Zhang Pengfei, China Securities Journal. On 2-3 November, the 2026 Investor Open Day of Shandong Heavy Industry Group was held in Jinan. Senior executives of the group and its listed entities — including Weichai Power, Sinotruk and Shantui — met face to face with institutional investors and industry analysts, presenting the group's 15th Five-Year Plan strategy and holding in-depth discussions on operating performance, industrial transformation, overseas layout and shareholder returns. Chief analysts covering automotive, construction machinery and power/new energy, together with core domestic and international investors, took part.
Operating data show that in the first three quarters of 2026 Shandong Heavy Industry Group continued to improve the quality and efficiency of its operations, posting revenue of RMB 493.6 billion, up 12.3% year on year, with profit growing faster than revenue. Several business lines improved: export revenue reached RMB 94 billion, up 29.3%; domestic new-energy business revenue reached RMB 39.2 billion, up 61.4%; power and energy business revenue reached RMB 14.15 billion, up 35.3%; and aftermarket business revenue reached RMB 12.93 billion, up 16.5%. New tracks and overseas markets have become important engines of growth.
Wang Zhijian, Party Secretary and Chairman of Shandong Heavy Industry, said at the event that the transformation and upgrading of traditional equipment manufacturing still offers ample room for growth, and that international and high-end markets hold huge incremental potential. Weichai will continue to deepen its work on high-power, green and high-end engines, entering high value-added applications to consolidate its base, while the group concentrates resources on green and intelligent new tracks, accelerating breakthroughs in core technologies and commercialisation to build a second growth curve.
On dividends and shareholder returns, a topic of great interest to the capital markets, Wang Zhijian said the group attaches great importance to market-value management and continues to push its listed companies to raise cash dividend levels. Weichai Power's cash dividend payout ratio has risen to 58%, Sinotruk's to 65%, and Shantui, Zhongtong Bus and Weichai Heavy Machinery are also gradually increasing their dividends, passing the fruits of corporate growth through to shareholders and achieving a win-win between industrial development and investor returns.
The management of each listed company under the group also set out its own development path. Ma Changhai, Chairman of Weichai Power, said the company will make forward-looking arrangements across products, markets and capacity, building an integrated energy solution combining diesel gensets, gas gensets and solid oxide fuel cells (SOFC), consolidating its position in the domestic market, attacking high-growth overseas regions and advancing flexible global capacity expansion, competing worldwide on delivery, product portfolio and rapid response.
Overseas exports have become Sinotruk's core growth engine. Chairman Liu Zhengtao disclosed that in the first three quarters of 2026 Sinotruk exported 182,000 whole vehicles, up 52.1% year on year. While consolidating its advantage in emerging markets, the company has entered Australia and New Zealand in volume and is working with Steyr in Austria on localised production in Europe. It will keep refining product quality, developing products suited to different global regulations and customer needs, and strengthening its core international competitiveness.
In construction machinery, Shantui Chairman Li Shizhen noted that the industry is accelerating towards larger machines, electrification and intelligence, and that Chinese construction machinery companies can use electrification to catch up and intelligence to overtake. Shantui will rely on Shandong Heavy Industry's full industrial-chain advantages, push into large mining equipment and high-end overseas markets, and strengthen the competitiveness of intelligent and unmanned construction products.
Li Lei, Deputy General Manager of Zhongtong Bus, said the domestic bus industry is in a period of structural recovery: renewal demand for urban new-energy buses remains resilient, and recovering cultural and tourism consumption is reviving orders for tour, group and mid-to-high-end customised buses. The company adheres to an internationalisation strategy of "deepening advantageous markets and breaking into high-end markets", continuing to develop Europe and Australia.
Shandong Heavy Industry is said to pursue a dual-driven model of "industry as the foundation, capital as the wings", building a high-end equipment ecosystem with powertrains as the engine and complete vehicles and machinery as the lead. Looking to the 15th Five-Year Plan, the group says it will hold to its mission of "empowering with technology, equipping a better world" and its vision of becoming a world-class high-end equipment multinational group that leads in technology and pursues green development, comprehensively advancing four transformations — green, global, digital-intelligent and ecological — and strengthening, improving and expanding its seven business segments.
