On the evening of October 30th, Weichai Power released its third quarter report for 2025, achieving a historic high in performance. It is reported that the company's sales of large bore engines exceeded 7700 units in the first three quarters, a year-on-year increase of over 30%. Among them, the sales of data center related products exceeded 900 units, a year-on-year increase of over three times, and have become the core new engine driving the company's performance growth. Behind this impressive performance, Weichai's large bore engine business continues to explode under the dual wheel drive of "domestic substitution" and "export overseas", rapidly seizing market share in the global high-end power market and providing a "Chinese solution" for the global energy equipment market.

Looking back at the development trajectory, the high growth trend of Weichai Power's large bore engine business has continued for multiple reporting periods. By 2024, this business has begun to take shape, with annual sales of over 8000 M-series engines, of which overseas sales account for over 60%; The sales of engine products for data centers reached nearly 400 units, with a year-on-year increase of up to 148%. Entering 2025, the growth momentum will further accelerate. In the first half of the year, high-end representative products such as large bore engines have sold over 5000 units, including nearly 600 units of engines used in data centers; In the third quarter, the high growth trend continued, with sales of the M series large bore engines exceeding 2600 units, a year-on-year increase of nearly 20%. Sales in the data center market exceeded 300 units, a year-on-year increase of more than 2 times. The steady high growth for multiple consecutive cycles fully confirms Weichai's core competitiveness in this niche field.

The rapid rise of Weichai's large bore engine business is the result of the resonance of multiple factors such as market demand and technological strength.

From the perspective of market demand, the exponential growth of global computing power demand has driven the construction of AI data centers into a peak period. High power diesel power generation products, as the essential backup power source for high-level data centers, have seen a simultaneous surge in market demand. China International Capital Corporation (CICC) research points out that the market size of large bore diesel engines for data centers in China is expected to approach 10 billion yuan by 2025, and the global market size will exceed 40 billion yuan by 2026. The vast market space provides sufficient growth soil for Weichai.

More importantly, Weichai Power's own technological accumulation and research and development breakthroughs. In order to meet the stringent requirements of high reliability, high efficiency, and high intelligence for power generation products in high-end fields such as big data centers, Weichai Power has established a research and development team led by top experts. Through continuous innovation, they have mastered a series of core technologies such as self starting response, control and starting redundancy, capacitive load carrying, autonomous ECU information security, and 100% instantaneous load guarantee.

It is worth noting that overseas brands are generally facing pain points of long expansion cycles and limited short-term new production capacity, which creates structural substitution opportunities for domestic manufacturers. Weichai Power has successfully seized the market window with its dual advantages of technological innovation and rapid delivery capability.

In the domestic market, Weichai is accelerating the process of "domestic substitution". Previously, the domestic market for large bore engines used in data centers had long been monopolized by foreign brands such as Cummins, Caterpillar, and MTU, with domestic brands accounting for only about 20%. With the technological breakthroughs of domestic brands such as Weichai Power, this pattern continues to be rewritten. In terms of overseas markets, Weichai Power Energy's power products have successfully expanded to markets such as Asia Pacific, Europe, and North America. With stable performance and delivery pace, the company's competitiveness in the global high-end power market continues to strengthen, effectively hedging the cyclical risks of a single market. Data center projects in multiple regions both domestically and internationally have completed the delivery and acceptance of Weichai Power products, and the international market recognition of domestically produced large bore engines continues to increase.

Industry insiders analyze that the rapid growth of the large bore engine business deeply confirms the steady implementation and significant results of Weichai Power's high-end transformation strategy. Compared to small displacement engines, the unit displacement price of large displacement engines does not increase nonlinearly, and the gross profit margin is significantly higher. However, large bore engines, especially data center products, as representative products in the high-end segment, are expected to continue optimizing the company's profit structure through explosive growth.

Looking ahead to the future, with the continuous iteration of technology and steady increase in domestic and international market share, Weichai Power's high-end transformation path has become increasingly clear, not only opening up profit margins, but also providing strong support for valuation enhancement. Against the backdrop of the deepening promotion of "domestic substitution" and the sustained high prosperity of global data center construction, Weichai's large bore engine business is expected to continue to release growth potential and become the core growth curve for the company's high-quality development.