Shandong Heavy Industry Group posted strong performance in both revenue and profits in the first quarter of this year, according to the company.

During the first three months of 2021, its operating revenue amounted to 164 billion yuan (about $25.06 billion), profits stood at 7.7 billion yuan, and industrial added value hit 23 billion yuan, up 23.5 percent, 98.9 percent, and 29.9 percent, respectively, from the final quarter of last year.

Shandong Heavy Industry Group is a State-owned multinational heavy machinery and automotive manufacturing company based in Jinan, capital of Shandong province. It owns four listed companies, namely Weichai Power, Weichai Heavy-Duty Machinery, Yaxing Bus, and Shantui Machinery.

Tan Xuguang, chairman of Shandong Heavy Industry Group [Photo provided to chinadaily.com.cn]

The group has been ramping up efforts to boost innovation-driven development, foster new economic growth drivers, and contribute to the province's efforts to advance the development of the equipment manufacturing industry, said Tan Xuguang, chairman of Shandong Heavy Industry Group.

Tan added that the company is also making stronger efforts to serve and integrate into the new development paradigm, said Tan.

Last year, the total revenue of Shandong Heavy Industry Group exceeded 500 billion yuan and its profits reached 20 billion yuan, a record high for the company.

Weichai Power, a leading Chinese powertrain manufacturer and subsidiary of Shandong Heavy Industry Group, sold more than 1 million engines in 2020. [Photo provided to chinadaily.com.cn]