Group 1 - Xu Shuhai, the mayor, visited enterprises in Shenzhen from June 19 to 22 to enhance communication and expedite project implementation, aiming for mutual benefits and high-level cooperation [1][2] - Yichong New Energy (Shenzhen) Co., Ltd. plans to invest 1 billion yuan in a new energy high-efficiency storage and control module manufacturing project in Zhenjiang, in collaboration with Jiangsu Yongjia Electric Equipment Co., Ltd. [1] - Rongdian Group, a leading small home appliance company in China, is set to establish a smart home manufacturing base in Zhenjiang, with a focus on deepening cooperation in intelligent manufacturing [2] Group 2 - The city government held a video conference on project attraction and economic growth, emphasizing the importance of project-driven development and the need to maintain economic growth above the provincial average [3] - Local leaders participated in various activities to strengthen cooperation with companies, focusing on accelerating project construction and pragmatic collaboration [4]

Group 1: Market Performance and Strategies - The North American semi-trailer market has been in decline for 18 consecutive months, yet Vanguard GT's cash flow and production efficiency remain stable [3] - In 2023, the sales target for Starlink semi-trailers is 50,000 units, increasing to 70,000 units in 2024, with further growth expected in 2025 [3] - The "Zhao Zilong Plan" initiated in 2024 aims to increase order numbers by 50% and double market share in the Shanhe Four Provinces [3] - The "Zhuge Liang Project" launched in 2025 targets new opportunities along the Yangtze River, enhancing market penetration [4] - The global South market, accounting for 24% of global GDP, is expected to show greater growth potential than the domestic market [4] Group 2: Technological Advancements - The company has established a project team for the "Hannover Plan" to develop a pure electric head-mounted train product platform [5] - Three product combinations for new energy heavy trucks include pure electric heavy-duty special vehicles, new energy head-mounted trains, and pure electric head-mounted trains [5] - Significant technical breakthroughs include the development of a pure electric head-mounted train that matches various operational scenarios [6][7] - The company is building operational support bases for pure electric head-mounted trains, focusing on mobile fast charging and maintenance stations [8] Group 3: Supply Chain and Cost Management - The centralized procurement ratio increased from below 50% to over 85% in 2024, covering over 20 major categories and 62 subcategories of materials [9] - The establishment of the procurement committee has enhanced operational efficiency and cost management for the "Starlink" and "雄起" plans [9] - In 2024, the company achieved a revenue of over 80 million through cost-saving measures [9] Group 4: Business Model and Revenue Growth - The EV·DTB business achieved sales of 6,000 units in Q1 2025, a year-on-year increase of 11.6%, contributing a revenue of 660 million [10] - The "Good Horse with Good Saddle" business model promotes collaboration with major manufacturers and explores CKD and KD models to enhance competitiveness [10] - The EV-DTB·mixer truck and EV-DTB·refrigerated truck are advancing towards lightweight, intelligent, and automated innovations [10]

Group 1: Supply Chain Management - The company has optimized its North American supply chain since 2024, increasing local procurement and establishing backup supplies in Thailand and Canada to enhance supply chain resilience [3] - The company has localized the manufacturing and delivery of box semi-trailers in the U.S., with refrigerated semi-trailers also achieving localization [3] - The centralized procurement ratio has increased from below 50% to over 85% since 2024, significantly improving operational efficiency [4] Group 2: Cost Management and Pricing Strategy - The company has established stable relationships with key suppliers, ensuring sufficient raw material supply and stable procurement prices [3] - In 2024, the company achieved savings of over 80 million through centralized procurement and supply assurance strategies [4] - The company is continuously optimizing its cost structure and developing reasonable pricing strategies to respond to market and policy changes [3] Group 3: Production Efficiency - The company has implemented the first fully automated production line in the industry, significantly reducing production time to 15 minutes per unit [7] - In Q1 2025, the company reported a 15% year-on-year increase in per capita output [7] - The establishment of the LTP center and the introduction of a digital platform have streamlined the entire process from order to delivery, ensuring a 15-day delivery for annual models [7] Group 4: Foreign Exchange Risk Management - The company manages foreign exchange risk through regular reviews and the use of forward foreign exchange contracts [6] - The optimization of foreign exchange hedging strategies aims to reduce the uncertainty caused by exchange rate fluctuations [6]

Core Viewpoint - The company is actively engaging with investors and stakeholders to discuss its performance and strategic direction, particularly in the electric vehicle (EV) segment and North American operations, amidst geopolitical challenges. Group 1: Company Performance - In Q1 2025, the company's EV·DTB mounted business achieved sales of 6,000 units, generating revenue of 660 million yuan, with a gross profit contribution of 20 million yuan, reflecting a year-on-year sales growth of 11.6% [3][4] - The North American platform, VanguardGT, sold 4,156 semi-trailers in Q1 2025, resulting in revenue of 180 million USD and a profit of 9.68 million USD despite a challenging market environment [4][5] Group 2: Strategic Initiatives - The company is launching a research and development project for a pure electric head-mounted train technology platform, focusing on two models: the EV-RT2.0-7A and EV-RT2.0-MIX, with ongoing market research and production base establishment [5][6] - To ensure stable operations in North America amid geopolitical challenges, the company is enhancing its global supply chain strategy, emphasizing local procurement and backup supply from Thailand and Canada [4][6] Group 3: Future Outlook - The company aims to evolve into a full-value chain operator for star chain semi-trailers, leveraging initiatives like the "Star Chain Plan" and "Heroic Rise Plan" to explore value across all segments [6] - The focus for growth opportunities is on the unified national market and global southern markets, with plans to deepen the "good horse with good saddle" business model and become a preferred partner for new energy heavy-duty truck chassis [6]

Group 1: Investor Relations Activities - The company participated in multiple roadshows and strategy meetings from May 7 to May 9, 2025, in Shanghai, Hangzhou, and Beijing [2][3] - Key participants included various securities firms and investment funds such as Huafu Securities, Vanguard Fund, and others [2][3] Group 2: Q1 2025 Performance Highlights - The EV·DTB superstructure business achieved sales of 6,000 units, a year-on-year increase of 11.6%, with revenue reaching 660 million CNY and contributing a gross profit of 20 million CNY [3][4] - In North America, the company sold 4,156 semi-trailers, generating revenue of 18 million USD, despite a declining market with a fifth consecutive quarter of decreased trailer registrations [4] Group 3: Strategic Developments - The company is focusing on enhancing its supply chain resilience in North America by increasing local procurement and establishing backup supplies in Thailand and Canada [4] - The development of the pure electric head-mounted train (EV-RT2.0) is underway, with market research and product testing already initiated [5][6] Group 4: Future Growth Opportunities - The company identifies significant growth opportunities in the unified national market and global southern markets, planning to leverage initiatives like the "Starlink Plan" and "Xiongqi Plan" to maximize value across the semi-trailer value chain [6] - The company aims to transform into a preferred partner for new energy heavy-duty truck chassis, focusing on innovation and strategic partnerships [6]

Core Viewpoint - The company CIMC Vehicles has experienced a decline in stock price and profitability, with a current PE ratio significantly lower than the industry average, indicating potential undervaluation in the market [1][2]. Company Summary - CIMC Vehicles closed at 8.07 yuan, down 6.27%, with a rolling PE ratio of 15.14 times and a total market capitalization of 15.124 billion yuan [1]. - The company operates in the semi-trailer and special vehicle manufacturing sector, producing products such as ordinary semi-trailers, tankers, and refrigerated vehicles [1]. - CIMC Vehicles has established several well-known brands, including "Tonghua," "Huajun," and "Vanguard" in North America, and "SDC" and "LAG" in Europe [1]. Financial Performance - For the first quarter of 2025, CIMC Vehicles reported revenue of 4.591 billion yuan, a year-on-year decrease of 10.91%, and a net profit of 179 million yuan, down 32.59% [1]. - The company's gross profit margin stood at 14.30% [1]. Industry Comparison - The average PE ratio for the automotive manufacturing industry is 29.49 times, with a median of 23.29 times, positioning CIMC Vehicles at the 11th rank within the industry [2]. - As of the first quarter of 2025, 26 institutions held shares in CIMC Vehicles, with a total holding of 95.787 million shares valued at 8.659 billion yuan [1].

Financial Performance - The company's operating revenue for Q1 2025 was ¥4,590,770,906.08, a decrease of 10.91% compared to ¥5,153,013,497.35 in the same period last year[5] - Net profit attributable to shareholders was ¥178,568,597.85, down 32.59% from ¥264,887,889.44 year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥170,734,861.63, reflecting a decline of 34.94% compared to ¥262,438,016.86 in the previous year[5] - Basic and diluted earnings per share were both ¥0.10, down 23.08% from ¥0.13 in the previous year[5] - The total comprehensive income for the period was ¥189,211,641.90, down from ¥276,637,782.64, indicating a decrease of approximately 31.5% year-over-year[31] Cash Flow - The net cash flow from operating activities increased by 59.07% to ¥590,065,530.58, up from ¥370,955,960.00 in the same period last year[5] - The company's cash flow from financing activities has shown a notable decline, suggesting a potential reevaluation of its financing strategy moving forward[35] - The net cash flow from financing activities was -$32,360,549.93, a significant decrease compared to $180,791,030.37 in the previous period, indicating a shift in financing strategy[35] - The total cash and cash equivalents at the end of the period increased to $6,685,883,864.13, up from $6,413,086,609.10, reflecting a net increase of $959,545,421.00[35] Assets and Liabilities - Total assets at the end of the reporting period were ¥23,082,707,120.21, an increase of 1.75% from ¥22,685,887,204.32 at the end of the previous year[5] - The total liabilities increased to approximately 7.95 billion yuan from 7.75 billion yuan at the beginning of the period[28] - The company's current assets totaled approximately 15.86 billion yuan, up from 15.40 billion yuan at the beginning of the period[27] - The company's equity attributable to shareholders reached approximately 14.57 billion yuan, compared to 14.38 billion yuan at the beginning of the period[28] Market Performance - In Q1 2025, the company sold a total of 30,000 vehicles, generating revenue of RMB 4.59 billion, with a gross margin of 14.3% and a net profit attributable to shareholders of RMB 180 million[15] - The global semi-trailer business produced 24,000 units, achieving revenue of RMB 3.26 billion and a gross profit of RMB 530 million, with domestic sales increasing by 10.6% year-on-year[16] - The "Starlink Plan" entered its second phase, with sales of Starlink semi-trailers increasing by 12.0% and revenue growing by 4.4%, while modular product sales accounted for approximately 40%[16] - The "Heroic Plan" also progressed to its second phase, with tank truck sales rising by 19.6% and revenue increasing by 12.3%, alongside a gross margin improvement of 3.3 percentage points[17] Economic Environment - The decline in net profit was attributed to a further drop in market demand amid a complex global economic environment[7] - The overall economic environment remains complex, with trade protectionism impacting global supply chains, but China's GDP is projected to grow by 5.4% year-on-year in Q1 2025[15] Strategic Initiatives - The company is focusing on expanding its presence in Southeast Asia and other emerging markets, with revenue growth of 3.1% and a gross margin increase of 7.5 percentage points in the southern global market[18] - The company has established a centralized procurement committee to enhance supply chain management and cost control for the "Starlink" and "Heroic" plans[17] - The company aims to evolve into a full-value chain operator for star chain semi-trailers, focusing on integrated electric head-mounted products[24] - The company emphasizes the "good horse with good saddle" business model, aiming to become the preferred superstructure contractor for new energy heavy-duty truck chassis[23] Research and Development - Research and development expenses increased to ¥77,525,475.53 from ¥51,005,878.34, marking a rise of approximately 52.0% year-over-year[29] - The company is developing two new models under the EV-RT2.0 technology platform, focusing on pure electric dumper trucks and mixing trucks, with market research completed in the Sichuan-Chongqing-Yunnan-Guizhou region[22] Governance and Compliance - The company has not yet audited its first-quarter report, which may affect the reliability of the financial data presented[36] - The new accounting standards will be implemented starting in 2025, which may lead to adjustments in financial reporting[36] - The board of directors of CIMC Vehicles (Group) Co., Ltd. convened on April 25, 2025, indicating ongoing governance and oversight activities[37]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - In 2024, the company's European and Australian semi - trailer businesses achieved good results against the trend. The European business optimized the product structure and promoted supply chain localization to increase the gross profit margin by 2.4 percentage points, while the Australian business achieved the best historical profit performance and maintained a stable market position [23]. - In 2025, the company aims to build new productive forces through the "Star - Chain Plan", "Good - Development Plan", and "Rise - Up Plan", and enhance its leading position in the global semi - trailer business [24]. - The company will deepen global supply chain management, optimize cost control, and improve production efficiency in its European business in 2025, and support SDC and LAG to explore new productive forces in the European semi - trailer field [24]. 3. Summary by Relevant Catalogs 3.1 Research Basic Situation - The research object is CIMC Vehicles, belonging to the automobile manufacturing industry. The reception time was from March 31 to April 3, 2025. The listed company's reception staff included the Investor Relations Director, Manager, and other personnel [17]. 3.2 Detailed Research Institutions - The research institutions included fund management companies (E Fund Management Co., Ltd., Guolian Fund Management Co., Ltd.), securities companies (Haitong Securities Co., Ltd., Huatai Securities Co., Ltd.), and investment companies (Juming Investment Co., Ltd.) [18]. 3.3 Research Institution Proportions - Fund management companies accounted for 40%, securities companies accounted for 40%, and investment companies accounted for 20% [20]. 3.4 Main Content Data - **2024 European and Australian Market Performance and Outlook**: In 2024, the EU's new truck registrations decreased by 6.3%. The company's European and Australian semi - trailer businesses achieved good results against the trend. The European business increased the gross profit margin by 2.4 percentage points, and the Australian business achieved the best historical profit performance and ranked among the top six in the market share for two consecutive years [23]. - **2025 Core Measures and Goals for Performance Improvement**: The company will implement the "Star - Chain Plan", "Good - Development Plan", and "Rise - Up Plan" to build new productive forces, deepen its leading position in the global semi - trailer business, and improve profitability. It will also expand cooperation with new - energy vehicle manufacturers in the EV·DTB upper - body products, iterate the design and manufacturing of pure - electric tractor - trailer trains, and build productive services [24][25]. - **2024 Domestic Centralized Procurement Level and Future Planning**: In 2024, the company's centralized procurement ratio increased from less than 50% to over 85%, and the organizational structure was adjusted to a three - layer structure of "collection", "procurement", and "purchase". The cost - saving from centralized procurement was over 80 million yuan. In 2025, the company will further strengthen the supply - chain system with "centralized procurement as the mainstay and supply guarantee as the supplement" [26]. - **Evolution from "Cross - Ocean Operation" to "Borderless Enterprise"**: The company has evolved from the "production→export" model to "cross - ocean operation, local manufacturing", and has established local legal - person governance structures and manufacturing plants in mature markets. In the future, it will expand sales in the global southern market and enhance the resilience of the global supply chain for its North American semi - trailer business [26][27].

毕马威华振专 字第 2501181 号 中集车辆 (集团) 股份有限公司董事会： 中集车辆: 2024年度募集资金存放与实际使用情况专项报告及 鉴证报告 中集车辆 (集团) 股份有限公司 募集资金 2024 年度存放与 实际使用情况专项报告的鉴证报告 KPMG Huazhen LLP 毕马威华振会 计师事务所 Oriental Plaza 中国北京 Beijing 100738 东方广场毕马威大 楼 8 层 China 邮政编码:100738 Telephone +86 (10) 8508 5000 电话 +86 (10) 8508 5000 Fax +86 (10) 8518 5111 传真 +86 (10) 8518 5111 Internet kpmg.com/cn 网址 kpmg.com/cn 对中集车辆 (集团) 股份有限公司 募集资金 2024 年度存放与实际使用情况专项报告的鉴证报告 KPMG Huazhen LLP, a People's Republic of China 毕马威华振会计师事务所(特殊普通合伙) — 中国合伙 制会计 partnership and a member firm ...

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