Everyday Economic News reporter: Peng Fei Everyday Economic News editor: Huang Sheng
In the complex situation of global economic and trade order turbulence and the deepening transformation of new and old driving forces in 2025, commercial vehicle giant China National Heavy Duty Truck Group (Hong Kong) Co., Ltd. (hereinafter referred to as &#34;CNHTC&#34;, 03808.HK) released its 2025 performance report on March 27.
Against the backdrop of intensified stock competition and ongoing price wars in the domestic commercial vehicle industry, CNHTC achieved an operating income of 109.541 billion yuan in 2025, a year-on-year increase of 15.2%; the profit attributable to equity shareholders reached 7.019 billion yuan, a year-on-year increase of 19.8%, with basic earnings per share of 2.57 yuan, up 20.1% year-on-year.
Reporters from Everyday Economic News noted that under the wave of new energy transformation, CNHTC's sales of new energy heavy trucks and light trucks increased by 248.9% and approximately 220%, respectively. However, at the same time, its overall gross profit margin and operating profit margin for the heavy truck main business both declined.
<h2>Sales Surge, Gross Margin Under Pressure</h2>
From the overall revenue perspective, CNHTC fought a successful scale battle in 2025.
During the reporting period, CNHTC's revenue was 109.541 billion yuan, an increase of 14.479 billion yuan year-on-year. This significant revenue increase was mainly attributed to strong growth of over 20% in sales of both heavy trucks and light trucks. Among them, the total revenue of the heavy truck segment reached 97.179 billion yuan, a year-on-year increase of 13.7%; the light truck and other segments achieved total revenue of 14.550 billion yuan, a year-on-year increase of 30.4%.
Financial report data shows that CNHTC's gross profit reached 16.519 billion yuan, a year-on-year increase of 11.1%. However, the gross profit margin during the same period fell to 15.1%, a slight decrease of 0.5 percentage points. Regarding the decline in gross profit margin, CNHTC admitted in the financial report that this was mainly due to changes in regional structure and vehicle model structure.
Further analysis of the core business reveals that the heavy truck segment, as CNHTC's absolute mainstay, is facing squeezed profit margins. In 2025, CNHTC's heavy truck sales reached 292,100 units, a significant year-on-year increase of 20.0%. However, under the huge sales base, the operating profit margin of the heavy truck segment was only 8.3%, a year-on-year decrease of 0.4 percentage points. This is also attributed to the impact of changes in regional structure and vehicle model structure.
Reporters from Everyday Economic News noted that the brutal competition in the domestic commercial vehicle market is an external driving force behind the current situation.
CNHTC mentioned in its performance report that in 2025, the domestic commercial vehicle market entered a stage of stock competition, with traditional fuel vehicle demand continuing to be under pressure, while the acceleration of new energy transformation led to intensified price wars, compressing profit margins. In addition, the pace and intensity of policies such as &#34;trade-in&#34; vary across regions, leading to uneven market demand release, while road rights policies continue to tilt towards new energy, further squeezing the market space for fuel commercial vehicles.
In response to the aforementioned market volatility risks, CNHTC mentioned that in the complex market environment, the group actively responded, accurately analyzed the underlying logic of market differentiation and effectively grasped domestic policy dividends, achieving reverse growth in sales and market share
It is worth noting that in terms of expenses, the sales and distribution costs of CNHTC-JNTC have also risen. During the review period, the distribution costs amounted to 4.238 billion yuan, an increase of 23.2% year-on-year, and the proportion of distribution costs to product revenue also increased by 0.3 percentage points year-on-year to 3.9%.
This indicates that in order to maintain soaring sales amid fierce price wars and a saturated market, the company has incurred higher marketing costs.
<h2>Expansion of Overseas Territory, High Investment in R&amp;D Maintained</h2>
Faced with the fierce competition in the traditional fuel vehicle market, CNHTC-JNTC has pinned its hopes for breaking through on two major engines: &#34;going overseas&#34; and &#34;new energy.&#34;
In terms of international business, CNHTC-JNTC's growth momentum is strong. By 2025, the group exported 153,400 heavy trucks (including joint venture exports), a year-on-year increase of 14.4%. Overseas revenue reached 44.347 billion yuan.
Information from CNHTC-JNTC's performance report shows that its heavy truck export volume and revenue have reached a historical high, maintaining the top position in China's heavy truck exports for twenty-one consecutive years. In advantageous markets such as Africa and Southeast Asia, CNHTC-JNTC has stabilized its base; at the same time, through measures such as accelerating the registration of subsidiaries, operating parts center warehouses, and localizing factories, significant results have been achieved in deepening the market and breaking into high-barrier markets.
Moreover, the export revenue of light trucks and other divisions also reached 1.437 billion yuan, with a year-on-year growth rate of 76.3%. The export volume of light trucks and light vehicles increased by 161% and 64% year-on-year, respectively.
In the new energy sector, CNHTC-JNTC has also experienced explosive growth. During the review period, the group's sales of new energy heavy trucks increased by 248.9% year-on-year, with a market share of 11.8%. Among them, the market share of new energy dump trucks grew by 5.8% year-on-year, ranking first in the industry. The new energy performance of the light truck segment is also impressive, with new energy light truck sales increasing by approximately 220% year-on-year, far exceeding the industry average, and the market share of new energy cargo trucks ranking second in the industry.
Reporters from Daily Economic News noted that despite the brilliance of going overseas and the rise in new energy sales, there are still shortcomings and differentiation in its business structure. Although the light truck and other divisions achieved a high revenue growth of 30.4%, selling 123,100 light trucks, this division still failed to break free from losses, with an operating loss rate of 1.5% (although it decreased by 0.4 percentage points compared to the same period last year).
In contrast, the smaller financial division has become a &#34;high ground&#34; for profit margins—during the review period, the financial division's revenue was 744 million yuan, a year-on-year increase of 20.6%, while its operating profit margin reached 25.7%, a significant increase of 5.9 percentage points year-on-year.
In addition, to maintain technological leadership and transformation pace, CNHTC-JNTC has continued to invest heavily in R&amp;D. During the review period, administrative expenses amounted to 5.124 billion yuan, with research and development expenses accounting for 56.6% of the total, an increase of 1.6 percentage points compared to the same period last year
In the face of future uncertainties, SINOTRUK has still shown sincerity in rewarding shareholders. The board of directors has proposed a final dividend of HKD 0.88 or RMB 0.78 per share for the year ending December 31, 2025, totaling approximately HKD 2.43 billion or RMB 2.154 billion.
In summary, SINOTRUK's revenue of hundreds of billions and record-breaking sales demonstrate its deep industry foundation and strong market development capabilities, but the continuous decline in gross profit margins has sounded the alarm for the profit erosion caused by price wars. In the future, how to maintain advantages in overseas markets and the growth of new energy while effectively restoring the profit margins of traditional main businesses and quickly reversing the losses in certain business segments will be the key challenge for this commercial vehicle giant to truly achieve high-quality development.
Daily Economic News

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In 2025, CNHTC-JNTC achieved operating revenue of 109.541 billion yuan, a year-on-year increase of 15.2%; profit attributable to equity shareholders was 7.019 billion yuan, a year-on-year increase of 19.8%. Sales of new energy heavy trucks and light trucks increased by 248.9% and 220%, respectively. Despite the significant increase in sales, the overall gross profit margin slightly decreased to 15.1%. Heavy truck sales reached 292,100 units, a year-on-year increase of 20.0%, but the operating profit margin fell to 8.3%. Gross profit was 16.519 billion yuan, a year-on-year increase of 11.1%

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Insight into CNHTC-JNTC's 2025 financial report: Sales of new energy heavy trucks increased significantly year-on-year, overall gross margin slightly decreased