Technicians at Weichai Group, a leading company in the Weifang Hi-tech Industrial Development Zone, carry out quality inspections on a production line. [Photo provided to China Daily]

Shandong Heavy Industry Group, which mainly makes construction and agricultural machinery, generated revenue of more than 390 billion yuan ($55.93 billion) in 2019, according to the company.

Weichai Group, the largest wholly owned subsidiary of Shandong Heavy Industry Group, reported record annual revenue of 261.2 billion yuan.

Weichai, one of the leading heavy trucks and component developers in China, was originally known as Weifang Diesel Engine Factory when it was established in 1946. It has transformed itself into an international company in recent years.

Led by Tan Xuguang, chairman of Weichai Group, the company carried out a series of reforms on ownership structure, cut unnecessary departments and improved management.

Weichai has expanded into many industries via mergers and acquisitions over the past two decades, such as marine engines and forklifts.

It has established the only national-level key laboratory for internal combustion reliability in China, which has given rise to many of the company's most popular products over the past few years.

The company's market share in China has expanded for three consecutive years. The group has also successfully expanded into markets in Southeast Asia, South Asia, the Middle East, North Africa and Europe.