Sinotruk (Hong Kong) (3808) H1 2026 earnings summary

Executive summary

• Revenue rose 39.2% YoY to RMB70,841 million, driven by a 41.8% increase in HDT sales volume and robust export growth.

• Net profit increased 28.1% YoY to RMB4,765 million, with net profit margin at 6.7%.

• Gross profit grew 28.3% YoY to RMB9,833 million, but gross margin declined by 1.2 percentage points to 13.9% due to product mix.

• Interim dividend of HK$1.18 or RMB1.02 per share declared, totaling RMB2,816 million.

Financial highlights

• Operating profit reached RMB5,079 million, up 23.3% YoY.

• Basic EPS was RMB1.58, up 26.4% YoY.

• Net cash from operating activities was RMB3,770 million, up 3.1% YoY.

• Total assets stood at RMB166,007 million; net assets at RMB55,597 million.

• Gearing ratio improved to 2.9%; current ratio stable at 1.1.

Outlook and guidance

• Global economic growth forecast at 3.0% for H2 2026, with continued uncertainty from geopolitical risks and energy prices.

• Domestic demand recovery, new energy vehicle adoption, and infrastructure projects expected to drive commercial vehicle demand.

• Focus on premium branding, global expansion, new energy ecosystem, and intelligent driving technologies.