Core Viewpoint - The company, Qingling Motors, has entered into a repurchase agreement to enhance its sales of new energy commercial vehicles through a leasing model, responding to national policies and market demands [1][2] Group 1: Repurchase Agreement Details - The repurchase agreement involves a total of 51 new energy vehicles leased by a dealer from a financing leasing company [1] - The agreement includes leasing rights and obligations, covering unpaid and due rental payments, but excludes other fees and penalties [1] Group 2: Market Strategy and Trends - The company is actively exploring technological innovation and business model transformation in the new energy commercial vehicle sector [1] - There is a notable shift from purchasing to leasing new energy commercial vehicles, driven by high acquisition costs [1] - The leasing model is becoming a significant driver for increasing sales in the new energy commercial vehicle market [1][2] Group 3: Financial Collaboration - The company is strengthening partnerships with financial institutions to provide financing solutions for customers and dealers purchasing its new energy vehicles [2] - The repurchase obligation serves as a performance guarantee for the company's product sales rather than a pure financing guarantee for third parties [2]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 （在中華人民共和國註冊成立之中外合資股份有限公司） （股份代號：1122） 須予披露交易 訂立回購協議 回購協議 董 事 會 謹 此 宣 佈，於 二 零 二 五 年 九 月 十 九 日，本 公 司、融 資 租 賃 公 司 及 經 銷 商 訂 立 了 一 份 回 購 協 議。 上市規則之涵義 基於經銷商為 遵 義 回 購 協 議 及 回 購 協 議 項 下 的 同 一 訂 約 方，且融資租賃公司 為 鋅 智 回 購 協 議 及 回 購 協 議 項 下 的 同 一 訂 約 方，而過往回購協議各自項下的 交易均於訂立回購協議前12個 月 內 進 行，且 過 往 回 購 協 議 及 回 購 協 議 項 下 的 交 易 均 屬 於 ...

Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 2,072,472 thousand, a decrease of 1.9% compared to RMB 2,112,181 thousand in the same period of 2024[5] - Gross profit for the same period was RMB 138,742 thousand, down 6.0% from RMB 147,340 thousand year-over-year[5] - The net loss attributable to equity holders for the period was RMB 35,530 thousand, compared to a loss of RMB 12,290 thousand in the prior year, representing a significant increase in losses[5] - Basic loss per share for the period was RMB 1.43, compared to RMB 0.50 in the previous year, indicating a worsening financial performance[5] - The company reported a pre-tax loss of RMB 26,124 thousand for the six months ended June 30, 2025, compared to a pre-tax loss of RMB 4,686 thousand in the same period of 2024[23][24] - The company reported a basic loss attributable to equity holders of RMB 35,530,000 for the six months ended June 30, 2025, compared to a loss of RMB 12,290,000 for the same period in 2024[35] Assets and Liabilities - Total assets as of June 30, 2025, were RMB 7,500,395 thousand, slightly down from RMB 7,526,305 thousand at the end of 2024[7] - Current liabilities decreased to RMB 2,550,037 thousand from RMB 2,657,623 thousand, reflecting improved short-term financial management[7] - The equity attributable to the company's owners was RMB 7,307,176 thousand, a slight decrease from RMB 7,342,706 thousand at the end of 2024[7] - For the six months ended June 30, 2025, total revenue reached RMB 2,072,472 thousand, a decrease from RMB 2,112,181 thousand for the same period in 2024, representing a decline of approximately 1.9%[20][24] - Total assets as of June 30, 2025, were RMB 10,050,432 thousand, with total liabilities amounting to RMB 2,561,676 thousand[26] Cash Flow - The net cash used in operating activities for the six months ended June 30, 2025, was RMB 303,325,000, compared to RMB 49,577,000 for the same period in 2024[10] - The net cash generated from investing activities was RMB 304,996,000 for the six months ended June 30, 2025, compared to RMB 49,572,000 in the same period of 2024[11] - The company experienced a significant increase in inventory reduction, which amounted to RMB 184,451,000 compared to RMB 198,117,000 in the previous year[10] - The company’s financing activities resulted in a net cash outflow of RMB 11,095,000, compared to RMB 8,472,000 in the same period of 2024[11] - The cash and cash equivalents decreased to RMB 678,938,000 as of June 30, 2025, down from RMB 1,027,775,000 at the beginning of the year[11] Sales and Revenue Breakdown - Sales of light commercial vehicles amounted to RMB 932,672,000, an increase of 3.1% from RMB 902,670,000 in the previous year[16] - The company reported a decrease in sales of chassis, which fell to RMB 170,909,000 from RMB 298,421,000, representing a decline of 42.8%[16] - Vehicle sales for the first half of 2025 reached 16,842 units, a year-on-year decrease of 1.82%[64] - Sales revenue for the same period was RMB 2.072 billion, down 1.88% year-on-year[64] - Revenue contributions from light commercial vehicles and chassis, and medium and heavy vehicles and chassis were RMB 1,092,978,000 and RMB 500,215,000, respectively, accounting for 76.87% of total revenue[76] Inventory and Receivables - Inventory levels decreased to RMB 1,092,057 thousand from RMB 1,276,508 thousand, indicating a reduction in stock[6] - Accounts receivable, notes receivable, and other receivables totaled RMB 2,251,530,000 as of June 30, 2025, an increase of 18.8% from RMB 1,895,089,000 at the end of 2024[37] - The aging analysis of accounts receivable showed that RMB 186,624,000 was within 3 months, while RMB 438,144,000 was between 7 to 12 months[40] - The company reported notes receivable of RMB 642,749,000 as of June 30, 2025, significantly up from RMB 337,650,000 at the end of 2024[41] Corporate Governance and Compliance - The company has complied with all applicable provisions of the Corporate Governance Code as of June 30, 2025[86] - The interim results for the six months ending June 30, 2025, were not audited but reviewed by the company's auditors[89] - All directors and former supervisors complied with the standard code for securities trading during the reporting period[87] - The company has maintained high standards of corporate governance to enhance investor confidence and protect shareholder rights[86] Research and Development - Research and development expenditure intensity reached 4.51% in the first half of 2025, indicating a strong commitment to innovation[65] - New product launches included the H47 coal transportation vehicle and high-cost performance products T28 and KV800, with a hybrid pickup research project completed[66] - The company aims to enhance product competitiveness and expand its product lineup, focusing on electric vehicles and hydrogen energy[67] Future Plans - The company plans to continue focusing on the production and sales of light commercial vehicles, pickup trucks, medium and heavy trucks, and automotive parts, components, and others as part of its operational strategy[21] - The company plans to strengthen its market presence by building localized teams and expanding its sales and service network overseas[67] - The company is committed to reducing overall vehicle costs and enhancing operational efficiency through digital transformation[68]

Domestic News - The Ministry of Industry and Information Technology is soliciting public opinions on the mandatory national standard for "Intelligent Connected Vehicles Combination Driving Assistance System Safety Requirements," aiming to enhance safety in the intelligent connected vehicle industry [6] - The Ministry of Commerce has announced the establishment of five industry standardization technical committees, including those for the automotive circulation and resource recovery industries [7] - The Horgos Port in Xinjiang has achieved a record high in automobile exports, with 258,000 vehicles exported from January to August 2025, marking an 8.5% year-on-year increase, including 102,000 electric vehicles, which saw a 45.2% increase [8] - Dongfeng Group has formed a new joint venture with local state-owned assets in Xiangyang, with a registered capital of 8.47 billion RMB, focusing on the development and sales of intelligent vehicles [9] - Leap Motor has announced the restart of its automobile manufacturing plans in Europe, with plans to launch two new models to meet market demand starting in 2026 [10] - GAC International has launched the AION UT in Indonesia, with prices ranging from 32.5 to 36.3 million Indonesian Rupiah (approximately 140,600 to 157,000 RMB) [11] - Hello Robotaxi has received strategic investment from Alibaba, indicating a deepening collaboration in the fields of intelligent driving models and commercializing Robotaxi services [12] - CATL's sodium-ion battery can provide over 500 kilometers of pure electric range, with a density of 175Wh/kg, meeting over 40% of the domestic passenger vehicle market demand [13] International News - South Korea's electric vehicle sales from January to August 2025 reached 142,456 units, a 48.4% increase from 95,998 units in the same period last year, with electric vehicles accounting for 12.7% of new registrations [15] - Japan's exports to the U.S. have declined for five consecutive months, with an August drop of 13.8% due to decreased exports of automobiles and machinery [16] - BMW will begin production of the iX3 model in Hungary next month, with the first mass-produced vehicle expected to roll off the line by the end of 2025 [17] - Waymo has received permission to test its autonomous taxi service at San Francisco International Airport, with plans to gradually roll out commercial services [18] Commercial Vehicles - FAW Jiefang has been nominated for the fifth China Quality Award for its "12347-E2E Excellent Operation Quality Management Model," highlighting advancements in quality management within the commercial vehicle sector [20] - JD Automotive and ZF have signed a memorandum to deepen their strategic cooperation in the commercial vehicle aftermarket, aiming to create an efficient and intelligent service ecosystem [21] - China National Heavy Duty Truck Group showcased nine core products at the Liangshan Special Vehicle Exhibition, emphasizing its leadership in the transition to new energy and intelligent vehicles [22] - Qingling Group has had three products selected as major industrial technology innovation products in Chongqing, showcasing advancements in hydrogen fuel cell and specialized vehicle technology [23][24]

Core Viewpoint - The domestic new energy light truck market has shown remarkable growth, achieving a record monthly sales of 17,700 units in August 2025, marking a 91% year-on-year increase and extending a continuous growth streak to 20 months [4][6][33]. Sales Performance - From March 2025, new energy light truck sales have consistently exceeded 10,000 units monthly, with June recording the highest single-month sales of 16,600 units [1][2]. - In August 2025, the total sales of new energy light trucks reached 17,700 units, representing a 21% month-on-month increase and a 91% year-on-year increase [4][6]. - The overall light truck market sold 56,600 units in August, with new energy light trucks accounting for 31.27% of the total, up from 27.00% the previous month [9]. Market Trends - The new energy light truck market has seen a cumulative sales figure of 105,300 units from January to August 2025, reflecting a 94% year-on-year growth [26][31]. - The penetration rate of new energy light trucks in the overall light truck market reached 23.11% in the first eight months of 2025, significantly higher than the 17.73% recorded for the entire year of 2024 [9]. Regional Insights - All 31 provincial-level administrative regions in China have seen new energy light truck registrations, with Guangdong leading with over 35,300 units, accounting for 33.48% of the national total [12][14]. - The top cities for new energy light truck registrations include Shenzhen, Guangzhou, Zhengzhou, and Chengdu, among others [14]. Company Performance - The leading companies in the new energy light truck market for August 2025 include: - Yuan Cheng with 3,252 units sold (18.36% market share) - Foton with 2,908 units (16.41% market share) - SAIC Yuejin with 2,779 units (15.69% market share) - Jianghuai with 2,177 units (12.29% market share) [3][23]. - Notably, Chery Commercial Vehicles achieved a staggering 10,400% year-on-year growth in sales [3]. Fuel Type Analysis - Pure electric vehicles remain the dominant technology in the new energy light truck market, accounting for 92.31% of sales from January to August 2025, an increase from the previous year [17]. - In contrast, fuel cell light trucks have seen a decline in sales, with only 664 units sold, a 46% decrease year-on-year [20]. Conclusion - The new energy light truck market has demonstrated strong growth, with significant increases in both sales and market penetration. The trend is expected to continue, raising questions about the sustainability of this growth and the potential for future sales targets [33].

Group 1 - The cement stocks in Hong Kong experienced a collective decline, with Dongwu Cement falling over 12%, the weakest performer [1] - According to the National Bureau of Statistics, the national cement production in August was 14.802 million tons, a year-on-year decrease of 6.2% [1] - From January to August, the national cement production totaled 110.457 million tons, reflecting a year-on-year decline of 4.8% [1] Group 2 - Data indicates that the total cement production for the first eight months of 2024 was 115.907 million tons, resulting in a reduction of 5.450 million tons compared to the same period last year, a decrease of 4.7% [1] - CICC's report states that the average cement shipment rate in August 2025 is projected to be 45.2%, down from 48.8% in the same month last year [1] - The single-month cement production in August saw a year-on-year decline of 6.2%, amounting to 14.8 million tons, indicating continued weak demand during the off-season [1]

Core Viewpoint - The strategic partnership between Qingling Motors and Guangdong Yuntao Hydrogen Energy Technology marks a significant step towards the commercialization of hydrogen fuel cell cold chain logistics in China, with an initial contract for 300 units of the Qingling M600 hydrogen fuel cell refrigerated truck [1][3]. Group 1: Partnership Details - The collaboration follows a multi-dimensional cooperation model involving "vehicle manufacturers - system manufacturers - distributors," integrating core advantages across the entire industry chain from R&D to market operation [3]. - Qingling Motors will leverage its decades of experience in commercial vehicle manufacturing to ensure quality and lifecycle management, while Yuntao Hydrogen Energy will focus on fuel cell technology and certification [3][5]. Group 2: Vehicle Advantages - The Qingling M600 hydrogen fuel cell refrigerated truck features four key advantages: zero emissions aligning with national carbon neutrality goals, a comprehensive range of 551 km suitable for medium to long-distance cold chain transport, strong power output for stable performance in complex conditions, and low hydrogen consumption to reduce operational costs [3][6]. - These advantages meet the current demands for environmental sustainability, efficiency, and economic viability in urban cold chain logistics, positioning the vehicle as a mainstream choice in the industry [3]. Group 3: Future Outlook - Qingling Motors aims to deepen collaboration with Yuntao Hydrogen Energy to promote large-scale operations of hydrogen fuel cell commercial vehicles, contributing to the transportation sector's carbon neutrality goals [5]. - The partnership is expected to create a replicable benchmark case for the demonstration and commercialization of hydrogen vehicles, enhancing the green transportation industry in China [6].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 慶鈴汽車股份有限公司 (在中華人民共和國註冊成立之中外合資股份有限公司） 第 1 頁 共 10 頁 v 1.1.1 FF301 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 內資股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 1,243,616,403 | RMB | | 1 | RMB | | 1,243,616,403 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 1,243,616,40 ...

Core Viewpoint - Qingling Motors Co., Ltd. reported a revenue of 2.072 billion RMB for the first half of 2025, representing a year-on-year decrease of 1.88% [1] - The company recorded a loss attributable to equity holders of 35.53 million RMB, which is an increase of 189.1% compared to the previous year [1] - The basic loss per share was 1.43 cents [1] Financial Performance - Revenue for the period was 2.072 billion RMB, down 1.88% year-on-year [1] - Loss attributable to equity holders was 35.53 million RMB, a significant increase of 189.1% year-on-year [1] - Basic loss per share was reported at 1.43 cents [1]

Core Viewpoint - Qingling Motors Co., Ltd. reported a significant increase in losses for the first half of 2025, indicating financial challenges despite a slight decrease in revenue [1] Financial Performance - The company achieved revenue of 2.072 billion RMB, representing a year-on-year decrease of 1.88% [1] - The loss attributable to equity holders amounted to 35.53 million RMB, which is an increase of 189.1% compared to the previous year [1] - Basic loss per share was reported at 1.43 cents [1]