On the evening of March 26, 2026, Weichai Power Co., Ltd. disclosed its 2025 annual report. During the reporting period, the company achieved a revenue of 231.8 billion yuan, a year-on-year increase of 7.5%; The net profit attributable to the parent company is 10.9 billion yuan. Based on stable operating performance, the company plans to distribute a cash dividend of 3.74 yuan (including tax) for every 10 shares to all shareholders, and the annual cash dividend ratio (including repurchases) will reach 65%.

From the perspective of performance driven logic, mature business segments such as the company's power system and smart logistics are working together to continuously strengthen the performance foundation; The power energy business is accelerating breakthroughs and becoming a new growth engine, building a new development pattern that combines operational resilience and growth potential as a whole.

Diversified main businesses collaborate to strengthen the foundation of business performance

In 2025, Weichai Power's traditional core segments will operate steadily, with continuous release of business synergy effects, providing solid support for overall performance.

Specifically, the cumulative sales of engines reached 743000 units, of which 75000 units were directly exported, a year-on-year increase of 8%; The sales of transmissions and axles reached 911000 units and 1 million units respectively, an increase of 7% and 25% year-on-year, and the advantages of supporting the entire industry chain continue to consolidate. The commercial vehicle sector has performed outstandingly, with a total sales volume of 153000 heavy-duty trucks throughout the year and a stable market share in the industry; The sales of new energy heavy-duty trucks reached 25000 units, a significant increase of 262% year-on-year; 59000 heavy-duty trucks were exported, and the overseas market layout continues to deepen.

At the same time, the upgrading of high-end power and the transformation to new energy are advancing synchronously, and the optimization and upgrading of business structure is underway. Launching a new generation of H/T 2.0 engine, leading the industry in fuel consumption level. Developing the world's first 5-megawatt high-speed diesel power generation product, 20M61, with the highest power output in the industry. The new energy power business is driven by the release of production capacity in the first phase of Yantai New Energy Industrial Park, achieving a leapfrog increase in production and sales scale. The annual revenue is 3.04 billion yuan, nearly doubling the scale, and the sales volume of power batteries is 6.3 GWh, a year-on-year increase of 162%. The transformation of the new energy business is accelerating and breaking through.

The agricultural equipment sector has implemented four major strategies: business focus, innovation driven, quality upgrading, and globalization. It actively responds to and effectively overcomes challenges such as low domestic market operation and international market fluctuations. The market share of its main products has been comprehensively improved, and its leading position in the industry has been continuously consolidated. By 2025, it will achieve operating revenue of 18.02 billion yuan and net profit of 900 million yuan. In the smart logistics sector, the holding subsidiary of German Kaiao Group will achieve a revenue of 11.3 billion euros in 2025. With the completion of the company's efficiency measures and a significant increase in the scale of new orders, Kaiao Group is expected to return to a profitable growth track, and the long-term investment value of the company's global strategic layout continues to emerge.

Accelerating the rise of the power energy business and building a second growth curve

While building a solid foundation for the development of traditional mature businesses, Weichai Power has precisely grasped the opportunity of global energy demand transformation brought about by the explosion of AI computing power. Relying on a diversified product matrix such as diesel engines, natural gas engines, and SOFC, Weichai Power has positioned itself in the high prosperity track of power energy, accelerating the formation of the second growth curve. The M-series large bore engine continues its high-speed growth trend, achieving a revenue of 5.81 billion yuan for the whole year, a year-on-year increase of 65%, with sales of about 11000 units, a year-on-year increase of 32%, and a significant increase in product added value. The sales volume of data center power generation products reached about 1400 units, a year-on-year increase of 259%, and the business scale achieved a leapfrog growth.

According to market predictions, the global data center power generation track has significant growth potential. Weichai Power, with its core technology advantage in large bore engines, seizes industry development opportunities, quickly enters the core supply chain of backup power in data centers, and completes the layout of 1250kWe-5000kWe full power range power generation products, ranking among the top in the world in terms of power coverage; The key performance indicators such as instantaneous response speed and overload carrying capacity of the product have reached the international advanced level, successfully breaking the long-term monopoly pattern of foreign brands in the field of data center power generation equipment.

In addition, Weichai Power closely follows the global trend of energy transformation and is proactively laying out new energy solutions such as SOFC (Solid Oxide Fuel Cell). SOFC, with its advantages of high efficiency, energy saving, low-carbon environmental protection, and strong fuel adaptability, has become a key technical solution to solve the power supply dilemma in data centers. Weichai Power has fully mastered the core technology of the new generation metal supported SOFC through strategic investment in Xilithi and signing a manufacturing license agreement. Its power generation products have successfully passed the EU CE certification, with a maximum power generation efficiency of over 65% and performance indicators at the international leading level. It has also been put into operation in multiple demonstration projects, fully verifying the technological maturity and commercial feasibility, laying a solid foundation for subsequent industrialization.

It is worth noting that Shandong Heavy Industry Group has officially established electric energy as the seventh core business sector. Weichai Power, as the core carrier of this sector, has established a full scenario electric energy business system. With the continuous acceleration of product commercialization, the growth potential of the power energy business is expected to be accelerated, injecting strong new momentum into the company's long-term stable development.

Building a solid foundation of value through stable fundamentals, coupled with high growth expectations in emerging markets, drives a comprehensive restructuring of the company's valuation logic, and continues to increase recognition in the capital market.

The company stated that it will continue to use innovation as its core engine, build a solid foundation for its traditional main business, and solidify its leading advantage in the industry; Accelerate the development of the power energy sector and cultivate it as a core strategic growth pole. Focusing on segmented markets to create differentiated product portfolios, continuously promoting the iteration and upgrading of fuel power generation products and the market promotion of gas power generation products, accelerating the industrialization of SOFC technology and the construction of manufacturing and sales capabilities, fully establishing industry brands, and steadily entering the global top tier. At the same time, we will comprehensively promote the four major transformations of greenization, globalization, digitization, and ecologicalization, continuously cultivate new driving forces for development, promote dual breakthroughs in business quality and scale effects, and open a new cycle of high-quality development.Editor/Gong Ziwei