnerships, boasting a diverse portfolio of well-known brands. The company's main business lines include power systems, commercial vehicles, and agricultural equipment, with a strong emphasis on innovation and technological advancement. Weichai Power has a global presence, with subsidiaries in Europe, North America, and Asia, and its products are exported to over 150 countries. The company leads the market in heavy-duty engines and transmissions, as well as agricultural equipment in China. Weichai Power is committed to green and sustainable development, actively pursuing advancements in new energy technologies and maintaining a robust research and development framework to support its growth and market leadership.

1. Power System Business The Company remained committed to achieving high-level scientific and technological self-reliance. We consolidated our core competitive advantages in traditional powertrains while accelerating our new energy transition and unlocked new quality productive forces, thereby continuously strengthening our development momentum. Our competitive advantages in core power systems were continuously reinforced.The 16M33 dual-fuel and 12M55NG engines have been successfully integrated into mining truck powertrains. The 12M25 engine broke the longstanding foreign monopoly on engines for large-scale mining equipment. Our non-road methanol engines also achieved the number one market share in the industry. We took the lead in driving preliminary research on the world’s first international standards for hydrogen internal combustion engines, accelerating the industrialisation process. We accelerated breakthroughs in our new energy transition and upgrade.We developed a 600kWh battery pack that can be mounted under the chassis of heavy-duty trucks and operates reliably at temperatures as low as -20°C. We also introduced a 140 kWh fast-charging battery for light-duty trucks, saving customers over 100 hours of charging time per year. We developed a full range of range extenders for 90-180 ton mining trucks and specialised battery packs for multiscenario applications. A new-generation motor controller was also launched, supporting both range-extenders and drive motors to meet the requirements of our entire vehicle portfolio...... 2. Commercial Vehicle Business The Company adhered to the leading strategy of driving development through complete vehicles and machinery , deepened R&D, manufacturing, and market synergy, and propelled the highend, intelligent, and green upgrades of the commercial vehicle segment. Shaanxi Heavy-duty Motor Company Limited (“Shaanxi Zhongqi”), a subsidiary of the Company, actively captured market opportunities and accelerated structural optimisation. We achieved annual vehicle sales of 153,000 units, representing a year-on-year increase of 29.4%, and maintained a leading market share in the heavy-duty truck sector. We deepened our presence in key market segments and continuously optimised our product portfolio. Domestic vehicle sales reached 94,000 units for the year, representing a year-on-year increase of 60.2% . Focusing on the high-end logistics market, we launched the X6000 Extraordinary Flagship model , setting new industry benchmarks for intelligent features and fuel efficiency. We also launched several new energy products, including the G6000E and M5000E models, providing electric solutions for a wide range of applications and increasing our new energy market share by 3.3 percentage points year-on-year. We completed our export strategy for the entire product range , with the high-end X6000 model successfully obtaining EU WVTA certification . Full-year exports reached 59,000 units...... 3. Agricultural Equipment Business The Company thoroughly implemented the national comprehensive rural revitalisation strategy, closely aligned with the needs of agricultural modernisation development, and drove the expansion, strengthening, and optimisation of its agricultural equipment segment to help keep the “Chinese rice bowl” firmly in our own hands. Our subsidiary, Weichai Lovol Intelligent Agricultural Technology Co., Ltd. (“Weichai Lovol Intelligent Agricultural”), resolutely executed its four core strategies of business focus, innovation-driven development, quality upgrading, and globalisation. By actively responding to and effectively overcoming challenges including sluggish domestic market and volatile international markets, its market share for major products increased across the board, further consolidating its industry leadership. Our innovation-driven approach forged strong technological capabilities.Our power-shift tractors established a dominant market position, with our full range of 2-speed powershift products (80-320 horsepower) being made available across the market. We successfully launched a new large harvester with a 16 kg/s throughput and developed several energy-efficient models based on our wheat and corn harvester platforms, reducing overall fuel consumption by 15%. Through forward-looking deployment of smart agriculture initiatives, we became the first in China to implement an AI-based large model for smart agriculture. This solution supports precision farm management, improves operational efficiency, and optimises production costs, providing the technological foundation for increased grain yields and income...... 4. Intelligent Logistics Business The Company operates the world’s leading intelligent logistics business segment. KION Group AG, an overseas controlling subsidiary based in Germany, is a globally leading supplier in the area of intelligent logistics, and is dedicated to providing advanced intelligent logistics solutions for factories, warehouses, and distribution centers. In 2025, KION Group AG achieved revenue of EUR11.3 billion among which, its forklift business (represented by Linde and STIHL) realised a revenue of EUR8.27 billion, while its supply chain solution business (represented by the Dematic Group) realised a revenue of EUR3.07 billion. We deepened strategic collaborations and spearheaded technological innovation. We established strategic partnerships with Accenture, and others to jointly develop physical AI-based industrial vehicle solutions and digital twin technologies , solidifying our leadership in nextgeneration intelligent logistics technology...... 5. Power Energy Business The Company seized the growth opportunities in electricity demand arising from the wave of artificial intelligence, and accelerated technology R&D and market expansion for power generation products. Currently, its core business covers power generation equipment and solid oxide fuel cells (SOFC), etc., which are widely used in key segmented scenarios such as data centers, oil fields and mines, and industrial parks. The Company is committed to providing global customers with safe, reliable, efficient, low-carbon, intelligent, and flexible integrated power solutions. In 2025, the sales volume of the Company’s data center backup power products increased by 259% year-on-year. Among these, the annual sales volume of the M-series large-diameter engines exceeded 10,000 units for the first time, representing a year-on-year increase of 32%, while revenue grew by 65% yearon-year. The Company launched the world’s first 5 MW highspeed diesel generator product, the 20M61, which achieved the highest power per liter in the industry, with core parameters such as startup speed and load-bearing capacity reaching world-class levels. The SOFC power generation system successfully obtained EU CE certification, achieving a maximum power generation efficiency of over 65%, with performance indicators reaching internationally leading levels....