Weichai Power(HK:02338) 第一商用车网·2025-08-30 09:49Core Viewpoint - The company emphasizes technological innovation and structural adjustment as core drivers, seizing opportunities in overseas markets, high value-added sectors, and the transition to new energy, resulting in stable operational performance [1][5]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 1131.5 billion yuan and a net profit attributable to shareholders of 56.4 billion yuan, with a gross margin of 22.2% [6][1]. - The company proposed a cash dividend of 3.58 yuan per 10 shares, increasing the dividend payout ratio to 57%, with total cash dividends exceeding 19 billion yuan since 2021 [7][1]. Strategic Business Growth - The company reported significant growth in strategic business areas, with high-end M series large-bore engines sales exceeding 5000 units, a 41% increase year-on-year, and data center engine sales up 491% [14][3]. - New energy power technology revenue reached 1.21 billion yuan, a 37% increase, while power battery sales reached 2.3 GWh, up 91% [3][14]. International Expansion - The company’s overseas operations showed strong momentum, with operating revenue of 5.5 billion euros and adjusted EBIT of 390 million euros, alongside new orders of 6.21 billion euros, a 22% year-on-year increase [8][20]. Heavy Truck Market Performance - Heavy truck sales reached 73,000 units, a 15% increase, with new energy heavy truck sales skyrocketing by 255% [15][9]. - The company’s market share in the heavy truck sector continues to rise, with exports of 27,000 units [15][9]. Agricultural Equipment Sector - Despite challenges in the global agricultural machinery industry, the company’s agricultural equipment segment achieved operating revenue of 9.86 billion yuan, with export revenue of 1.15 billion yuan [18][17]. - The company maintains a leading market position in tractors and harvesting machinery in China [18]. Future Outlook - The company aims to tackle high-end markets, core new energy technologies, and overseas breakthroughs in the second half of 2025, focusing on expanding gas engine advantages and large-bore engine exports [21].