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Weichai Power

Weichai Power Co., Ltd. is a leading engaged in the , , , and sales of engines, systems, , agricultural equipment, and intelligent logistics solutions. Founded on December 23, 2002, as a restructuring of the historic Weifang Factory (established in 1946), the company is headquartered in , Province, and serves as the core subsidiary of Weichai Holding Group Co., Ltd. Dual-listed on the (HKEX: 2338) since 2004 and the (SZSE: 000338) since 2007, Weichai Power reported operating revenue of 215.69 billion yuan and net profit of 11.4 billion yuan for 2024, with total assets exceeding 343 billion yuan and approximately 97,000 employees. The company's origins trace back to the post-World War II era, when the Weifang Diesel Engine Factory was set up in to produce small engines for agricultural and industrial use in . Over the decades, it evolved into a major player in heavy-duty engine production, achieving significant milestones such as becoming the first Chinese enterprise to list on the in 2004. Under the leadership of , which was formed through in the early 2000s, Weichai Power expanded rapidly through strategic integrations, including the acquisition of foreign assets like the French engine maker Baudouin in 2009 and a stake in Germany's in 2017, enhancing its global footprint in marine, automotive, and material handling sectors. By 2018, the company's focus on core technologies in powertrains earned praise from Chinese President during his participation in the deliberations of the delegation at the , highlighting its role in 's industrial upgrading. Weichai Power's business is organized into four primary segments: powertrain systems, commercial vehicles, agricultural , and smart logistics. Its powertrain division, the largest contributor, produces high-efficiency engines renowned for innovations like the world's first commercial achieving 50.23% in 2020, including subsequent records like 52.28% in 2024, along with transmissions, axles, and hydraulic components under brands such as Weichai, Fast Gear, and Fast. In commercial vehicles, it manufactures heavy-duty trucks through subsidiaries like (Shacman), while the agricultural equipment segment includes tractors and harvesters via Yangdong and Lovol brands. The smart logistics arm integrates forklifts and warehousing solutions from partnerships with KION Baoli and Dematic. The company has also pivoted toward new energy technologies, developing hydrogen systems and electric s to support sustainable mobility. With a global presence spanning subsidiaries and R&D centers in , , , and beyond, Weichai Power exports its products to more than 150 countries and ranks as the world's top seller of heavy-duty engines and transmissions. It operates over 20 major production bases worldwide and hosts key national engineering centers in , driving innovations that have earned nine national science and technology awards, including China's first National Science and Technology Progress Award (first prize) in 2018 for breakthroughs. Additional accolades include the and the National Quality Award, underscoring its commitment to high standards in and . As of 2025, Weichai Power continues to advance in green technologies, such as hydrogen fuel cells for heavy-duty applications, positioning itself as a pivotal force in the global transition to low-carbon industrial equipment.

Company Overview

Founding and Background

Weichai Power originated in 1946 with the establishment of the Weifang Diesel Engine Factory in , Province, . Initially, the factory concentrated on manufacturing small to support agricultural mechanization and military needs during the post-war reconstruction period. In 1953, amid 's aimed at rapid industrialization, the facility was renamed the Weifang Diesel Engine Works and broadened its production to encompass medium-sized . This expansion aligned with national priorities for development, enabling the works to contribute to broader economic infrastructure projects. A pivotal early achievement came in 1959 with the development and production of China's inaugural 6110 series , representing a breakthrough in indigenous medium-duty engine design. By the , the enterprise had evolved into a primary supplier of reliable engines for trucks, generators, and other essential applications, solidifying its role in China's growing automotive and power sectors. During the late , as a state-owned entity, the Diesel Engine Works underwent restructuring toward modern corporate forms, including agreements with international partners like Austria's for advanced engine designs. This shift facilitated the precursor to the contemporary structure.

Corporate Governance and Financials

Weichai Power Co., Ltd. operates as a of Weichai Holding Group Co., Ltd., which is wholly owned by Shandong Heavy Industry Group Co., Ltd., a under the Provincial Government. Shandong Heavy Industry Group holds approximately 16.6% of Weichai Power's shares directly, exercising controlling influence through its ownership chain. The company maintains dual listings on the (stock code: 2338.HK) since December 2004 and the (stock code: 000338.SZ) since April 2007, with its share structure comprising domestic A shares and overseas H shares that reflect differences in investor access and regulatory oversight. Leadership at Weichai Power is headed by Executive Chairman Ma Changhai, appointed in August 2024, who previously served as compliance director at Weichai Holding Group. The CEO and General Manager is Wang Decheng, in the role since October 2023, overseeing daily operations and strategic execution. The consists of 13 members, including directors, non-executive directors representing state-owned interests from Heavy Industry, and independent non-executive directors to ensure balanced oversight with influences from both stakeholders and private institutional investors. In 2024, Weichai Power reported operating of 215.69 billion , a 0.8% increase from the previous year, driven by steady demand in power systems and international markets. Net profit attributable to shareholders reached 11.403 billion , marking a 26.5% year-on-year rise, supported by improved gross margins and operational efficiencies. Historically, the company's has grown from 6.2 billion in 2004 to over 214 billion by 2023, achieving a of approximately 33%, underscoring its expansion in global . Weichai Power adheres to robust practices, including its A/H share structure that aligns with dual-listing requirements for investor protections and transparency under and regulations. The company emphasizes through annual ESG reporting, initiatives focused on emission reductions, , and , such as investments in green technologies and employee training programs. It also hosts key national innovation platforms, including the State Key Laboratory of and Power System, which advances research in and alternative fuels.

History

Early Development (1946–2001)

Following the establishment of the in 1949, the Weifang Diesel Engine Factory underwent reorganization as a , integrating into the nation's first five-year industrial plans to support agricultural and light industrial mechanization efforts. This shift emphasized domestic production of medium-speed , with the factory renaming to Weifang Diesel Engine Works in 1953 and launching the 6160 series engine in 1955 for fishery and agricultural applications. By the mid-1970s, production capabilities expanded significantly, enabling the manufacture of China's first and establishing a foundation for broader applications. The economic reforms initiated in profoundly influenced the factory's trajectory, transitioning its focus from primarily military-oriented production to civilian sectors amid China's broader market liberalization. This adaptation facilitated increased output and technological upgrades, aligning with national priorities for development. In the 1980s, the factory pursued key international collaborations, introducing licensed technology for the Steyr WD615 heavy-duty from Austria's in 1984, which marked a leap in high-speed performance for trucks and machinery. Building on this, the facility imported WD618 technology in 1995 and developed variants of the WD615 series throughout the for generator sets, , and heavy vehicles. By 2001, these efforts culminated in the launch of Euro I-compliant WD615 and WD618 engines, enhancing fuel efficiency and emissions control for domestic heavy truck markets. Amid these advancements, the factory navigated economic challenges by diversifying applications and initiating export activities, particularly to starting in the late under leadership focused on foreign trade. This established initial overseas capabilities, with engines supporting regional trucking and power generation needs by the late . Infrastructure growth paralleled operational progress, with expansions in including multiple production facilities to accommodate rising demand; by 2000, the workforce exceeded 10,000 employees, reflecting the scale of state-supported industrialization in Province.

Listing and Growth (2002–2010)

Weichai Power Co., Ltd. was established on December 23, 2002, with Weichai Holding Group Co., Ltd.—the restructured entity of the former Weifang Factory—serving as the primary initiator and sponsor, in collaboration with qualified domestic and foreign investors. This formation marked a pivotal shift toward a modern , enabling the company to leverage joint capital for expansion in manufacturing. On March 11, 2004, Weichai Power became the first Chinese enterprise to list on the (HKEX: 2338), raising gross proceeds of approximately HK$1.9 billion (net proceeds of RMB 1.227 billion after expenses). The funds were primarily directed toward enhancing capabilities, expanding production capacity, and strengthening marketing efforts to support long-term growth. This overseas listing was complemented by a domestic flotation on the (SZ: 000338) in April 2007, which broadened investor access within and facilitated further capital mobilization for operational scaling. A series of strategic mergers further consolidated Weichai Power's position in the sector. In November 2006, the company signed a merger agreement with Torch Automobile Group Co., Ltd. (TAGC), a state-owned automotive , leading to the absorption of TAGC's assets upon completion in April 2007; this included full ownership of Fast Gear Co., Ltd., a leading producer of transmissions, and Shaanxi Hande Axle Co., Ltd., enhancing in heavy-duty vehicle components. This era of financial and acquisitive growth coincided with robust market expansion, driven by surging demand for heavy-duty trucks and engines amid China's rapid infrastructure development in the mid-2000s. By 2010, Weichai Power's consolidated had reached RMB 62.67 billion, reflecting an approximately 78% year-over-year increase from 2009 and underscoring its rising dominance in the . Complementing this progress, the company established a national enterprise technology center during the period, recognized for advancing engine reliability and innovation as part of its state-level accolades.

Global Expansion (2011–Present)

In 2011, Weichai Power's WP10/WP12 series heavy-duty high-speed engines and key technologies received the first prize in the science and technology progress category from the machinery industry, highlighting its growing technological prowess amid international ambitions. Following the 2009 acquisition of French marine engine manufacturer , Weichai expanded its European presence by investing over 30 million euros to revitalize operations, marking entry into the marine power sector and establishing a foothold for high-speed marine diesel engines. From 2012 onward, Weichai pursued strategic investments in global logistics and materials handling. In September 2012, it acquired a 25% stake in Germany's KION Group, the world's leading forklift manufacturer, for approximately $928 million, followed by additional purchases that increased its ownership to 38.25% by 2015. By 2017, Weichai gained control of KION through further share acquisitions, enabling diversification into intelligent logistics solutions and supply chain technologies across Europe and North America. Concurrently, through its subsidiary Lovol Heavy Industry—acquired by the parent group in 2009—Weichai broadened into agricultural machinery, launching international sales of tractors and harvesters that supported mechanized farming in emerging markets during 2012–2016. Weichai's global strategy aligned closely with China's , facilitating overseas infrastructure projects and market penetration. The company established a manufacturing plant in , , in 2015 to produce diesel engines locally, enhancing supply for South Asian construction and power generation needs. It also built operational bases in for marine and power products, supporting regional shipping and energy demands, while expanding distribution networks in to serve African mining and industrial sectors. These efforts contributed to products being exported to over 150 countries by the early 2020s. Key milestones underscored Weichai's international success. In 2018, President praised the company's reforms and innovations during a visit, recognizing a decade of achievements in enterprise development and global competitiveness. In September 2020, Weichai launched the world's first commercial achieving over 50% brake , a that boosted its reputation in efficient power solutions for global heavy-duty applications. By 2023, the company's revenue reached 214 billion , reflecting robust international growth driven by diversified operations in power systems, , and . Looking toward new energy transitions, Weichai has invested in as part of its strategy. In 2024, it unveiled heavy-duty commercial in-cylinder direct injection engines, targeting zero-emission applications in trucks and vessels to meet global environmental standards and expand in green markets.

Products and Operations

Diesel Engines and Powertrains

Weichai Power's portfolio centers on the series of heavy-duty inline-six engines, renowned for their robustness and efficiency in demanding applications. The WP10 model features a 9.7-liter and delivers outputs ranging from 220 to 280 kW (approximately 300 to 380 ), with maximum up to 1,700 , making it ideal for medium- and heavy-duty trucks such as and dumpers. Similarly, the WP12 series offers an 11.6-liter and from 294 to 405 kW (400 to 550 ), with exceeding 2,000 , supporting high-load operations in freight and vehicles while adhering to Euro V emission standards. These engines incorporate advanced direct and turbocharging for optimized performance and fuel economy. Through its integration of Baudouin, Weichai produces the M series marine diesel engines, which provide power outputs from 330 to 1,200 kW in configurations such as inline-six, V8, and V12. The 6M33 variant, for instance, generates up to 551 kW at 1,800 rpm and is designed for in vessels, ships, and engineering boats, emphasizing compact design, low vibration, and extended overhaul intervals. Larger models like the 16M55 extend capabilities to 3,600 kW for high-power marine and generator sets, meeting IMO Tier II emissions and offering reliable operation in harsh marine environments. Complementing the engines, Weichai's powertrain systems include transmissions, axles, and hydraulic components for seamless integration in commercial vehicles. The FAST brand, produced by Fast Gear Co., Ltd., offers automated transmissions in 12- to 16-speed configurations, handling input torques up to 3,000 Nm with twin-countershaft designs for efficient power distribution and reduced shift times. These are paired with HANDE axles, which support heavy loads in trucks and buses, while Weichai provides pumps, valves, motors, and transfer cases for enhanced driveline performance in off-highway machinery. These products serve diverse applications, including on-road uses in trucks and buses for logistics and public transport, off-road in construction equipment like loaders and excavators, and stationary power generation units delivering up to 10 MW for industrial and backup needs. Weichai's manufacturing facilities are supported by advanced automation and a global supply chain, with all models compliant with Euro VI standards for on-road vehicles and Stage V for non-road machinery to minimize NOx and particulate emissions.

Vehicles and Heavy Machinery

Weichai Power's portfolio includes heavy-duty trucks produced in partnership with Shacman, such as the X3000 series designed for long-haul and demanding applications. These models feature robust configurations like 6x4 and 8x4 dump trucks, equipped with Weichai engines delivering 400 to 600 horsepower for enhanced towing capacity up to 100 tons, suitable for out-of-gauge cargo and rugged terrains. The lineup also encompasses buses powered by engines, such as the WP7NG series for eco-friendly and , and special-purpose vehicles like tractor units for specialized hauling. These vehicles integrate Weichai's proprietary components for optimized performance and fuel efficiency. In the heavy machinery segment, Weichai offers Lovol-branded equipment tailored for agricultural and construction needs, including tractors with power outputs from 88 to 500 horsepower for varied field operations. Harvesters in tracked and wheeled variants support efficient crop collection across diverse landscapes, while excavators range from 1.5-ton compact models to 120-ton heavy-duty units for earthmoving tasks. Construction equipment, such as wheel loaders like the FL955K (with 3.0 cubic meter bucket) and FL958H series (with 3.3 cubic meter bucket) offering up to 5.5-ton capacity, provide high breakout forces for material handling in mining and building sites. Weichai's power generation products consist of and sets for and applications, spanning from 20 kW portable units to large-scale systems up to 5 MW (approximately 6,250 kVA at 0.8 ). These gensets, powered by Weichai engines like the series, serve sectors including , hospitals, and remote sites, with an annual production capacity of 50,000 units. Customization forms a core aspect of Weichai's offerings, providing tailored propulsion and power solutions for specialized industries such as , , and applications. For , second-generation power systems adapt to extreme conditions in trucks and excavators; logging equipment incorporates durable drivetrains for forested operations; and includes gensets for vessels like workboats. Across these customized products, Weichai achieves annual production volumes surpassing 100,000 units, leveraging integrated proprietary components for reliability.

New Energy Solutions

Weichai Power has expanded into new energy technologies, developing hydrogen fuel cell systems and electric powertrains to support sustainable mobility. The company's hydrogen fuel cell engines, suitable for heavy-duty trucks and buses, achieve high efficiency and zero emissions, with applications in commercial vehicles and marine sectors. Electric powertrains, including motors and battery systems, are integrated into light- and medium-duty vehicles, aligning with global trends. These innovations, advanced through R&D centers, contributed to Weichai's 2024-2025 focus on low-carbon solutions.

Subsidiaries and Brands

Weichai Holding Group Co., Ltd. serves as the parent company overseeing the operations and strategic direction of the Weichai ecosystem, coordinating more than 80 subsidiaries across and internationally. With a global workforce exceeding 100,000 employees and operations spanning over 35 countries, the group integrates diverse entities focused on power systems, automotive components, and industrial equipment to drive synergies in research, production, and market expansion. These subsidiaries contribute significantly to revenue streams, with vehicle-related operations accounting for a substantial portion of the group's total, enhancing overall efficiency through shared technologies and supply chains. Among core subsidiaries, Shaanxi Fast Gear Co., Ltd. specializes in heavy-duty transmissions, gears, forgings, and castings, holding a dominant position in the Chinese market with nearly 70% share in heavy-duty transmissions. Its annual output ranks first globally for seven consecutive years, with over 4 million units in circulation matched to more than 1,000 vehicle types, supporting Weichai's powertrain integration and international collaborations such as with Caterpillar. Shaanxi Heavy Duty Automobile Co., Ltd. (Shacman) focuses on heavy commercial vehicles, including trucks and new energy models, achieving annual sales exceeding 100,000 units through strong domestic and export performance; for instance, it targeted 80,000 domestic heavy-duty trucks in 2025 while exporting 56,000 units in 2023. As a leader in China's heavy truck sector, Shacman leverages state-level R&D to innovate in electric and high-end models, contributing to Weichai's vehicle segment growth. Internationally, Baudouin (Weifang) Internal Combustion Engine Co., Ltd., based in , develops marine engines under the brand, renowned for high-speed applications in power generation and since its acquisition by Weichai in 2009. This entity preserves Baudouin's century-old expertise while integrating Weichai's manufacturing scale, enhancing the group's offerings. Weichai holds a 46.5% stake in AG, Germany's leading material handling solutions provider, which bolsters Weichai's logistics and automation capabilities through brands like Linde and Dematic. Weichai Lovol Intelligent Co., Ltd. drives the agriculture division, producing tractors and machinery as China's largest agricultural equipment brand, with significant global exports to support mechanization solutions worldwide. The brand portfolio centers on Weichai for core diesel engines and power systems, complemented by Yangdong for small multi-cylinder tailored to Asian markets and agricultural uses, produced through entities like Weichai Power Diesel Engine Co., Ltd. Integrated brands such as extend Weichai's reach into specialized high-speed marine segments, fostering operational synergies that optimize supply chains and revenue, with vehicle operations forming about 40% of the group's total.

Achievements and Innovations

Awards and Market Leadership

Weichai Power received the in 2007 for its WOS Quality Management Process, marking a significant recognition of its management and product quality excellence. In 2011, the company earned the first prize in the Chinese Machinery Industry Progress Award for its WP10/WP12 series heavy-duty high-speed engines and key technologies. The company has accumulated 9 national science and technology awards, including the first prize of the National Science and Technology Progress Award in 2018 for "Key Technologies and Application Projects for Heavy Commercial Vehicle Powertrains." In 2023, Weichai Power won the 24th Patent Gold Award for its invention titled "A Fuel Injection Control Method," which advances combustion efficiency in electronically controlled . Additionally, in 2018, President commended Weichai Power's development during interactions with delegation leaders, highlighting its role as a model for reform and innovation. Weichai Power holds leading market positions in China, ranking as the largest supplier of diesel engines for heavy-duty trucks and maintaining top status in agricultural equipment powertrains. Globally, it stands as a top seller of heavy-duty engines and transmissions, with 2023 sales reaching 736,000 engines and 838,000 gearboxes. The company ranked 77th on the Fortune China 500 list in 2021, reflecting its scale with annual revenue exceeding 300 billion RMB that year. Weichai Power also demonstrates leadership in exports, powering infrastructure projects across multiple countries, and through its subsidiary Baudouin, contributes to the global sector. In September 2025, Weichai won multiple national and international awards in , including 15 first prizes for quality trustworthy teams, 7 first prizes for group activity results, and 1 second prize for group activity results at the 44th National Mass Advanced Experience Exchange Conference, along with recognitions at the Asian Quality Improvement Case Competition.

Technological Advancements

Weichai Power has established itself as a leader in engine technology through substantial investments in , focusing on high-efficiency internal combustion engines and emerging new energy solutions. In 2023, the company allocated approximately 8.98 billion RMB to R&D, supporting advancements in , emissions reduction, and alternative power systems. This commitment has resulted in over 20,000 granted patents as of 2024, with a significant portion dedicated to innovations and technologies. A cornerstone of Weichai's technological progress is its breakthrough in diesel engine thermal efficiency. In January 2022, the company unveiled the world's first diesel engine achieving a base thermal efficiency of 51.09%, surpassing the previous record of 50.23% set in 2020 and certified by TÜV SÜD. This innovation optimizes combustion processes, reduces friction losses, and integrates advanced materials, enabling compliance with stringent China VII emission standards while cutting fuel consumption and CO₂ emissions by up to 10%. Building on this, Weichai launched the H/T-2.0 series of high-thermal-efficiency engines in April 2025, reaching an unprecedented 53.09% thermal efficiency. Models such as the WP12H/T-2.0 (12L displacement, 2,400 N·m torque) and WP15Hs/T-2.0 (15L, 3,200 N·m torque) incorporate intelligent control systems and lightweight designs, achieving fuel savings of 1.5–2 L/100 km and B10 lifespans exceeding 2.2 million km. These engines exemplify Weichai's iterative approach, evolving from the H/T-1.0 platform introduced in 2022. In parallel, Weichai has pioneered advancements in hydrogen fuel cell technology, positioning itself as an industry leader in heavy-duty applications. Established in 2021, the National Fuel Cell Technology Innovation Center has driven the development of scalable systems ranging from 15 kW to 200 kW, with the latter demonstrated in real-world scenarios. Key applications include hydrogen-powered trucks, port equipment at Qingdao Port, and vehicles for the Beijing 2022 Winter Olympics, under the "Hydrogen for Every Home" initiative that promotes multi-scenario demonstrations across highways and industrial parks. These efforts emphasize core stack design, system integration, and durability, supporting China's hydrogen energy ecosystem. Additionally, Weichai's new energy subsidiary focuses on electric powertrains, aiming to deliver comprehensive solutions for commercial vehicles. Weichai's innovations extend to noise, vibration, and harshness (NVH) performance and specialized applications. The WP4.1 achieves industry-leading quiet operation through optimized structural damping and airflow management, earning recognition as the "most silent engine" in its . In , the second-generation M-series large-bore engines, released in May 2025, enhance reliability for excavators and dump trucks via advanced cooling and electronic controls. Strategic partnerships, such as with in 2023, further bolster progress in high-efficiency diesels, systems, and intelligent transportation. These developments have garnered accolades, including the 24th Patent Gold Award in 2023 for a pioneering injection control method and the SBR Award in 2025 for efficiency and green . Over two decades, Weichai's independent R&D has progressed through four stages—from foundational improvements to integrated powertrains—prioritizing high-efficiency, low-emission technologies and future-oriented new integration.

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