——The results of reform and innovation and development in Weichai Power for 20 years

The keynote speech at academic seminars

Tan Xuguang

Dear Director Shao Ning, President Peng Huagang, Director Manchu Gang, Secretary Liu Yun, Deputy Mayor Meng Hao, Secretary Liu Lei, Professor Li Daokui, Professor Ning Xiangdong, Chairman Jin Haitao;

Dear leaders, experts;

Colleagues and friends:

Today, we gather in Weifang, the capital of the world's kite, and jointly participate in the academic seminar for the 20 years of reform and innovation and development of Weichai Power. First of all, I came to the distance and long -term care of the leaders and friends who supported Weichai's development for a long time to express my heartfelt thanks!

The theme I reported is "Growth · Value · Future".

In the spring 20 years ago, I rang the bells of Weichai Power's listing on the Hong Kong Joint Exchange. At that moment, my heart was surging and cargo fire truck game tears. Faced with the difficult choices of listing and overseas listing, we have chosen Hong Kong without looking around and danced with the international capital market. Facing the threat of the "SARS" outbreak of life, we have no choice to choose to take the responsibility and run with time; face the internal and external parts; facing the internal and external parts; facing the internal and external parts; The doubts, puzzles, or even opposition, we chose to persist and struggle with all resistance. Many old leaders and colleagues here stand under tremendous pressure and stand firmly with us to support reform, lead the leadership reform, and participate in reform. The crispy bell completely opened the fog that has been shrouded in Weichai's advanced road since the end of the last century, so that Weichai has truly embarked on the global stage from Weifang in Shandong. Weichai Power has embarked on the sun that has taken a 20 -year leapflower since then.

——In the past 20 years, we have jointly launched the Weichai model of the global capital market that shocked the industry

On March 11, 2004, with the approval of the Shandong Provincial Government and the State -owned Assets Supervision and Administration Commission of the State Council, with the strong support of the China Securities Regulatory Commission, Weichai Power landed on the Hong Kong capital market, becoming the first company listed in Hong Kong in China, raising funds 1.7 For 100 million US dollars, the offerings were over 928 times, and the international distribution and sales were 52 times. It refreshed the historical record of the IPO of the Hong Kong motherboard H -share market after 1998, and opened up the internationalization of capital. On April 30, 2007, with the help of the strategic opportunities for the reform of the equity of the securities capital market in my country, the innovation proposed the "inverted triangle" absorption and merger plan, completed the Weichai Power conversion absorption absorption of the Hunan torch and successfully listed on the Shenzhen Stock Exchange. It is the first company in China to achieve the listing of "H TO A" through the method of absorbing and merging of stock exchange. It is called the most innovative first merger case by the global capital market. In 2023, we successfully replicated the "Weichai Model" in the global capital market and promoted the Faraudi luxury yacht group under Weichai Group to become the world's first company to achieve dual listing in Hong Kong and Milan, Italy. Today's Weichai Power, with a total market value of more than 140 billion yuan, an increase of 30 times from the beginning of listing, and the highest market value has increased by more than 40 times compared to the beginning of listing.

——In the past 20 years, we have jointly innovated the unique global industrial transformation Weichai model

Twenty years ago, we soberly realized that a single engine company was difficult to survive independently. In 2005, the Delong crisis broke out. With the determination of "aspirational", we seized opportunities and defeated their opponents. They won the Xiang Torch with 1.02338 billion yuan. The automotive industry caused a huge shock. What impacts the global industry is more profoundly, we use systematic thinking and subversive ideas to integrate Weichai Power Engine, French Extraorders, Hander Bridge, and the world's first golden power assembly model. The first -class brand is 12 years. Injorium integrates the industrial resources such as Shaanxi Automobile Heavy Card, Lateo Agricultural Equipment, and Livo Construction Machinery, which allows the engine to "grow legs, put on the brain, insert wings", and build a unique nominarian radiation industry ecosystem in the world. At present, Weichai heavy -duty engines and heavy gearbox sales are the world's first in the world; Shaanxi Automobile Heavy Dharma and China Sinotruk will complement each other and develop together. Heavy card sales are the world's first; agricultural equipment, bridge and other sales volumes nationwide. We use capital to pry industrial resources and let Weichai Power grow from a single engine company to the entire vehicle and the entire vehicle as the leader and the power system as the core industrial equipment group. Industry leadership has become an important one of the global industry territory!

——In the past 20 years, we have achieved 100 % of the global resource integration Weichai model

In 2008, the financial crisis swept the world. We keenly captured the strategic opportunities of international resource integration, focused on national strategy, industrial shortcomings, and technical bottlenecks, bringing our own "passbook", "going global" worldwide, from the "European Trilogy "To" North America ", France, France, Flara, Italy, Germany Kaomo and Linde hydraulic, U.S. Dimatik, PSI, British His Lithium, Pakistan, Canada, Oudzi, Germany Eleven global high -tech companies have entered the Weichai family. It has made up the technology shortcomings of my country in the fields of high -power density engines, high -end hydraulic pressure, CVT power assembly, fuel cells and other fields in large cylinder diameter, and all realized domestic industrialization. Gold Industry Chain. We promoted industrial integration with cultural integration and broke the "Seven Seven Laws" of cross -border mergers and acquisitions. All cooperation achieved 100%success. Weichai Power's multinational index reached 48.57%, realizing the use of China's power grafting international resources, and enlarging the industry with the multiplication effect. Value, with a diverse layout of the risk of a flat period, sounds the strongest voice of the global power industry chain!

——In the past 20 years, we have jointly constructed the world -class Chinese state -owned enterprise governance Weichai model

In 2002, we broke the shackles of old thoughts, old systems, and old ecology, and established a multi -region, cross -cultural, and diversified equity structure. The key core technical talent incentives are implemented in accordance with the law. From the beginning of the listing at the beginning of the market, it has expanded to 73 people, and then added 693 new people in 2023, establishing a long -term incentive mechanism for risk sharing and sharing of results. In the brutal competition of full marketization, we continuously seek new changes, and integrate state -owned enterprise platforms, market mechanisms, and global model innovations, and build a Weichai characteristic operation management model with WOS as the core. The group management and control system with resource sharing and independent operations has accumulated the idea of "institutional transparency, effective supervision, fair work, under the above rate, and cultural leadership". He was selected as the "Top Ten Management benchmark Models" and "Creation of the World -Create World Demonstration Enterprise". In the past 20 years, we have completed the gorgeous turn from a traditional state -owned enterprise from the planned economy to a modern company in the market economy, and we have completed the major transformation of the governance of multinational group management from factory system management to globalization!

——In the past 20 years, we have jointly created a Weichai model with high growth, high returns, and high -expected values.

In the past 20 years, Weichai Power's operating income increased from 6.2 billion yuan in 2004 to 214 billion yuan in 2023, an increase of 33 times, with a cumulative revenue of 1.87 trillion yuan. In 2023, 90.1 billion yuan, an increase of 16 times, and the cumulative net profit attributable to the mother was 93.6 billion yuan. Weichai Power's global comprehensive strength, investment value, and brand influence have been highly recognized by the capital market. Our dynamic balance between the company's development, performance growth and shareholders' return, and employee achievement. The cumulative dividend of more than 28 billion yuan in 20 years, and the average annual income of employees has increased by 9.3 times. High -quality development has brought huge returns of state -owned assets, returns of shareholders, and employee value returns.

The ups and downs of 20 years, the vicissitudes of 20 years, Weichai Power seized the golden opportunities of China's high -speed high -speed speed and the booming of China's capital market, creating the glorious achievements of the industry.

We will never forget that General Secretary Xi Jinping provides important instructions on Weichai three times, providing a fundamental follow for the company's development.

We will never forget that the previous Shandong Provincial Party Committee and Provincial Government, Weifang Municipal Party Committee and Municipal Government, and party committees and governments across the country have spared no effort in the development of Weichai.

We will never forget that the majority of investors, partners, and customer friends always unswervingly believe that Weichai and choose Weichai.

We will never forget that 100,000 Weichai people around the world have no regrets and passion for enterprise development. It is because of you that we have Weichai Power today!

In the past 20 years, management teams at all levels at all levels have dreams of dreams and relay inheritance. They have faced challenges, overcome difficulties together, created miracles together, and cultivated Weichai Power into towering trees with heart blood and sweat.

Especially today, so many old leaders, old friends, and old colleagues, come to see Weichai for thousands of miles away. Our hearts are full of movement, gratitude, gratitude, no matter where you are, your contribution to the company's development is We will always remember the love and love of Chai. On behalf of the board of directors, I would like to express the most sincere thanks to everyone!

In the past 20 years, Weichai Power has moved from victory to victory again and again, and it is basically that we have always followed the "four major development logic".

—— "Product Management+Capital Operation" two -wheel drive, is the logic of Weichai Power to become stronger and bigger.

Product operation and capital operations are the two wings of Weichai Power's rapid driving. The two complement each other and are indispensable. Product operation is the foundation of the enterprise. There are no good products, everything is zero; capital operation is a powerful weapon for enterprises to achieve rapid industrial expansion and enlarging competitive advantages. At the critical moment of transformation and upgrading, we have look forward to layout and boldly, accurately use capital leverage, and build a new industrial ecology. Each M & A and reorganization, our products have been upgraded once, the technology is advanced, and the industrial chain has been strengthened once. The industrial structure, growth engine, and development model have realized fundamental transformation, and reserve the powerful momentum of future development!

——Honesting planting your own "field" is the long -term strategic logic of Weichai's power standing.

No matter what situation in the face of, we are always not moved by temptation, not afraid of difficulties, not disturbed by noise, insisting on non -main business, low value -added products, repetitive scale expansion, focusing on, focus To strengthen China's power, it has established an indispensable leading position in the global power field. It is with the heart of "doing a good product for a lifetime", and with the strategy of "focusing on the main business to pursue the ultimate", we sell the engine to more money than real estate, the engine is the first in the world, leading the Chinese internal combustion engine industry Really stood up and strengthened on the international stage!

——The key core technology that other people cannot take away is the global competition logic of Weichai Power.

General Secretary Xi Jinping encourages us to "actively contribute to the realization of high -level technology self -reliance." What does it depend on global competition? Relying on first -class products, first -class technology, first -class talents. From the world's first power assembly to breaking the thermal efficiency of global diesel engines four times; from the traditional power assembly leading the world, to the full layout of new energy; from the low -end "inner roll" of the value chain to the global high -end market breakthrough, we always use technology as the "number one number. Engineering "" is straightforward in the global market competition. Practice has proved that in the capital market, it is unsustainable to rely on the concept of hype, exaggerate propaganda, and flickering in packaging, and technology is the last word!

——It Grand Group Grand Cooperation is the linked logic of Weichai's doubling value value

The biggest advantage of Weichai is to have an aircraft carrier battle group with a highly consistent strategy, efficient resources, and full value. The industrial structure of the cooperative development of Ao -Smart Logistics and Faraudi Yacht in Italy. The coordinated research and development of the industrial chain allows us to extend the leading advantage of the power system into the core competitive advantage of the entire industry chain and the entire field. The integration of globalization system has released the huge synergy effect of "1+1> N". The integrated product portfolio solution allows customers to have more and better choices. Cooperation has brought huge value gold mines to various companies in the group; coordinated, providing the most satisfactory value enjoyment for global customers; collaborative, bringing authentic appreciation space for the capital market!

Twenty years of concentric and win -win cooperation have laid the foundation of Weichai Power and the extremely solid cooperation with global partners. Growth, value, and future is our greatest concentric circle.

Growing is to realize the dream of world -class enterprises!

We will adhere to the genes and logic of 20 years of development. The power system should not allow the global industry. New energy and new technology accelerate the overtaking of corners. Commercial vehicles have moved to the world with Chinese partners in the world. Speed up the world's first echelon, and smart logistics has comprehensively consolidated the technology and brand leading position in the global industry. Growth is the biggest strategy. Without growth, everything is empty. The first is to mix!

Value is to be a strong international enterprise!

It is our common pursuit to build Weichai Power into a responsible, temperature, and respected international enterprise. We will unwaverly adhere to the self -reliance of science and technology, practice green and low -carbon development, and lead the global industry to the peak of the new technology; to persist in the purpose of customer satisfaction, provide value -for -money products for global customers; The concept of winning cooperation provides shareholders with a steady stream of value returns; it is unparalleled to adhere to employees -based, working in Weichai, happiness in Weichai.

In the future, it is to make Weichai Power Writing unlimited and wonderful!

Weichai Power will never stop the pace of dreaming! We will take the initiative to challenge the extremely complicated era of global changes with greater courage; cooperate with the best partners in the world with a greater mind; embrace the global, deepen the world, and lead the world with greater wisdom. In the future, Weichai Power will definitely become an industrial heart that links the world, the source of driving driving dreams, and a century -old brand for the long -term industry!

In the new era, new quality productivity! Tomorrow's Weichai will definitely have infinite vitality, potential, unlimited surprises, and it will always be worth your expectations and always follow you!

Thank you al
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