In the wave of global technological innovation, China is rapidly emerging as a vital engine for world development. Amidst surging global industrial transformation, accelerating energy revolution, and intensifying competition among major powers, innovation stands as the primary driver and strategic support for building a modern economic system. As a benchmark enterprise in China's equipment manufacturing sector, Weichai Power has activated new momentum through forward-looking planning, achieving a strong breakthrough in the tides of the era and formally embarking on its second growth curve as an industrial giant.
For Weichai Power, with its years of deep cultivation in the power sector, this second growth curve is far from a simple business supplement. It serves as a crucial support for mitigating the cyclical fluctuations of the heavy-duty truck industry and solidifying the foundation for sustainable development. Furthermore, it is a core mechanism driving the company's shift from scale expansion to quality enhancement and for consolidating its leading position in the global industry. The company, a global power leader rooted in heavy-duty truck engines, had long foreseen the potential risks of over-reliance on a single business and proactively moved beyond its developmental comfort zone.
Relying on advanced deployments in areas such as electric power energy, the company delivered an impressive report card for the first quarter of 2026. Substantial growth figures not only confirmed the powerful emergence of new momentum but also demonstrated the long-term strategic vision behind establishing this second growth curve.
During earnings conference calls and investor research activities, Weichai Power's management disclosed core data that直观地 shows the accelerating implementation of the second growth curve. In Q1 2026, the company's new energy power systems achieved revenue of 1.69 billion yuan, a surge of approximately 200% year-on-year. Behind this remarkable growth rate lies the company's continuous dedication to multiple technological pathways, including pure electric, hybrid, and fuel cell, as well as its commitment to green transformation tailored to the needs of commercial vehicles and engineering machinery scenarios.
Concurrently, the electric power energy business has risen powerfully, becoming another core engine driving growth. Sales in this segment reached 30,000 units in the first quarter, a year-on-year increase of 21%. Notably, sales of high-value-added large-bore engines exceeded 3,000 units, also achieving a 21% growth rate and maintaining a steady upward trend. Particularly impressive is the company's precise positioning in the booming market for ultra-large-scale data centers, driven by the global explosion of AI large language models. Sales of data center-specific engines surpassed 500 units in the quarter, skyrocketing over 240% year-on-year, making it the brightest spot in the new business portfolio.
This impressive growth is not accidental; it stems from the company's early strategic layout in the electric power energy field. Leveraging comprehensive coverage of multiple technology routes, coupled with differentiated advantages in delivery capability, product performance, and portfolio architecture, the company enjoys smooth cooperation and full order books with strategic customers both domestically and internationally. The contribution of the electric power energy business to overall performance is set to continue rising, becoming a key pillar for the company's medium to long-term growth.
The company's second growth curve is not a single-point breakthrough in one business line, but rather a dual-drive, synergistic model of "New Energy + Electric Power Energy" that jointly fortifies the new cornerstone for the company's future growth. Its value becomes increasingly prominent amidst industry cyclical fluctuations.
On the new energy track, the company leverages its profound expertise in powertrain technology to forge a differentiated path suited to market needs. Its integrated product matrix of fuel cell, hybrid, and pure electric technologies has already been deployed in multiple scenarios, demonstrating significant results in green transformation. In the electric power energy sector, the company capitalizes on the opportunities presented by the AI computing era, having completed a full power-range product portfolio. Its high-end products have broken long-standing monopolies held by foreign companies, successfully integrating into the global core supply chain and achieving a leap from domestic focus to global presence, thereby continuously amplifying the strategic value of the second growth curve and injecting lasting vitality for long-term development.
Looking ahead, the company's growth potential continues to be unleashed. The full-scale advancement of SOFC (Solid Oxide Fuel Cell) production capacity construction is becoming a new引爆点 for the second growth curve. The company is accelerating the implementation of its production layout, aiming for mass production within the year. This cutting-edge technology boasts prominent advantages such as high power generation efficiency, strong fuel adaptability, and low-carbon cleanliness. Mass production will further broaden business boundaries and open up long-term growth space.
Weichai Power's transformation path is not only an inevitable choice for overcoming its own developmental bottlenecks but also a vivid microcosm of the Chinese manufacturing industry's upgrade towards high-end, green, and intelligent production. It provides a replicable model of high-quality development for domestic equipment manufacturing enterprises.
In the current context of intensified major-power competition and deep restructuring of global industrial and supply chains, Weichai Power's transformation practice holds significant exemplary meaning. Manufacturing is the foundation of a nation's strength. To advance the building of a manufacturing powerhouse, it is essential to strengthen core technology R&D, enhance domestic substitution rates, and firmly grasp the initiative in technological development.
For a long time, domestic equipment manufacturers have commonly faced challenges such as high dependence on traditional businesses, significant cyclical fluctuations, constraints in core technologies, and unclear transformation paths, often leaving them at a disadvantage in global high-end market competition. Weichai Power proactively stepped out of its comfort zone, using a dual-drive model to break through developmental bottlenecks. This approach stabilizes the traditional business foundation while achieving technological breakthroughs in cutting-edge fields like AI computing, breaking foreign monopolies in high-end power sectors and joining the global core supply chain. This development model, which emphasizes both upholding fundamentals and pursuing innovation, provides a clear path for the industry to achieve breakthroughs in global competition.
As the core vehicle of transformation, the second growth curve has not only optimized the company's business structure but also reshaped its valuation logic, propelling the company's transition from a traditionally low-valued cyclical stock towards a high-growth tech stock, thereby garnering broader development space in the capital markets. The impressive results of this transformation have gained high recognition from the capital market, serving as strong evidence of the company's robust growth capabilities.
Now, with the engine of the second growth curve roaring at full throttle, ample orders, continuous technological breakthroughs, and positive feedback from the capital market have won institutions' high recognition of the company's long-term development potential. This growth path paved with innovation not only supports the company in continuing the legacy of the industrial giant through the waves of energy revolution and industrial upgrade but also, through its benchmark influence, leads Chinese equipment manufacturing enterprises in breaking through bottlenecks and completing their transformation and upgrade.
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