Behind the first-ever revenue exceeding 100 billion yuan: China National Heavy Duty Truck Group (SINOTRUK) benefits from "threefold growth" dividends

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On the evening of March 27, Sinotruk (Hong Kong) Company Limited (hereinafter “Sinotruk (Hong Kong)”) released its 2025 annual performance announcement. Against the backdrop of deep industry adjustments, structural recovery, and the transition to new energy, the company delivered a historic performance: full-year revenue first exceeded 1 trillion yuan for the first time, reaching RMB 109.541 billion, up 15.2% year over year; attributable net profit was RMB 7.0191 billion, up 19.8% year over year; and both hit the highest records for the same period in history.

On March 28, the company held a performance briefing in Hong Kong, China. Its senior management team provided a detailed breakdown of the growth logic behind this impressive set of results—ranging from the broad surge of its new energy business, to accurately capturing policy tailwinds, to improvements in both quantity and quality in its global expansion. Sinotruk (Hong Kong) is, with the resilience of an industry leader, charting a clear path for navigating through cycles.

New Energy Business Shines

At present, new energy has become the core track for transformation and upgrading in the commercial vehicle industry. According to statistics from the China Association of Automobile Manufacturers, in 2025 the heavy truck industry sold 1.1449 million units for the full year, up 26.98% year over year. Among them, sales of new energy heavy trucks reached 197,600 units, up 192% year over year.

In the 2025 performance results Sinotruk (Hong Kong) delivered this time, the surge in its new energy business is especially eye-catching: new energy heavy truck sales grew 229% year over year, and new energy light trucks grew 321% year over year.

“At present, the domestic penetration rate of new energy commercial vehicles last year was already 29%, close to 30%. We expect this figure to reach 35% in 2026.” Liu Wei, president of Sinotruk (Hong Kong), said at the performance briefing. Behind this is the fact that new energy commercial vehicles have gradually shifted from being driven by policies to being driven by the market: “The market has already brought very good profitability.”

Wang Dechun, an executive director in charge of domestic sales at Sinotruk (Hong Kong), said that with the development of China’s new energy ecosystem—especially the improvement of battery swapping and charging infrastructure—new energy has expanded its applicable scenarios from the initial ports and mines to short- and medium-distance, as well as long-distance transportation. In addition, new energy’s performance in terms of economics has become increasingly prominent.

Industry observers generally believe that for a considerable period of time, China’s commercial vehicle market will show a “three-way split” pattern among new energy, natural gas, and fuel. As a leading enterprise, it must have a complete technical roadmap in order to achieve sustained growth by creating precise value for customers.

In terms of R&D investment, in 2025 Sinotruk (Hong Kong) spent more than RMB 2.9 billion on research and development, up 6.1% year over year, with R&D in new energy technology being one of the key focus directions. Han Feng, vice president of Sinotruk (Hong Kong), said that relying on its first-mover advantages in the new energy field, Sinotruk (Hong Kong) has comprehensively laid out three main technology routes—pure electric, hybrid, and hydrogen fuel. It has built a matrix of new energy commercial vehicle products covering the full range of heavy trucks and also including light pickup trucks. Meanwhile, it has achieved key technology breakthroughs in improving the power performance and economic performance of complete new energy vehicles, as well as boosting transmission efficiency of electric-drive axles, further strengthening the core competitiveness of its new energy segment.

Beyond the new energy transition, Sinotruk (Hong Kong) has elevated its digital intelligence upgrades to a strategic level, building an entirely new engine for performance growth. In 2025, the company achieved notable results in the intelligent driving sector, with its market share in high-level intelligent driving exceeding 40%. In its intelligent driving product deployment, all three platforms—regulation-version assisted driving, enhanced assisted driving, and high-level assisted driving—have achieved large-scale batch applications. The company also rolled out customized solutions for different transportation scenarios, setting a benchmark for the intelligent upgrade of the commercial vehicle industry.

Industry “Three Major Incremental Gains” Release Benefits

If new energy is the core engine for future growth, then capturing domestic policy tailwinds and continuing to deepen efforts in overseas markets are the foundation for Sinotruk (Hong Kong)’s steady growth in 2025. At the performance briefing, the company believed that the heavy truck industry’s scale will reach 1.2 million units in 2026, and it systematically broke down the three incremental drivers behind it: domestic policy-driven incremental growth, domestic structural incremental growth, and increments from export markets.

In the domestic market, the continued implementation of the “Two New Replacements” and “Two Major Renovations” policies in 2025, along with the policy for scrapping and updating old and outdated operating trucks, has injected strong momentum into the industry. In discussions, Liu Wei said that the pull of these policies on logistics, infrastructure, and various special vehicle segments will continue to gain strength this year.

At the same time, structural changes are also occurring within the industry itself: in addition to the new energy structural transformation mentioned above, the heavy truck industry’s 6- to 8-year replacement cycle will bring huge demand for updates. In addition, the steady advancement of a series of major projects and people’s livelihood initiatives—including the Yajiang hydropower station, the Qinghai–Xizang Railway, updates to city pipeline networks, and rural revitalization—will effectively stimulate strong demand for construction vehicles, large-size cargo transportation, and all kinds of special vehicle models, driving structural growth in regional markets.

As Sinotruk (Hong Kong)’s core growth engine, its export business once again set a record in 2025, with heavy truck exports reaching 153,400 units. But even more worth paying attention to is the “double uplift in both quantity and quality” of exports—the company is accelerating its transition from simply exporting products to “localized operations across the full value chain.”

Zhao Hua, an executive director responsible for international business, said the company is implementing measures such as speeding up the registration of overseas subsidiaries, operating parts center warehouses, and establishing localized factories, to achieve deeper market cultivation and breakthroughs in high-barrier markets. At present, the company’s overseas market footprint continues to expand, and its products have been exported to more than 150 countries and regions.

Entering 2026, the company’s export momentum remains strong. In its first month, heavy truck exports reached 16,000 units, again setting a new industry record. A research report released by UBS Securities said Sinotruk (Hong Kong)’s export business performance is strong; its product structure is continuously optimized, and it will become a main driver of profit growth in 2026.

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