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 an increasingly competitive market environment both domestically and internationally, China National Heavy Duty Truck Group (000951.SZ) has steadily improved its operational efficiency, achieving the high-quality development goal of both revenue and profit growth. The annual report released on March 28 indicates that the company achieved an annual revenue of 57.737 billion yuan, a year-on-year increase of 28.51%; net profit attributable to shareholders reached 1.666 billion yuan, a year-on-year increase of 12.58%; and net profit excluding non-recurring items was 1.558 billion yuan, a year-on-year increase of 17.43%, with several core operational indicators hitting historic highs.

Looking at it quarterly, the company’s revenue and net profit increased each quarter in 2025. In the fourth quarter, revenue, net profit, and net profit excluding non-recurring items reached 17.247 billion yuan, 616 million yuan, and 572 million yuan, respectively, all setting records for the same period in history.

While the performance continues to improve, China National Heavy Duty Truck Group is also enhancing investor returns, proposing a cash dividend of 5.12 yuan for every 10 shares to all shareholders. Combined with the cash dividend implemented in the first half of 2025, the total amount of dividends for the year reached 966 million yuan, accounting for 58% of the annual net profit attributable to shareholders, with a dividend yield of 4.89%, setting a new historical high following last year’s high dividends.

The achievement of this excellent performance report is attributed to China National Heavy Duty Truck Group’s precise grasp of the opportunities presented by the recovery of the heavy truck industry both domestically and internationally; continuous optimization of internal operational management, with the company’s expense ratio declining by 0.39 percentage points year-on-year in 2025; and accelerated market expansion and structural transformation externally, achieving comprehensive breakthroughs in three major areas: new energy heavy trucks, overseas exports, and intelligent technology, 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 both the domestic “old-for-new” policy continuing to exert force and strong demand for overseas infrastructure and logistics, the overall demand in the commercial vehicle market significantly rebounded. Data from the China Association of Automobile Manufacturers indicates that 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 Group seized market opportunities and accelerated market layout, achieving cumulative sales of 173,900 heavy trucks for the year, with a year-on-year growth rate of 30.77%, leading the industry’s overall growth rate.

Relying on continuously upgraded product competitiveness, China National Heavy Duty Truck Group has solidified its advantages in segmented markets. In 2025, the company maintained the top market share in the industry for 12 types of vehicles, including 4×2 diesel container tractors, NG hazardous materials vehicles, 4×2 six-cylinder box trucks, and wing vehicles. On this basis, the company made further breakthroughs in segmented fields. Notably, the market share of diesel express tractors increased by 8.4 percentage points year-on-year, rising to first in the industry; the market share growth of 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 their leading advantage.

Entering 2026, during a February investor communication, China National Heavy Duty Truck Group revealed that the company’s production and operations are in good condition, with a relatively ample order book, and the overall production and sales situation continues to maintain a growth trend year-on-year.

Positive progress made in new energy transformation, heavy truck exports, and smart construction

In 2025, as the heavy truck industry enters a critical stage of deep structural transformation, China National Heavy Duty Truck Group recognizes the decisive importance of transformation outcomes for corporate development. Therefore, the company continues to focus on research and development innovation, consistently increasing R&D investment. In 2025, R&D expenditure exceeded 900 million yuan, a year-on-year increase of 12.60%, laying a strong technological foundation for breakthroughs in various businesses.

Leveraging the strong R&D capabilities of the China National Heavy Duty Truck Group, the company strengthens its forward-looking layout, closely aligning with market demand, and promotes product iteration and upgrades, achieving multiple breakthroughs in new energy and intelligent technology. In the field of new energy heavy trucks, China National Heavy Duty Truck Group optimized its new energy sales structure, maximizing the potential of its overall vehicle R&D foundation and marketing system, resulting in rapid growth in sales and market share of new energy heavy trucks. In 2025, the company sold 17,900 new energy heavy trucks, a year-on-year increase of 191.02%, with 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 driver assistance functions for various transport scenarios, further enhancing the core competitiveness of its products.

In the advantageous field of heavy truck exports, China National Heavy Duty Truck Group’s business covers over 150 countries and regions worldwide. Relying on the specialized layout of Heavy Truck International, the company steadily expanded its share in overseas markets in 2025, with export business continuing to perform well. Recently, the company clearly stated that product exports maintain a good growth trend, with market share staying at the forefront of the industry, while the company continues to make efforts in emerging overseas regions, achieving new market breakthroughs.

Institutions are concentrated in their layouts, optimistic about the company’s and industry’s long-term development potential

Currently, the sustained positive performance of China National Heavy Duty Truck Group has gained recognition from 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 Fund, have newly entered the company’s top ten shareholders. Many institutions concentrated their layouts during this critical phase of the company’s performance improvement, 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. According to Guotai Junan Securities’ forecast, as the “old-for-new” policy for heavy trucks continues to be implemented in 2026, domestic heavy truck sales are expected to reach 760,000 units; coupled with sustained growth in the export market, the overall wholesale sales of heavy trucks in the industry are expected to rise to 1.16 million units in 2026.