On August 29, Weichai Power Co., Ltd. held its first-half performance briefing through simultaneous video conferences in Hong Kong, Beijing, and Shanghai. The results revealed a remarkable surge in the company’s performance following the acquisition of Hunan Torch. In the first half of this year, Weichai achieved a revenue of 15.34 billion yuan, marking a year-on-year increase of 77%. Net profit reached 1.34 billion yuan, up by an impressive 127.2%, with earnings per share reaching 1.87 yuan. This strong financial performance highlights the company's robust growth trajectory.
As part of its strategic expansion, Weichai completed the integration of Hunan Torch, transforming into an "A+H" listed company with listings on both the Hong Kong and Shenzhen stock exchanges. This merger has enabled Weichai to build a comprehensive automotive industry chain, enhancing its growth potential and competitive edge. Chairman Tan Xuguang emphasized that the integration process has led to a more efficient industrial value chain, with a focus on core power solutions and broader industry alliances. He noted that the first-half results are a clear sign of progress and success.
In terms of sales, Weichai Power saw significant growth in its diesel engine segment, with 140,179 units sold, a 68.8% increase compared to the same period last year. The company maintained a strong market position, with a 33.4% share in heavy-duty vehicle engines and 82.4% in power supplies for 5-ton or larger loaders. Subsidiaries such as Shaanxi Heavy Truck Co., Ltd. and Shaanxi Fast Gear Co., Ltd. also delivered impressive results, with sales rising by 104% and 112% respectively. Other subsidiaries like Zhuzhou Gear, Fortis Air Conditioning, and automotive lighting segments also showed consistent growth.
Weichai Power has accelerated its internationalization strategy, improving its service network across 18 countries and regions. In the first half of the year, product exports reached 7,098 units, reflecting a 123% year-on-year increase. The company’s expanded global presence is expected to further drive future growth.
Following the merger with Hunan Torch, Weichai now possesses a complete powertrain system, including engines, gearboxes, and axles. This has allowed the company to establish a full automotive supply chain. Weichai has also started mass production of a 12-liter high-power, high-speed engine, signaling a successful product restructuring. This move has reduced the risks associated with reliance on a single product line, while significantly boosting profitability.
Beyond heavy-duty vehicles, Weichai has seen strong growth in passenger car and marine markets. Zhang Yupu, CEO of Weichai Power, highlighted that the rapid increase in heavy truck sales at Shaanxi Autos has driven demand for Weichai engines. The company has set ambitious targets for engine output, including 60,000, 80,000, and 100,000 units, creating new opportunities for supporting industries. Additionally, the growing cluster of passenger car parts, including Fortis air conditioning, spark plugs, and automotive interiors, along with the rising demand for Dongfeng SUVs, is expected to become key growth drivers in the coming years.
Related topics: Auto Parts Giants - Hunan Torch
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