Weichai Power releases annual report: revenue of 231.8 billion yuan, 10 shares dividend of 3.74 yuan

(Source: Shandong State-owned Assets Report)

Reporter: Gong Congcong

On the evening of March 26, Weichai Power disclosed its annual report for 2025. During the reporting period, Weichai Power achieved operating revenue of 231.8 billion yuan, a year-on-year increase of 7.5%; net profit attributable to shareholders was 10.9 billion yuan. Based on its solid operating performance, Weichai Power plans to distribute a cash dividend of 3.74 yuan (tax included) for every 10 shares to all shareholders, with an annual cash dividend payout ratio (including buybacks) reaching 65%.

From the perspective of performance-driving logic, Weichai Power’s mature business segments, such as power systems and smart logistics, have synergistically driven results, continuously solidifying the performance foundation; at the same time, the power energy business has accelerated breakthroughs, becoming a new growth engine, overall constructing a new development pattern that combines operational resilience and growth potential.

Specifically, in 2025, Weichai Power’s cumulative engine sales reached 743,000 units, including direct exports of 75,000 units, reflecting a year-on-year increase of 8%; sales of transmissions and axles reached 911,000 units and 1 million units, respectively, with year-on-year increases of 7% and 25%, continuously consolidating the advantages of the entire industrial chain. The commercial vehicle segment performed outstandingly, with total heavy truck sales reaching 153,000 units for the year, maintaining a leading market share; sales of new energy heavy trucks reached 25,000 units, a substantial year-on-year increase of 262%; heavy truck exports totaled 59,000 units, with continued deepening of overseas market layout.

In 2025, Weichai Power will simultaneously advance the high-end upgrading of power and the transition to new energy. It will launch a new generation H/T 2.0 engine, leading the industry in fuel consumption levels. It will develop the world’s first 5-megawatt high-speed diesel generator product, the 20M61, which has the highest power-to-weight ratio in the industry. The new energy power business, driven by the release of capacity from the first phase of the Yantai New Energy Industrial Park, has achieved a leap in production and sales scale, with annual revenue reaching 3.04 billion yuan, nearly doubling in scale, and sales of power batteries reaching 6.3 GWh, a year-on-year increase of 162%, accelerating breakthroughs in the transformation of the new energy business.

In addition, Weichai Power’s agricultural equipment segment implements four major strategies: business focus, innovation-driven, quality upgrading, and globalization, actively responding to and effectively overcoming challenges such as low domestic market operations and international market fluctuations, with significant improvements in market share for major products, continuously consolidating its industry-leading position, achieving operating revenue of 18.02 billion yuan and net profit of 900 million yuan in 2025. In the smart logistics segment, the majority-owned subsidiary, Kion Group in Germany, achieved operating revenue of 11.3 billion euros in 2025. With the completion of the company’s efficiency enhancement measures and a substantial increase in new order scale, Kion Group is expected to return to a profitable growth trajectory, and the long-term investment value of the company’s globalization strategy continues to manifest.

While solidifying the development foundation with traditional mature businesses, Weichai Power precisely grasps the global energy demand transformation opportunities arising from the explosion of AI computing power, leveraging a diversified product matrix of diesel engines, natural gas engines, and SOFCs to strategically position itself in the high-boom track of power energy, accelerating the formation of a second growth curve. The M-series large-bore engines continue to maintain a high-speed growth trend, achieving annual revenue of 5.81 billion yuan, a year-on-year increase of 65%, with sales of approximately 11,000 units, a year-on-year increase of 32%, significantly enhancing product added value. Sales of data center power generation products reached approximately 1,400 units, a year-on-year surge of 259%, with business scale achieving leapfrog growth.

A solid fundamental base strengthens the value foundation, coupled with high growth expectations in emerging sectors, drives Weichai Power’s valuation logic to be comprehensively reconstructed, gaining continuous recognition from the capital market.

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