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.

• Gross profit increased 28.3% YoY to RMB9,833 million, with gross margin down 1.2 percentage points to 13.9% due to product mix.

• Net profit attributable to equity shareholders grew 28.1% YoY to RMB4,765 million; basic EPS up 26.4% YoY to RMB1.58.

• Interim dividend declared at HK$1.18 or RMB1.02 per share, totaling RMB2,816 million and up 59.5% YoY in HKD terms.

Financial highlights

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

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

• Total assets stood at RMB166,007 million, with net assets at RMB55,597 million as of 30 June 2026.

• Gearing ratio improved to 2.9%, and current ratio remained at 1.1.

• Interim dividend payout ratio was 64.6%.

Outlook and guidance

• The commercial vehicle sector is expected to maintain growth, supported by domestic demand recovery, scrappage policies, and new energy vehicle adoption.

• Overseas demand projected to remain strong, with further expansion into emerging markets and a shift to brand internationalization.

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

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