Against a complex backdrop of structural change in the commercial vehicle industry and rising internal and external uncertainties, Weichai Power has shown strong operational resilience built on its deep roots in the conventional powertrain business, while its strategic emerging businesses in electric power and new energy continued to break out and scale up. The company is accelerating its transformation into a multi-engine driven, growth-oriented equipment group, delivering a third-quarter performance that beat expectations.
On the evening of October 29, Weichai Power disclosed its Q3 2026 report. In the first three quarters, the company achieved revenue of RMB 181.17 billion, up 6.2% year on year; net profit attributable to shareholders reached RMB 10.66 billion, up 20.1% year on year. The single-quarter performance was even more eye-catching: the third quarter delivered revenue of RMB 58.01 billion and attributable net profit of RMB 2.96 billion. Adjusted net profit reached RMB 3.22 billion, a new record for a single quarter, up 13.9% year on year and 2.8% quarter on quarter — profitability quality and growth momentum improving in tandem.
The powertrain business provides a solid foundation for the group's results, and its structure is undergoing profound change. In 2026, natural gas heavy-truck demand weakened on a phase basis amid geopolitical disruption and higher oil and gas prices, with segment penetration retreating; in sharp contrast, the industrialisation of new-energy heavy trucks accelerated, with segment penetration approaching 50% in Q3.
Leveraging its multi-technology roadmap and complete production capacity system, Weichai Power flexibly adapts to the pace of structural change in the industry and presses ahead with its new-energy strategic transformation. In the first three quarters, the company sold 9.3 GWh of power batteries, up more than 140% year on year, with revenue of RMB 4.85 billion; the new-energy powertrain business maintained rapid growth and is gradually becoming a new growth engine for the powertrain segment.
The growth logic worth watching at Weichai Power now is that the electric power business has moved beyond concept narrative to become a certain growth curve. The global AI computing-infrastructure boom is in full swing: the IEA estimates that global AI data-centre electricity demand in 2030 will reach three times the 2025 level. Grid construction cycles are long while server deployment is fast — a clear mismatch — creating a structural gap between computing expansion and power supply that is pushing AIDC projects to shift from relying on the public grid to building their own power sources. Self-provided generator sets have become the mainstream solution for data centres to open on schedule. Gas internal-combustion engines, with fast delivery and flexible deployment, are the core choice for peak-shaving and even baseload power supply.
Drawing on its long-term technology accumulation in large-bore powertrains and its delivery-cycle advantage, Weichai Power has moved quickly into the high-prosperity AIDC power track, building a differentiated competitive moat. In the first three quarters, sales of its high-value-added M-series large-bore engines exceeded 11,000 units, up more than 40% year on year; among them, data-centre diesel-generator products sustained their high growth, with sales of over 2,700 units in the first three quarters, up nearly 200% year on year. Beyond that, Weichai Power has taken a forward-looking position in new energy solutions such as SOFC solid oxide fuel cells, with multiple demonstration projects commissioned and operational, validating technical maturity and commercialisation potential and laying the groundwork for future scale production and industrialisation.
Results keep delivering, yet Weichai Power's valuation still sits in a low range. Industry analysts believe the market has yet to fully price the long-term value of this new electric-power growth curve, and the company's valuation still has room to recover. J.P. Morgan's latest research note further raised its target prices for Weichai Power's A-shares and H-shares, maintaining an "Overweight" rating.
Looking ahead, Weichai Power will continue to deepen its traditional multi-powertrain base, expand its electric-power and new-energy business territory and keep broadening its growth boundaries. As AIDC power and new-energy powertrain businesses continue to scale, Weichai Power's growth story will be progressively validated.
