Weichai Power (2338) H2 2025 earnings summary

Executive summary

• Revenue rose 7.5% year-over-year to RMB231.8 billion, driven by strong heavy-duty truck and generator sales.

• Net profit attributable to shareholders fell 4.1% to RMB10.93 billion, with basic EPS down 3.1% to RMB1.27.

• Gross margin declined to 21.5% due to a higher share of lower-margin new energy vehicles.

• All major business segments achieved revenue growth, with commercial vehicles and intelligent logistics leading.

Financial highlights

• Revenue: RMB231.8 billion (+7.5% YoY); Net profit: RMB13.68 billion (-4.2% YoY).

• EBIT: RMB19.84 billion (-6.3% YoY); EBIT margin: 8.6% (down from 9.8%).

• Gross profit: RMB49.78 billion; gross margin: 21.5% (down YoY).

• Net cash from operations: RMB28.68 billion (+2.6 billion YoY); cash and equivalents: RMB49.1 billion.

• Proposed final dividend: RMB0.374 per share.

Outlook and guidance

• 2026 revenue guidance: RMB250.4–259.6 billion (+8–12% YoY).

• Focus on innovation, green transformation, global expansion, and digitalisation.

• Targeting steady growth in core market share and profitability during the 15th Five-Year Plan.