Zhi Tong Cai Jing·2025-12-02 00:26Industry Overview - In November 2025, China's heavy truck market sold approximately 100,000 units, a month-on-month decrease of about 6% from October 2025, but a significant year-on-year increase of approximately 46% from 68,500 units in the same month last year [1] - The heavy truck market has experienced eight consecutive months of growth, with an average growth rate of 42% from April to November 2025 [1] - Strong terminal sales growth, driven by the policy promoting the scrapping and updating of old operating trucks, has supported domestic demand [1] New Energy and Gas Trucks - New energy heavy trucks have set new records, while natural gas heavy trucks have seen four consecutive months of growth, exceeding 20,000 units for three consecutive months [1] - Domestic diesel heavy truck terminal sales in November are expected to remain stable [1] Company Insights China National Heavy Duty Truck Group (China National Heavy Duty Truck) - In the first half of 2025, the company achieved sales of 9,376 new energy heavy trucks, a year-on-year increase of 220.3%, surpassing the industry growth rate, with a market share of 11.8% [2] - The company plans to distribute a dividend of 0.68 yuan per share, totaling 1.877 billion yuan, maintaining a high dividend payout ratio of 54.8% [2] - In the first half of 2025, heavy truck exports to non-Russian regions reached 143,000 units, a year-on-year increase of 35.8%, supporting overseas demand growth [2] Weichai Power - The scrapping subsidy is expected to stimulate a 10% recovery in industry sales in 2025, reaching 1 million units, benefiting the company as a leading heavy truck engine manufacturer [3] - The company delivered 5,000 large-bore engines in the first half of 2025, a year-on-year increase of 41%, with a projected total delivery of 11,000 large-bore engines for the year [3] - The company delivered 10,000 new energy heavy trucks, capturing a market share of approximately 12.6%, with expectations of 2-3 times growth in new energy products in the second half of the year [3]