Sales Performance - In July 2025, the wholesale sales of heavy trucks reached 84,900 units, representing a year-on-year increase of 45.62% but a month-on-month decrease of 13.26% [1][3] - From January to July 2025, the cumulative wholesale sales of heavy trucks totaled 624,200 units, showing a year-on-year growth of 10.97% [1][3] - The wholesale sales of medium trucks in July 2025 were 8,600 units, reflecting a year-on-year decline of 19.01% and a month-on-month decrease of 14.07% [1][29] - The cumulative wholesale sales of medium trucks from January to July 2025 amounted to 68,200 units, indicating a year-on-year decrease of 15.74% [1][29] Market Share - In July 2025, the top five companies in heavy truck sales accounted for 90.15% of the market share, with China National Heavy Duty Truck Group, FAW Jiefang, Dongfeng Motor, Shaanxi Automobile, and Foton Motor leading [9][12] - For the cumulative sales of heavy trucks from January to July 2025, the top five companies maintained a market share of 90.82% [12] - The top five companies in the wholesale sales of tractors in July 2025 held 88.50% of the market share, with the same leading companies as in heavy trucks [16][22] - The cumulative sales of tractors from January to July 2025 also saw the top five companies holding a market share of 90.15% [25] Industry Trends - The heavy truck market is experiencing significant growth year-on-year, while medium truck sales are declining [1][29] - The tractor segment shows a positive year-on-year growth of 28.80% in July 2025, despite a month-on-month decrease of 12.30% [16] - The overall performance of the heavy truck and tractor markets indicates a competitive landscape dominated by a few key players [9][22]

Core Insights - The domestic commercial vehicle market is experiencing a strong growth in new energy vehicles (NEVs), with significant increases in sales and penetration rates projected for 2024 and 2025 [1][2][10]. Group 1: Commercial Vehicle Market Overview - In July 2025, domestic commercial vehicle sales reached 250,000 units, a year-on-year increase of 13% [1][5]. - From January to July 2025, total commercial vehicle sales amounted to 1.77 million units, reflecting a 7% year-on-year growth, marking a new high since 2022 [1][5]. - The commercial vehicle insurance data indicates a stable market after a decline in previous years, with 2.85 million units insured in 2024, nearly flat compared to the previous year [5]. Group 2: New Energy Commercial Vehicle Performance - New energy commercial vehicle sales are projected to reach 579,000 units in 2024, representing an 84% year-on-year increase [1][6]. - By July 2025, new energy commercial vehicle sales hit 73,000 units, a 55% increase year-on-year, despite a 3% month-on-month decline [1][6]. - The penetration rate of new energy commercial vehicles reached 24% in the first seven months of 2025, up from 20% in 2024, indicating strong market adoption [10][12]. Group 3: Battery Swap Commercial Vehicles - The battery swap commercial vehicle segment, particularly heavy-duty trucks, has seen explosive growth, with sales of battery swap heavy trucks reaching 26,400 units from January to July 2025, a 197% increase [1][13]. - In July 2025, battery swap heavy truck sales were 4,400 units, reflecting a 172% growth [13]. Group 4: Market Penetration and Trends - The penetration rate of new energy commercial vehicles was 29% in July 2025, with trucks at 22% and buses at 61%, showing significant improvements across segments [10][12]. - The overall market for new energy commercial vehicles is characterized by strong growth driven by policy support and increasing demand for vehicle updates [2][10]. Group 5: Competitive Landscape - Major players in the commercial vehicle market include Beiqi Foton, SAIC-GM-Wuling, and Dongfeng Motor, with varying performance across different vehicle categories [15]. - The market structure remains stable, with light trucks and buses showing resilience, while heavy trucks are experiencing a recovery due to policy-driven updates [12][15].

Core Viewpoint - The medium truck market in China has experienced a continuous decline, with a cumulative sales drop of 15% in the first half of 2025, and July 2025 showing a year-on-year decrease of 19% in sales, raising concerns about the market's recovery potential [1][3][19]. Group 1: Market Performance - In July 2025, the total truck market (including chassis and tractors) sold 264,400 units, a month-on-month decrease of 16% but a year-on-year increase of 14% [3]. - The medium truck segment sold 8,642 units in July 2025, marking a month-on-month decline of 14% and a year-on-year decline of 19%, continuing a trend of five consecutive months of decline [3][9]. - Cumulatively, from January to July 2025, the medium truck market sold 68,200 units, a decrease of 16% compared to the previous year, ranking third in the last five years [5][14]. Group 2: Company Performance - In July 2025, the top ten companies in the medium truck market had a combined market share of 98.01%, with the top five companies accounting for 80.46% [12]. - Jiefang maintained its position as the sales champion with 2,715 units sold, capturing a market share of 31.42% [12]. - Companies such as Heavy Truck, Dongfeng, BYD, and Shaanxi Auto saw year-on-year sales increases of 81%, 13%, 92%, 24%, and 214%, respectively, while some companies experienced significant declines, with one company reporting a 70% drop [10][16]. Group 3: Market Trends - The medium truck market has shown a fluctuating trend over the past five years in July, with sales peaking at 11,300 units in July 2021, followed by significant declines in 2022 and a recovery in 2023 and 2024, only to fall again in 2025 [5]. - The cumulative sales from January to July 2025 indicate that Jiefang, Jianghuai, Heavy Truck, and Dongfeng each hold over 10% market share, with Jiefang leading at 30.66% [17]. - The overall market sentiment remains cautious, with questions about when the current decline will end and whether a recovery is possible in the latter half of 2025 [19].

Core Viewpoint - The article discusses the sudden ban imposed by Russia on several Chinese truck brands, highlighting the rapid rise of Chinese trucks in the Russian market and the subsequent protective measures taken by the Russian government to safeguard its domestic manufacturers [3][6][16]. Group 1: Rise of Chinese Trucks in Russia - Before the Russia-Ukraine conflict, Chinese trucks were marginal in the Russian market, with foreign brands holding a 43.9% market share in 2021, while Chinese trucks had negligible presence [10]. - The market dynamics shifted dramatically post-conflict, as Western truck manufacturers exited Russia, leading to a surge in Chinese truck market share from less than 4% in 2022 to 58.3% in 2024 [13]. - In 2024, Chinese heavy-duty trucks like Shacman and Dongfeng achieved significant sales, with Dongfeng's sales increasing by 99.8% compared to the previous year [14][11]. Group 2: Russian Government's Response - The Russian government has implemented a series of protective measures against Chinese trucks, including increased recycling taxes and stricter import regulations, which began to take effect in 2024 [18][20]. - The ban on several Chinese truck models was justified by claims of safety defects and non-compliance with new regulations, despite the absence of prior complaints or incidents [5][22]. - The new regulations create significant barriers for Chinese manufacturers, including mandatory local testing and certification, which can take up to 12 months and double the costs [18][20]. Group 3: Future Implications and Strategies - The article suggests that the Russian government's actions reflect a deeper concern over technological dependency on Chinese components, particularly in military logistics [17]. - Chinese truck manufacturers are encouraged to localize production in Russia to mitigate the impact of these regulations and maintain market presence [25][29]. - The competitive landscape is expected to evolve, with Chinese companies needing to enhance their service networks and technological capabilities to adapt to the changing market dynamics [27][29].

格隆汇8月14日丨中国重汽(03808.HK)公布，公司将于2025年8月27日召开董事会会议，以（其中包括） 审议及通过集团截至2025年6月30日止六个月的中期业绩及其发布，以及审议派发中期股息的建议（如 有）。 ...

Group 1 - The core message highlights the story of Chen Tinghai, a farmer known for his integrity, who received a new truck from China National Heavy Duty Truck Group (CNHTC) as a gesture of support for his commitment to repaying debts over 19 years [1][4] - In recognition of his honesty and integrity, Chen was awarded titles such as "Chinese Good Person" in 2022 and was nominated for the National Moral Model Award in 2025 [3] - CNHTC's initiative to provide Chen with a truck and lifetime maintenance services reflects the company's commitment to quality and customer satisfaction, aligning with Chen's values of trustworthiness [4][11] Group 2 - Chen chose CNHTC's truck due to its strong local reputation and reliability, indicating the brand's established presence in the agricultural transport sector [6] - The partnership between CNHTC and Chen symbolizes a broader commitment to integrity and support within the community, showcasing the company's dedication to social responsibility [9][13] - CNHTC emphasizes its core value of customer satisfaction, ensuring that clients feel secure and comfortable with their purchases through quality assurance and service [11]

承董事會命 中國重汽（香港）有限公司 董事長 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分內 容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 董事會 會議通告 中國重汽（香港）有限公司（「本公司」）董事會（「董事會」）謹此通告，董 事會將於 2025 年 8 月 27 日（星期三）在中國山東省濟南市高新區華奧路 777 號 本公司會議室舉行董事會會議，以商討下列事項： 劉正濤 中國．濟南，2025 年 8 月 14 日 於本公告日期，本公司董事會包括本公司七名執行董事，為劉正濤先生、劉偉先生、李霞女士、 韓峰先生、趙華先生、王德春先生及韓星女士；本公司三名非執行董事，為程廣旭先生、Karsten Oellers 先生及 Mats Lennart Harborn 先生；及本公司六名獨立非執行董事，為王登峰博士、 趙航先生、梁青先生、呂守升先生、張忠先生及劉霄侖博士。 1 1. 考慮及通過本公司及其附屬公司（「本集團」）截至 2025 年 6 月 30 日止 未經審核中期業績，及通過將本集團未經審核中期 ...

Core Viewpoint - The establishment of a joint venture between Sinotruk and local partners in Kazakhstan aims to enhance local production capabilities and create job opportunities while utilizing local resources [3][5]. Group 1: Joint Venture and Production Capacity - A new company, Saran Machinery, has been officially established to produce commercial vehicles in Kazakhstan, supported by the government [3]. - The joint venture is located in the Karaganda region and has an annual production capacity of 10,000 units, including HOWO trucks [3]. - The factory will feature modern technology, including Kazakhstan's first electrophoretic metal processing production line, enhancing corrosion protection and extending equipment lifespan [3]. Group 2: Localization and Employment - The company emphasizes localization by planning to use galvanized steel body parts produced by the Qarmet Metallurgical Plant, which will leverage local raw materials [3]. - The project is expected to create up to 1,000 jobs, contributing to local employment [5]. Group 3: Equipment Delivery Timeline - Under the support of the Kazakhstan Industrial Development Fund, the technical equipment will be delivered in phases between 2025 and 2026 [5]. - Chassis and cab assembly equipment is scheduled for delivery in October 2025, while painting and welding equipment will arrive in the second quarter of 2026 [5].

Core Viewpoint - The rapid growth of China's new energy heavy truck market is evident, with a cumulative sales increase of nearly 80,000 units in the first half of 2025, marking a year-on-year surge of 186% and achieving a "29 consecutive months" growth trend [1][5][12] Group 1: Market Trends - The new energy heavy truck market has seen a doubling growth in 16 months since 2024, indicating a strong and irreversible development momentum [1] - The penetration rate of new energy in the heavy truck market reached approximately 22.3% in the first half of this year, with pure electric trucks accounting for nearly 22% [11] - The market for long-distance transportation, which exceeds 500 km, represents over 50% of the heavy truck market, with an annual demand exceeding 560,000 units, presenting a significant opportunity for new energy heavy trucks [12] Group 2: Challenges and Solutions - Despite the growth, challenges remain, particularly in the long-distance trunk transportation sector, where issues such as short range, low refueling efficiency, and inadequate infrastructure persist [12][14] - The "supercharging and quick swapping" initiative aims to address the refueling efficiency of electric heavy trucks by creating a comprehensive infrastructure system that combines high-power charging and battery swapping technologies [16] - The construction of a "charging, swapping, and supercharging" network is proposed to reduce investment pressure on operators by utilizing existing power facilities and upgrading them to meet diverse refueling needs [17] Group 3: Industry Collaboration - A recent high-level seminar in Tianjin brought together representatives from various authoritative institutions and over 40 related companies to discuss breakthroughs in electric heavy trucks for long-distance transportation [3] - The initiative emphasizes the importance of collaboration among industry players to establish a unified, efficient, and economically viable refueling network for heavy trucks [15][19]

7月重卡销8.49万辆同比大增46%，喜提"4连增" 第一商用车网最新获悉，根据中汽协数据(企业开票数口径，非终端实销口径，下同)，2025年7月份， 我国卡车市场(含底盘、牵引车)共计销售26.44万辆，环比6月份下降16%，同比增长14%。这其中，重 型卡车市场(含底盘、牵引车)7月份销售8.49万辆，环比下降13%，同比增长46%，同比增幅较上月扩大 9个百分点(2025年6月份重卡市场同比增长37%)，重卡市场这一轮的连增势头扩大至"4连增"。 通常来讲，7月份是重卡行业的销售淡季，过去十年(不包括2025年)7月份重卡平均销量约7.08万辆，但 自2022年起，连续三年7月份销量都不足7万辆。 由近五年7月份重卡销量及增幅走势图可见，最近五年7月份的重卡市场仅有两年实现增长，其中就包括 2025年7月份。在连续三年7月份销量都明显低于历史平均水平后，2025年7月份重卡销量不仅再次超过7 万辆，8.49万辆也创造了最近五年7月份的最高销量，如果把时间线拉长到近十年来看，则是十年第三 高的7月份。 TOP5月销破万辆，重汽超2万，福田/徐工等翻倍涨 2025年7月份重卡市场同比增长46%，同比增幅较上 ...