Weichai Power Co Ltd Class A

Ceres Power said it remains confident of signing a new manufacturing licensee this year as demand grows for on-site power generation, particularly from data centers facing long equipment and grid-connection lead times. Chief Executive Officer Phil Caldwell said existing licensees are advancing toward commercial production: Doosan Fuel Cell in South Korea secured its first export order, a contract to supply stacks to Germany's Reverion valued at about £60 million, while Delta Electronics is progressing initial production at its Tainan facility and has announced plans for a larger manufacturing site in the Guanyin District of Taiwan, and Weichai is targeting initial production later this year or early next year with an objective of reaching 200 megawatts of production capacity by the end of the following year. Chief Financial Officer Stuart Paynter said Ceres achieved about half of its £45 million contracted-revenue guidance in the first half and remains confident it can deliver the full target in the second half, while research and development costs fell to about £18 million in the first half of 2026 from about £25 million a year earlier. The company raised more than £100 million through an oversubscribed equity issuance during the first half and now has 350 to 370 employees across its Horsham and Redhill operations following a transformation program that began in the fourth quarter of 2025. Management reiterated its target of securing, on average, one new manufacturing license agreement every 12 months, and said royalties are currently not material but are expected to grow from next year and become more significant in 2028 and 2029 as partners reach larger production volumes.

Weichai Power said in its latest disclosed investor relations activity record that as global data center construction accelerates, especially with AI computing demand driving expansion of the backup power market, the company's diesel generator products are seeing rapid volume growth. In the first half of 2026, the company's data center diesel generator sales exceeded 1,400 units, already higher than the full-year total for 2025. The product is sold globally, with a relatively balanced market distribution and no reliance on any single region or customer. The company has engaged with multiple end customers and achieved substantive progress, and collaboration with partners will continue to deepen. The company remains optimistic about the outlook for its diesel generator business and expects high growth to continue this year and next.

Weichai Power released its 2026 interim report, with first-half net profit attributable to the parent of 7.7 billion yuan, up 36.5% year on year. Operating revenue was 123.16 billion yuan, up 8.9% year on year. Net profit attributable to the parent after deducting non-recurring items was 6.12 billion yuan, up 18.9% year on year. Net operating cash flow was 11.349 billion yuan, up 66.0% year on year. In the second quarter, operating revenue was 60.6 billion yuan, up 8.8% year on year, and net profit attributable to the parent was 4.62 billion yuan, up 57.4% year on year. As of the end of the second quarter, total assets were 380.164 billion yuan, up 3.5% from the end of the previous year, and net assets attributable to the parent were 96.102 billion yuan, up 3.1% from the end of the previous year. The company said its powertrain, commercial vehicle, agricultural equipment, smart logistics, and electric power and energy business segments developed in coordination, with new energy heavy truck sales up 45% year on year.

Weichai Power announced on August 27 that it plans to distribute a cash dividend of 5.17 yuan per 10 shares, before tax, to all shareholders, with an estimated total payout of 4.467 billion yuan. In the first half of 2026, the company achieved revenue of 123.163 billion yuan and net profit attributable to the parent of 7.701 billion yuan.

On the evening of July 21, multiple listed companies on the Shanghai and Shenzhen exchanges released significant positive announcements. GigaDevice plans to use 500 million yuan of A-share raised funds to increase capital in its wholly-owned subsidiary Zhuhai Xincun, in order to implement a DRAM fundraising project. After the capital increase, Zhuhai Xincun's registered capital will change from 150 million yuan to 200 million yuan. The chairman of G-bits proposed a cash dividend of 100 yuan for every 10 shares for the first half of 2026. JinkoSolar will change the purpose of 29.7213 million repurchased shares from equity incentives to cancellation and reduction of registered capital. A controlled subsidiary of Lianchuang Co. plans to invest approximately 550 million yuan to build a project with an annual output of 12,000 tons of VDF and supporting industrial chain products. Huaqin Technology expects its annual revenue from super-node products alone to exceed 10 billion yuan. Yuanjie Technology expects net profit for the first half of the year to be between 600 million and 650 million yuan, a year-on-year increase of 1,196.91% to 1,304.98%. Zhongyi Technology expects net profit for the first half of the year to be between 150 million and 180 million yuan, a year-on-year increase of 879.55% to 1,075.46%. The chairman of Sungrow Power proposed a share buyback of 500 million to 1 billion yuan. The controlling shareholder of Weichai Power plans to increase its holdings of the company's A-shares by 200 million to 400 million yuan. A wholly-owned subsidiary of Kanghui Co. signed a computing power service contract, with an estimated total value of 415 million to 679 million yuan. Wuzhou Medical plans to acquire 100% equity of Xuanzhi Technology through the issuance of shares and cash payment, entering the motor control chip sector. The company's shares will resume trading on July 22. A concert party of a shareholder holding more than 5% of Dongwang Times increased its total holdings in the company by 1.08%.

Weichai Power announced that its independently developed WP15 hydrogen direct-injection engine for heavy-duty vehicles has passed full China VI vehicle emission certification tests, making it the first heavy-duty hydrogen internal combustion engine globally to meet the stringent standard. The certification was conducted at the CATARC Automotive Test Center in Tianjin under the complete operating cycle required by China's national heavy-duty engine emission standards, covering cold start, low-speed idling, high-speed full-load, and transient variable load changes. The 14.6-liter engine delivers up to 600 horsepower and 2,800 newton-meters of torque with a maximum brake thermal efficiency of 46.8 percent, and it shares over 90 percent component commonality with conventional engine platforms to reduce costs. It is suited for long-haul trucks, mining dump trucks, port equipment, steel mill vehicles, and large hydrogen power generators. Weichai plans to accelerate mass production and support national hydrogen demonstration projects.

Weichai Power disclosed during an investor relations event that its data center power and energy business is showing strong growth, with a product portfolio covering multiple fuel types to meet global customer demand. Natural gas power generation products feature high value and high profitability due to strong market demand, and the company is accelerating product development and market expansion. SOFC products, as a clean and low-carbon distributed energy solution, are being pushed forward with full capacity construction, aiming to achieve mass production within the year. The company also stated it will increase cash dividends, with the combined amount of cash dividends and share buybacks in 2025 accounting for 65 percent of net profit attributable to the parent company, and will continue to balance company growth with shareholder interests, implementing an active and prudent dividend policy. In the first quarter of 2026, Weichai Power achieved revenue of 62.563 billion yuan and net profit attributable to the parent company of 3.085 billion yuan.