By 2025, China National Heavy Duty Truck Group (Sinotruk) has achieved a global peak in heavy-duty truck production and sales, shocking the industry. The cornerstone of this achievement is its profound accumulation of consistently ranking first in China's heavy-duty truck exports for 21 consecutive years. Faced with the question of whether large scale equals strength, the answer is already clear. China National Heavy Duty Truck Group has overcome the stage of being large but not strong, and is accelerating towards a new height of being both large and strong. China National Heavy Duty Truck Group's strength is demonstrated by its quality and systematic support. From January to September 2025, its heavy truck exports reached 111000 units, a year-on-year increase of 24.5%. In September, the monthly exports exceeded 15000 units, setting an industry record. The annual target of 150000 units is five times that of 2020. At present, over one million heavy trucks are operating in more than 150 countries and regions, driven by a total revenue of 22.89 billion US dollars and explosive growth across all categories. New energy vehicles have grown by 300%, new truck exports have increased by 140%, and mining trucks have grown by 35%. Diversified layouts have made the scale more resilient. The global network consisting of 30 KD factories, 44 representative offices, and over 300 distributors has formed a system advantage that is difficult to replicate. The efficient supply of accessories and after-sales service brought about by this heavy asset layout have built a moat of brand trust, becoming the confidence to avoid price wars and shift towards value wars. Beyond its scale, technological and strategic upgrades constitute the powerful core of China National Heavy Duty Truck Group. The group's proposal to provide commercial vehicle solutions with the highest technological content, brand value, and return on investment globally marks a fundamental shift in the logic of competition. The plan of over 4 billion US dollars in R&D investment and an 8000 person R&D team in the next five years is driving breakthroughs in the fields of new energy three electric systems and intelligent driving. Transitioning from a technology follower to a rule maker, HOWO has made precise efforts in its dual brand strategy on the market side, consolidating its high cost performance positioning, and benchmarking high-end European and American brands to impact the high value ground. At the same time, we are transforming from selling cars to providing full lifecycle solutions, and focusing on the billion dollar market opportunities generated by the overseas 2 million vehicle ownership in the next five years for our aftermarket business. From leading in scale to leading in value, China National Heavy Duty Truck Group's leap is not only a victory of long termism, but also a demonstration of its systematic capabilities. Its internationalization path of win-win in the entire value chain is not only sprinting towards world-class brands, but also reshaping the global position of Chinese commercial vehicles.
