Revenue of 109.541 billion yuan, net profit of 7.019 billion yuan — China National Heavy Duty Truck Group delivers an impressive financial report for 2025.

On the evening of March 27, 2025, China National Heavy Duty Truck Group (03808.HK) released its 2025 annual results announcement, showing a historic breakthrough as it topped the world in heavy truck sales. The company delivered a high-quality development answer sheet. In 2025, China National Heavy Duty Truck Group achieved operating revenue of 109.541 billion yuan, up 15.2%; and attributable net profit of 7.019 billion yuan, up 19.8%. Both reached the highest records for the same period in history, further strengthening its leading position in the industry.

This financial report not only highlights China National Heavy Duty Truck Group’s rapid growth in scale, but also underscores the continuous optimization of its operating quality. In 2025, the company’s refined management delivered notable results: operating efficiency improved steadily, and the period expense ratio fell by 0.5 percentage points year over year. At the operational level, the company’s strong “cash-generating” capability drives performance. Its balance of cash and cash equivalents was 18.412 billion yuan, up 54%; return on net assets increased by 1.2 percentage points, and the financial structure continued to improve.

Alongside setting new highs in performance, China National Heavy Duty Truck Group continued to increase its commitment to shareholder returns. In 2025, the company proposed to distribute a dividend of 0.78 yuan per share, with the payout ratio rising to 60%, supporting a higher level of value return backed by steady cash flow.

Against the backdrop of intensifying global competition and deep adjustments to industry structure, China National Heavy Duty Truck Group’s core operating indicators continued to improve, fully validating the integrated strength and development resilience of an industry leader. This achievement also clearly reflects the company’s sustained breakthroughs across three major strategic tracks—globalization, new-energy transformation, and intelligent upgrades—laying a solid foundation for its corporate vision of becoming a “world-class full-series commercial vehicle group.”

Global champion crowned; domestic sub-markets continue to break through

In 2025, benefiting from the dual pull of domestic policy support and overseas demand improving, demand in the commercial vehicle market saw a notable turnaround. China National Heavy Duty Truck Group seized industry opportunities tightly, and the production and sales scale of heavy trucks once again hit a historic high. In 2025, China National Heavy Duty Truck Group’s heavy truck sales reached 304,900 units, with a market share of 26.6%. It not only ranked first in the domestic industry for four consecutive years, but also, for the first time, moved to No. 1 globally in heavy truck sales, ushering in a new era of high-quality development for China’s commercial vehicle industry.

In the domestic market, facing an overall pattern of intensifying competition across the industry, China National Heavy Duty Truck Group further tapped potential in sub-segments, achieving breakthrough growth across multiple key tracks. Among them, the company’s market share in diesel express delivery tractor units rose by 8.4 percentage points year over year, placing it at the top of the industry; for 15L gas tractor units and wing-opening cargo trucks, the market share remained No. 1 in the industry; in high-end special vehicle markets such as fire trucks, pump trucks, and oilfield operation vehicles, it maintained industry-leading positions; and in sub-segments such as hazardous chemicals, wreckers, and travel and living vehicles, it continued to achieve breakthroughs. The market share of new-energy dump trucks increased by 5.8% year over year, with the fastest growth rate in the industry.

China National Heavy Duty Truck Group believes that the commercial vehicle market will further see “policy empowerment, consumption-driven demand, investment acceleration, and sustained exports” delivering fourfold positive factors, and the industry is expected to continue its growth trend.

Globalization delivers both volume and quality upgrades; export business continues to刷新 records

Exports are a core growth engine for China National Heavy Duty Truck Group, and its heavy truck export sales have long accounted for half of the total heavy truck export volume nationwide. In 2025, the company’s ongoing deepening and implementation of its globalization strategy provided strong support for becoming the global champion in heavy truck sales and for performance growth. In 2025, China National Heavy Duty Truck Group’s heavy truck export sales and revenue once again hit historic highs. Heavy truck exports reached 153,400 units, maintaining first place in China’s heavy truck exports for 21 consecutive years. Among them, in September, October, and November, heavy truck exports surpassed 15,000 units in each of three consecutive months, breaking the export record previously held by the company itself.

More importantly, China National Heavy Duty Truck Group’s export growth is not simply an increase in quantity, but a dual leap in both “volume and quality.” In 2025, while consolidating advantageous markets such as Africa and Southeast Asia, the company continued to speed up the transformation and upgrade of its marketing model. It achieved deeper market penetration and breakthroughs into high-barrier markets through measures such as accelerating subsidiary registrations, operating spare-parts center warehouses, and establishing localized factories. At present, the company’s overseas footprint continues to expand, and its products have been exported to more than 150 countries and regions.

The continued release of overseas benefits is pushing China National Heavy Duty Truck Group to accelerate toward going global with full product categories and the entire value chain. Its “full value chain localized operations” layout continues to deepen. Entering 2026, export momentum remains strong: in the first month alone, heavy truck exports reached 16,000 units, again refreshing an industry record. A research report issued by UBS Securities stated that China National Heavy Duty Truck Group’s export business performance is strong; the product structure continues to optimize; and it will become a main driver of profitability growth in 2026.

New-energy transformation accelerates; digital and intelligent technologies build a new growth engine

Against the backdrop of a deep adjustment to the global landscape and the clear rollout of “dual carbon” goals, new energy has become the core track for transformation and upgrading in the commercial vehicle industry. China National Heavy Duty Truck Group continues to increase R&D investment. In 2025, R&D expenditure exceeded 2.9 billion yuan, up 6.1%. With early advantages in the new-energy field, the company has fully deployed three major technology routes: pure electric, hybrid, and hydrogen fuel. It has built a new-energy commercial vehicle product matrix covering the full lineup of heavy trucks and including light pickups, laying product foundations for large-scale development of the new-energy business.

In 2025, China National Heavy Duty Truck Group’s new-energy business accelerated development, turning incremental momentum into faster conversions. Annual heavy truck sales of new-energy vehicles grew 229% year over year, and new-energy light truck sales grew 321% year over year. On the technology front, the company continues to increase R&D investment for new-energy models. It achieved core technology breakthroughs in areas such as improving power performance and economic efficiency of complete new-energy vehicles, as well as enhancing the transmission efficiency of electric drive axles and bridges, further solidifying its core competitiveness in the new-energy segment.

In addition to new-energy transformation, China National Heavy Duty Truck Group has raised digital and intelligentization to a strategic level, using it to create brand-new momentum for performance growth. In 2025, the company achieved notable results in the field of intelligent driving: the market share of high-level intelligent driving exceeded 40%. In terms of its intelligent driving product layout, all three platforms—regulation-version assisted driving, enhanced assisted driving, and high-level assisted driving—have achieved batch applications. The company also launched tailored solutions for different transportation scenarios, setting a benchmark for intelligent upgrades in the commercial vehicle industry.

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