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 ...

中集车辆: 2024年度涉及中集集团财务有限公司关联交易的 存款、贷款等金融业务汇总表的专项报告 关于中集车辆 (集团) 股份有限公司 关联交易的存款、贷款等金融业务汇总表的专项报告 | 华振会计师事务所 | KPMG Huazhen LLP | | 毕马威 | | --- | --- | --- | --- | | | 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 | | | | | (10) 8508 5000 | | Telephone +86 (10) 8508 5000 | 电话 +86 | | | Fax +86 (10) 8518 5111 | | 传真 +86 | | (10) 8518 5111 | | | | | | Internet kpmg.com/cn | | 网址 | | kpmg.com/cn | | | | | | 关于中集车辆 (集团) 股份有限公司 | | | 振专字第 2501180 号 中集车辆 (集团) ...

中集车辆: 2024年度非经营性资金占用及其他关联资金往来情况的专项报告 关于中集车辆 (集团) 股份有限公司 其他关联资金往来情况的专项报告 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 关于中集车辆 (集团) 股份有限公司 毕马威华振专字第 2501182 号 中集车辆 (集团) 股份有限公司董事会： 我们接受委托，按照中国注册会计师审计准则审计了中集车辆 (集团) 股份有限公司 (以下 简称"中集车辆") 2024 年度的财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债 表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司股东权益变 动表以及相关财务报表附 ...

中集车辆: 第三届董事会独立董事2024年度述职报 告（刘宁） 中集车辆（集团）股份有限公司 第三届董事会独立董事 2024 年度述职报告 （以下简称"《公司法》"）、 三届董事会独立董事，严格按照《中华人民共和国公司法》 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司独立董事管理 办法 》《深圳证券交易所创业板股票上市规则》（以下简称"《股票上市规则》"）、 《深圳证券交易所上市公司自律监管指引第2号——创业板上市公司规范运作》等 相关法律法规的规定，忠实履行职责，勤勉尽责，积极发挥独立董事作用，促进公 司规范运作，切实维护了公司股东尤其是中小股东的利益。 现将2024年度任职期间有关工作情况报告如下： 一、基本情况 本人刘宁，1968年生，中国国籍，无境外永久居留权，工商管理硕士。曾任招 商局蛇口工业区控股股份有限公司副总经理兼董事会秘书、招商局置地有限公司 非执行董事；现任大族激光科技产业集团股份有限公司独立董事、广东TCL智慧家 电股份有限公司独立董事、福华通达化学股份有限公司独立董事；自2024年9月起， 担任公司独立董事。 本人已根据《上市公司独立董事管理办法》《深圳证券交易所上市 ...

Core Viewpoint - The company has proposed a profit distribution plan for the year 2024, which includes a cash dividend of RMB 524,754,837.60, reflecting a commitment to return value to shareholders while ensuring long-term growth [1][2][3]. Summary by Sections 1. Approval Process - The profit distribution plan was approved during the second meeting of the board and the second meeting of the supervisory board on March 21, 2025 [1][2]. - Both the independent directors and the supervisory board believe the plan aligns with relevant laws and regulations, and it serves the interests of all shareholders [2]. 2. Basic Situation of the Profit Distribution Plan - The total share capital as of December 31, 2024, is 1,874,124,420 shares, with a proposed cash dividend of RMB 2.8 per 10 shares (RMB 0.28 per share) [2][3]. - The total cash dividend distribution amounts to RMB 524,754,837.60, with no stock dividends or capital reserves being converted into shares [2]. 3. Cash Dividend Details - The cash dividend distribution will be completed within two months after the shareholders' meeting approval [3]. - The company plans to maintain the per-share distribution amount even if there are changes in total share capital before the equity distribution date [3]. 4. Financial Performance - The company reported a net profit of RMB 291,107,198.30 for the year 2024, with a total cash dividend for the year amounting to RMB 1,049,509,675.20, which represents 97% of the annual net profit [4]. - The company has accumulated cash dividends of RMB 1,654,789,675 over the last three years, exceeding 30% of the average annual net profit during that period [5]. 5. Research and Development Investment - The company invested RMB 388,633,995 in research and development in 2024, compared to RMB 396,517,482 in 2023 and RMB 305,577,662 in 2022 [4]. - The cumulative R&D investment over the last three years totals RMB 1,090,729,139, which is above RMB 300 million, indicating a strong commitment to innovation [5].

中集车辆: 第三届董事会2025年第二次会议决议公 告 证券代码：301039 证券简称：中集车辆 公告编号：2025-008 中集车辆（集团）股份有限公司 第三届董事会 2025 年第二次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 一、董事会会议召开情况 中集车辆（集团）股份有限公司（以下简称"公司"或"本公司"，与其控股子 公司合称"本集团"）第三届董事会2025年第二次会议通知于2025年3月14日以电 子邮件的方式发出，于2025年3月25日下午以现场会议及通讯表决相结合的方式 在深圳市南山区蛇口太子广场1803会议室召开。会议应出席董事9名，实际出席 董事9名，部分监事及高级管理人员列席会议。会议由董事长李贵平先生主持。 本次会议的召开符合《中华人民共和国公司法》等有关法律法规和《公司章程》 的规定。 二、董事会会议审议情况 经与会董事审议，会议通过了以下议案： 公司《2024年度董事会工作报告》的具体内容详见公司于同日在巨潮资讯网 （http://www.cninfo.com.cn/）上披露的《2024年年度报告》中"管理层讨论与 ...