Weichai Power releases restricted shares, controlling shareholder extends pledge

Weichai Power Co., Ltd. announced that its 2023 A-share restricted stock incentive plan has met the conditions for its first restricted period release. A total of 665 eligible incentive recipients will see 21,949,800 restricted shares, representing 0.25% of the company's total share capital, become tradable on December 26, 2025. This follows the board's approval on December 19, 2025, confirming the achievement of performance targets including 2024 operating revenue of CNY 215.69 billion and a sales profit margin of 8.13%.

Concurrently, Shandong Heavy Industry Group Co., Ltd., Weichai Power's controlling shareholder, announced an extension of its commitment to avoid business competition by five years. This extension, approved by Weichai Power's board on December 24, 2025, is due to the complex nature of resolving overlapping heavy truck operations between Weichai Power and Sinotruk, which involve multiple listed entities and various regulatory considerations.

The original commitment, made on February 1, 2021, aimed to resolve competition issues within five years. The extension ensures the continued independent operation of both companies and is deemed not to harm the interests of Weichai Power or its shareholders.