• time;2025-05-07 18:50:58

In 2025, the commercial vehicle industry will clearly perceive that the "three major mountains" are pressing down: market shrinkage and intensified competition for existing stocks, profit difficulties in the transformation of new energy, and a sharp increase in pressure for industry integration and elimination.

In such a big environment, multiple commercial vehicle companies have successively submitted their "report cards" for the first quarter of 2025. Who earns a lot in adversity? Who has accelerated in the fierce competition again?

Weichai: Net profit growth rate rises to 22.4%

On the evening of April 29th, Weichai Power released its first quarter report for 2025. During the reporting period, the company achieved a revenue of 57.464 billion yuan, a year-on-year increase of 1.92%; The net profit attributable to the parent company reached 2.711 billion yuan, with a year-on-year increase of 4.27%. The profit growth rate continued to outperform the revenue growth rate and significantly exceeded market expectations.

Especially after excluding the impact of expenses related to Kaiao Group, the growth rate of net profit attributable to the parent company further increased to 22.42%, and the gross profit margin increased to 22.2% year-on-year, further enhancing the company's profitability.

Specifically, in the first quarter, Weichai Power achieved sales of various engines

In 2025, the company will also promote technological innovation and platform iteration and upgrading of new energy products, forming differentiated advantages in products; Intensify market development efforts and accelerate the expansion and promotion of vehicle models.

China National Heavy Duty Truck Group: Revenue achieved 12.9 billion yuan, net profit of 13%

On April 29th, China National Heavy Duty Truck Group (000951) released its first quarter report for 2025, with operating revenue of 12.91 billion yuan, a year-on-year increase of 13.0%; The net profit attributable to the parent company was 310 million yuan, an increase of 13.3% year-on-year; The net profit attributable to shareholders was 292 million yuan, an increase of 11.0% year-on-year; The net operating cash flow was 3.189 billion yuan, a year-on-year decrease of 208.3%; EPS (fully diluted) is 0.2642 yuan. Against the backdrop of overall pressure in the heavy truck industry, such dual growth is commendable.

As a leading enterprise in the field of heavy-duty trucks, China National Heavy Duty Truck Group has a rich product matrix, covering heavy-duty trucks, specialized vehicles, etc., while also laying out engine and component businesses, with outstanding comprehensive competitiveness. The steady expansion of asset size also reflects the company's continuous efforts in business expansion and market demand response.

The report also mentioned that the total assets of the company reached 44.586 billion yuan, an increase of 7.82% from the end of the previous year. Based on the above data, it reflects the company's continuous efforts in business expansion and market demand.

FAW Jiefang: Three highlights behind 14.34 billion yuan revenue demonstrate resilience

On April 30th, FAW Jiefang released its first quarter report for 2025, which showed that the company achieved a revenue of 14.34 billion yuan and a net profit attributable to the parent company of 29.0535 million yuan in the first quarter, demonstrating a certain degree of resilience in a complex market environment.

In the first quarter, FAW Jiefang continued to hold the top spot in the domestic medium and heavy truck terminal market share, while the terminal sales of new energy products surged by 375.6% year-on-year, achieving remarkable results; Overseas exports have exceeded 10000 vehicles, and the pace of international development has accelerated comprehensively. In addition, FAW Jiefang has continued to make breakthroughs in core technologies such as intelligent driving and vehicle networking, further consolidating its leading position in the commercial vehicle industry.

Foton Motor: A record high revenue of 14.8 billion yuan

On April 28th, Foton Motor (600166) announced its first quarter report for 2025, with operating revenue of 14.8 billion yuan, a year-on-year increase of 15.0%; The net profit attributable to the parent company was 436 million yuan, an increase of 70.1% year-on-year; The net profit attributable to shareholders was 228 million yuan, a year-on-year increase of 10.3%; The net operating cash flow was 1.769 billion yuan, a year-on-year increase of 309.3%; EPS (fully diluted) is 0.055 yuan. As of the end of the first quarter, the company's total assets were 58.249 billion yuan, an increase of 12.3% compared to the end of the previous year; The net assets attributable to the parent company were 14.719 billion yuan, an increase of 2.8% from the end of the previous year.

It is worth noting that in the first quarter of 2025, the company achieved significant sales growth, mainly due to the increase in sales of new energy vehicles and the growth of overseas export business. Data shows that in the first quarter, Foton Motor sold a total of 170000 vehicles, an increase of 10%. Sales of new energy reached 26000 units, an increase of 174%; Heavy truck sales reached 32000 units, an increase of 52%; Export 40000 vehicles, an increase of 10%.

In addition, certain achievements have been made in continuously promoting cost reduction and efficiency improvement throughout the entire value chain, with a year-on-year decrease in expense ratios, further enhancing profitability. The net cash flow generated from operating activities was 1.769 billion yuan, demonstrating good cash flow management capabilities.

Yutong Bus: Net profit of 755 million yuan, firmly holding the top spot in the bus industry

On the evening of April 25th, Yutong Bus Co., Ltd. (hereinafter referred to as Yutong Bus) released its first quarter report for 2025. The report shows that Yutong Bus had a revenue of 6.418 billion yuan in the first quarter, with a net profit attributable to the listed company of 755 million yuan. According to the previously released production and sales data report, Yutong Bus produced 8934 buses in the first quarter, a year-on-year increase of 6.85%; 9011 buses were sold, a year-on-year increase of 16.56%, with production and sales increasing synchronously.

In the first quarter of 2025, the company's gross profit margin was 18.89%, a year-on-year decrease of 2.59 percentage points and a month on month decrease of 7.01 percentage points; The net profit margin was 12.04%, an increase of 2.01 percentage points from the same period last year and a decrease of 0.86 percentage points from the previous quarter.

The company's expenses during the period were 695 million yuan, a decrease of 221 million yuan compared to the same period last year; The period expense ratio was 10.83%, a decrease of 3.01 percentage points compared to the same period last year. Among them, sales expenses decreased by 52.40% year-on-year, management expenses decreased by 4.33% year-on-year, research and development expenses decreased by 5.56% year-on-year, and financial expenses increased by 121.77% year-on-year.

Zhongtong Bus: Net profit surged by 80.5%

Recently, the first quarter report disclosed by Zhongtong Bus has become a major highlight in the bus market: the company achieved a revenue of 1.693 billion yuan in the first quarter, a year-on-year increase of 32.10%; The net profit attributable to shareholders of the listed company was 76.5123 million yuan, a year-on-year increase of 80.52%.

In terms of sales volume, Zhongtong Bus sold a total of 2766 buses in the first quarter, a year-on-year increase of 10.02%; And the sales volume from January to March increased month by month, with a growth rate of 6.33% in January, 9.84% in February, and 13.64% in March, indicating a continuous improvement in market performance.

Golden Dragon Bus: Revenue and profit increase for five consecutive years

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Although the profit is not too high, the year-on-year growth rate leads the wayEach listed bus company has a much higher year-on-year profit than its first quarter revenue (23.69%), indicating that Jinlong Automobile has a good product structure and enhanced profitability in the first quarter of this year.

Ankai Bus: Revenue Achieves 14.8% Growth

Ankai Bus's first quarter report shows a steady growth trend: 2025

All diesel power: Net profit increased by 17.6%

In the first quarter of 2025, Anhui Quanchai Power achieved operating revenue

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These transcripts not only reflect the efforts of the enterprise in the past three months, but also reflect the exploration and breakthroughs of the entire commercial vehicle industry in the face of difficulties.

The battle for the second quarter of the commercial vehicle industry has begun. In the second half of the market recovery and challenges, which companies can continue to lead? What can catch up from behind? Let's wait and see.

Article source: Reprinted from Fangde.com