On the afternoon of March 26, Tan Xuguang, the esteemed Chairman of Shandong Heavy Industry Group, Weichai Power, Sinotruk Group, Ferretti Group, and supervisor of the Supervisory board of KION Group, orchestrated a pivotal gathering dubbed the “Tan’s Meeting Room.” Accompanied by the senior management teams of Weichai Power, Sinotruk, Zhongtong Bus, Shantui, and Weichai Heavy Machinery, Tan Xuguang engaged with investors and media, addressing inquiries regarding the 2023 performance of the Group’s esteemed subsidiaries.
Reflecting on the Group’s resilience, Tan Xuguang remarked, “In times of industry prosperity, we emerge as the pinnacle with the highest revenue and profit margins. Conversely, during industry downturns, we strive to minimize the impact, honoring my commitment to the capital market over the past two decades.”
Discussing the transformative potential of large-bore high power density engines, Tan Xuguang heralded a new era for the Weichai engine segment. With an existing annual manufacturing capacity of 20,000 units, the sales of Weichai Power M series large-bore engines surged by 38% in 2023, exceeding 8,000 units.
Turning his attention to the construction machinery sector, Tan Xuguang outlined a dual-pronged strategy for future endeavors. “Our focus lies in elevating partnerships with world-class enterprises to enhance product quality and expanding our global footprint by offering premium products,” he stated.
Addressing the evolving landscape of new energy, Tan Xuguang advocated for a balanced approach, cautioning against undue haste. “We must adopt a multi-energy strategy rather than doggedly pursuing new energy dominance,” he urged, underscoring the need for industry stakeholders to maintain a measured perspective.
Emphasizing the enduring relevance of diesel engines, Tan Xuguang dispelled notions of their imminent demise. “Diesel engines are integral to our industry and will continue to play a vital role,” he affirmed, highlighting their enduring significance in the global energy landscape.
In a candid reflection on competition within the commercial vehicle industry, Tan Xuguang stressed the importance of value creation. “Profitability hinges on delivering superior quality products, driving revenue growth, and facilitating investments in research and development,” he asserted, urging industry-wide commitment to elevating product value.
The collective efforts of Shandong Heavy Industry Group’s subsidiaries yielded impressive results, with net profits for 2023 soaring across the board. Weichai Power, Sinotruk (both red chip and A shares), Weichai Heavy Machinery, and Shantui reported substantial increases in net profit to the mother, ranging from 18.3% to an astounding 405.5%.
The impact of “Tan’s Meeting Room” extended far beyond the boardroom, captivating over 13 million viewers worldwide through its live online broadcast, underscoring the global significance of Tan Xuguang’s strategic insights and leadership.
