Core Viewpoint - The "2025 Annual Selection of Commercial Vehicles" event successfully concluded, aiming to discover outstanding brands in the commercial vehicle sector and promote healthy industry development [1]. Group 1: Event Overview - The event was co-hosted by the First Commercial Vehicle Network, Truck Space Station, and Pickup Space Station, emphasizing the theme of supporting Chinese manufacturing [1]. - The awards aimed to establish authoritative industry standards and benchmarks for excellent brands in the commercial vehicle field [1]. Group 2: Award Highlights - China National Heavy Duty Truck HOWO Commander Light Truck won the "2025 Annual Recommended High-end Light Truck" award due to its high-end configuration, leading technology, and excellent market performance [3]. - The HOWO Commander integrates power technology, safety assurance, and comfort experience, setting a new benchmark in the high-end light truck market [3]. Group 3: Product Development and Market Strategy - Since its launch in 2012, the HOWO light truck has gained widespread market recognition by focusing on user needs and providing advanced logistics equipment and comprehensive service support [5]. - The brand adheres to a "large market, large marketing" philosophy, establishing a nationwide service and parts network with over a thousand outlets, ensuring an efficient marketing service system [5]. Group 4: Technical Features - The HOWO Commander was developed by a Sino-German team, incorporating intelligent connectivity technology and leveraging data from millions of users [7]. - The vehicle complies with new blue card regulations, equipped with a Weichai WP2.5N engine, offering power ranging from 140 to 180 horsepower, and features the industry's first 12-speed transmission for efficient power conversion [7]. - The truck uses a special axle from Heavy Truck, ensuring lifelong maintenance-free operation with a B10 lifespan exceeding 1 million kilometers, significantly enhancing vehicle reliability and availability [7]. Group 5: Industry Impact - The success of the HOWO Commander reflects the high-quality improvement in Chinese commercial vehicle manufacturing and demonstrates the confidence and strength of Chinese brands moving towards high-end and international markets [9]. - The award confirms the product's strong recognition in the high-end light truck market by the industry [9].

Core Viewpoint - China National Heavy Duty Truck Group (China National Heavy Truck) has announced a procurement agreement with Weichai Holding Group for 2026, indicating a significant increase in procurement limits compared to previous years [1][5]. Group 1: Procurement Agreement Details - The proposed new upper limit for the procurement agreement in 2026 is set at 21 billion RMB, which represents an increase of approximately 29% compared to the actual transaction amount in 2024 [5][6]. - The historical transaction amounts leading up to 2026 are 14.175 billion RMB for 2023, 16.221 billion RMB for 2024, and an estimated 14.611 billion RMB for 2025 [5][6]. Group 2: Board and Shareholder Approval - The board believes that the ongoing procurement will align with the overall interests of the company and its shareholders, and a special shareholder meeting will be held on December 22, 2025, to seek independent shareholder approval [7]. - The agreement will be effective from January 1, 2026, to December 31, 2026 [7].

Core Insights - The new energy heavy truck market saw a significant year-on-year increase of 144% in October 2025, maintaining sales above 20,000 units, with specific segments like new energy tractors and charging heavy trucks growing by 150% [1][4]. Market Performance - In October 2025, the domestic sales of new energy heavy trucks reached 20,100 units, a 144% increase year-on-year but a 17% decrease month-on-month. New energy dump trucks sold 2,223 units, marking a 99% year-on-year increase but a 14% month-on-month decline [4][10]. - The penetration rate of new energy dump trucks in the heavy truck market reached a record high of 11.07% in October 2025, up from 10.65% the previous month [6][10]. Sales Trends - The monthly sales data for new energy dump trucks shows that the first eight months of 2025 had the highest sales ever recorded, with October sales also being among the highest [8][27]. - The overall heavy truck sales in October 2025 were 70,100 units, a 57% year-on-year increase, with new energy dump trucks accounting for 48.16% of the total dump truck sales [10][19]. Competitive Landscape - The market for new energy dump trucks remains competitive, with major players like XCMG, SANY, and China National Heavy Duty Truck Group consistently leading in monthly sales rankings [16][17]. - In October 2025, XCMG sold 612 units, securing its sixth monthly sales championship, while China National Heavy Duty Truck Group sold 460 units [19]. Market Share Analysis - As of October 2025, XCMG held the largest market share in the new energy dump truck sector at 23.36%, followed by China National Heavy Duty Truck Group at 18.80% and SANY at 18.37% [25]. - The total number of companies participating in the new energy dump truck market increased to 26 by October 2025, indicating a growing interest in this segment [21]. Future Outlook - The new energy dump truck market is expected to remain vibrant, with intense competition among leading manufacturers. The outcome of the year-end sales championship remains uncertain, with close sales figures among top competitors [27].

潍柴控股集团有限公司 二零二五年十月 本协议由以下双方于二零二五年十月三十一日在中国济南签订: 甲方:潍柴控股集团有限公司,一家根据中国法律成立并有效存续的有限公司, 其法定住所为潍坊市奎文区民生东街 26 号; 乙方:中国重汽(香港)有限公司,一家根据香港法律成立并有效存续的有限公 司，其注册地址为香港干诺道中 168-200 号信德中心招商局大厦 2102-03 室。 鉴于: (1)山东重工为乙方的间接控股股东,根据香港上市规则,山东重工及其附属 公司成为乙方的关连人士。 (2)甲方是供应方并为山东重工之全资子公司。根据香港上市规则的有关规 定,甲方为乙方的关连人士。 与 中国重汽(香港)有限公司 2026年采购零部件协议 (3)乙方是采购方并为一家在香港联交所主板上市的有限公司。 (4)甲、乙双方于上述日期签署了本协议,由供应方提供采购方所需的产品。 (5)按香港上市规则,所有在本协议项下进行的交易均为与重汽香港或其集团 的关连交易。所有关连交易必须符合不时修订的香港上市规则才可以进行。 于上述关连交易中,为明确甲、乙双方的权利义务关系及保护双方的合法权 益,双方在平等互利、协商一致的基础上,根据公平、 ...

Sinotruk (Hong Kong) Limited 中 國 重 汽（ 香 港 ）有 限 公 司 (Incorporated in Hong Kong with limited liability) （於香港註冊成立的有限公司） (Stock Code 股份代號: 03808) NOTIFICATION LETTER 28 November 2025 As a non-registered holder, if you wish to receive an email notification of the publication of all future corporate communication, you should liaise with your bank(s), broker(s), custodian(s), nominee(s) or HKSCC Nominees Limited through which your shares of the Company are held (collectively, the "Intermediaries") and provide your ...

Sinotruk (Hong Kong) Limited 中 國 重 汽（ 香 港 ）有 限 公 司 (Incorporated in Hong Kong with limited liability) （於香港註冊成立的有限公司） (Stock Code 股份代號: 03808) Continuing Connected Transaction Circular ("Circular"), Notice of Extraordinary General Meeting ("EGM Notice") and Proxy Form Please be informed that the above corporate communication are now available on the Company's website at www.sinotruk. com (the "Website Version") and the website of Hong Kong Exchanges and Clearing Limited at www.hkexnews.hk. You may access the ...

SINOTRUK (HONG KONG) LIMITED 中 國 重 汽（ 香 港 ）有 限 公 司 （於香港註冊成立的有限公司） （股份代號：03808） 地址 簽署5 日期 2025 年 12 月 22 日（ 星 期 一 ）股 東 特 別 大 會 代表委任表格 本人╱吾等1 為中國重汽（香港）有限公司（「本公司」）普通股股份（「股份」） 的登記持有人2 。茲委任 大會主席，或3 地址 作為本人╱吾等代表出席本公司將於2025年12月22日（星期一）下午三時正假座中國山東省濟南市高新區華奧 路777號中國重汽科技大廈（作為主要會議地點）及香港干諾道中168-200號信德中心招商局大廈2102-03室（作 為額外的會議地點）舉行的股東特別大會（「大會」）（或其任何續會）並代表本人╱吾等考慮並酌情通過召開大會 通告所載的決議案，並在大會（或其任何續會）上，以本人╱吾等之名義代表本人╱吾等按以下指示投票，及如 無作出指示，則由本人╱吾等代表自行酌情投票。本人╱吾等代表亦有權就於大會上適當提呈的任何事宜酌情 投票。 | 普通決議案 | 贊成4 | 反對4 | | --- | --- | --- | | 批准通函所載 ...

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。 SINOTRUK (HONG KONG) LIMITED 中 國 重 汽（ 香 港 ）有 限 公 司 （於香港註冊成立的有限公司） （股份代號：03808） 股東特別大會 通 告 茲通告中國重汽（香港）有限公司（「本公司」）謹訂於2025年12月22日（星期一）下午三 時正假座中國山東省濟南市高新區華奧路 777號中國重汽科技大廈（作為主要會議地點）及 香港干諾道中168-200號信德中心招商局大廈2102-03室（作為額外的會議地點）舉行股東 特別大會（「股東特別大會」），藉以通過下列決議案（經修訂或不經修訂）為本公司普通決議 案： 於本通告日期，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；及本公司五名獨立非執行董 ...

中 國 重 汽（ 香 港 ）有 限 公 司 （於香港註冊成立的有限公司） 此乃要件 請即處理 閣下對本通函任何方面或應採取的行動如有任何疑問，應諮詢 閣下股票經紀或其他註冊證券交易 商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已將名下中國重汽（香港）有限公司的股份全部售出或轉讓，應立即將本通函以及隨附代表委 任表格送交買主或承讓人或經手買賣或轉讓的銀行、股票經紀或其他代理商，以便轉交買主或承讓 人。 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通函的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本通函全部或任何部分內容而產生或因倚賴該等內容 而引致的任何損失承擔任何責任。 SINOTRUK (HONG KONG) LIMITED （股份代號：03808） (1) 更新持續關連交易 及 (2) 股東特別大會通告 獨立董事委員會及獨立股東的 獨立財務顧問 中國重汽（香港）有限公司謹訂於2025年12月22日（星期一）下午三時正舉行股東特別大會，大會通 告載於本通函第EGM-1至EGM-2頁。 董事會函件載於本通函第5至14頁，本公司獨立董事委員會函件載於本通函第15至16 ...

Investment Highlights - October sales: Production, wholesale, retail, and export all exceeded expectations. 1) Production: October heavy truck production was 104,000 units, with year-on-year and month-on-month changes of +78.4% and +2.6% respectively. 2) Wholesale: October heavy truck wholesale sales were 106,000 units, with year-on-year and month-on-month changes of +60.0% and +0.6% respectively. 3) Retail: October heavy truck terminal sales were 70,000 units, with year-on-year and month-on-month changes of +56.6% and -15.9% respectively. 4) Export: October heavy truck export sales were 33,000 units, with year-on-year and month-on-month changes of +43.8% and +4.8% respectively. 5) Inventory: October industry-wide inventory increased by 0.09 thousand units, with enterprise inventory decreasing by 0.23 thousand units and channel inventory increasing by 0.32 thousand units. The total inventory coefficient for October was calculated to be 1.8, which is considered reasonable [3][14][28]. Industry Structure - In terms of usage, October saw better performance for engineering vehicles compared to logistics vehicles. October engineering vehicle terminal sales were 7,400 units, with year-on-year and month-on-month changes of +63.0% and -14.9% respectively. Logistics vehicle sales were 62,600 units, with year-on-year and month-on-month changes of +55.9% and -16.0% respectively. The proportion of engineering vehicles and logistics vehicles in October was 10.5% and 89.5% respectively, with engineering vehicle proportion increasing by 0.4 and 0.1 percentage points year-on-year and month-on-month, while logistics vehicle proportion decreased by 0.4 and 0.1 percentage points [3][36]. Market Share Dynamics - In the overall vehicle market, Foton's domestic market share increased year-on-year, while the export shares of Sinotruk, Foton, and Dongfeng also rose year-on-year. For October 2025, the domestic terminal sales market shares for Jiefang, Dongfeng, Sinotruk, Shaanxi Heavy Truck, and Foton were 21.5%, 17.9%, 17.9%, 11.0%, and 13.8% respectively, with changes compared to the full year of 2024 being -2.2, -2.8, -0.06, +0.7, and +3.4 percentage points respectively [4][50]. Engine Market Dynamics - Weichai held the top market share in the engine segment, with a slight increase month-on-month. In October, the terminal market shares for Weichai, Cummins, Xichai, Sinotruk, and Yuchai were 20.5%, 17.1%, 14.7%, 9.3%, and 11.4% respectively, with changes compared to the full year of 2024 being -7.0, -1.4, -0.4, +2.1, and -2.1 percentage points respectively [5][61]. Natural Gas Heavy Trucks - In October, natural gas heavy truck sales reached 21,000 units, with year-on-year and month-on-month changes of +137.6% and -10.0% respectively. The penetration rate of natural gas heavy trucks was 30.1%, with year-on-year and month-on-month increases of 10.3 and 2.0 percentage points [3][37].