China National Heavy Duty Truck Group's 2025 revenue and net profit are rising quarter by quarter; internal control and external expansion demonstrate the effectiveness of high-quality development

In the increasingly competitive market environment, both domestically and internationally, China National Heavy Duty Truck Group Co., Ltd. (000951.SZ) has steadily improved its operational efficiency, achieving the high-quality development goal of simultaneous growth in revenue and profit. The company disclosed its 2025 annual report on March 28, showing that the total revenue for the year reached 57.737 billion yuan, a year-on-year increase of 28.51%; net profit attributable to shareholders was 1.666 billion yuan, a year-on-year increase of 12.58%; and net profit after excluding non-recurring gains and losses was 1.558 billion yuan, a year-on-year increase of 17.43%. Several core operational indicators reached historical second-highest levels.

Looking at quarterly performance, the company’s revenue and net profit climbed quarter by quarter in 2025. In the fourth quarter, revenue, net profit attributable to shareholders, and net profit after excluding non-recurring gains and losses reached 17.247 billion yuan, 616 million yuan, and 572 million yuan, respectively, all setting historical highs for the same period.

While achieving positive results, China National Heavy Duty Truck continuously strengthens shareholder returns, proposing to distribute a cash dividend of 5.12 yuan for every 10 shares to all shareholders. Combined with the cash dividend already implemented in the first half of 2025, the total dividend for the year amounts to 9.67 billion yuan, accounting for 58% of the annual net profit attributable to shareholders, with a dividend yield of 4.89%, setting a new historical high on the basis of last year’s high dividend.

This outstanding performance is attributed to China National Heavy Duty Truck’s precise grasp of the recovery opportunities in the domestic and international heavy truck industry; continuous internal optimization of operational management, with the company’s expense ratio decreasing by 0.39 percentage points year-on-year in 2025; and accelerated external market expansion and structural transformation, achieving comprehensive breakthroughs in three major areas: new energy heavy trucks, overseas exports, and intelligentization, laying a solid foundation for long-term stable development.

The industry’s recovery momentum is strong, with multiple breakthroughs in segmented markets.

In 2025, driven by the continuous implementation of the domestic “replacement of old for new” policy and strong overseas infrastructure and logistics demand, the overall demand in the commercial vehicle market significantly rebounded. According to data from the China Association of Automobile Manufacturers, the heavy truck industry achieved sales of approximately 1.1449 million units for the year, a year-on-year increase of 26.98%, indicating a clear recovery trend in the industry. In this favorable environment, China National Heavy Duty Truck seized market opportunities and accelerated its market layout, with total heavy truck sales reaching 173,900 units for the year, a year-on-year increase of 30.77%, leading the industry’s overall growth rate.

Relying on continuously upgraded product competitiveness, China National Heavy Duty Truck has maintained its advantage in segmented markets. In 2025, the company’s market share for 4×2 diesel container tractors, NG hazardous goods vehicles, 4×2 six-cylinder box trucks, and wing lift trucks remained the highest in the industry. On this basis, the company has made further breakthroughs in segmented fields. Notably, the market share of diesel express tractors increased by 8.4 percentage points year-on-year, ranking first in the industry; the market share growth rates for NG/560 horsepower tractors, 4×2 NG tractors, diesel tractors below 500 horsepower, and 6×2 cargo trucks all ranked first in the industry, further expanding the leading advantage.

Entering 2026, China National Heavy Duty Truck revealed in a February investor communication that the company’s production and operational situation is good, and the orders on hand are relatively abundant, with overall production and sales still maintaining a growth trend year-on-year.

Positive progress in new energy transformation, heavy truck exports, and intelligent construction.

In 2025, as the heavy truck industry enters a critical stage of deep structural transformation, China National Heavy Duty Truck deeply recognizes the decisive significance of transformation effectiveness for enterprise development, therefore continuously focusing on R&D innovation and increasing R&D investment. In 2025, R&D expenditures exceeded 900 million yuan, a year-on-year increase of 12.60%, laying a solid technical foundation for various business breakthroughs.

Leveraging the strong R&D capabilities of the China National Heavy Duty Truck Group, the company has strengthened its forward-looking layout, closely aligning with market demand, and promoting product iteration and upgrade, achieving multiple breakthroughs in the fields of new energy and intelligentization. In terms of new energy heavy trucks, China National Heavy Duty Truck optimized its new energy sales structure, maximizing the utilization of its whole vehicle R&D foundation and marketing system capabilities, resulting in rapid growth in sales volume and market share of new energy heavy trucks. In 2025, the company’s sales of new energy heavy trucks reached 17,900 units, a year-on-year increase of 191.02%, demonstrating strong growth momentum. In terms of intelligent driving, most of the company’s models integrate technologies such as autonomous driving, intelligent networking, and vehicle networking, providing customized assisted driving functions for different transportation scenarios, further enhancing the product’s core competitiveness.

In the advantageous field of heavy truck exports, China National Heavy Duty Truck’s business covers more than 150 countries and regions globally. Relying on the specialized layout of Sinotruk International, the company steadily expanded its overseas market share in 2025, with export business continuously performing well. Recently, the company clearly stated that product exports continue to maintain a good growth trend, with market share consistently ranking among the top in the industry, while the company continues to strive in emerging overseas regions, achieving new market breakthroughs.

Institutions concentrate their layouts, optimistic about the company’s and industry’s long-term development space.

Currently, the continued positive performance of China National Heavy Duty Truck has been recognized by multiple professional institutional investors. The annual report shows that by the end of 2025, several public funds, including HSBC Jintrust Fund, Southern Fund, and Agricultural Bank of China Huijin Fund, have newly invested and entered the top ten shareholders of the company. Many institutions concentrated their layouts during the key stage of continuous improvement in the company’s performance, fully reflecting the capital market’s optimistic expectations for the recovery trend of the heavy truck industry and the company’s long-term growth prospects.

The market generally expects that the heavy truck industry still has considerable growth potential in the future. According to Guotai Junan Securities’ forecast, with the continuation of the heavy truck “replacement of old for new” policy in 2026, domestic heavy truck sales are expected to reach 760,000 units; coupled with the continuous growth of the export market, the overall wholesale sales of heavy trucks in the industry are expected to rise to 1.16 million units in 2026.