DFAC(SH:600006) 第一商用车网·2025-12-22 03:40Core Viewpoint - In November 2025, China's new energy heavy truck sales reached a new high, showing a year-on-year growth of 178%, primarily driven by pure electric trucks, while hydrogen fuel cell and hybrid trucks lagged behind the overall market performance [1][4][5]. Sales Performance - A total of 28,000 new energy heavy trucks were sold in November 2025, with pure electric trucks accounting for 27,200 units, fuel cell trucks 592 units, and hybrid trucks 119 units [4]. - The year-on-year growth rates for pure electric, fuel cell, and hybrid trucks were 188%, 20%, and 31% respectively, with fuel cell trucks finally showing positive growth after a 57% decline in October [4][5]. - The market share of fuel cell and hybrid trucks in the new energy heavy truck market was only 1.66% and 0.53% respectively from January to November 2025, indicating a strong dominance of pure electric trucks at 97.81% [7]. Market Dynamics - The fuel cell truck market saw a total of 592 units sold in November, with a month-on-month increase of 168% and a year-on-year increase of 20% [11]. - Dongfeng ranked first in fuel cell truck sales in November with 454 units sold, capturing a market share of 76.69% [11]. - The competition for the annual sales champion in the fuel cell truck market is intense, with Dongfeng having won the monthly championship for three consecutive months [13]. Company Performance - From January to November 2025, Dongfeng sold 971 fuel cell trucks, achieving a market share of 31.53%, an increase of 16.55 percentage points year-on-year [18]. - Sany and China National Heavy Duty Truck Group followed with sales of 656 and 623 units, respectively, both showing significant year-on-year growth [18][19]. - The fuel cell truck market has seen a mix of growth and decline among various manufacturers, with some companies experiencing a drop in sales by as much as 80% [15].