China National Heavy Duty Truck Group Co., Ltd. (SINOTRUK) released its Q3 2025 report, showing that the company achieved operating revenue of RMB 40.49 billion in the first three quarters, a year-on-year increase of 20.6%; net profit attributable to shareholders of the parent company was RMB 1.05 billion, a year-on-year increase of 12.5%; and net profit excluding Non-recurring items were RMB 990 million, a year-on-year increase of 15.1%.
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Notably, the company continued its growth momentum from the first half of the year in Q3, with core performance indicators reaching their best levels in the past five years. Q3 operating revenue, net profit attributable to shareholders of the parent company, and net profit excluding non-recurring items increased by 56.0%, 21.0%, and 30.9% respectively year-on-year, and further increased by 8.1%, 6.5%, and 7.1% compared to the high base in Q2.
It is understood that Q3 is traditionally a slow season for the heavy truck industry, but the “trade-in” policy and transformation and upgrading provided dual support for the industry, resulting in a strong performance despite the off-season. According to statistics from the China Association of Automobile Manufacturers, my country’s cumulative sales of heavy trucks reached 822,800 units in the first three quarters of 2025, a year-on-year increase of 20.49%.
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Against this backdrop, China National Heavy Duty Truck Group (CNHTC) accurately seized industry development opportunities, simultaneously boosting both production and sales. In the third quarter, the company launched its high-end heavy-duty truck product—the all-new Huanghe H7—which received high market recognition. In discussions with investors, the company stated that since the third quarter of this year, its order backlog has been relatively full, and production and sales have maintained a growth trend compared to the same period last year, with its market share continuing to rank among the top in the heavy-duty truck industry.
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In the forward-looking new energy vehicle sector, CNHTC, relying on the strong R&D capabilities of its parent group, has continuously broken through technological bottlenecks and enriched its product portfolio, launching new energy products such as the Howo TS7 extended-range heavy-duty truck.
Export business has always been a long-standing strength of CNHTC. Currently, CNHTC’s exported products cover key regions such as Africa, Southeast Asia, Central Asia, and the Middle East, while continuing to make progress in emerging markets, constantly improving its global market layout.
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It is understood that the company’s product exports are mainly realized through its subsidiary, CNHTC International. In the first three quarters of this year, Sinotruk Group’s cumulative export sales of heavy-duty trucks reached 111,000 units, with September exports reaching 15,000 units, setting a new monthly export record for the domestic heavy-duty truck industry.
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Regarding the future growth potential of the heavy-duty truck industry, CITIC Securities analysts believe that driven by the continued effects of the “trade-in” policy and the traditional peak sales season of “Golden September and Silver October,” the peak season for heavy-duty truck sales is expected to extend into the fourth quarter. Based on this, they have revised their full-year heavy-duty truck sales forecast upwards to 1.07 million units.
The industry’s growth potential mainly lies in the recovery of the domestic heavy-duty truck industry’s prosperity and the continued growth in exports. Furthermore, with the development of natural gas heavy-duty trucks, the increased industry barriers are expected to boost the profitability of leading companies such as Sinotruk.
