Weichai Power, a developer of engines, transmissions, axles, automotive electronics, and parts for heavy vehicles based in Weifang, Shandong province, reported a 5.2-percent year-on-year growth in net profit for 2019.

In its annual financial report, Weichai Power said its net profits attributable to shareholders were around 9.1 billion yuan (about $1.29 billion) last year.

The company's business revenue reached 174.36 billion yuan, up 9.5 percent year on year.

Weichai Power, a leading powertrain producer based in Shandong province, posts a 5.2-percent year-on-year growth in net profits for 2019. [Photo/Xinhua]

The data disclosed in the company's annual financial report shows that the company's research and development expenditures maintained high growth last year, with a total investment of 5.23 billion yuan, up 21.01 percent year on year.

The proportion of R&D investment in the company's revenue increased from 4.08 percent to 4.21 percent, and the number of R&D staff increased from 6,780 to 7,504.

The company said it successfully designed and developed more than 20 vehicles which meet China's VI emissions standards, and announced the first batch of listed models last year.

It also developed many hydrogen fuel cell engines and promoted the construction of hydrogen refueling stations and fuel cell vehicles.

Weichai currently owns technologies important to developing solid oxide fuel cells, hydrogen fuel cells and high-pressure direct-injection-based natural gas fueled engines. It has set up a complete industrial chain to produce hydrogen fuel cell-powered vehicles.

This year, the company will continue to increase research and development and seek breakthroughs in core technologies to create more competitive products.

Weichai Power expects its 2020 sales to reach nearly 188.5 billion yuan, up around 8 percent from the previous year.

Weichai Power manufactures engines, heavy vehicles, construction machinery and other products. In 2019, it sold 742,000 engines and over 1 million gearboxes.

Xinhua contributed to this story.