Weichai Power's revenue in 2025 is 231.8 billion yuan, a year-on-year increase of 7.5%.

On March 26, Weichai Power disclosed its annual report for 2025. During the reporting period, the company 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, the company plans to distribute a cash dividend of 3.74 yuan (including tax) for every 10 shares to all shareholders, with an annual cash dividend ratio (including buybacks) reaching 65%.

From the perspective of performance-driven logic, the company’s mature business segments, such as power systems and smart logistics, are working synergistically to continuously solidify the performance foundation; the power energy business has accelerated its breakthroughs, becoming a new growth engine, and together they have established a new development pattern that combines operational resilience with growth potential.

Diversified core businesses work together to strengthen operating performance foundation

In 2025, Weichai Power’s traditional core segments operated steadily, and the business synergy effects continued to be released, providing solid support for overall performance.

Specifically, the cumulative sales of engines reached 743,000 units, including direct exports of 75,000 units, 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 reinforcing the advantages of the entire industry chain. The commercial vehicle segment performed outstandingly, with annual heavy truck sales of 153,000 units, maintaining a leading market share in the industry; sales of new energy heavy trucks reached 25,000 units, a significant year-on-year increase of 262%; heavy truck exports amounted to 59,000 units, with overseas market layouts continuing to deepen.

At the same time, the upgrade to high-end power and the transition to new energy are advancing simultaneously, optimizing and upgrading the business structure. The company launched the all-new generation H/T 2.0 engine, leading the industry in fuel consumption levels. The world’s first 5-megawatt high-speed diesel generator product, 20M61, was developed, achieving the highest power density in the industry. The new energy power business, driven by the release of capacity at the first phase of the Yantai New Energy Industrial Park, has achieved a leap in production and sales scale, with annual revenue of 3.04 billion yuan, almost doubling, and sales of power batteries reaching 6.3 GWh, a year-on-year increase of 162%, accelerating breakthroughs in the new energy business transformation.

The agricultural equipment segment implemented four strategies: business focus, innovation-driven, quality upgrades, and globalization, actively responding to and effectively overcoming challenges such as low domestic market operations and international market fluctuations, with a comprehensive increase in market share for major products, continuously consolidating its industry-leading position. In 2025, it achieved operating revenue of 18.02 billion yuan and net profit of 900 million yuan. In the smart logistics segment, the holding subsidiary Kion Group in Germany achieved operating revenue of 11.3 billion euros in 2025. As the company’s efficiency improvement measures are completed, coupled with a significant increase in new order scales, Kion Group is expected to return to a path of profitable growth, and the long-term investment value of the company’s global strategy layout continues to emerge.

The power energy business accelerates its rise, building a second growth curve

While solidifying the development foundation with traditional mature businesses, Weichai Power accurately grasps the opportunities presented by the global energy demand transformation triggered by the explosion of AI computing power. Relying on a diversified product matrix including diesel engines, natural gas engines, and SOFCs, the company is positioning itself in the high-growth track of power energy, with a second growth curve accelerating its formation. The M series large-bore engines continued to experience rapid growth, achieving annual revenue of 5.81 billion yuan, a year-on-year increase of 65%, with sales of about 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%, achieving leapfrog growth in business scale.

According to market predictions, the global data center power generation track has significant growth potential. Weichai Power, leveraging its core technology advantages in large-bore engines, is seizing industry development opportunities and quickly entering the core supply chain for backup power sources in data centers, completing the layout of power generation products in the full power range from 1250 kWe to 5000 kWe, with power coverage ranking among the top globally; key performance indicators such as product instantaneous response speed and overload capacity have reached internationally advanced levels, successfully breaking the long-standing monopoly of foreign brands in the data center power generation equipment field.

Moreover, Weichai Power is closely following the global energy transition trend, proactively laying out new energy solutions such as SOFCs (solid oxide fuel cells). SOFCs have become a key technology solution to solve the power supply dilemma of data centers due to their efficiency, low carbon footprint, and strong fuel adaptability. Weichai Power has fully mastered the core technology of the new generation of metal-supported SOFCs through strategic investment in Hithium and signing a manufacturing license agreement. Its power generation products have successfully passed EU CE certification, with the highest power generation efficiency exceeding 65%, and performance indicators consistently ranking internationally leading, already implemented in multiple demonstration projects.

It is worth noting that Shandong Heavy Industry Group has officially established power energy as its seventh core business segment. As the core bearer of this segment, Weichai Power has built a full-scenario power energy business system. With the pace of product commercialization continuing to accelerate, the growth potential of the power energy business is expected to be released rapidly, injecting strong new momentum into the company’s long-term stable development.

The company stated it will continue to drive innovation as the core engine, solidifying the foundation of its traditional core businesses and stabilizing its industry-leading advantages; accelerate the development of the power energy segment and cultivate it as a core strategic growth pole. It will focus on niche markets to create differentiated product combinations, continuously promote the iteration and upgrading of fuel power generation products and the market promotion of gas power generation products, accelerate the industrialization of SOFC technology and the construction of manufacturing and sales capabilities, and strive to establish an industry brand, steadily advancing into the global top tier. At the same time, it will comprehensively promote four major transformations: greening, globalization, digitalization, and ecologicalization, continuously cultivating new development momentum, driving a dual breakthrough in operational quality and scale effects, and opening a new cycle of high-quality development. (Zhang Jia)

Source: Guangming Net