Zheng Quan Ri Bao Zhi Sheng·2025-10-31 16:10Core Insights - Weichai Power Co., Ltd. reported strong financial performance for the first three quarters of 2025, with revenue of 170.57 billion yuan, a year-on-year increase of 5.3%, and a net profit attributable to shareholders of 8.88 billion yuan, up 5.7% [1] - The third quarter alone saw revenue of 57.42 billion yuan, a 16.1% increase year-on-year, and a net profit of 3.23 billion yuan, reflecting a 29.5% growth, both marking historical highs for the period [1] - The company is focusing on strategic emerging businesses while consolidating its traditional advantages, leading to improved profitability and a diversified business model [1] Industry Overview - The heavy truck market in China showed a robust recovery in the first three quarters of 2025, with total sales of 823,000 units, a year-on-year increase of 20.5% [2] - The natural gas heavy truck segment experienced significant growth, with a 37% year-on-year increase in sales during the third quarter, driven by policies promoting vehicle replacement and the recovery of oil and gas price differentials [2] - Weichai Power's engine sales reached 536,000 units in the first three quarters, with heavy truck engines accounting for 188,000 units, including 117,000 diesel engines and 71,000 natural gas engines [2] Business Segments - The large-bore engine segment has emerged as a key growth driver, with sales exceeding 7,700 units in the first three quarters, representing over 30% growth [4] - The demand for large-bore engines is fueled by the exponential growth in global computing power and the increasing need for high-reliability power sources in data centers [4] - Weichai Power's technology advancements in large-bore engines have positioned it favorably against foreign competitors, who face longer production expansion cycles [6] New Energy and International Expansion - The new energy business has shown rapid growth, with revenue reaching 1.97 billion yuan in the first three quarters, a remarkable 84% increase [7] - The company is actively pursuing new energy technologies, including pure electric power systems and hydrogen fuel cells, to align with the dual carbon goals [7] - Weichai Power's international business remains resilient, with a strong demand for its products in markets such as Asia-Pacific, Europe, and North America, contributing to a significant portion of its revenue [8] Future Outlook - Weichai Power aims to continue its three-dimensional development strategy, focusing on consolidating traditional business while accelerating growth in emerging sectors [9] - The company anticipates sustained growth in its large-bore engine business and further optimization of its profitability structure as the natural gas heavy truck market recovers [9] - The impressive performance in the first three quarters of 2025 underscores the effectiveness of Weichai Power's strategic positioning and its growing competitiveness in the global supply chain [9]