Xin Lang Cai Jing·2025-11-09 00:30Core Insights - The company reported a revenue of 170.6 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 5%, with a net profit attributable to shareholders of 8.88 billion yuan, up 6% year-on-year [1] - The third quarter revenue was 57.4 billion yuan, showing a quarter-on-quarter increase of 16% and a year-on-year increase of 3%, aligning with industry expectations [2] - The company achieved a total profit of 5.2 billion yuan in Q3, with a year-on-year increase of 43% and a quarter-on-quarter increase of 22% [2] Revenue Performance - The company’s revenue for Q3 2025 was 57.4 billion yuan, with heavy truck wholesale reaching 282,000 units, reflecting a quarter-on-quarter increase of 58% [2] - The company sold 536,000 engines in the first three quarters, with heavy truck engine sales at 188,000 units, including 117,000 diesel engines and 71,000 natural gas engines [2] - The sales of new energy heavy trucks reached approximately 16,000 units, marking a year-on-year increase of about 250% [2] Profitability Analysis - The gross profit margin for Q3 was 21.4%, showing a slight decrease of 0.7 percentage points quarter-on-quarter [2] - The company’s net profit for Q3 was 3.23 billion yuan, with a quarter-on-quarter increase of 29% and a year-on-year increase of 10% [2] - The company benefited from economies of scale, with a significant reduction in expense ratios, including a management expense ratio of 4.2% [2] Strategic Developments - The company signed a new agreement with its associate Ceres to advance SOFC technology, aiming to establish production lines for batteries and stacks for fixed power generation markets [3] - The company’s new energy power system business achieved a revenue of 1.97 billion yuan in the first three quarters, reflecting an 84% year-on-year growth [2][3] - The company adjusted its net profit forecasts for 2025-2027, with expected net profits of 12.2 billion, 14.1 billion, and 15.2 billion yuan, corresponding to growth rates of 7%, 15%, and 8% respectively [3]