Core Viewpoint - The domestic natural gas heavy truck market experienced significant growth in December 2025, with sales reaching 12,500 units, marking a year-on-year increase of 31%. The total sales for the year reached 198,700 units, a 12% increase compared to the previous year, setting a new annual sales record [1][3][15]. Engine Market Characteristics - The main displacement range for natural gas heavy truck engines in 2025 was 12-13L and 14-15L, accounting for 43.33% and 39.28% of the market, respectively. The share of engines over 15L increased to 4.32% in December [5]. - In terms of horsepower, the dominant ranges were 500-600 horsepower and 400-500 horsepower, comprising 43.93% and 37.21% of the market. The share of super high horsepower models (≥600 horsepower) rose to 16.62%, an increase of nearly 14 percentage points compared to 2024 [8]. Sales Data and Rankings - In December 2025, five companies sold over 1,000 natural gas heavy truck engines, with Weichai leading with 6,260 units sold, capturing a market share of 50.0%. Cummins ranked second with 2,154 units (17.2% market share), followed by FAW Jiefang with 1,699 units (13.6% market share) [12][20]. - For the entire year, Weichai sold 103,000 units, holding a market share of 51.8%. Cummins and FAW Jiefang followed with 38,500 units (19.4%) and 25,000 units (12.6%), respectively [16][20]. Yearly Performance and Trends - The total sales of natural gas heavy truck engines in 2025 reached 198,700 units, a net increase of 20,500 units compared to 2024. The last four months of 2025 saw a surge in market activity, despite a noticeable cooling in the last two months compared to September and October [15][26]. - The market saw varied performance among the eight companies that achieved sales, with some experiencing significant growth while others faced declines. Notably, companies like Yuchai and Dongfeng Longqing outperformed the overall market growth rate [18][21].

Group 1: Company Performance - In 2025, China's heavy truck market total sales reached 1.145 million units, a year-on-year increase of 27% [1] - The company maintained a strong growth trend in production and sales compared to the previous year, with a healthy order backlog [1] - The company continues to hold a leading market share in the heavy truck industry through enhanced product competitiveness and market expansion [1] Group 2: Natural Gas Heavy Trucks - In 2025, cumulative sales of natural gas heavy trucks reached 198,700 units, reflecting a year-on-year growth of 12% [2] - Technological advancements are narrowing the performance gap between natural gas and diesel trucks [2] - The company remains optimistic about the natural gas heavy truck market and plans to enhance product competitiveness and long-term strategic positioning [2] Group 3: New Energy Heavy Trucks - In 2025, cumulative sales of new energy heavy trucks in China reached 231,100 units, a significant year-on-year increase of 182% [3] - In December 2025 alone, sales of new energy heavy trucks totaled 45,300 units, up 189% year-on-year [3] - The new energy heavy truck market is experiencing rapid growth driven by policy support and technological innovation, with the company committed to deepening its involvement in this sector [3] Group 4: Subsidiary Operations - The axle company, a subsidiary, is 51% owned by the company and supplies products to the group's vehicle production units, ensuring stable market demand and revenue [3] - The aftermarket company, a wholly-owned subsidiary, focuses on truck aftermarket services, including parts, oil products, and after-sales services [3] Group 5: Export Performance - The company leverages the international division of the group for its export business, maintaining the industry’s leading position in exports for 21 consecutive years [5] - The export business continues to show good growth, with a market presence in over 150 countries and regions, primarily in Africa, Southeast Asia, Central Asia, and the Middle East [5]