Tan’s Meeting Room: Tan Xuguang Exchanges Views with Investors and Media on the 2023 Performance of Shandong Heavy Industry Group's Listed Subsidiaries

In the afternoon of March 26, Tan Xuguang, chairman of Shandong Heavy Industry Group, Chairman of Weichai Power, Chairman of Sinotruk Group, Chairman of Ferretti Group, and supervisor of the Supervisory board of KION Group, led the senior management team of Weichai Power, SinotruK, Zhongtong Bus, Shantui and Weichai Heavy Machinery to hold the "Tan’s Meeting Room", answering questions from investors and media on the 2023 performance of the Group's listed subsidiaries.

Tan Xuguang talks about Weichai Power’s operation concepts

When the industry is rising, we are the one with the highest revenue and the highest profit. When the industry is declining, we must be the one with the least declining result, and I have fully fulfilled my promise to the capital market in the past twenty years.

Tan Xuguang talks about large-bore high power density engines

The large-bore high power density engines can allow the Weichai engine segment be reborn. Weichai already has an annual manufacturing capacity of 20,000 units. Weichai Power M series large-bore engine sales in 2023 is more than 8,000 units, an increase of 38%.

Tan Xuguang talks about the development of construction machinery

I think the construction machinery business will focus on two things in the future. The first is to target world-class enterprises to upgrade and improve quality, and the second is to seize the global market and sell high-end products.

Our hydraulic powertrain faces the whole industry, so it’s not important gaining or losing one competitor. What’s important is to join hands with our partners to move towards world class together.

Tan Xuguang talks about new energy

There must be a multi-energy strategy in the future, instead of a new energy domination. I want to warn friends in the industry to cool down a little bit so not to get dizzy.

What is new energy? To identify it, we must understand the word "new" first. Burning coal and then generating electricity is not new energy.

Diesel engines will never completely disappear in the world. The bigger one thing is, the harder it will be to disappear. The farther we go, the harder it will be for diesel engines to disappear.

Tan Xuguang talks about "involution" and "competition" in the commercial vehicle industry

I have always insisted that you need to make money on your main business. Making money means you have added values, and added values come from high quality. With high quality, you can increase revenues, thus improving staff wages and research and development investment. I hope the whole industry can self-discipline and really increase the value of the products.

Shandong Heavy Industry' Groups Weichai Power, Sinotruk red chip, Sinotruk A shares, Weichai Heavy Machinery, Shantui released results at the same time, with 2023 net profit to the mother increasing by 83.8%, 218.6%, 405.5%, 18.3%, 21.2%.

More than 13 million people around the world watched and listened to the live broadcast of "Tan’s Meeting Room" online.