On October 30, 2025, Foton Motor (600166.SH) released its 2025 Q3 financial report, delivering an impressive performance that balances scale and quality. At the single-quarter level, Foton’s revenue reached 15.078 billion yuan, a year-on-year increase of 27.85%; its net profit attributable to shareholders was 336 million yuan, a year-on-year surge of 1764.21% — marking the highest single-quarter net profit growth rate in nearly five years and a significant boost in profit momentum.
From the overall performance of the first three quarters, operational resilience became more prominent: cumulative revenue reached 45.449 billion yuan, a year-on-year increase of 27.09%; cumulative net profit attributable to shareholders was 1.113 billion yuan, a year-on-year increase of 157.45%; and the growth rate of non-recurring net profit was as high as 244.64%, indicating a substantial improvement in the profitability of core businesses.
Behind this performance lies Foton Motor’s “triple resonance” growth logic:
- The core heavy-duty truck business outperforms the industry, with cumulative sales from January to October increasing by 9.80% year-on-year; heavy-duty truck sales reached 117,900 units, nearly doubling year-on-year, exceeding the industry’s average growth rate.
- The new energy strategy is accelerating implementation, with new energy sales increasing by 98.83% from January to October.
- Profits from overseas and after-sales market businesses both saw significant year-on-year growth.
Relying on the triangular support of “new energy + intelligence + globalization”, Foton Motor not only accurately captures the policy dividends of domestic “new-for-old” vehicle replacement but also expands overseas markets through technology export, continuously reshaping the competitive landscape of the commercial vehicle industry.
Core Heavy-Duty Truck Business Leads Growth, New Energy Becomes the Second Growth Curve
Driven by the dual benefits of “policy support + peak season momentum” in the commercial vehicle industry, Foton Motor achieved simultaneous growth in market share and sales scale in Q3 2025, with its full-category product matrix accurately meeting market demand.
In October, Foton Motor’s product sales reached 56,600 units; cumulative sales from January to October were approximately 536,700 units, a year-on-year increase of 9.80%. As a core growth driver, Foton’s heavy-duty trucks performed strongly: 13,952 heavy-duty trucks were sold in October, a year-on-year increase of 146.67%, achieving 10 consecutive months of year-on-year growth; cumulative heavy-duty truck sales from January to October reached 117,900 units, nearly doubling year-on-year, and maintained double-digit growth for five consecutive months from June to October.
This performance is highly aligned with the industry recovery rhythm: cumulative heavy-duty truck sales in the industry from January to October reached 916,000 units, a year-on-year increase of approximately 22%, and is expected to exceed 1 million units for the full year. With the dual-product layout of Auman Galaxy and Xinghui Power, Foton successfully captured the “new-for-old” policy dividends in provinces accounting for over 70% of the heavy-duty truck stock, and its share in core fields such as infrastructure logistics and mineral transportation steadily increased.
Auman tractors became the main models driving sales, with cumulative sales exceeding 50,000 units in the first three quarters, a year-on-year increase of 60%, and market share rising to 13% — both the share growth volume and growth rate ranked first in the industry. Terminal orders confirmed product competitiveness: the Auman Galaxy roadshow across 56 cities nationwide accumulated 1,146 orders, and customized models continued to make breakthroughs in scenarios such as mining areas and logistics (e.g., the southwest mining area-exclusive AUMAN C model secured a batch order of 100 units).
According to its new energy “30·50” strategic plan, Foton Motor aims to achieve 50% of new energy vehicle sales by 2030. Currently, Foton’s new energy business has upgraded from “supplementary growth” to a core driver: 8,006 new energy vehicles were sold in October, and cumulative new energy sales from January to October reached 82,300 units, a year-on-year increase of 98.83%, nearly doubling.
The scenario adaptability of the product matrix is the key to growth:
- Auman new energy tractors, with advantages in battery swap technology and low energy consumption, have been delivered in batches to logistics enterprises such as JD.com and SF Express.
- Aoling Zhilan New Energy launched the Aoling Zhilan EL pure electric light truck and EM pure electric small truck, forming the “urban distribution twin stars”; the Earkoe three-electric system they are equipped with accurately matches urban distribution needs.
Policy response efficiency further amplified advantages: in 30 newly added electrification pilot cities such as Shenzhen and Hangzhou, Foton’s new energy light trucks became a popular choice for “new-for-old” replacement through the combination of “policy subsidies + corporate discounts”, with penetration rate significantly increasing in pilot cities in Q3.
Hardcore Innovation Addresses the Dual Challenges of “Efficiency and Emission Reduction”
Facing the dual pressures of “cost reduction and efficiency improvement” and the “dual carbon goals” in the commercial vehicle industry, Foton Motor adheres to “technology as the core” to build core barriers. In the first three quarters, the company’s R&D investment reached 1.379 billion yuan, accounting for 3.03% of operating revenue, which was accurately invested in four core areas: new energy, power systems, lightweight technology, and intelligence.
While advancing new energy transformation, Foton has not relaxed R&D on traditional fuel vehicles. Instead, it continues to iterate power chain technology and achieve localization of core components, enabling fuel vehicles to “reduce costs and improve efficiency” and become more competitive. The Super Power Chain 5.0, jointly developed by Foton with Cummins and ZF, is a benchmark in commercial vehicle power technology, offering a wide range of power options from 240 to 680 horsepower.
In March, Foton launched the Auman Galaxy 630 high-horsepower gas-powered vehicle and released the Foton Cummins Natural Gas 5.0 engine, realizing the dual-power layout of LNG + CNG. The Foton Cummins A15N gas engine, after 5 iterations, delivers 580 horsepower and 2,600 N·m of torque; combined with the ZF automatic transmission with 3,400 N·m of torque and the Mercedes-Benz technology small-speed-ratio rear axle, it not only achieves a transmission efficiency of 99.7% (with fast acceleration and strong climbing performance) but also reduces gas consumption by 5% compared to the industry average.
In terms of integrated calibration and matching, based on the shared data from Foton Cummins and Auman’s 32 million kilometers of testing and ZF’s million-level AMT software database, power performance can be improved by 9.5%, and transient response performance is 20% better than similar products. Additionally, the Auman Gas Super Power Chain 5.0 has completed integrated calibration tests, achieving more comprehensive scenario adaptability and superior matching.
Breakthroughs in lightweight technology further amplify fuel economy advantages. Foton applied Galaxy lightweight technology in the Auman Galaxy series models; through frame structure optimization and material upgrading, the Auman Galaxy 3 achieved a 200kg weight reduction while increasing stiffness by 30%.
For new energy models, Foton’s “Qimingxing” (Morning Star) — the world’s first exclusive platform for pure electric light trucks — integrates 23 lightweight technologies and 11 module integration technologies, reducing the number of components by 11% and overall vehicle weight by 15%. Combined with the low-resistance chassis design, it directly reduces energy consumption by 20%. This “lightweight without quality compromise” feature is particularly favored in scenarios such as express delivery and green transportation.
Foton builds an intelligent ecosystem centered on its self-developed vehicle connectivity platform. Its commercial vehicle IoT platform has connected over 2.7 million vehicles, processing more than 8.5 billion pieces of data daily. Through API interfaces and customized push services, it provides digital solutions for multiple scenarios such as logistics and mining, significantly improving the production efficiency of the industrial chain.
Intelligent driving heavy-duty trucks are key to cost reduction and efficiency improvement. The L2+-level HWP (Highway Pilot) system equipped on Auman heavy-duty trucks realizes functions such as active cruise and automatic lane changing through a multi-sensor fusion solution, saving 2-3% fuel per 100 kilometers and reducing risk indicators such as forward collision warnings by 75% compared to manual driving.
The AEBS (Automatic Emergency Braking System) of the HWP system is developed in accordance with EU standards, achieving stable braking within 2 meters. At the same time, it reduces the physical fatigue of truck drivers by approximately 35% and psychological fatigue by about 11%, greatly reducing the probability of traffic accidents.
Paradigm Upgrade from Product Export to Ecosystem Co-construction
Foton Motor’s globalization strategy has completed a qualitative transformation from “product export” to “ecosystem rooting”. In October 2025, overseas sales reached 15,177 units, maintaining steady growth; the core driver lies in the in-depth synergy of localized manufacturing, new energy export, and local services.
2025 has also become a “boom year” for Foton’s overseas production capacity layout:
- In April, the first “ALL NEW AUMARK” light truck rolled off the production line at the Brazilian factory, marking the official operation of China’s first commercial vehicle production line in Brazil. Co-built by Foton and local enterprise AGRALE, the factory has an annual production capacity of 2,000 units in the first phase and can produce multiple categories such as light trucks and medium trucks; it delivered AUMARK 9T cold chain logistics vehicles to Latin American supermarket chains immediately after commissioning.
- In June, a memorandum of understanding was signed with four parties including the Saudi Ministry of Investment to jointly build a KD (knock-down) manufacturing plant and deliver 1,000 customized school buses at once, deeply aligning with Saudi Arabia’s “Vision 2030” industrial localization needs.
- The Thai manufacturing hub saw the 2,000th heavy-duty truck roll off the production line; 12 new energy and traditional models will be added within the year to radiate the ASEAN market.
By the end of Q3, Foton had built 32 localized factories worldwide, covering core regions such as Southeast Asia, Africa, and South America, forming a production capacity pattern of “local R&D — regional manufacturing — surrounding radiation”. Localized production not only helps Foton avoid tariff costs but also significantly shortens product delivery cycles.
Foton’s overseas expansion is not simply product export but the provision of customized green solutions. Based on local market needs, Foton New Energy has also built technology export advantages: the Brazilian factory realizes localized production of pure electric trucks, deeply integrating Chinese new energy technology standards with Latin American market demands; for high-humidity and high-temperature regions such as Madagascar, it has developed intelligent temperature control systems and anti-corrosion bodies to solve vehicle wear problems in tropical environments.
Foton’s overseas expansion builds a localized operation system through the “industrial chain collaborative export” model: by the end of Q3, Foton’s new energy products had covered 45 countries and regions worldwide, with in-depth layout in the Latin American market. Relying on over 400 service outlets, it has achieved full-chain coverage of “sales — maintenance — energy supplementation” for new energy models.
For example, in Brazil, it joined hands with CATL and Cummins to form a “Super Power Alliance”, integrating core component supply, intelligent energy supplementation, and financial services; at the same time, it recruited 1,000 local employees, driving the development of over 20 upstream and downstream SMEs. In the Saudi KD factory project, it plans to drive the local parts supporting industry; in the African market, it focuses on segmented fields through the “direct sales + dealer” dual model. This “manufacturing + technology + service” ecosystem model drives Foton’s global layout to shift from scale expansion to quality improvement, becoming a core pillar of performance growth.
Foton Motor’s Q3 performance surge stems from the triple drive of heavy-duty truck business growth, new energy penetration improvement, and overseas market breakthroughs. Essentially, it is the synergistic resonance of strategic focus, technological accumulation, and global layout. With the continuous advancement of the “comprehensive internationalization, comprehensive new energy, and comprehensive intelligence” strategy, Foton — a leader in the commercial vehicle industry — is accelerating its transition from “China’s leader” to “world-class”, providing a Chinese model for high-quality development in the industry.
