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 30 September 2025 Dear registered shareholder(s), Notification of Publication of Corporation Communication of the following document(s): 2025 Interim Report Please be informed that both the English and Chinese versions of the above corporate communication are now available on the Company's website at www.sinotruk.com (the "Website Version") and the ...

Contents 目錄 | 2 | Financial Figures | 財務數據 | | --- | --- | --- | | 3 | Definitions | 釋義 | | 8 | Corporate Information | 企業資料 | | 12 | The Group | 集團概況 | | 14 | Shareholder Information | 股東資料 | | 17 | Management Discussion and Analysis | 管理層討論與分析 | | 58 | Other Information | 其他資料 | | 84 | Report on Review of Interim Financial Report | 中期財務報告的審閱報告 | | 86 | Consolidated Statement of Profit or Loss | 綜合損益表 | | 87 | Consolidated Statement of Comprehensive Income | 綜合全面收益表 | | 88 | Consolidated Statement of Finan ...

Core Insights - The domestic new energy heavy truck market maintained a high level in August 2025, with total sales approaching 17,800 units, representing a year-on-year growth of 182% [1][4]. Group 1: Market Overview - The most significant segment in the new energy heavy truck market is the pure electric heavy truck, which accounted for 97.94% of total sales in August 2025 [6]. - Fuel cell heavy trucks and hybrid heavy trucks have seen a decline in market presence, with fuel cell trucks experiencing a five-month consecutive year-on-year decline [4][6]. Group 2: Sales Performance - In August 2025, pure electric heavy trucks sold 17,500 units, while fuel cell and hybrid trucks sold 162 and 76 units, respectively [4]. - Fuel cell heavy truck sales fell by 31% month-on-month and 72% year-on-year, marking a significant downturn in this segment [7][12]. Group 3: Competitive Landscape - SANY maintained its position as the top seller of fuel cell heavy trucks in August, with 136 units sold, followed by Qingling with 20 units [7][11]. - The fuel cell heavy truck market saw 17 active players by August 2025, with only 11 companies achieving double-digit sales figures [12][14]. Group 4: Market Share Analysis - As of August 2025, the cumulative sales of fuel cell heavy trucks showed that Heavy Truck ranked first with a market share of 34.78%, followed by SANY with 27.73% [14]. - The market dynamics for fuel cell heavy trucks have been volatile, with a pattern of decline and growth observed throughout the year, leading to uncertainty about future trends [14].

Group 1: AI Sector Analysis - Recent weakness in AI stocks is attributed to concerns over the industry's "internal cycle," with Nvidia's $100 billion investment in OpenAI raising questions about the nature of the transaction [3] - Despite short-term pullbacks, the long-term fundamentals of AI remain strong, as evidenced by Micron Technology's 46% revenue growth driven by AI demand and optimistic guidance for the next quarter [3] - Wells Fargo strategists emphasize that AI investments are still in the early stages, suggesting that current market corrections may present opportunities for long-term investors to acquire quality AI stocks [3] Group 2: Chinese Concept Stocks Highlight - While the overall US market is down, the Chinese autonomous driving sector is experiencing growth, with Pony.ai receiving a target price increase from Goldman Sachs due to its Robotaxi services being commercialized in major cities [4] - WeRide has been included in the Nasdaq Golden Dragon Index, which is expected to attract more investment interest, reflecting China's rapid advancements in Level 4 autonomous driving technology [4] - NIO has seen strong orders for its L90 and ES8 models, leading Citigroup to raise its target price, while Futu Holdings has been reaffirmed with an "overweight" rating by JPMorgan, indicating a shift in investment focus towards companies with tangible technology and performance support [4] Group 3: Market Risks and Opportunities - The market faces two immediate challenges: upcoming PCE inflation and unemployment claims data, which could influence the Federal Reserve's interest rate decisions if inflation rebounds [5] - There is a risk of government shutdown due to budget negotiations, which could delay the release of non-farm payroll reports and increase market volatility [6] - For long-term investors, current market fluctuations may help identify strong companies, with a focus on AI hardware leaders like Micron and Nvidia, as well as Chinese autonomous driving firms like Pony.ai and WeRide, which are benefiting from the global trend towards smart technology [7] Group 4: Conclusion on Market Sentiment - The recent decline in the US stock market is viewed as a sign of a return to rationality from previous market exuberance, rather than a disaster [8] - The core of long-term investment lies in capturing the certainty of industrial upgrades, as the AI revolution and commercialization of autonomous driving are unlikely to be derailed by short-term market fluctuations [8]

Core Viewpoint - The "Light Truck First Influence Index" in August 2025 shows a significant decline in scores compared to both the previous month and the same month last year, indicating a downward trend in market influence among major light truck brands in China [1]. Group 1: Influence Index Scores - The total score for the "Light Truck First Influence Index" in August 2025 was 1309, a decrease of 21.8% from July 2025's score of 1674 and a 27.8% decline from August 2024's score of 1812 [1]. - The average weekly score for August indicates a consistent decline compared to both the previous month and the same month last year [1]. Group 2: Brand Rankings - The top three brands in the August 2025 "Light Truck First Influence Index" were: 1. Jianghuai 1 Card with a score of 256 2. Dongfeng Light Truck with a score of 254 3. FAW Jiefang Light Truck with a score of 212 [3][12]. - Other notable brands included China National Heavy Duty Truck HOWO at fourth with 156 points, and Foton Aoling at fifth with 123 points [3][12]. Group 3: Market Activities - Despite being a traditionally slow season, light truck sales continued to grow in August 2025, with various brands actively engaging in marketing activities [4]. - Jianghuai delivered a record 2470 units of 4.2-meter new energy box trucks to KuaYue Express, marking a significant collaboration in green logistics [5]. - Dongfeng Light Truck launched a series of promotional events, including a large-scale tour and product showcases, enhancing brand visibility [9][14]. Group 4: Brand Innovations and Collaborations - Jianghuai 1 Card held multiple solution release events across ten cities, focusing on innovative transport solutions for various market segments [13]. - China National Heavy Duty Truck HOWO promoted its new energy models and organized a fuel efficiency competition to engage customers [16]. - Qingling Light Truck signed a strategic cooperation agreement for its new electric refrigerated trucks, enhancing its position in the cold chain logistics market [18].

每经AI快讯，9月24日，港股中国重汽(03808.HK)午后涨超5%，截至发稿，涨5.13%，报22.12港元，成 交额1.37亿港元。 ...

Core Viewpoint - China National Heavy Duty Truck Group (China National Heavy Duty Truck) saw a significant stock price increase of over 5%, attributed to strong wholesale sales data for heavy trucks in August, indicating robust market demand driven by policy incentives [1] Group 1: Sales Performance - In August, heavy truck wholesale sales reached approximately 87,000 units, representing a year-on-year increase of about 40% and a month-on-month increase of 2%, marking the second highest level for the same period in eight years, only behind August 2020's 130,000 units [1] - The terminal heavy truck sales growth rate in August was around 50% year-on-year, highlighting the sensitivity of heavy truck sales to policy catalysts, particularly the "old-for-new" policy [1] Group 2: Market Outlook - With the arrival of the "golden September and silver October" period, and the increasing urgency of policy application deadlines by year-end, sales are expected to experience another surge [1] - The current heavy truck subsidy policy has been largely implemented nationwide, and Q3 terminal demand is anticipated to continue expanding, which will release elasticity in wholesale sales [1] Group 3: Annual Projections - The subsidy is expected to stimulate an additional 100,000 to 150,000 units in sales, with the industry potentially achieving annual sales of 1,000,000 to 1,050,000 units, reflecting double-digit growth [1] - China National Heavy Duty Truck is positioned as an industry leader, with expectations for both domestic and export sales to resonate positively in Q3, leading to improvements in performance and valuation [1]

Core Viewpoint - China National Heavy Duty Truck Group (CNHTC) has successfully held a roadshow across six major cities in Vietnam, securing over 800 orders, which highlights its leading position and brand influence in the Vietnamese market [1][3]. Group 1: Event Overview - The roadshow showcased key products such as heavy trucks and engineering vehicles, and included interactive activities like test drives and technical exchanges, allowing customers to experience the reliability and applicability of CNHTC products firsthand [3]. - The event further solidified CNHTC's competitive advantage in the Vietnamese market and injected new momentum into future collaborations [7]. Group 2: Market Strategy - CNHTC has been deeply rooted in the Vietnamese market for many years, adhering to a localization strategy that focuses on optimizing its product matrix and service system [5]. - The company has established a comprehensive sales and after-sales service network covering the entire Vietnam, with 35 joint service stations and ongoing expansion into lower-tier markets [5]. - The parts supply system has been increasingly refined to provide efficient and comprehensive support for user operational needs, enhancing brand competitiveness and customer satisfaction [5]. Group 3: Future Outlook - CNHTC plans to continue deepening cooperation with Vietnamese partners, expanding into more fields, and elevating the level of collaboration to support Vietnam's transportation and green low-carbon development with high-quality products and services [7].

其他车企方面，长城、重汽、赛力斯三家企业，分别以20219547万元、 19190758万元、 14517582万元的营业收入，排名榜单的135、143、190位；江铃汽车排名225位， 蔚来控股排名 封面新闻记者 张海军 就汽车行业的情况来看，今年共有14家整车企业和一家经销商集团入选，整车企业分别为比亚迪、上汽、吉利、一汽、北汽、奇瑞、广汽、东风、长城、重汽、赛力斯、江铃、蔚来、陕汽，经销 就企业排名来看，比亚迪以77710246万元的营业收入，位居整个榜单的第26位，排名汽车行业第一；上汽集团、吉利控股分别以62758995万元、57482553万元的营业收入，排名汽车行业2、 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 日前，中国企业联合会、中国企业家协会正式对外发布了2025中国企业500强榜单。据悉，该榜单以2024年企业营业收入为入围标准，入围门槛达479.60亿元，较上年提升5.79亿元。 ...

Core Viewpoint - The launch of the Shandeka new energy product series by China National Heavy Duty Truck Corporation (CNHTC) represents a significant step towards green logistics and showcases the integration of German quality and green technology in the heavy-duty truck industry [1][3][13]. Industry Trends - CNHTC is committed to leading industry development and creating customer value, having made early investments in the new energy heavy truck sector [3]. - The new energy product series is a result of extensive technological research and development, responding to market demands [3]. Product Features - The Shandeka series has been recognized for its reliability, efficiency, and full attendance, serving over one million customers and winning multiple awards [5]. - The launch signifies the completion of a full product matrix that includes both traditional and new energy vehicles, marking a key advancement into the green logistics sector [5]. Technological Innovations - The new energy products feature long-range capabilities with high-performance battery systems, addressing concerns about range anxiety for logistics applications [9]. - Energy-saving measures include lightweight vehicle design and optimized electric drive systems, providing tailored total cost of ownership (TCO) solutions [9]. - Safety and comfort are enhanced through patented safety technologies, ergonomic seating, and intelligent voice interaction systems [9]. Service Commitment - CNHTC has established a comprehensive lifecycle service system for the new energy series, ensuring customers can buy, use, and maintain their vehicles with confidence [11]. - The successful signing of cooperation agreements with several well-known enterprises at the launch event reflects strong market recognition and CNHTC's determination to capture the new energy heavy truck market [11]. Future Outlook - As the new energy products are gradually introduced to the market, CNHTC aims to inject new momentum into the green transformation of the logistics industry, contributing to a new chapter in intelligent manufacturing for heavy trucks in China [15].