To investigate the economic feasibility of hydrogen-powered heavy-duty trucks in both subsidized and non-subsidized markets, a hydrogen vehicle performance simulation model and a Total Cost of Ownership (TCO) model are established. Through comparative analysis of different powertrain configurations meeting dynamic performance requirements under user-specific operating conditions, as well as sensitivity studies on hydrogen pricing and energy consumption per 100 km, several critical findings are obtained as following. Powertrain configuration significantly impacts total vehicle cost, with higher fuel cell system power leading to increased overall costs. Hydrogen-powered heavy trucks require scenario-specific adaptations in both market types. While profitability is achievable in subsidized markets, the margin remains narrow. In non-subsidized markets, economic viability requires hydrogen prices below 21 RMB/kg. The study reveals substantial sensitivity to hydrogen consumption, with profitability thresholds established at <12 kg/100 km in subsidized markets and <10 kg/100 km in non-subsidized environments. Notably, when consumption falls below 9 kg/100 km in subsidized markets, economic performance becomes comparable to conventional diesel trucks. These findings provide theoretical foundations and technical references for advancing hydrogen vehicle commercialization, offering valuable insights for industry development.