Core Viewpoint - The natural gas heavy truck market has regained growth in September 2025 after five consecutive months of year-on-year decline, with significant sales increases observed during the peak sales season [1][2][34]. Sales Performance - In September 2025, the actual sales of natural gas heavy trucks reached 23,400 units, representing a month-on-month increase of 40% and a year-on-year increase of 149%. This marks a substantial acceleration from the previous month's year-on-year growth of 36% [5][9]. - The overall heavy truck market sold 83,400 units in September, with natural gas heavy trucks outperforming the market for the third time this year, capturing 28.12% of the total market share, up from 25.02% in August [9][24]. Market Trends - The monthly sales data for the past five years indicates that January and February 2025 had the highest sales figures, while March to July saw a decline. However, sales in August and September were the second highest in the past five years [7][34]. - The average natural gas price in September 2025 was around 4,050 yuan/ton, down from previous months, which positively impacted the natural gas heavy truck market [13]. Regional Sales Distribution - The sales of natural gas heavy trucks were unevenly distributed across regions, with Hebei, Shandong, Henan, and Shanxi being the top four provinces in terms of sales volume. Hebei alone accounted for 14.9% of the total sales [13][15]. Company Performance - In September 2025, five companies sold over 1,000 units of natural gas heavy trucks, with Jiefang leading at 6,228 units, followed by China National Heavy Duty Truck Group with 5,101 units. Other notable companies included Dongfeng, Shaanxi Automobile, and Foton, all exceeding 3,000 units [19][21]. - The cumulative sales of natural gas heavy trucks from January to September 2025 totaled 145,700 units, a decrease of 2% compared to the same period last year. However, companies like Dongfeng, Shaanxi, Foton, and Beiqi Heavy Truck showed growth [27][31]. Market Share Analysis - In the first nine months of 2025, five companies held over 10% market share, with Jiefang and China National Heavy Duty Truck Group exceeding 20% at 27.81% and 21.29%, respectively [31][34]. - The competitive landscape has shifted slightly compared to the end of the previous year, with some companies improving their rankings while others experienced declines [33].

Core Insights - The China National Heavy Duty Truck Group (CNHTC) held its 2025 Global Partner Conference in Qingdao, focusing on showcasing its product range and technological capabilities across seven core application scenarios [1][6][22] Financial Performance - In the first nine months, CNHTC achieved a consolidated revenue of $22.89 billion, a year-on-year increase of 14.9%, and sold 335,000 vehicles, up 22.8% [3] - The heavy truck export volume reached 111,000 units, marking a 24.5% increase, with September exports surpassing 15,000 units, setting a new monthly record for the industry [3] Strategic Direction - CNHTC is committed to five transformation strategies: green, digital, service-oriented, international, and diversified, aiming to provide high-quality commercial vehicle solutions [5] - The company plans to export 250,000 heavy trucks, 100,000 light trucks, 50,000 light vehicles, and 3,000 mining trucks by 2030, with a target of $1 billion in overseas aftermarket revenue [5] Product Showcase - The conference featured over 30 vehicles across seven application scenarios, including end-to-end logistics, infrastructure, mining, comprehensive logistics, comfortable living, special operations, and new energy [1][6] - The new energy section highlighted flagship products like the pure electric Shandeka G7H and hybrid models, showcasing a comprehensive technology system aimed at zero-carbon transportation [8][10] Application Scenarios - In the end-to-end logistics section, the Shandeka C9H and C3 electric light truck were showcased for their efficiency and high performance [10] - The infrastructure section introduced the HOWO TX PRO and Shandeka G7S, optimized for heavy-duty construction tasks [12] - The mining section presented the Huanghe 135 and new generation Shandeka heavy-duty electric dump trucks, emphasizing their robust design for high-intensity operations [14] - The comprehensive logistics section featured the HOWO T3H refrigerated truck, which boasts an impressive fuel efficiency improvement of over 11.8% [16] - The comfortable living section highlighted customized vehicles like the VAN business travel version and S9 off-road pickup, catering to diverse user needs [18] - The special operations section introduced the Shandeka 6X6 all-wheel drive tractor and HOWO TX all-wheel drive dump truck, designed for extreme conditions [20]

Core Viewpoint - The commercial vehicle market in China experienced a significant year-on-year growth of 30% in September 2025, with the truck market growing by 29%. However, the light truck segment showed a modest growth of only 3%, indicating a divergence in performance within the truck market [1][3][5]. Sales Performance - In September 2025, the total truck sales reached 312,000 units, marking a month-on-month increase of 15% and a year-on-year increase of 29%. The light truck market sold 161,400 units, with a month-on-month growth of 15% but a year-on-year growth of only 3%, which is a decrease of 3 percentage points compared to the previous month [3][5][12]. - The light truck market's performance in September is considered normal, ranking third in the last ten years, although it is significantly lower than the peak sales in September 2020 [7][9]. Cumulative Sales - From January to September 2025, the cumulative sales of light trucks reached 1.4819 million units, representing a year-on-year growth of 6%. This figure is within the normal range observed over the past decade [9][19]. - The cumulative sales growth of light trucks in the first nine months of 2025 is attributed to an additional 87,100 units sold compared to the same period last year [9][24]. Company Performance - In September 2025, seven companies sold over 10,000 light trucks, with Foton leading at 36,100 units, followed by Changan and Jianghuai. The top five companies accounted for 56.95% of the market share [11][12][19]. - Among the top ten companies, six experienced year-on-year sales growth, with notable increases from companies like Changan and Jiangling, which grew by 24% and 27% respectively [16][17][21]. Market Share Dynamics - The market share of leading companies such as Foton, Great Wall, and BYD has increased, with BYD showing a remarkable growth of 517% year-on-year [21][23]. - The competitive landscape has shifted, with companies like Jianghuai and Jiangling improving their rankings in the market, while others like Foton and Changan maintained their positions [17][23].

Core Insights - China National Heavy Duty Truck Group (CNHTC) has achieved a record high of 15,000 heavy truck exports in September, bringing the total exports for the month to 15,000 units, marking a new monthly export record for the domestic heavy truck industry [3] - For the first nine months of the year, CNHTC reported total revenue of $22.89 billion, a year-on-year increase of 14.9%, and total vehicle sales of 335,000 units, up 22.8% year-on-year [3] - The company has established a strong global presence, with products sold in over 150 countries and regions, and a global market share exceeding 1 million units [3] Group 1 - CNHTC has maintained its leadership in the domestic heavy truck export market since its overseas expansion began in 2004 [3] - The company has built a comprehensive service network in Vietnam, with 35 service stations and a successful promotional event resulting in over 800 orders [4][6] - CNHTC's after-sales market has shown significant growth, with parts sales revenue increasing by 59% year-on-year in the first nine months [6] Group 2 - The company has implemented a rapid response mechanism to meet urgent customer demands, exemplified by a recent order from an African client [8] - CNHTC operates 10 major production bases in China, with a maximum monthly production capacity of 30,000 heavy trucks [8] - The company is focusing on building more intelligent and efficient factories to enhance production capabilities [8] Group 3 - In traditional markets like Vietnam and Nigeria, CNHTC is expanding its sales and service networks to improve market coverage [11] - The company has established an assembly plant in the Philippines, which has successfully localized production and shortened delivery times [11] - CNHTC's sales in Africa and Southeast Asia have seen significant growth, with increases of 37.4% and 41.5% respectively in the first nine months [11] Group 4 - CNHTC is investing over $4 billion in R&D over the next five years, with plans to establish a specialized R&D team of over 8,000 members [14] - The company is expanding its product offerings to include a full range of commercial vehicles, leveraging its strengths in product quality and design [14] - In the new energy sector, CNHTC has reported a 300% increase in sales of new energy vehicles in the first nine months [16] Group 5 - CNHTC is actively promoting its "Red Pulse Global" brand, integrating political advantages into its international market expansion strategy [17][19] - The company has established a global organizational structure to support its overseas operations, with 21 overseas party branches providing direct service to international markets [19] - CNHTC emphasizes the importance of teamwork and collaboration among its overseas staff to enhance market penetration [21] Group 6 - CNHTC is leveraging its position as a leading player in the heavy truck industry to form strategic partnerships and enhance its competitive edge [24] - The company has opened its first authorized showroom in Libya, aiming to support local reconstruction efforts and provide comprehensive solutions [25] - CNHTC is committed to localizing its operations and workforce, including establishing training centers to develop local talent [27] Group 7 - At the 2025 Global Partner Conference, CNHTC projected heavy truck exports to exceed 150,000 units this year, with ambitious targets set for 2030 [29] - The company aims to achieve a balanced approach between short-term gains and long-term value creation through strategic planning and collaboration [31] - CNHTC is focused on five key transformations: green, digital, service-oriented, international, and diversified development [33]

Core Insights - The demand for new energy commercial vehicles has evolved from "usable" to "easy to use, durable, and practical" in the new logistics era [1] - China National Heavy Duty Truck Corporation (CNHTC) is a leader in the new energy commercial vehicle sector, focusing on user needs and developing a comprehensive product matrix for diverse global applications [1][13] Group 1: Product Offerings - The Shandeka G7H pure electric 6X4 tractor is designed for long-distance logistics, featuring over 1100HP and an 800kWh battery system, with a range exceeding 450 km [3] - The Howo TS7 range-extended heavy truck offers a pure electric range of 200 km and a total range of 680 km when fully fueled and charged, addressing complex logistics demands [5] - The Shandeka hydrogen fuel 6x4 tractor provides a zero-carbon solution with a 300 kW hydrogen fuel cell system and an 800L hydrogen storage system, achieving a range surpassing that of comparable pure electric vehicles by 30% [7] Group 2: Versatility and Efficiency - The Shandeka C3H range-extended light truck is tailored for urban delivery and short-distance transport, featuring a peak power of 130 kW and a total range of 1000 km, enhancing operational efficiency [9] - The S6EV pickup truck supports both AC and DC charging modes, with a range of 420 km, making it suitable for various transport needs, including equipment and fresh produce delivery [11] Group 3: Market Positioning - The new logistics era emphasizes the integration of technology and application scenarios, moving beyond simple parameter comparisons to differentiated solutions for core pain points [13] - CNHTC's new energy products leverage core technologies and comprehensive solutions to strengthen market competitiveness and support the green transformation of the global logistics industry [13]

大型基础设施建设的每一环，都关乎工程整体进度与质量，而可靠的装备正是保障全流程作业顺畅推进的"基石"。中 国重汽深耕基建领域，以专业匠心精准瞄定场景核心需求，推出"赋能基建全流程"的系列产品，为大型工程的高效推 进提供可靠支撑。 在基建工程建材运输、土方转运等核心环节，自卸车需频繁面对重载起步、颠簸路况与高强度作业循环，豪沃TX PRO自卸车历经全方位优化，成为扛起"搬运重任"的基建先锋。为满足基建场景对承载能力的极致需求，豪沃TX PRO 自卸车的车架系统承载能力再提升30%，后悬架整体刚度提高25%，从容应对极端工况与高频次装卸循环；同时，前 后悬架均匹配实心横向稳定杆和减震器，大幅提升车辆在复杂路况下的行驶稳定性，减少颠簸对车身结构的冲击性， 延长装备使用寿命。 齐鲁晚报·齐鲁壹点 吴海云 作为新能源基建装备领域的标杆之作，全新一代TX新能源搅拌车以更可靠、长续航等显著优势，成为工程降本增效的 优选方案：搭载永磁同步电机，针对搅拌车"高扭矩输出、长时间运转"的工况特性，实现超强热稳定性；同时，全新 一代TX新能源搅拌车的补能效率更贴合工地的快节奏需求——"充电半小时、续航百公里"，确保快速转运和连续作 ...

作为新能源基建装备领域的标杆之作，全新一代TX新能源搅拌车以更可靠、长续航等显著优势，成为 工程降本增效的优选方案：搭载永磁同步电机，针对搅拌车"高扭矩输出、长时间运转"的工况特性，实 现超强热稳定性；同时，全新一代TX新能源搅拌车的补能效率更贴合工地的快节奏需求——"充电半小 时、续航百公里"，确保快速转运和连续作业，有效提升工程进度，年节约运营成本高达35%，不仅为 客户带来直接的经济效益，更有助于推动建筑行业的绿色转型和可持续发展。 大型基础设施建设的每一环，都关乎工程整体进度与质量，而可靠的装备正是保障全流程作业顺畅推进 的"基石"。中国重汽深耕基建领域，以专业匠心精准瞄定场景核心需求，推出"赋能基建全流程"的系列 产品，为大型工程的高效推进提供可靠支撑。 在基建工程建材运输、土方转运等核心环节，自卸车需频繁面对重载起步、颠簸路况与高强度作业循 环，豪沃TX PRO自卸车历经全方位优化，成为扛起"搬运重任"的基建先锋。为满足基建场景对承载能 力的极致需求，豪沃TX PRO自卸车的车架系统承载能力再提升30%，后悬架整体刚度提高25%，从容 应对极端工况与高频次装卸循环；同时，前后悬架均匹配实心横向稳定 ...

Core Insights - The 2025 Global Partner Conference of China National Heavy Duty Truck Group was successfully held, showcasing the company's strong performance and strategic direction in the commercial vehicle industry [2][3] Financial Performance - From January to September 2025, the group achieved a total revenue of $22.89 billion, representing a year-on-year growth of 14.9% [2] - The total vehicle sales reached 335,000 units, with a year-on-year increase of 22.8% [2] - Heavy-duty truck exports amounted to 111,000 units, reflecting a growth of 24.5% year-on-year, with September marking a record monthly export of over 15,000 units [2] Strategic Direction - The company emphasizes its commitment to "technology empowering equipment for a better future" and aims to drive five major transformation strategies: green, digital, service-oriented, international, and diversified [3] - By 2030, the company plans to export 250,000 heavy-duty trucks, 100,000 light-duty trucks, 50,000 light vehicles, and 3,000 mining trucks, with an overseas aftermarket revenue target of $1 billion [3] Product and Market Development - The conference highlighted the launch of comprehensive solutions across four key areas: new energy, logistics vehicles, engineering vehicles, and light vehicles [4] - The company showcased various models and key components, focusing on seven core application scenarios, including end-to-end logistics and mining operations [4] Recognition and Awards - The conference awarded partners for excellence in service and marketing, reflecting the company's commitment to fostering strong relationships with its partners [4]

Core Viewpoint - A significant trend of full industrial chain overseas expansion is defining the epic journey of Chinese enterprises going global, as highlighted by the recent Shandong Heavy Industry and Weichai Power Global Partner Conference in Qingdao [1][2]. Group 1: Overseas Business Growth - Shandong Heavy Industry's revenue for the first three quarters of this year approached 440 billion, with a growth rate exceeding 9%, and product export revenue reached 72.7 billion, a year-on-year increase of 6%-7%, expected to reach 100 billion for the entire year [5][6]. - Compared to five years ago, overseas revenue was less than 20 billion, with a contribution rate of less than 10%; by 2025, the contribution rate is projected to reach 60%, a fourfold increase [6]. - In the first three quarters, the export revenue of Weichai's engine segment grew by over 30%, achieving a historical high, with overseas business revenue accounting for approximately 46% [6]. Group 2: Market Expansion and Localization - Shandong Heavy Industry has held four global partner conferences in high-growth regions such as Kazakhstan, UAE, Indonesia, and Mexico since 2023 [7]. - China National Heavy Duty Truck Group reported a 37.4% increase in heavy truck sales in Africa and a 41.5% increase in Southeast Asia during the first three quarters [8]. - The localization of products and services has become a core competitive factor for Chinese enterprises overseas, with China National Heavy Duty Truck establishing over 230 dealers and nearly 400 service outlets globally [11]. Group 3: Competitive Strategy - The strategy of not engaging in price wars but focusing on product adaptability and service quality is emphasized, with companies leveraging their service advantages to avoid price competition [14]. - Shandong Heavy Industry's approach includes customized product development based on local market needs, which enhances competitiveness without resorting to price cuts [13][17]. - The company has established over 1,000 overseas channels and 38 trade platforms to maximize resource efficiency in international markets [18]. Group 4: Collaborative Efforts and Future Plans - The group aims to achieve local team management, manufacturing, and R&D to enhance customer satisfaction and trust in their products [19]. - Shandong Heavy Industry plans to invest 13.6 billion in R&D in 2024, maintaining a high intensity of investment at 4.2% of revenue [23]. - The recent global partner conference showcased the company's commitment to collaboration and resource sharing among its subsidiaries to strengthen its global presence [24].

Core Insights - The global equipment manufacturing industry is focusing on Shandong Heavy Industry in Qingdao, China, as it hosts the global partner conference with nearly 2,500 partners from 140 countries, showcasing around 300 products and covering an exhibition area of 30,000 square meters [1] - Shandong Heavy Industry reported impressive financial results for the first nine months of 2025, achieving nearly 440 billion yuan in revenue, a year-on-year increase of over 9%, with overseas business accounting for 60% of total revenue, highlighting the company's deepening globalization strategy [1] Globalization Strategy - Shandong Heavy Industry has moved beyond traditional trade to establish a new model of diversified business collaboration in international markets, with 30% of overseas revenue coming from European and American industries and another 30% from localized manufacturing and sales of domestic products [3] - The company has demonstrated strong performance across its subsidiaries, with China National Heavy Duty Truck's export sales reaching 111,000 units, a 24.5% increase, and Weichai Group's engine exports growing by 30% [5][5] Localization and Innovation - The company emphasizes a "deep cultivation of international markets" strategy, focusing on local teams, management, manufacturing, and R&D to address the complexities of the global environment [5] - Weichai's internationalization index has reached 40.93%, with all overseas acquisitions being profitable, driven by a strategy of synergy, localization, and unified goals [7] Technological Advancements - Shandong Heavy Industry invests heavily in R&D, maintaining a research intensity of 4.2%, with an expected investment of 13.6 billion yuan in 2024, leading to significant advancements in engine technology and vehicle design [9] - The company has introduced AI-powered machinery and customized products for specific markets, enhancing its global competitiveness [9] Collaborative Ecosystem - The "We Are One" philosophy fosters a unique collaborative innovation ecosystem, enabling rapid responses to customer needs through supply chain cooperation and shared resources among subsidiaries [10] - This collaborative model provides Shandong Heavy Industry with a competitive edge over Western companies, allowing for faster technological responses [10] Redefining Globalization - Shandong Heavy Industry's globalization practices are redefining the paradigm of Chinese equipment manufacturing, focusing on systemic outputs of technology, management, brand, and culture, rather than just product movement [12] - The company's approach, centered on deep localization, technological innovation, and cooperative win-win strategies, opens new growth avenues and offers significant insights for the high-quality development of Chinese manufacturing [12]