Weichai Power к 2025 году достигнет выручки в 231,8 млрд юаней, что на 7,5% больше по сравнению с предыдущим годом.

26 March, Weichai Power disclosed its 2025 annual report. During the reporting period, the company achieved operating revenue of 231.8 billion yuan, up 7.5%; net profit attributable to shareholders was 10.9 billion yuan. Based on sound operating performance, the company plans to distribute cash dividends of 3.74 yuan per 10 shares to all shareholders (including tax); the full-year cash dividend payout ratio (including share repurchase) reaches 65%.

From the perspective of performance-driven logic, the company’s coordinated efforts across mature business segments such as powertrain systems and smart logistics continue to strengthen the company’s underlying performance base; its power and energy business is accelerating breakthroughs, becoming a new growth engine, and overall forming a development new pattern that combines operating resilience with growth potential.

Diversified main business segments work together to strengthen the underlying base of operating performance

In 2025, Weichai Power’s operations in all its traditional core segments remained steady, and the synergy effects among businesses continued to be released, providing solid support for overall performance.

Specifically, cumulative engine sales reached 743,000 units, including 75,000 units exported directly, up 8%; the sales of transmissions and axles reached 911,000 units and 1.0 billion axles, respectively, increasing by 7% and 25% year-on-year; the advantages in the entire industry chain for supporting components continued to be consolidated. The commercial vehicle segment performed outstandingly: full-year sales of heavy-duty truck complete vehicles were 153,000 units, with industry market share remaining among the top; sales of new-energy heavy-duty trucks were 25,000 units, a sharp increase of 262% year-on-year; heavy-duty truck exports were 59,000 units, and the overseas market layout continued to deepen.

At the same time, high-end upgrading of power and new-energy transformation were advanced in parallel, optimizing and upgrading the business structure. The company launched a new generation of H/T 2.0 engines, with fuel consumption levels leading the industry. It developed the world’s first 5-megawatt high-speed diesel power generation product 20M61, with power per liter ranking first in the industry. New-energy power businesses were driven by the release of capacity from Phase I of the Yantai new energy industrial park; production and sales scales achieved a leap-forward improvement. Full-year revenue was 3.04 billion yuan, with the scale close to nearly doubling; new-energy battery sales were 6.3 GWh, up 162% year-on-year, and the transformation of the new-energy business accelerated with breakthroughs.

The agricultural equipment segment implemented four major strategies—business focus, innovation-driven approach, quality upgrades, and globalization—actively responding to and effectively overcoming challenges such as low-level operation in the domestic market and fluctuations in the international market. The market share of the company’s major products increased across the board, the leading position in the industry was continuously consolidated, and in 2025 it achieved operating revenue of 18.02 billion yuan and net profit of 900 million yuan. In the smart logistics segment, its controlling subsidiary, the German KION Group, achieved operating revenue of 11.3 billion euros in 2025; with the completion of the company’s efficiency improvement measures, combined with a significant increase in the scale of new orders, the KION Group is expected to return to a profitable growth track. The long-term investment value of the company’s globalization strategy continues to become evident.

Power and energy business accelerates its rise to build a second growth curve

While strengthening the development foundation with traditional mature businesses, Weichai Power accurately seized the opportunity of global energy demand changes brought about by the AI compute-power boom. Relying on a diversified product matrix such as diesel engines, natural gas engines, and SOFC, it positioned itself in the high-enthusiasm power-and-energy segment and accelerated the formation of a second growth curve. The M series large-bore engines continued a strong growth momentum; full-year revenue reached 5.81 billion yuan, up 65%, with sales of about 11,000 units, up 32%, and product added value increased significantly. Sales of data center power generation products reached about 1,400 units, surging 259% year-on-year; the business scale achieved leap-forward growth.

According to market forecasts, the global data center power generation segment has significant growth potential. With core technology advantages in large-bore engines, Weichai Power seized industry development opportunities, quickly entered the key supply chain for backup power systems in data centers, and completed the product layout across the full-power range of 1250kWe—5000kWe. The power coverage range ranks among the top globally; key performance indicators such as instantaneous response speed and over-load carrying capability also reached international advanced levels. It successfully broke the long-standing monopoly pattern of foreign brands in the field of data center power generation equipment.

In addition, Weichai Power closely followed the global energy transition trend and took a forward-looking layout of new energy solutions such as SOFC (solid oxide fuel cells). With advantages such as high efficiency and energy saving, low-carbon environmental protection, and strong fuel adaptability, SOFC has become a key technical solution to solve the power-supply dilemma of data centers. Weichai Power, through strategic investment in Xilings and signing manufacturing license agreements, fully mastered the core technology of the next generation metal-supported SOFC. Its power generation products have successfully passed the EU CE certification; the highest power generation efficiency exceeds 65%, performance indicators are consistently at the international leading level, and they have already been implemented and put into operation in multiple demonstration projects.

What is worth noting is that Shandong Heavy Industry Group has officially established power and energy as the seventh core business segment. As the main core carrier entity in this segment, Weichai Power has built a power-and-energy business system across all scenarios. As the pace of commercialization and rollout continues to accelerate, the growth potential of the power-and-energy business is expected to release faster, injecting strong new momentum for the company’s long-term steady development.

The company stated that it will continue to use innovation-driven development as the core engine, strengthen the foundation of traditional main businesses, and solidify its leading advantages in the industry; accelerate the development of the power and energy segment,培育 it as the core strategic growth pole. It will focus on building differentiated product combinations in sub-segments, continue to push iteration and upgrades of fuel-fired power generation products and market promotion of gas-fired power generation products, accelerate the industrialization of SOFC technology and the development of manufacturing and sales capabilities, and fully establish an industry brand, steadily moving into the first tier globally. At the same time, it will comprehensively advance four major transformations: green, globalization, digitalization and intelligence, and ecological development, continuously cultivating new development momentum, and drive both breakthroughs in operating quality and scale effects, opening a new cycle of high-quality development. (Zhang Jia)

来源：光明网