Tongli Holdings 2025 Projected Revenue Growth +7.37% YoY: Pioneer and Leader in China's Off-Road Wide-Body Dump Truck Industry, Leader in Autonomous Mining Vehicles, Cabin-Free Mining Truck Prototype Rolls Off Production Line

Shaanxi Tongli Heavy Industry Co., Ltd. released its 2025 performance forecast, estimating that the company will achieve revenue of 6.597 billion yuan in 2025, a year-on-year increase of 7.37%, and net profit attributable to shareholders of 858 million yuan, a year-on-year increase of 8.19%.

Tongbi Finance learned that the company is a high-tech enterprise specializing in the production of non-road vehicles. It is an integrated engineering machinery manufacturer involved in product research and development, design, production, and sales. Its main products are various types of off-highway wide-body dump trucks used in mining and large-scale engineering logistics transportation. The company is a pioneer and leader in the non-road dump truck industry. In 2021, it was the first engineering transportation high-tech enterprise listed on the Beijing Stock Exchange and ranked among the top 10 in market value among listed companies on the exchange; it is also a main drafting unit of national and industry standards for non-road wide-body dump trucks.

The company is actively expanding into overseas coal markets, with new energy mining trucks expected to benefit from overseas power infrastructure development. According to company announcements, currently in overseas markets, coal, non-ferrous metals, and engineering each account for about one-third of downstream demand. In the future, the proportion of overseas coal is expected to exceed 50%, with non-ferrous metals accounting for 20%-30%. Since coal transportation volume is much higher than that of non-ferrous metals, the overseas coal market has broad development prospects. On the other hand, in the short term, due to overseas customers’ cautious attitude and underdeveloped local infrastructure such as power grids, there are currently fewer new energy products among direct sales customers. However, central state-owned enterprises will purchase the company’s extended-range and pure electric products when undertaking overseas projects, with such construction-related new energy products accounting for about one-third. Meanwhile, to address the poor infrastructure overseas, multiple parties have jointly launched integrated solutions combining photovoltaic, energy storage, and electric vehicles, such as building photovoltaic power stations and energy storage facilities in Africa for self-use. It is expected that overseas new energy products will see large-scale deployment in 2026-2027.

The company has completed prototype testing of driverless mining trucks, which helps improve profitability through high-value gross margins. In 2025, the company’s driverless models are expected to continue rapid growth. The driverless mining trucks have completed prototype testing, with key differences from previous models including: removing the cab to increase load capacity and transportation efficiency; saving space to enlarge the cargo box; and optimizing component layout for easier maintenance. In the first half of 2025, the company is collaborating with multiple autonomous driving development firms such as Yikong Zhijia to promote large-scale, commercial deployment of driverless products in mining areas. According to data from the China Coal Industry Association, the number of driverless open-pit coal mining trucks in China is expected to reach 10,000 by 2026, with a compound annual growth rate of 106.78% from 2023 to 2026. Additionally, current new energy products have higher gross margins than fuel vehicles, which helps the company improve profitability through high-value margins.

(Source: Kaiyuan Securities Zhu Haibin Team, company official website)