中集车辆（集团）股份有限公司 第三届董事会 2025 年第七次会议决议公告 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"）第三届董事 会2025年第七次会议通知于2025年10月13日以电子邮件的方式发出，于2025年10 月24日以通讯会议的方式召开。会议应出席董事9名，实际出席董事9名。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。 证券代码：301039 证券简称：中集车辆 公告编号：2025-050 表决情况：9 票同意、0 票反对、0 票弃权。 三、备查文件 1、第三届董事会 2025 年第七次会议决议； 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： 1、审议通过《2025 年第三季度报告》 经审议，公司董事会认为公司《2025年第三季度报告》编制程序符合法律、 行政法规及中国证监会的有关规定，报告内容真实、准确、完整地反映了公司经 营、管理及财务等各方面的实际情况，不存在虚假记载、误导 ...

Financial Performance - Total revenue for Q3 2025 reached ¥5,259,474,439.77, an increase of 2.65% compared to the same period last year[5] - Net profit attributable to shareholders decreased by 21.72% to ¥219,071,931.28 for Q3 2025[5] - Basic earnings per share for Q3 2025 was ¥0.12, a decline of 20.00% compared to the same period last year[5] - The company reported a decrease of 26.23% in net profit attributable to shareholders for the year-to-date period[5] - Total operating revenue for the current period was ¥15,012,482,427.86, a decrease of 5.13% from ¥15,823,449,879.27 in the previous period[34] - Net profit for the current period was ¥638,467,393.65, a decline of 25.56% compared to ¥857,868,474.54 in the previous period[35] - Earnings per share (EPS) for the current period was ¥0.33, down from ¥0.43 in the previous period[36] - The total comprehensive income for the current period was ¥688,798,746.01, down from ¥799,677,442.53, a decrease of 13.88%[36] Cash Flow and Assets - Cash flow from operating activities for the year-to-date period was ¥972,688,490.49, down 36.35% year-on-year[10] - Operating cash flow for the current period is ¥972,688,490.49, a decrease of 36.4% compared to ¥1,528,253,443.47 in the previous period[37] - Total cash inflow from operating activities is ¥13,807,039,998.08, down from ¥14,038,029,825.61, reflecting a decline of 1.6%[37] - Cash outflow from operating activities increased to ¥12,834,351,507.59, compared to ¥12,509,776,382.14, representing an increase of 2.6%[37] - The ending balance of cash and cash equivalents is ¥6,050,033,304.31, down from ¥6,161,274,382.54[38] - The company reported a cash inflow of ¥476,799,459.89 from the disposal of subsidiaries, a substantial increase from ¥3,000,000.00 previously[38] - The company received ¥551,954,888.62 in dividend payments, a significant increase compared to ¥43,598,625.36 in the previous period[38] - The company experienced a negative impact of -¥35,693,688.64 from foreign exchange fluctuations on cash and cash equivalents[38] Assets and Liabilities - Total assets as of the end of Q3 2025 amounted to ¥23,196,721,296.84, reflecting a 2.25% increase from the end of the previous year[6] - Total current assets increased to approximately 15.97 billion yuan as of September 30, 2025, compared to 15.40 billion yuan at the beginning of the period[31] - The company's cash and cash equivalents rose to approximately 6.17 billion yuan from 5.80 billion yuan[29] - Total liabilities increased to ¥8,096,678,873.42, up from ¥7,745,671,519.19, reflecting a growth of 4.53%[32] - Total equity attributable to shareholders of the parent company rose to ¥14,532,168,468.09, compared to ¥14,381,208,915.09, an increase of 1.05%[32] Market Performance and Strategy - The company achieved a 22% improvement in order delivery efficiency in the third quarter of 2025 through enhanced production and delivery processes[21] - The European semi-trailer market faced significant challenges, with the overall market size shrinking from approximately 18,000 units to about 13,000 units, leading to severe overcapacity and price wars[23] - In the third quarter of 2025, the North American semi-trailer market demand remained weak, with new order volumes at historical lows, primarily due to uncertainties from government tariff policies[23] - The company constructed high-end component factories in Europe to ensure stable supply and reliability of products and deliveries amid challenging market conditions[23] - The company established a unified marketing service company in the northwest to address internal competition pain points and enhance service responsiveness[21] - The company is focusing on key accounts in the express and retail sectors to secure significant orders, thereby enhancing its core advantages in the new market landscape[23] Research and Development - Research and development expenses increased to ¥319,691,940.30, up from ¥279,803,826.56, indicating a growth of 14.26%[35] - The pure electric head-mounted train business completed the development and operational system for the EV-RT2.0 product, marking significant breakthroughs in product delivery and marketing[26] - The company aims to enhance its global supply chain resilience and adapt to geopolitical risks while pursuing the integrated product of pure electric head-mounted trains[27] - The company is focusing on developing differentiated core competencies and exploring new development opportunities in a rapidly changing environment[27] - The company plans to showcase the prototype of the pure electric head-mounted train at the 2025 China International Commercial Vehicle Exhibition in November 2025[30] Sales and Revenue - In the first three quarters of 2025, the company sold a total of 101,583 vehicles, generating revenue of RMB 15.012 billion, with a gross margin of 15.2% and a net profit attributable to shareholders of RMB 622 million[17] - The company's semi-trailer and tank truck business in the Chinese market saw a revenue increase of 16.3% year-on-year, with a gross margin improvement of 2.6 percentage points[20] - The global southern semi-trailer business revenue grew by 15.79% year-on-year, with sales increasing by 21.39% and gross margin rising by 2.6 percentage points in the first three quarters of 2025[22] - The company reported a gross profit of RMB 1.797 billion from its global semi-trailer business in the first three quarters of 2025[18] - The company's DTB business achieved revenue of 2.333 billion yuan in the first three quarters of 2025, with total sales of 7,346 units across various EV-DTB models[25]

Core Viewpoint - CIMC Vehicles has experienced a decline in both revenue and net profit for the first half of 2025, indicating potential challenges in its operational performance [2]. Financing and Trading Activity - On October 21, CIMC Vehicles' stock rose by 0.84% with a trading volume of 88.43 million yuan. The financing buy-in amount was 5.18 million yuan, while the financing repayment was 8.07 million yuan, resulting in a net financing outflow of 2.89 million yuan [1]. - As of October 21, the total financing and securities balance for CIMC Vehicles was 235 million yuan, which accounts for 1.68% of its market capitalization, indicating a low financing balance compared to the past year [1]. - In terms of securities lending, CIMC Vehicles repaid 500 shares on October 21, with no shares sold, resulting in a securities lending balance of 18.86 thousand yuan, also reflecting a low level compared to the past year [1]. Company Overview - CIMC Vehicles, established on August 29, 1996, and listed on July 8, 2021, is primarily engaged in the production of semi-trailers, special vehicle superstructures, and refrigerated truck bodies. The main revenue sources are 80.61% from global semi-trailers, 17.14% from superstructures, chassis, and tractors, and 2.25% from other sources [1]. - As of June 30, 2025, the number of shareholders for CIMC Vehicles was 35,500, a decrease of 2.95% from the previous period, while the average circulating shares per person increased by 3.04% to 40,937 shares [2]. Financial Performance - For the first half of 2025, CIMC Vehicles reported a revenue of 9.75 billion yuan, a year-on-year decrease of 8.85%, and a net profit attributable to shareholders of 403 million yuan, down 28.48% year-on-year [2]. - The company has distributed a total of 2.664 billion yuan in dividends since its A-share listing, with 1.655 billion yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, the sixth largest circulating shareholder of CIMC Vehicles is Dazheng Gaoxin Stock A (000628), holding 30.09 million shares, which is an increase of 5.29 million shares compared to the previous period [3].

Core Viewpoint - The company focuses on the manufacturing, assembly, and delivery of container chassis, refrigerated semi-trailers, and box-type semi-trailers in its North American semi-trailer business [1] Group 1 - The company is engaged in the production of container chassis [1] - The company manufactures refrigerated semi-trailers [1] - The company also produces box-type semi-trailers [1]

Core Viewpoint - On October 15, 2023, CIMC Vehicles experienced a 2.62% increase in stock price, with a trading volume of 185 million yuan, indicating positive market sentiment towards the company [1]. Financing Summary - On the same day, CIMC Vehicles had a financing buy-in amount of 22.72 million yuan and a financing repayment of 15.15 million yuan, resulting in a net financing buy of 7.57 million yuan [1]. - As of October 15, the total financing and securities lending balance for CIMC Vehicles was 245 million yuan, with the financing balance accounting for 1.71% of the circulating market value, which is above the 50th percentile level over the past year [1]. - In terms of securities lending, CIMC Vehicles repaid 300 shares and sold 500 shares, with a selling amount of 4,895 yuan based on the closing price [1]. Company Overview - CIMC Vehicles (Group) Co., Ltd. was established on August 29, 1996, and listed on July 8, 2021. The company is located in Hong Kong and Shenzhen, focusing on the production of semi-trailers, special vehicle superstructures, and refrigerated truck bodies [1]. - The main business revenue composition includes 80.61% from global semi-trailers, 17.14% from superstructures, chassis, and tractors, and 2.25% from other supplementary sources [1]. Financial Performance - As of June 30, 2023, CIMC Vehicles reported a total of 35,500 shareholders, a decrease of 2.95% from the previous period, while the average circulating shares per person increased by 3.04% to 40,937 shares [2]. - For the first half of 2023, CIMC Vehicles achieved an operating income of 9.75 billion yuan, a year-on-year decrease of 8.85%, and a net profit attributable to shareholders of 403 million yuan, down 28.48% year-on-year [2]. Dividend Information - Since its A-share listing, CIMC Vehicles has distributed a total of 2.664 billion yuan in dividends, with 1.655 billion yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2023, among the top ten circulating shareholders of CIMC Vehicles, Dazheng Gaoxin Stock A (000628) ranked as the sixth largest, holding 30.09 million shares, an increase of 5.29 million shares compared to the previous period [3].

Core Insights - On October 14, CIMC Vehicles experienced a 1.49% increase in stock price with a trading volume of 141 million yuan [1] - The company reported a net financing purchase of 1.11 million yuan on the same day, with a total financing and securities balance of 237 million yuan [1][2] - For the first half of 2025, CIMC Vehicles reported a revenue of 9.75 billion yuan, a year-on-year decrease of 8.85%, and a net profit of 403 million yuan, down 28.48% year-on-year [2] Financing and Securities - On October 14, the financing buy amount for CIMC Vehicles was 15.87 million yuan, with a current financing balance of 236 million yuan, representing 1.70% of the circulating market value [1] - The financing balance is below the 50th percentile level over the past year, indicating a relatively low position [1] - In terms of securities lending, 3,100 shares were repaid and 1,600 shares were sold on October 14, with a total selling amount of 15,300 yuan [1] Shareholder Information - As of June 30, the number of shareholders for CIMC Vehicles was 35,500, a decrease of 2.95% from the previous period [2] - The average circulating shares per person increased by 3.04% to 40,937 shares [2] - The company has distributed a total of 2.664 billion yuan in dividends since its A-share listing, with 1.655 billion yuan distributed in the last three years [3] Institutional Holdings - As of June 30, 2025, the sixth largest circulating shareholder is Dazheng Gaoxin Stock A, holding 30.09 million shares, an increase of 5.286 million shares compared to the previous period [3]

Core Viewpoint - CIMC Vehicles has shown a positive stock performance with a year-to-date increase of 11.06% and a market capitalization of 18.254 billion yuan as of October 15 [1] Group 1: Stock Performance - As of October 15, CIMC Vehicles' stock price increased by 2.10% to 9.74 yuan per share, with a trading volume of 27.2645 million yuan and a turnover rate of 0.19% [1] - The stock has experienced a 1.35% increase over the last five trading days, a 0.62% increase over the last 20 days, and a 16.65% increase over the last 60 days [1] Group 2: Financial Performance - For the first half of 2025, CIMC Vehicles reported a revenue of 9.753 billion yuan, a year-on-year decrease of 8.85%, and a net profit attributable to shareholders of 403 million yuan, down 28.48% year-on-year [2] - The company has distributed a total of 2.664 billion yuan in dividends since its A-share listing, with 1.655 billion yuan distributed over the past three years [3] Group 3: Shareholder Information - As of June 30, 2025, CIMC Vehicles had 35,500 shareholders, a decrease of 2.95% from the previous period, with an average of 40,937 circulating shares per shareholder, an increase of 3.04% [2] - The sixth largest circulating shareholder, Dazheng Gaoxin Stock A, holds 30.0867 million shares, an increase of 5.286 million shares compared to the previous period [3] Group 4: Business Overview - CIMC Vehicles, established on August 29, 1996, and listed on July 8, 2021, primarily engages in the production of semi-trailers, special vehicle superstructures, and refrigerated truck bodies [1] - The company's main business revenue composition includes 80.61% from global semi-trailers, 17.14% from superstructures, chassis, and tractors, and 2.25% from other sources [1]

Core Viewpoint - The A-share automotive sector experienced an initial surge, with notable gains in several companies, indicating positive market sentiment in the industry [1] Company Performance - Haima Automobile reached the daily limit up, reflecting strong investor interest [1] - GAC Group saw an increase of over 4%, suggesting robust performance and market confidence [1] - Jinlong Automobile, Hanma Technology, Dongfeng Motor, and CIMC Vehicles also experienced upward movement, indicating a broader positive trend in the sector [1]

Core Viewpoint - CIMC Vehicles has shown a positive stock performance with a year-to-date increase of 9.35% and a recent uptick in trading activity, indicating potential investor interest and market confidence [2]. Group 1: Stock Performance - As of October 14, CIMC Vehicles' stock price rose by 2.02% to 9.59 CNY per share, with a trading volume of 19.34 million CNY and a market capitalization of 17.973 billion CNY [1]. - The stock has increased by 1.48% over the last five trading days and 14.03% over the last 60 days [2]. Group 2: Financial Performance - For the first half of 2025, CIMC Vehicles reported a revenue of 9.753 billion CNY, a year-on-year decrease of 8.85%, and a net profit attributable to shareholders of 403 million CNY, down 28.48% compared to the previous year [2]. - The company's main revenue sources include semi-trailers (80.61%), superstructure and chassis (17.14%), and other segments (2.25%) [2]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for CIMC Vehicles was 35,500, a decrease of 2.95% from the previous period, with an average of 40,937 circulating shares per shareholder, an increase of 3.04% [2]. - The company has distributed a total of 2.664 billion CNY in dividends since its A-share listing, with 1.655 billion CNY distributed over the last three years [3]. Group 4: Institutional Holdings - As of June 30, 2025, Dazheng Gaoxin Stock A (000628) was the sixth largest circulating shareholder, holding 30.0867 million shares, an increase of 5.286 million shares from the previous period [3].

Core Viewpoint - CIMC Vehicles has experienced a decline in stock price and financial performance, with a notable decrease in revenue and net profit year-on-year, indicating potential challenges in the commercial vehicle sector [2][3]. Group 1: Stock Performance - As of October 13, CIMC Vehicles' stock price decreased by 2.10%, trading at 9.33 CNY per share with a market capitalization of 17.486 billion CNY [1]. - Year-to-date, the stock price has increased by 6.39%, with a 3.67% rise over the last five trading days, 1.41% over the last 20 days, and 11.34% over the last 60 days [2]. Group 2: Financial Performance - For the first half of 2025, CIMC Vehicles reported a revenue of 9.753 billion CNY, a year-on-year decrease of 8.85%, and a net profit attributable to shareholders of 403 million CNY, down 28.48% year-on-year [2]. - The company's main business revenue composition includes 80.61% from semi-trailers, 17.14% from superstructures, chassis, and tractors, and 2.25% from other sources [2]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for CIMC Vehicles was 35,500, a decrease of 2.95% from the previous period, with an average of 40,937 circulating shares per shareholder, an increase of 3.04% [2]. - The company has distributed a total of 2.664 billion CNY in dividends since its A-share listing, with 1.655 billion CNY distributed over the past three years [3]. Group 4: Institutional Holdings - As of June 30, 2025, Dazheng Gaoxin Stock A (000628) is the sixth largest circulating shareholder, holding 30.0867 million shares, an increase of 5.286 million shares compared to the previous period [3].