HK Stock Market Move | Weichai Power (02338) soared more than 5% at the close, and its power energy business is expected to become the company's most important profit growth driver.

Weichai Power (02338) rose more than 5% at the close, rising by 5.5% to HK $28.4 as of press time, with a turnover of 4.99 billion Hong Kong dollars. On the news front, Weichai Power released its annual performance with operating income of 231.809 billion yuan in 2025, a year-on-year increase of 7.47%, and net profit attributable to the parent company of 10.931 billion yuan, but a year-on-year decrease of 4.15%. Sealand issued a research report stating that the pressure on gross profit margin in 2025Q4 was the main reason for the year-on-year decline in net profit attributable to the parent company of 2025Q4. From an annual perspective, the improvement of profitability of Shangqi automobile and the stable growth of Keao excluding one-off factors are bright spots. Guotai Haitong believes that the downstream growth rate of the AIDC power generation equipment industry is clear, and there is a supply bottleneck in the original main power source equipment. Weichai Power's reciprocating gas generator sets and SOFC have advantages in terms of response speed, lifespan, and environmental protection in the AIDC field, and the market capacity is expected to grow significantly. Considering the high threshold of such equipment, the power energy business is expected to become the most important profit growth point for Weichai Power.