Core Viewpoint - In September 2025, China's monthly sales of new energy heavy trucks exceeded 20,000 units for the first time, marking a year-on-year increase of 252% [1]. Group 1: Market Performance - In September, the new energy tractor truck segment saw an addition of 17,900 units, representing a year-on-year surge of 279% and a month-on-month increase of 37% [5]. - The new energy tractor truck market achieved a record monthly sales figure, with a total of 17,900 units sold, which is approximately 3.8 times the sales from September of the previous year [5][20]. - The growth rate of 279% in September for new energy tractor trucks outpaced the overall market growth of 252% for new energy heavy trucks [5]. Group 2: Regional Insights - In September, 30 provincial-level administrative regions in China reported new additions of new energy tractor trucks, with 25 regions adding over 100 units each [6]. - Shanghai led the regions with over 3,000 new energy tractor trucks added in September, continuing a three-month streak of surpassing this figure [6]. Group 3: Company Performance - Seven companies achieved monthly sales exceeding 1,000 units in September, with Jiefang leading at 3,426 units, followed by Xugong with 2,926 units and Sany with 2,348 units [10][11]. - The top ten companies in the new energy tractor truck market all experienced significant year-on-year growth, with Jiefang, Xugong, and Sany being the top three competitors [12][14]. - Cumulatively, from January to September 2025, new energy tractor truck sales reached 96,200 units, reflecting a year-on-year increase of 257% [14]. Group 4: Market Share - The top five companies in the new energy tractor truck market hold market shares exceeding 10%, with Jiefang at 16.85%, Xugong at 15.72%, and Sany at 14.26% [18]. - The competition in the new energy tractor truck market remains intense, with companies frequently changing positions in the rankings [18].

2 025年，新能源重卡在传统销售淡季的7月份和8月份同比分别暴涨了185%和169%，其 中7月份创造了史上最高月销量纪录。 淡季都如此之旺，进入真正的销售旺季呢？ 当然是更火爆了。 请看第一商用车网带来的新能源重卡市场观察。 解放/徐工/三一超3000辆争冠，联合重卡暴涨9.5倍 根据北斗入网新增统计，2025年9月份，有13家企业新能源重卡销量超百辆，其中有11家 企业销量超过300辆，月销量破千的企业都有7家（与上月持平）。排名前三位的企业销量 均超过3000辆，解放斩获月榜销冠，销量达到3832辆；排名月榜第2、3位的徐工、三一 销量分别达到3492辆和3171辆；排名月榜4、5位的重汽和陕汽销量也双双超过2000辆， 分别达到2444辆和2355辆；福田和东风排名月榜第6、7位，分别销售1830辆和1243 辆；远程销售943辆排名第8位；联合重卡和江淮分列9、10位，9月份分别销售412辆和 366辆。 9月新能源重卡新增2.16万辆，同比大涨252% 根据第一商用车网掌握的最新数据，2025年9月份，全国共新增新能源重卡2.16万辆（本 文数据来源为重型货车北斗营运证入网销量口径，非交强险销量 ...

Sales Performance - Dongfeng Motor reported a total vehicle sales of 231,000 units in September, representing a year-on-year increase of 6.2% [1] - In September, sales of new energy vehicles reached 103,000 units, showing a year-on-year growth of 20.4% [1] - Cumulatively, from January to September, new energy vehicle sales totaled 681,000 units, with a year-on-year increase of 11.1% [1] Brand Performance - Sales of self-owned brand vehicles in September amounted to 149,000 units, reflecting a year-on-year growth of 20.7% [1] - From January to September, cumulative sales of self-owned brand vehicles reached 1,058,000 units, marking a year-on-year increase of 6.2% [1]

Core Insights - Dongfeng Motor sold 231,000 vehicles in September, representing a year-on-year increase of 6.2% [1] - In September, sales of new energy vehicles reached 103,000 units, showing a year-on-year growth of 20.4% [1] - Cumulatively, from January to September, new energy vehicle sales totaled 681,000 units, marking an 11.1% year-on-year increase [1]

Core Insights - The new general manager of Mengshi Technology, Wan Liangyu, has outlined three strategic directions: deepening cooperation with Huawei, building a partner ecosystem, and strengthening user operations [1] - This marks a significant move for the Mengshi brand, which aims to accelerate its presence in the smart off-road vehicle market through enhanced intelligence and channel development [1] Group 1: Strategic Directions - The collaboration with Huawei will extend across multiple dimensions, including product definition, technology research and development, and marketing promotion, to strengthen Mengshi's competitive edge in the luxury smart off-road sector [1] - Mengshi is exploring new channel construction models in partnership with Huawei, aiming to integrate the DFSW sales system with Huawei's channel methodologies to create a more competitive terminal network [1] Group 2: Recent Developments - In September, Dongfeng Group established a joint venture for smart off-road vehicles, which is seen as a key move to enhance the technical support for the Mengshi brand [1] - The Mengshi brand has already launched China's first luxury electric off-road technology solution, the M TECH architecture, in 2022, and this year introduced a luxury smart off-road technology solution in collaboration with Huawei [2]

Core Points - Dongfeng Motor Corporation (600006.SH) announced that it received government subsidies related to revenue amounting to 58 million yuan, which represents 198.89% of the company's audited net profit attributable to shareholders for the fiscal year 2024 [1] Summary by Category - **Government Subsidies**: The company received a significant government subsidy of 58 million yuan [1] - **Financial Impact**: This subsidy accounts for nearly double the company's projected net profit for 2024, indicating a substantial financial boost [1]

Core Points - Dongfeng Co., Ltd. announced on September 30 that it received government subsidies related to revenue amounting to 58 million yuan by September 30, 2025 [2] Summary by Category Financial Performance - The company has received a government subsidy of 58 million yuan, which is expected to positively impact its financial performance [2] Government Support - The announcement highlights the government's support for the company, indicating a favorable regulatory environment [2] Future Outlook - The receipt of the subsidy may enhance the company's revenue prospects moving forward, contributing to its growth strategy [2]

证券代码：600006 证券简称：东风股份 公告编号：2025—059 特此公告。 东风汽车股份有限公司董事会 2025 年 10 月 1 日 一、 获得补助的基本情况 2025 年 9 月 30 日，公司收到与收益相关的政府补助资金 5,800 万元，占公司 2024 年度经审计归属于上市公司股东净利润的 198.89%。 二、补助的类型及其对上市公司的影响 上述政府补助与公司日常经营活动相关，但不具有可持续性。根据《企业会计准 则第 16 号-政府补助》的相关规定，将上述收到的政府补助资金认定为与收益相关的 政府补助。该笔政府补助将对公司 2025 年度的利润产生积极影响，具体的会计处理 以及对公司当年损益的影响最终以审计机构年度审计确认的结果为准，敬请广大投资 者注意投资风险。 东风汽车股份有限公司 关于获得政府补助的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 ...

Core Insights - The commercial vehicle sector experienced a 0.81% increase on September 30, with Dongfeng Motor leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Commercial Vehicle Sector Performance - Dongfeng Motor (600006) closed at 8.06, with a rise of 6.05% and a trading volume of 1.23 million shares, amounting to a transaction value of 972 million [1] - Other notable performers included: - Zhongjun Vehicles (301039) at 9.61, up 1.69% [1] - Shuguang Co. (600303) at 3.91, up 1.56% [1] - Jianghuai Automobile (600418) at 53.90, up 1.51% [1] - The sector saw a net inflow of 248 million in main funds, while retail investors experienced a net outflow of 206 million [3][4] Fund Flow Analysis - Main funds showed significant net inflows in several companies: - Dongfeng Motor: 218 million, accounting for 22.41% of the total [4] - Yutong Bus (600066): 93.02 million, 17.44% [4] - Jianghuai Automobile: 58.23 million, 1.77% [4] - Retail investors showed net outflows in various companies, with notable outflows from: - Yutong Bus: 6.89 million, -12.93% [4] - Jiangling Motors: 14.95 million, -11.50% [4] - China National Heavy Duty Truck (000951): 15.97 million, -9.42% [4]

Group 1: Automotive Market Performance - Retail sales of passenger vehicles from September 1-21 reached 1.191 million units, a year-on-year increase of 1%, and an 8% increase compared to the previous month. Cumulative retail sales for the year reached 15.955 million units, up 9% year-on-year [1][2] - Wholesale of passenger vehicles during the same period was 1.307 million units, showing no year-on-year growth but a 16% increase from the previous month. Cumulative wholesale for the year reached 19.349 million units, up 12% year-on-year [1][2] Group 2: New Energy Vehicle Insights - Retail sales of new energy passenger vehicles from September 1-21 totaled 697,000 units, a 10% year-on-year increase and an 11% increase from the previous month. The retail penetration rate for new energy vehicles reached 58.5%, with cumulative retail sales for the year at 8.267 million units, up 24% year-on-year [2] - Wholesale of new energy passenger vehicles during the same period was 724,000 units, reflecting a 10% year-on-year increase and a 19% increase from the previous month. The wholesale penetration rate for new energy vehicles was 55.4%, with cumulative wholesale for the year at 9.668 million units, up 31% year-on-year [2] Group 3: Policy and Technological Advancements - The Ministry of Transport is advancing the "Artificial Intelligence + Transportation" initiative, focusing on large-scale innovative applications of AI in the transportation sector as a primary direction [3] - A joint directive from eight departments, including the Ministry of Commerce, encourages the acceleration of R&D in digital products and the exploration of intelligent connected vehicle trials [3] Group 4: Mergers and Collaborations - China First Automobile Works is acquiring Shenzhen Zhuoyu Technology Co., which specializes in advanced driver-assistance systems (ADAS) with a focus on low-cost high-level intelligent driving [4] - Dongfeng Motor's chairman met with Huawei's executives to discuss deepening strategic cooperation and innovation in corporate governance and operational mechanisms [5]