Chang Jiang Shang Bao·2025-09-10 03:05Core Viewpoint - Weichai Power has demonstrated resilience in its performance during the key window for manufacturing transformation, reporting steady growth in its 2025 interim results with revenue of 113.15 billion yuan and a net profit of 5.64 billion yuan, while also increasing its dividend payout ratio to 57% [1][2] Group 1: Financial Performance - In the first half of 2025, Weichai Power achieved revenue of 113.15 billion yuan and a net profit of 5.64 billion yuan [1][2] - The company plans to distribute a cash dividend of 3.58 yuan per 10 shares, continuing its tradition of high shareholder returns [1][3] - From 2021 to 2024, the company's revenue grew from 203.55 billion yuan to 215.69 billion yuan, with a notable recovery in 2023, increasing by 22.15% [2] Group 2: Business Segments - Traditional high-end business remains strong, with 362,000 engines sold in the reporting period, and large-bore engines sales exceeding 5,000 units, up 41% [2][3] - New energy heavy truck sales surged by 255% year-on-year to 10,000 units, supported by government policies [3] - The company’s revenue from new energy technology reached 1.21 billion yuan, a 37% increase, with battery sales growing by 91% [3][6] Group 3: Global Expansion - Weichai Power has made significant strides in international markets, exporting 27,000 heavy trucks in the first half of 2025, with overseas revenue reaching 57.49 billion yuan, accounting for 50.81% of total revenue [1][9] - The company’s overseas subsidiaries, including KION Group in Germany, reported a 22.2% increase in new orders, achieving a revenue of 5.5 billion euros [8] - PSI Power Systems in the U.S. also reported record performance with a revenue of 330 million USD, up 59% [8] Group 4: R&D and Technological Advancements - Weichai Power has consistently invested in R&D, with expenditures increasing from 8.79 billion yuan in 2021 to 9.41 billion yuan in 2024, although a slight decrease was noted in the first half of 2025 [5] - The company has achieved significant advancements in diesel engine efficiency, with a commercialized platform product reaching a thermal efficiency of 53.09% [5][6] - In the new energy sector, Weichai has developed a comprehensive technology portfolio, including high-capacity batteries and fuel cell products [6]