老牌柴油机龙头业绩爆雷：上半年净利下滑72%，出海印度受挫

Core Insights - Huafeng Co., Ltd. reported a significant decline in financial performance for the first half of 2025, with revenue of 373 million yuan, down 33.10% year-on-year, and a net profit of 13.15 million yuan, down 71.94% year-on-year [1][2][4] - The traditional diesel engine sector is facing structural challenges due to the rapid growth of the new energy truck market, which has seen a year-on-year increase of approximately 186% [5][6] - The company is at a critical juncture, needing to pivot towards new energy solutions as its core business struggles [1][5] Financial Performance - Revenue for the first half of 2025 was 373 million yuan, compared to 558 million yuan in the same period last year, marking a 33.10% decrease [2] - The total profit for the period was 14.44 million yuan, down 73.84% from 55.20 million yuan year-on-year [2] - The net profit attributable to shareholders was 13.15 million yuan, a decline of 71.94% from 46.88 million yuan in the previous year [2][3] Market Dynamics - The commercial heavy truck market in China saw a total sales volume of 539,000 units in the first half of 2025, a year-on-year increase of 6.9%, but with a clear divide between traditional and new energy vehicles [5] - The company has not yet entered the new energy truck component market, which is a significant factor in its declining performance [5][6] - The company’s overseas operations, particularly in India, have also been negatively impacted by strategic adjustments from key clients and changes in visa policies [7][10] Strategic Initiatives - Huafeng is actively seeking to transform its business model by focusing on the data center backup power market, which is seen as a potential growth area [10][11] - A strategic cooperation agreement was signed with Shanghai Jipian AI Technology Co., Ltd. to supply power equipment for a new intelligent computing center, indicating a shift towards integrating energy and computing capabilities [10][11] - The company plans to invest 20 million yuan in Shanghai Jipian to further develop this integrated model [10]