Sinotruk Jinan Truck Co., Ltd. has released its 2025 annual report and first-quarter 2026 results. In 2025, the company reported revenue of 57.7 billion yuan, a year-on-year increase of 29%, and a net profit attributable to shareholders of 1.67 billion yuan, up 13% year-on-year. For the first quarter of 2026, revenue reached 19.7 billion yuan, rising 52% year-on-year and 14% quarter-on-quarter, while net profit attributable to shareholders was 450 million yuan, increasing 46% year-on-year but declining 26% quarter-on-quarter.
Fourth-quarter 2025 revenue performance aligned with expectations. Revenue for the quarter totaled 17.2 billion yuan, growing 52% year-on-year and 20% quarter-on-quarter. During the same period, industry-wide wholesale sales of heavy-duty trucks reached 322,000 units, up 47% year-on-year and 14% quarter-on-quarter. Exports to regions outside the CIS reached 108,000 units, increasing 57% year-on-year but remaining flat quarter-on-quarter. Group wholesale sales amounted to 80,000 units, rising 42% year-on-year and 5% quarter-on-quarter.
For the full year 2025, the company sold 174,000 heavy-duty trucks, a 31% year-on-year increase, outperforming the industry growth rate of 27%. Sales of new energy heavy-duty trucks reached 18,000 units, surging 191% year-on-year.
Fourth-quarter 2025 earnings met expectations. Net profit attributable to shareholders was 620 million yuan, increasing 13% year-on-year and 61% quarter-on-quarter. The net profit margin stood at 5.3%, down 0.2 percentage points year-on-year but up 1.5 percentage points quarter-on-quarter.
Full-year 2025 net profit attributable to shareholders reached 1.67 billion yuan, up 13% year-on-year, with a net profit margin of 4.2%, remaining stable compared to the previous year. The gross profit margin was 7.8%, down 0.9 percentage points year-on-year, likely due to an improved product mix favoring new energy vehicles. The period expense ratio was 2.4%, down 0.4 percentage points year-on-year, reflecting continued optimization and the company's strong internal control and governance capabilities.
First-quarter 2026 operating performance remained robust, meeting expectations. Revenue reached 19.7 billion yuan, increasing 52% year-on-year and 14% quarter-on-quarter. During the same period, industry-wide heavy-duty truck wholesale sales grew 18% year-on-year but declined 1% quarter-on-quarter. Customs exports rose 55% year-on-year but fell 4% quarter-on-quarter, with exports to Africa and Southeast Asia surging 91% and 50% year-on-year, respectively. Group wholesale sales increased 15% year-on-year and 9% quarter-on-quarter.
Net profit attributable to shareholders for the first quarter of 2026 was 450 million yuan, up 46% year-on-year but down 26% quarter-on-quarter. The net profit margin was 3.7%, up 0.4 percentage points year-on-year but down 1.6 percentage points quarter-on-quarter. Adjusted net profit attributable to shareholders was 440 million yuan, increasing 49% year-on-year but declining 24% quarter-on-quarter.
Specifically, the gross profit margin was 6.7%, down 0.4 percentage points year-on-year and 2.2 percentage points quarter-on-quarter, with the slight annual decline possibly linked to a higher proportion of new energy vehicles. The period expense ratio was 1.5%, down 0.9 percentage points both year-on-year and quarter-on-quarter, benefiting from economies of scale.
Impairment losses totaled 130 million yuan, compared to 70 million yuan in the first quarter of 2025 and 140 million yuan in the fourth quarter of 2025, representing an approximate year-on-year increase of 60 million yuan.
As a leading heavy-duty truck manufacturer, Sinotruk Jinan Truck continues to enhance its core competitiveness through both internal and external improvements. Its market position remains solid, with the company's share in the domestic heavy-duty truck market steadily rising from around 12% in the 2010s to over 15% in 2025. The company boasts a comprehensive product portfolio covering all types and series of heavy-duty trucks, including the Howo series, which spans tractors, trucks, dump trucks, concrete mixers, and special-purpose vehicles.
In terms of engine support, the company uniquely offers both MAN and Weichai engines. It can equip vehicles with globally advanced MC and MT series engines developed in partnership with MAN, as well as engines from Weichai, a leading domestic manufacturer of diesel and natural gas engines, catering to diverse customer needs.
Operational reforms have further strengthened the company's soft competitiveness. Benefiting from group reforms initiated in 2019, Sinotruk has achieved improvements in market performance, financial structure, and management efficiency.
Investment recommendations are detailed in a research report dated May 5, 2026. Risks include weaker-than-expected macroeconomic conditions, slower overseas economic growth, unexpected increases in natural gas prices, and delays in the implementation of emission standard policies.
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