Recently, listed automobile companies have successively disclosed their third quarter reports for 2026. Data shows that the truck sector continues to differentiate under the pattern of "weak domestic demand and export hedging". According to the Economic Observer, China National Heavy Duty Truck Group, FAW Jiefang, BAIC Foton, Jianghuai Automobile, Jiangling Motors, Dongfeng Motor Corporation, and Hanma Technology had a total revenue of 230.068 billion yuan in the first three quarters, with a net profit attributable to shareholders of 2.877 billion yuan and an overall net profit margin of only about 1.25%. Among them, only 4 companies achieved both revenue and net profit growth, with 6 companies making profits and 1 company losing money. In the context of intensifying domestic truck price wars, the main tone remains' increasing volume with thin profit margins'.

According to data from the China Association of Automobile Manufacturers, the sales volume of commercial vehicles from January to September was 3.311 million, an increase of 6.2%, and the sales volume of trucks (i.e. trucks) was 2.878 million, an increase of 6.2%. Export is an important support: from January to September, the cumulative export of Chinese trucks was about 910000, an increase of 42.4%, accounting for 32%. However, domestic demand is relatively weak, and truck companies have different focuses in the heavy truck, medium truck, and light truck fields, resulting in significant differences in the financial performance of each company. From the perspective of gross profit margin, the gross profit margin of heavy-duty trucks is relatively low, around 6%; The gross profit margin of comprehensive car companies dominated by light trucks and diversified layouts is relatively higher.

Heavy trucks: exports support growth, domestic demand lags behind

Affected by changes in the freight environment, a relatively high base during the same period, and widening oil and gas price differences, the growth pace of domestic heavy-duty trucks slowed down in the third quarter. From January to September this year, the cumulative sales of heavy trucks reached 929400 units, an increase of 12.96%. Among them, the cumulative export of heavy trucks is about 338000 units, an increase of 40%, which is an important growth engine for the heavy truck industry this year.

Among the car companies dominated by heavy truck business, China National Heavy Duty Truck Group has the most prominent profit growth rate. Its revenue in the first three quarters was 53.497 billion yuan, an increase of 32.12%, with a net profit attributable to the parent company of 1.441 billion yuan, a significant increase of 37.23%, and a gross profit margin of 7.43%.

In terms of sales, China National Heavy Duty Truck Group sold a total of 277100 heavy-duty trucks in the first three quarters, an increase of 23.09%, with a growth rate about 10 percentage points higher than the industry. Its market share rose to 29.8%, ranking first in the industry. Export and new energy are the two major highlights. In the third quarter, there were 89000 wholesale heavy-duty trucks, of which 58000 were exported, an increase of 41.1%, accounting for more than half of the total sales volume; The sales of new energy heavy-duty trucks reached 16000 units, more than doubling year-on-year. In the first three quarters, the cumulative sales of new energy trucks reached 36600 units, and the market share rose to the top in the industry. But the other side of the coin is weak domestic demand. In the third quarter, China National Heavy Duty Truck Group's domestic terminal insurance was only 18600 units, a year-on-year decline of 15.5%, while natural gas heavy-duty trucks plummeted 63.1% year-on-year.

FAW Jiefang also focuses on heavy truck business, with sales of 158000 heavy trucks in the first nine months, ranking second. FAW Jiefang also laid out its mid size truck layout, with a cumulative sales of 31000 units in the first three quarters, winning the championship in the segmented market. In the first three quarters of this year, FAW Jiefang's revenue was 51.185 billion yuan, a year-on-year increase of 16.34%, with a net profit attributable to the parent company of 503 million yuan, a year-on-year increase of 35.08%, and a gross profit margin of 6.31%. In terms of revenue scale, there is not much difference between FAW Jiefang and China National Heavy Duty Truck Group, but the net profit margin is only 0.98%, far lower than the 2.69% of China National Heavy Duty Truck Group.

It is worth noting that FAW Jiefang's revenue and profit declined in the third quarter, with a revenue of 13.614 billion yuan, a year-on-year decrease of 14.47%, and a net profit attributable to the parent company of 196 million yuan, a year-on-year decrease of 44.33%. In its financial report, it stated that due to foreign exchange fluctuations, the exchange loss in the third quarter was 83 million yuan, compared to -0.29 billion yuan in the same period last year, an increase of 388.99% year-on-year; The cumulative exchange loss in the first three quarters was 183 million yuan, compared to only 27 million yuan in the same period last year. FAW Jiefang's cumulative sales of commercial vehicles in the first three quarters were about 215000 units, of which exports exceeded 44500 units, accounting for 13.2%.

Hanma Technology focuses on the new energy heavy-duty truck business, but its operations were under pressure in the first three quarters. Its predecessor was Valin Xingma, which started with specialized vehicles in Ma'anshan, Anhui and later became Valin Heavy Duty Truck. In 2020, after Geely Remote New Energy Commercial Vehicle acquired a controlling stake, it was renamed and transformed into a new energy heavy truck and alcohol hydrogen technology platform under Geely Commercial Vehicle. Hanma Technology's revenue for the first three quarters was 5.621 billion yuan, an increase of 26.19%, with a net profit attributable to the parent company of only 1.3227 million yuan, a year-on-year decrease of 96.74%, and a loss of 32.98 million yuan after deducting non recurring expenses. Hanma Technology stated that the simultaneous increase in costs and taxes is squeezing profits. In terms of sales, Hanma Technology sold a total of 12700 vehicles from January to September, an increase of 17.76%. However, due to intensified competition in new energy heavy-duty trucks and weak domestic demand, the scale effect has not yet been formed, and the profitability resilience is significantly weaker than that of Heavy Duty Truck and Jiefang.

Light truck: Foton firmly holds the championship, Dongfeng has the thinnest gross profit margin

Light trucks have the highest sales volume in the truck category, with a cumulative sales volume of 1.5412 million units in the first three quarters, an increase of 4%, accounting for 54% of truck brands. Among them, new energy light trucks are the core growth driver, with a cumulative sales of 164000 vehicles in the first three quarters, an increase of 35%, and an increase of 42100 vehicles compared to the same period last year.

Beiqi Foton is the champion of light truck sales, with 338000 light trucks sold in the first three quarters, a year-on-year increase of 2.9%; Sales of medium and heavy-duty trucks reached 140000 units, a year-on-year increase of 25.63%. Foton Motor's revenue for the first three quarters was 48.93 billion yuan, an increase of 7.66%, with a net profit of 1.147 billion yuan, an increase of 3.07%, and a non recurring net profit of 990 million yuan, an increase of 30.13%. Foton Motor stated that the increase in sales, sales of high value-added products such as buses and heavy trucks, and optimization of overseas market sales structure have driven its performance. In the first three quarters, its overseas sales were 169000 vehicles, an increase of 43.6%, accounting for about one-third of the total sales. But in the third quarter, Beiqi Foton's revenue was 15.262 billion yuan, a slight increase of 1.2%, and its net profit attributable to the parent company was 241 million yuan, a decrease of 28.1%. One of the reasons was the increase in exchange rate losses.

Jianghuai Automobile sold 109000 trucks in the first three quarters, a decrease of 2.72%, mainly consisting of light trucks. However, Jianghuai also produces and sells passenger cars, with trucks accounting for 43% of total sales. The financial report cannot fully reflect the operation of trucks. Jianghuai Automobile's revenue in the first three quarters was 34.372 billion yuan, an increase of 11.33%, and its net profit attributable to the parent company was a loss of 1.141 billion yuan, making it the only loss making enterprise. In the third quarter, the single quarter revenue was 12.242 billion yuan, a year-on-year increase of 6.33%, and the net profit attributable to the parent company was a loss of 392 million yuan. Jianghuai Automobile reported a year-on-year decrease in operating losses during the reporting period, mainly due to an increase in sales of high-end new energy passenger vehicles, an increase in operating gross profit, and an increase in investment income from affiliated and joint ventures.

Dongfeng Motor Corporation mainly focuses on light trucks, with sales of 89000 light trucks in the first three quarters, a slight increase of 2.60%. New energy light trucks increased by 348.5%, and overseas exports increased by 115.6%. The growth rates in two sub sectors are impressive. But the financial performance was dismal: in the first three quarters, the revenue was 7.603 billion yuan, a year-on-year increase of 8.44%, and the net profit attributable to the parent company was only 19.4932 million yuan, a year-on-year decline of 80.80%; In the third quarter, the net profit attributable to the parent company changed from profit to loss, with a loss of 105 million yuan, a decrease of 2519.85%. The gross profit margin is 4.42%, which is the lowest in the industry. Dongfeng Motor Corporation stated that one of the reasons for the decline in profits is the year-on-year decrease in non recurring gains and losses, with a decrease of 110 million yuan in the third quarter and a decrease of 150 million yuan from the beginning of the year to the end of the reporting period.

Jiangling Motors sold 59000 trucks in the first three quarters, a year-on-year increase of 11.1%, with light trucks as the core. In addition, Jiangling Motors also sells light passenger vehicles, pickup trucks, SUVs, etc. Among all categories, truck sales accounted for only 20.5%, while light passenger vehicles and SUVs have larger volumes. Jiangling Motors' revenue for the first three quarters was 28.786 billion yuan, a year-on-year increase of 5.49%; Net profit was 907 million yuan, a year-on-year increase of 21.02%.Jiangling Motors stated in its financial report that the performance change was mainly due to the impact of the reversal of deferred tax assets caused by the business adjustment of its holding subsidiary Jiangling Ford Motor Technology (Shanghai) Co., Ltd. in the third quarter of last year.

With the transformation towards electrification and intelligence, more enterprises are crossing over into the truck industry. XCMG Machinery, Sany Heavy Industry and other engineering machinery enterprises have all entered the new energy heavy-duty truck track. Among them, XCMG heavy-duty trucks sold a total of 35900 units from January to September, an increase of 62%, with a cumulative share of 15.9%; Sany Heavy Industry has sold a total of 31400 new energy heavy-duty trucks, an increase of 51%, with a cumulative share of 13.9%. Weichai Power is also making layouts for new energy heavy-duty trucks, but mainly for commercial vehicle power systems. The three companies have relatively large profit scales, with XCMG Machinery's net profit of 5.608 billion yuan, Sany Heavy Industry's of 8.004 billion yuan, and Weichai Power's of 10.66 billion yuan in the first three quarters, but the contribution of heavy trucks is relatively small. For these enterprises, the strategic significance of cross-border heavy truck production is greater than the current financial significance.

In addition, new forces such as DeepWay and Zero One Automotive are accelerating financing and planning IPOs, and competition in the truck market is becoming increasingly fierce. From the profitability of truck companies in the first three quarters, companies that rely solely on a single domestic truck business to "trade price for volume" have a higher probability of accompanying them even if their sales increase.

(Author Zhou Ju)