Recently, the '2024 Shandong Corporate (Entrepreneur) Social Responsibility' showcase event, jointly hosted by Dazhong News Group (Dazhong Daily), the Financial Committee Office of the CPC Shandong Provincial Committee, Shandong Federation of Industry and Commerce, the State-owned Assets Supervision and Administration Commission of Shandong Provincial Government, Shandong Administration for Market Regulation, and Shandong Social Work Association, revealed the winners of each category. Following a thorough selection and review process, Shandong Heavy Industry Group and its subsidiary, Weichai Power, were nominated for the '2024 Shandong Corporate Social Responsibility Excellence Practices' award.
As the leading enterprise in Shandong's high-end equipment manufacturing industry, Shandong Heavy Industry Group firmly shoulders the mission of 'Leading the Way and Shouldering the Heavy Responsibility', continually driving its high-quality development. In 2024, the Group expects to achieve a total revenue of RMB 550 billion yuan, a 9% year-on-year increase, and a total profit of 28.1 billion yuan, up 29% compared to last year, both setting historical records, with its profitability leading the sector and ranking first among provincial enterprises.
Focusing on Core Business and Strengthening Social Responsibility Through Innovation
With whole vehicles and machinery as its main driving force and powertrains as its core engine, Shandong Heavy Industry Group has consistently focused on its core business, forging a strong foundation in Shandong's high-end equipment sector. Despite a domestic industry downturn and intensified competition in 2024, Weichai heavy-duty engines, Sinotruk heavy trucks, Weichai Lovol agricultural equipment, and Shantui bulldozers maintained their positions as market leaders in their respective domestic industries. At the same time, the Group has always prioritized technological innovation as its 'top task,' achieving an R&D intensity of 3.7% in 2024. Weichai engines achieved successive breakthroughs in thermal efficiency, reaching 50%, 51%, 52%, and 53%, leading China's internal combustion engine industry to the global technological frontier four times in a row. This achievement earned Shandong Heavy Industry Group the top spot in the inaugural 'Top Ten Technological Innovations' for provincial enterprises in Shandong.
Pioneering Innovation and Green Transformation: Shaping a Robust Brand of Responsibility
Shandong Heavy Industry Group has actively responded to the national 'carbon peaking and carbon neutrality' initiative by accelerating the implementation of 'new energy, new technology, and new business models' while fostering cutting-edge growth engines such as fuel cells, intelligent construction, and smart agriculture. Having seized the explosive growth opportunity in China's new energy vehicle market, the Group achieved a 230% year-on-year increase in new energy heavy truck sales, rising from third to first in the industry. In addition, it integrates market expansion with commitment to social responsibility. By capitalizing on the opportunities offered by the 'Belt and Road' initiative, it has held global Partners Conferences and new product exhibitions in countries including Mexico, Germany, France, Indonesia, and Singapore, with its products now exported to over 150 countries and regions worldwide, earning high recognition from global customers.
Serving the Overall Development, Shouldering Responsibility Through Practical Efforts for the People
In recent years, the Party Committee of Shandong Heavy Industry Group has firmly adhered to the leadership of the Communist Party of China and strengthened Party-building efforts, promoting the 'Ten Leading Initiatives' and fulfilling its social responsibilities. Weichai Lovol has safeguarded the country's food security with its 'Three Summers Spirit' and promoted its Party-building brand with a focus on agriculture, rural areas, and farmers. The Group has dispatched cadres to provincial 'Four Into' teams to resolve grassroots issues and sent the first secretary of the Communist Party of the province to support rural revitalization. In corporate governance, it puts people at the center, providing a broad platform for employees to thrive, sharing with them the benefits of its development, and offering warm care through every detail. The Group has organized educational activity under the theme 'One Family, One Heart, Work Together, Surely Succeed,' and the clean governance cultural construction activity under the theme 'Upholding Virtue, Diligence, and Integrity,' significantly enhancing employees' sense of belonging, achievement, happiness, and security.
Being nominated for the '2024 Shandong Corporate Social Responsibility Excellence Practices' award is a testament to the widespread recognition of Shandong Heavy Industry Group's commitment to social responsibility and high-quality development. Standing at a new starting point, the Group is determined to uphold its mission of 'Leading the Way and Shouldering the Heavy Responsibility,' and will forever be industrious, forever stand at the forefront, forever strive for the first place to advance its work to new heights, to shape a new chapter, and to strive to build it into a world-class multinational group, characterized by cutting-edge technology, green development, and leadership in the high-end equipment sector, so as to make even greater contributions to Shandong's modernization.
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