Sinotruk Hong Kong Shares Drop Nearly 4% as Heavy Truck Sales Weaken in Off-Season, A-Share Q3 Results Show Sequential Decline

Sinotruk (03808) saw its Hong Kong-listed shares fall nearly 4% in morning trading. As of press time, the stock was down 2.63% at HK$31.78, with turnover of HK$51.44 million.

On the news front, Sinotruk's A-share unit released its earnings report, showing third-quarter revenue of RMB 15.09 billion, up 5% year-on-year but down 19.5% quarter-on-quarter; net profit attributable to shareholders was RMB 470 million, up 22.8% year-on-year but down 9.6% quarter-on-quarter.

The decline in Q3 results was mainly due to the impact of sequentially lower sales in the heavy truck industry during the off-season. According to data from First Commercial Vehicle Network, in September this year, China's heavy truck market sold approximately 95,000 units, down about 10% compared to 106,000 units in the same period last year.

It is worth noting that Sinotruk H-shares and the A-share listed company Sinotruk Jinan Truck Co.,Ltd. (000951) share the same abbreviation "Sinotruk," but their equity structures and asset compositions are significantly different. Sinotruk H-shares holds a 51% stake in Sinotruk A-shares, and in terms of equity ownership, Sinotruk A-shares is a subsidiary of Sinotruk H-shares.