Core Viewpoint - The light truck market in China is experiencing growth, with the "Light Truck First Influence Index" showing a 21.4% increase month-on-month in May 2025, although it has decreased by 7.8% year-on-year compared to May 2024 [2][18]. Group 1: Market Performance - In May 2025, the total score of the "Light Truck First Influence Index" for nine major light truck companies reached 1726 points, up from 1422 points in April 2025 [2]. - The rankings for the light truck brands are as follows: Jianghuai 1 Card (388 points), Jiefang Light Truck (262 points), Dongfeng Light Truck (238 points), China National Heavy Duty Truck HOWO Light Truck (233 points), Foton Aoling (164 points), Qingling Light Truck (129 points), Jiangling Light Truck (124 points), YuTong Light Truck (69 points) [3][20]. Group 2: New Product Launches - In May, several new products were launched in the light truck market, with significant orders being delivered, including a batch of 100 Jianghuai 1 Card Shailing Q6 Champion Edition trucks to a logistics company in Yunnan [5][8]. - China National Heavy Duty Truck HOWO Light Truck launched the 2025 model "Hanjiang" in Guangzhou, which features 108 upgrades and received 118 orders at its debut [12]. - Qingling introduced two new models, the intelligent heavy truck Lingjie and the efficient pure electric light truck Lingkun, showcasing significant advancements in design and technology [14][15]. Group 3: Brand Strategies and Promotions - Jianghuai is actively promoting its products with a focus on fuel efficiency and low operational costs, offering services such as rapid rescue and real-time vehicle monitoring [9]. - Jiefang Light Truck has launched a customer rights initiative, focusing on enhancing customer experience and operational efficiency through various support systems [22]. - Dongfeng Light Truck has initiated promotional activities to attract customers, including a group purchase event with various incentives [22]. Group 4: Industry Trends - The light truck market is witnessing a trend towards new energy vehicles and technological upgrades, with companies focusing on improving fuel efficiency and reducing emissions [29]. - The competitive landscape is shifting, with Jianghuai maintaining its lead, while Jiefang and Dongfeng are also strengthening their positions in the market [18][24].

Core Viewpoint - The announcement of the transfer of 80% equity of Qingling Group from Chongqing State-owned Assets Supervision and Administration Commission to Chongqing Yufu Holding Group is expected to enhance the company's capital operations and support its transition to new energy vehicles [1][3][10]. Group 1: Equity Transfer Details - On June 10, Qingling Automobile received notification regarding the transfer of 80% equity of Qingling Group from Chongqing State-owned Assets Supervision and Administration Commission to Chongqing Yufu Holding Group [3]. - Before the transfer, Chongqing State-owned Assets Supervision and Administration Commission held 100% of Qingling Group, which in turn held 50.1% of Qingling Automobile. After the transfer, the commission will hold 20% directly and 80% indirectly through Yufu Holding [3]. - The controlling shareholder of Qingling Automobile remains Qingling Group, and the actual controller continues to be Chongqing State-owned Assets Supervision and Administration Commission, ensuring that the main business operations are not materially affected [3]. Group 2: Yufu Holding Overview - Yufu Holding, established on August 15, 2016, is a state-owned capital operation platform under Chongqing State-owned Assets Supervision and Administration Commission, with a registered capital of RMB 16.8 billion [7]. - The company focuses on advanced manufacturing and strategic emerging industries, aiming to enhance collaboration within the industrial chain through capital investment and resource integration [7]. Group 3: Strategic Initiatives and Collaborations - Qingling Automobile is actively integrating into Chongqing's modern manufacturing cluster and accelerating its transition to new energy, leveraging its advantages in capital, assets, qualifications, and brand [8]. - The company has deepened strategic collaborations with leading firms such as Bosch, Huawei, and CATL, showcasing new energy products like the world's first megawatt-level ultra-fast charging heavy truck and a new energy light truck [8]. - Qingling Automobile is celebrating its 40th anniversary of continuous joint ventures with Isuzu, planning to launch new products and enhance comprehensive cooperation in the field of intelligent connected new energy commercial vehicles [8].

Core Viewpoint - The announcement details the transfer of 80% equity of Qingling Group, the controlling shareholder of Qingling Motors, to Chongqing Yufu Holding Group, which is a state-owned capital operation platform under the Chongqing State-owned Assets Supervision and Administration Commission [1][2]. Group 1: Shareholder Structure and Changes - After the equity transfer, Qingling Group will still hold 50.1% of Qingling Motors, while the Chongqing State-owned Assets Supervision and Administration Commission will continue to hold 20% of Qingling Group directly and 80% indirectly through Yufu Holding [3]. - The equity transfer will not change the controlling shareholder or the actual controller of Qingling Motors, which will remain Qingling Group and the Chongqing State-owned Assets Supervision and Administration Commission respectively [3]. Group 2: Strategic Initiatives and Collaborations - The company is actively integrating into Chongqing's "33618" modern manufacturing cluster and "416" technology innovation layout, accelerating its transition to new energy [2]. - Collaborations with leading companies such as Bosch, Huawei, and CATL are ongoing, with notable projects including the world's first megawatt-level ultra-fast charging heavy truck "Lingjie" and the new energy light truck "Lingkun" [2]. - The company is celebrating 40 years of uninterrupted joint ventures with Isuzu and plans to launch new products focusing on smart connected new energy commercial vehicles [2]. Group 3: Implications of the Equity Transfer - The equity transfer is expected to enhance the company's new energy transition and promote high-quality development through capital investment and resource integration [2]. - The transfer will be conducted in compliance with relevant laws and regulations, including the Hong Kong Code on Takeovers and Mergers, and may trigger mandatory general offer obligations [3].

Core Viewpoint - The news highlights the recent patent acquisition by Qingling Motors (Group) Co., Ltd. and Chongqing Qingling Plastic Co., Ltd. for a "Front Bumper Assembly Testing Fixture," indicating innovation in automotive fixture technology [1] Company Overview - Qingling Motors (Group) Co., Ltd. was established in 1994 and is located in Chongqing, primarily engaged in the automotive manufacturing industry with a registered capital of 410 million RMB [2] - The company has made investments in 19 enterprises, participated in 551 bidding projects, and holds 922 patent records along with 63 trademark registrations and 15 administrative licenses [2] - Chongqing Qingling Plastic Co., Ltd. was founded in 1995, also based in Chongqing, focusing on professional technical services with a registered capital of 2 million USD [2] - This company has participated in 81 bidding projects, holds 34 patents, and has 11 administrative licenses [2]

"我运输的货物类型差别大，尤其大件货物，运输起来极其复杂。得亏我换了庆铃五十铃巨 咖，动力足、皮实还耐用。" 在十多年的运输生涯中，由于复杂多变的路况和严苛的作业环境，来自安徽亳州的袁师傅始终 没遇到真正称心如意的"梦想卡车"。直到2022年底，他邂逅了庆铃五十铃巨咖国六牵引车， 凭借其卓越品质、强劲动力和出色燃油经济性，让他在充满挑战的准大件运输的道路上，一步 步开拓出了属于自己的成功之路。 中意庆铃五十铃品质 "全国飞"不发愁 "别看这两年多就跑了23万公里，但是拉的货有大有小、有轻有重，去的都是不同地方，路况 也时好时坏，特别费车。为了能让车辆多干几年，该保养的时候我都会按时保养，这个钱可不 能省。"袁师傅除了进行提前保养外，车辆的后处理系统、传动等易损部件，也从未因为持续 的高负荷而出现频繁故障。 平均油耗31升 高品质动力链助力降本增效 在当前运输行业竞争激烈的市场环境下，袁师傅对庆铃五十铃巨咖在运营成本优化方面所展现 的卓越性能充满信心，尤其是该车搭载的高效动力链发挥了决定性作用。 据了解，五十铃巨咖搭载庆铃五十铃6WG1-TCG61国六发动机，排量15.681升，发动机采用 日本电装提供的高压共 ...

Group 1 - As of May 26, a total of 88 stocks reached their 52-week highs, with Tianbao Energy (01671), China Nuclear International (02302), and Honghui Group (00183) leading the high rate at 141.60%, 93.92%, and 21.34% respectively [1] - Tianbao Energy closed at 0.700 and reached a peak of 1.510, marking a significant increase of 141.60% [1] - China Nuclear International closed at 4.090 with a highest price of 5.100, reflecting a rise of 93.92% [1] Group 2 - Other notable stocks that reached their 52-week highs include Century International (00959) with an increase of 18.64%, and Junjie Group Holdings (08188) with a rise of 17.95% [1] - The list also includes Haotian Financial Group (01260) with a 13.70% increase and Dechang Electric Holdings (00179) with a 10.96% rise [1] - The overall trend indicates a strong performance in the market, with multiple stocks achieving significant gains [1] Group 3 - The report also highlights stocks that reached their 52-week lows, with Sipai Health (00314) showing the largest decline at -11.65% [3] - Other stocks experiencing declines include Feitian Yundong (06610) at -9.05% and Hengrui Medicine (01276) at -4.81% [3] - The presence of stocks reaching both highs and lows suggests a volatile market environment [3]

Core Viewpoint - The launch of the new energy light truck "Lingkun" by Qingling, in collaboration with CATL and its subsidiary Times New Energy Technology, marks a significant milestone in redefining the value benchmark for new energy commercial vehicles, showcasing Qingling's competitive edge in the new energy product technology iteration [1][3]. Group 1: Dual Empowerment Restructuring the Value Chain - Since its joint venture with Isuzu in 1985, Qingling has adhered to leading development concepts of technology, quality, and management, forming a comprehensive lineup of commercial vehicle products and serving over 2 million users [3]. - The Lingkun light truck represents a milestone in Qingling's green transformation, driven by innovation for high-quality development, and is a result of strategic collaboration with CATL and Times New Energy [3][7]. - The partnership signifies a new era of "technological symbiosis" and "ecological co-creation" in China's new energy commercial vehicle industry [7]. Group 2: Six Technological Breakthroughs Addressing Industry Pain Points - The Lingkun light truck features six major technological breakthroughs, addressing market pain points and enhancing its competitive advantages over traditional fuel vehicles [8][10]. - Key advancements include a streamlined cab design with a drag coefficient of 0.33, leading its class by over 26%, and a flat wire oil-cooled motor with a power density of 7.1 kW/kg, achieving a 20% reduction in energy consumption [10]. - The truck supports a maximum range of 500 kilometers, effectively alleviating "range anxiety" and "cost pressure" in urban logistics, and operates efficiently in extreme temperatures from -30°C to 60°C [10]. Group 3: Promoting Zero-Carbon Transformation in the Logistics Industry - Qingling and CATL signed a strategic cooperation agreement to deepen collaboration in products, technology, and business models, enhancing market competitiveness domestically and internationally [11]. - The companies aim to build a comprehensive green, efficient, and intelligent logistics ecosystem, focusing on user-centric development and expanding the application scenarios of smart connected new energy commercial vehicles [13]. - The Lingkun light truck is positioned as a key player in driving the zero-carbon transformation of the logistics industry and supporting regional economic green development [15].

Core Viewpoint - The seventh China Western International Investment and Trade Fair showcased the latest breakthroughs in Chongqing's commercial vehicle industry, with Qingling Group unveiling its new ultra-fast charging heavy truck, Lingjie, in collaboration with Huawei Digital Energy, marking a significant step towards the electrification and intelligence of heavy-duty trucks [1][3]. Group 1: Technological Revolution - Qingling Group has partnered with Huawei to launch the Lingjie ultra-fast charging heavy truck, addressing the critical issue of charging anxiety in electric heavy trucks and representing a revolutionary technological advancement in the industry [3][6]. - The application of Huawei's megawatt ultra-fast charging technology allows for a 15-minute charging time, significantly enhancing operational efficiency and reducing costs [5][8]. Group 2: Electric Heavy Truck Popularization - With 9 million heavy trucks in China contributing to 54% of carbon emissions, the need for a green revolution in the industry is urgent, and Qingling aims to lead this transformation through its collaboration with Huawei [6][10]. - The Lingjie heavy truck features multiple technological advantages, including a lightweight design, low wind resistance, and high efficiency, with a system efficiency of 96% and energy consumption of only 1.2 kWh per kilometer when fully loaded [8][10]. Group 3: Strategic Collaborations - A strategic cooperation signing ceremony was held involving Qingling Group and several other companies to promote the construction of megawatt ultra-fast charging stations and demonstration lines, aiming to facilitate the widespread adoption of electric heavy trucks [10]. - The collaboration is expected to not only enhance transportation efficiency but also contribute to the social value under the dual carbon strategy, showcasing the potential for new productive forces in China's modernization efforts [10].

Sales and Revenue Performance - For the year ended December 31, 2024, the Company sold 33,178 vehicles, an increase of 6.72% from 31,089 vehicles sold last year[9]. - Revenue for the year was approximately RMB4,124 million, representing a 14.66% increase from approximately RMB3,597 million recorded last year[12]. - New energy vehicle sales surged by 168%, while export sales increased by 42.56%[10]. - Revenue from export sales of parts and components increased, with a higher proportion of export sales contributing to market expansion[14]. - Gross profit for the year was RMB270,852,000, an increase of 21.27% compared to last year, with a gross profit margin of 6.57%[74]. - Other income for the year totaled RMB307,907,000, reflecting a 4.11% increase from last year, mainly from government grants, interest income, and rental income[77]. - The revenue from light-duty trucks and chassis and medium and heavy-duty trucks and chassis was RMB2,210,778,000 and RMB938,910,000, respectively, accounting for 76.38% of total revenue[99]. Financial Performance and Losses - The Company recorded a loss after tax of approximately RMB48 million for the year, compared to a loss of approximately RMB45 million the previous year[12]. - The Group reported a loss after tax of RMB47,772,000, which is an increase in loss of 5.21% compared to the previous year[76]. - The Group's expenses increased by 5.27% compared to last year, primarily due to higher selling expenses[77]. - The retained profit available for distribution to shareholders as of December 31, 2024, was approximately RMB1,110,104,000, down from RMB1,171,767,000 in 2023[104]. Strategic Initiatives and Collaborations - The Company has completed the R&D of electric VANs, small trucks, and high-capacity rechargeable heavy-duty trucks, filling product gaps[14]. - The Company initiated collaboration with Huawei to expedite ultra-fast charging network construction and develop heavy-duty electric vehicles[14]. - The Company plans to accelerate cooperation with Huawei to build a super charging ecosystem and with Ningde Times to launch the next generation of pure electric light trucks[17]. - The Company aims to accelerate the diversification of overseas markets and consolidate core markets while initiating new market entries[16]. - Key priorities include deepening reforms, strengthening core businesses, and improving efficiency to better fulfill the strategic mission[17]. Leadership and Governance - Xu Song has been an executive director since June 15, 2016, and has extensive experience in various roles within the company, including deputy general manager[26]. - Li Juxing has served as an executive director since May 28, 2015, and has held multiple senior positions, including deputy general manager and chairman of Chongqing Qingling Forging Co., Ltd.[29]. - The company has a strong leadership team with members having extensive industry experience and educational backgrounds in engineering and business administration[27][28]. - The company is focused on enhancing its operational efficiency and expanding its market presence through strategic leadership appointments[24][25]. - The company is committed to leveraging its experienced management to drive innovation and improve product offerings in the automotive sector[26]. Corporate Governance and Compliance - The company has a strong governance structure with independent directors serving on key committees such as the audit, remuneration, and nomination committees[33][34][35][38]. - The board includes members with diverse backgrounds in law, finance, and corporate governance, enhancing decision-making capabilities[34][35][38]. - The company is focused on maintaining high standards of corporate governance and compliance with regulatory requirements[33][34]. - The independent directors bring valuable insights from their extensive experience in various industries, contributing to strategic planning[33][34][35][38]. - The Company has confirmed the independence of all independent non-executive directors[118]. Connected Transactions - The Group entered into a New Chassis Supply Agreement with Qingling Group for the supply of modified vehicle chassis and related components, effective from January 1, 2023, to December 31, 2025, with a transaction amount of approximately RMB204,269,000 during the year[141]. - The Group established New Parts Supply Agreements with Qingling Group and its subsidiaries, with total amounts for automobile parts purchases as follows: RMB112,256,000 from Qingling Group, RMB14,771,000 from Chongqing Qingling Aluminium Casting, and RMB9,091,000 from Chongqing Qingling Casting[144][145]. - The pricing for automobile parts provided to the Company is based on actual or reasonable costs plus a profit margin not exceeding 8% or market price, whichever is lower[143]. - The total amount for continuing connected transactions with Qingling Group and its subsidiaries reflects the Group's reliance on these relationships for parts and services[141]. - The agreements highlight the strategic partnerships that the Group has developed within the automotive industry, particularly with key players like Qingling Group and Isuzu[140]. Assets and Liabilities - As of 31 December 2024, total assets amounted to RMB10,183,928,000, while total liabilities were RMB2,663,823,000[79]. - Non-current assets were valued at RMB4,568,427,000, primarily consisting of property, plant, and equipment[79]. - Current assets totaled RMB5,615,501,000, mainly including inventories and trade receivables[80]. - Current liabilities were RMB2,657,623,000, primarily comprising trade payables and tax liabilities[80]. - The gearing ratio increased to 35.42% as of December 31, 2024, up from 29.04% in 2023, indicating a higher proportion of total liabilities to total equity[86]. Environmental and Quality Management - The Group is committed to environmental protection, energy conservation, and emission reduction, integrating these principles into production activities[59]. - The Company has implemented strict quality management practices to ensure the quality of automotive products and parts, prohibiting substandard products from assembly[62]. - The Group has made significant investments in environmental protection facilities and pollution prevention measures[61]. - The Company has adhered to relevant laws and regulations regarding intellectual property protection and consumer rights[62].

Financial Performance - Revenue for the year ended December 31, 2024, increased to RMB 4,123,733 thousand, representing a growth of 14.6% compared to RMB 3,596,535 thousand in 2023[3] - Gross profit for the same period was RMB 270,852 thousand, up 21.2% from RMB 223,354 thousand in 2023[3] - The company reported a net loss of RMB 47,772 thousand for 2024, slightly higher than the loss of RMB 45,407 thousand in 2023[3] - The pre-tax loss for the group was RMB 35,213,000 for the year ending December 31, 2024, compared to a loss of RMB 47,252,000 in the previous year, showing an improvement of approximately 25.5%[15][16] - The company reported a post-tax loss of approximately RMB 48 million for the fiscal year, compared to a post-tax loss of about RMB 45 million in the previous year[33] - The gross profit for the year was RMB 270,852,000, up 21.27% year-on-year, resulting in a gross margin of 6.57%, compared to 6.21% last year[38] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 7,526,305 thousand, a decrease from RMB 7,760,948 thousand in 2023[6] - The company’s equity attributable to owners decreased to RMB 7,342,706 thousand in 2024 from RMB 7,397,803 thousand in 2023[6] - The total assets of the group as of December 31, 2024, were RMB 10,183,928,000, an increase from RMB 9,984,490,000 in the previous year, reflecting a growth of about 2%[17][18] - The total liabilities of the group as of December 31, 2024, were RMB 2,663,823,000, compared to RMB 2,247,229,000 in the previous year, indicating an increase of approximately 18.5%[17][18] - The group’s current assets net value was RMB 2,957,878,000, a decrease of 6.19% compared to RMB 3,152,901,000 in 2023[42] Revenue Breakdown - Revenue from the sale of light commercial vehicles reached RMB 1,758,008,000, up 14.9% from RMB 1,529,085,000 in the previous year[8] - Sales of medium and heavy vehicles increased significantly to RMB 926,377,000, a rise of 31.7% from RMB 703,503,000 in 2023[8] - Revenue from automotive parts and other components surged to RMB 392,676,000, representing a 45.3% increase from RMB 270,346,000 in the prior year[8] - Revenue contributions from light commercial vehicles and medium and heavy-duty vehicles were RMB 2,210,778,000 and RMB 938,910,000, respectively, accounting for 76.38% of total revenue[47] Research and Development - Research expenses rose to RMB 185,774 thousand in 2024, compared to RMB 177,802 thousand in 2023, indicating a focus on innovation[3] - Research expenses for the group amounted to RMB 185,774,000 for the year ending December 31, 2024, compared to RMB 177,802,000 in the previous year, indicating a slight increase in investment in R&D[15][16] Cash Flow and Equivalents - Cash and cash equivalents decreased to RMB 688,304 thousand in 2024 from RMB 1,027,775 thousand in 2023[5] - The group held cash and cash equivalents of RMB 2,956,373,000, an increase of 17.59% from the previous year's balance[43] Shareholder Information - The company has a total of 1,243,616,403 domestic shares, accounting for approximately 50.10% of the issued share capital[59] - Foreign shares (H-shares) total 1,238,651,865, representing about 49.90% of the issued share capital[59] - The major shareholder, Qingling Motors (Group) Co., Ltd., holds 100% of the domestic shares, which is 50.10% of the total issued capital[59] Corporate Governance - The company emphasizes high standards of corporate governance to enhance investor confidence and protect shareholder interests[62] - The board of directors consists of 11 members, including 7 executive directors and 4 independent non-executive directors[65] - The company has adopted the standard code for securities transactions by directors and supervisors, confirming compliance for the year ended December 31, 2024[63] Market Strategy - The company continues to focus on expanding its market presence and enhancing product offerings through ongoing research and development initiatives[8] - The company plans to accelerate the diversification of overseas markets and strengthen core markets in 2025[36] - The company aims to increase the export of components and finished products, with a focus on expanding its market share[36] Other Financial Metrics - Total employee costs, including directors' and supervisors' remuneration, increased to RMB 340,976,000 in 2024 from RMB 326,811,000 in 2023, reflecting a growth of about 4.3%[20] - The company did not declare or recommend any dividends for the years ending December 31, 2024, and 2023[24] - The company has no holdings of any treasury shares as of December 31, 2024[61]