Weichai Power 2024 ESG Report Summary

From April 24 to 26, Man Shengang, Party Committee Secretary and Chairman of Shandong Heavy Industry Group, visited Japan to inspect the Weichai Tokyo Innovation Center and Lovol Osaka Innovation Center. He met with partners in technological innovation and high-end supply chains, and witnessed the signing of key cooperation agreements. Ma Changhai, Party Committee Member and Deputy General Manager of the Group, participated in the research activities.

On April 25, Sinotruk and Toyota Motor Corporation signed a strategic cooperation agreement at Toyota's headquarters in Nagoya, Japan. Man Shenggang, Party Committee Secretary and Chairman of Shandong Heavy Industry Group, and Yoichi Miyazaki, Executive Vice President of Toyota Motor Corporation, attended the signing ceremony and held discussions. Ma Changhai, Party Committee Member and Deputy General Manager of Shandong Heavy Industry Group, and Mitsumasa Yamagata, President of Toyota's Hydrogen Factory, also participated in the event.

On April 24, the launch ceremony for Shaanxi Automobile Heavy Truck's fully independent new energy "Smart Hub" brand under Weichai Power was held at Weichai (Yantai) New Energy Industrial Park. During the event, Weichai Power and Shaanxi Automobile Heavy Truck signed a strategic cooperation agreement with a major Shanghai client for 1,000 vehicles and delivered the first batch of trucks to a Xuchang customer.

From April 21 to 23, Man Shengang, Party Committee Secretary and Chairman of Shandong Heavy Industry Group, conducted market research in Hanoi and Ho Chi Minh City, Vietnam. During the trip, he met with strategic partners and major clients, attended key cooperation signing ceremonies, and worked to further optimize market strategy, build a comprehensive brand portfolio, and expand overseas growth, all contributing to the development of the China-Vietnam community with a shared future. Zhang Gengsheng, Group Party Committee Member and Deputy General Manager, participated in the research activities.

On the morning of April 23, as the All-China Federation of Trade Unions approaches its 100th anniversary, Weifang City launched its "Crafting Weifang" Employee Labor & Skills Competition and "Master Skills Benefit Enterprises" Model Worker Initiative at Weichai Industrial Park. The event also marked the grand opening of Weichai Group's first Craftsmen Week. The ceremony brought together 600 participants, including vice chairpersons from trade unions across Weifang's counties, districts, and municipal development zones, heads of industrial and government-affiliated unions, as well as model workers, master craftsmen, and Weichai Group representatives.

On April 22, Nanjing hosted the grand launch of H/T-2.0 next-gen high thermal efficiency engines under the theme "Born for Fuel Efficiency." Weichai unveiled three groundbreaking models, 12L, 14L, and 15L, designed for all transport scenarios. Powered by 53.09% thermal efficiency technology and multiple fuel-saving innovations, these engines deliver unprecedented value to China's logistics sector: saving fuel, costs, hassle, and time. This marked the dawn of a new era in high-horsepower commercial vehicle efficiency.

In the first quarter of 2025, Shandong Heavy Industry Group achieved a strong start with dual revenue-profit growth and sustained operational improvement, as all cadres and employees charged ahead with "starting-gun sprint" momentum to make breakthroughs across all business fronts.

On April 14, Shandong Heavy Industry Group held its economic performance analysis meeting for the first quarter of 2025. In the just-concluded quarter, the Group lived up to expectations, achieving dual growth in both revenue and profit, with profit increasing at a higher rate than revenue. Its operational efficiency outperformed industry standards, and its profitability remained the highest among provincial state-owned enterprises, marking a strong start to the year.

On April 15, Shandong Heavy Industry Group and China Logistics Group signed a strategic cooperation agreement in Jinan. Liu Jingzhen, Party Secretary and Chairman of China Logistics, and Man Shengang, Party Secretary and Chairman of Shandong Heavy Industry, held a meeting and jointly witnessed the signing ceremony.