Core Viewpoint - Foton Motor (600166.SH) announced that on August 29, it received government subsidies related to revenue amounting to 34.828 million yuan, which accounts for 43.24% of the company's audited net profit attributable to shareholders for the fiscal year 2024 [1] Summary by Relevant Categories Financial Impact - The government subsidy will have a positive impact on the company's profits for the fiscal year 2025 [1]

人民财讯8月31日电，福田汽车（600166）8月31日晚间公告，8月29日，公司收到与收益相关的政府补 助资金3482.8万元，占公司2024年度经审计的归属于上市公司股东净利润的43.24%。该笔政府补助将对 公司2025年度的利润产生积极影响。 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 30.371 billion yuan in the first half of 2025, representing a year-on-year growth of 26.71%, and a net profit attributable to shareholders of 777 million yuan, up 87.57% year-on-year [7] - The gross margin decreased year-on-year, while the expense ratio saw a decline: the gross margin for the first half of 2025 was 10.31%, down 1.96 percentage points [7] - The company achieved a sales volume of 327,000 vehicles (including Foton Daimler) in the first half of the year, a year-on-year increase of 9.1%, with a market share of 15.4%, up 0.9 percentage points [7] - The company is committed to advancing its internationalization strategy and enhancing its product layout, focusing on heavy trucks, pickups, and buses, while also promoting its new energy product matrix [7] - The forecast for net profit attributable to shareholders for 2025-2027 is 1.146 billion, 1.281 billion, and 1.672 billion yuan, respectively, with corresponding PE ratios of 19.1, 17.1, and 13.1 [7] Financial Performance Summary - Revenue forecast (in million yuan): 2023A: 56,097; 2024A: 47,698; 2025E: 53,112; 2026E: 58,948; 2027E: 64,666 [6] - Net profit forecast (in million yuan): 2023A: 909; 2024A: 81; 2025E: 1,146; 2026E: 1,281; 2027E: 1,672 [6] - EPS forecast: 2023A: 0.12; 2024A: 0.01; 2025E: 0.14; 2026E: 0.16; 2027E: 0.21 [6] - ROE forecast: 2023A: 6.4%; 2024A: 0.6%; 2025E: 7.7%; 2026E: 7.9%; 2027E: 9.4% [6]

Core Insights - Beiqi Foton's revenue and net profit both experienced significant growth in the first half of 2025, with revenue reaching 30.37 billion yuan, a year-on-year increase of 26.7%, and net profit attributable to shareholders rising to 780 million yuan, up 87.6% [1] - The company sold 327,000 vehicles, including Foton Daimler, marking a 9.1% increase year-on-year, indicating a steady improvement in operational performance [1] - Operating cash flow surged to 1.89 billion yuan, reflecting a remarkable year-on-year growth of 415%, showcasing enhanced operational quality and efficiency [1] Group 1: Strategic Focus - Beiqi Foton is focusing on its core commercial vehicle business while actively promoting marketing innovations and leveraging both domestic and international markets [1][3] - The company is implementing a "three comprehensive" strategy, emphasizing comprehensive internationalization, new energy, and intelligence, to capitalize on industry transformation opportunities [3] Group 2: International Operations - Beiqi Foton is deepening its international operations despite global economic challenges, enhancing product competitiveness and optimizing its global business layout [4] - The company achieved export sales of 78,500 vehicles in the first half of 2025, maintaining stability compared to the previous year, demonstrating resilience in international operations [4] Group 3: New Energy Growth - The new energy segment is experiencing rapid growth, with sales surpassing 50,000 units, a substantial year-on-year increase of 151%, and market share rising to 12.5% [6][7] - Beiqi Foton is accelerating its new energy initiatives by enhancing its product matrix and focusing on core technology development to improve supply chain autonomy [6] Group 4: Heavy-Duty Truck Performance - The heavy-duty truck segment is witnessing quality growth, with sales reaching 66,500 units, a year-on-year increase of 74.3%, driven by innovative product offerings and optimized marketing networks [7] - The company is exploring new business models such as leasing and vehicle-battery separation to boost sales in the heavy-duty truck market [7] Group 5: Market Outlook - The Chinese commercial vehicle market is shifting from "scale growth" to "structural optimization," with new energy and exports as key growth drivers [9] - Beiqi Foton's strategic alignment with industry trends positions it well for future growth, particularly as the "dual carbon" policy advances and global markets recover [9]

Core Viewpoint - Beiqi Foton Motor's 2025 semi-annual report indicates a steady growth in both revenue and net profit, reflecting the company's robust operational performance and sustainable development strategy [1] Financial Performance - In the first half of 2025, Beiqi Foton achieved a revenue of 30.37 billion yuan, representing a year-on-year increase of 26.7% - The net profit attributable to shareholders reached 780 million yuan, up 87.6% compared to the previous year - The company reported an operating cash flow of 1.89 billion yuan, with a significant year-on-year growth of 415% [1] Market Strategy - Beiqi Foton is focusing on its core commercial vehicle business while promoting marketing innovation and leveraging both domestic and international markets, resulting in a sales volume of 327,000 units, a 9.1% increase year-on-year [1] - The company is implementing a "three comprehensive" strategy, emphasizing comprehensive internationalization, new energy, and intelligence to capitalize on industry transformation opportunities [2] International Operations - Despite global economic challenges, Beiqi Foton is committed to its internationalization strategy, enhancing product competitiveness and optimizing global business layout - The company achieved an export volume of 78,500 units in the first half of 2025, maintaining stability compared to the previous year [4] New Energy Development - Beiqi Foton's new energy business is experiencing rapid growth, with sales surpassing 50,000 units, reflecting a year-on-year increase of 151% and a market share rise to 12.5% [7] - The company is advancing its product matrix in new energy vehicles, including various models designed for mainstream markets, and is enhancing its core technology capabilities [6] Heavy-Duty Truck Performance - The heavy-duty truck segment has seen significant growth, with sales reaching 66,500 units, a year-on-year increase of 74.3% - Beiqi Foton is focusing on innovation and market expansion through new product launches and optimizing its marketing network [7] Industry Outlook - The Chinese commercial vehicle market is shifting from "scale growth" to "structural optimization," with new energy and exports as key growth drivers - Beiqi Foton's strategic alignment with industry trends positions it well for future growth, particularly in the context of the "dual carbon" policy and global market recovery [9]

证券代码：600166 证券简称：福田汽车 公告编号：2025-071 北汽福田汽车股份有限公司 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、准确性和完整性依法承担法律责任。 重要内容提示： ? 本次股票上市类型为 非公开发行 股份；股票认购方式为 网下 ，上市股数为 本次股票上市流通总数为1,428,571,428股。 ? 本次股票上市流通日期为2025 年 9 月 3 日。 一、本次限售股上市类型 监会出具的《关于核准北汽福田汽车股份有限公司非公开发行股票的批复》（证监许可 〔2022〕1817 号），核准公司非公开发行数量为 1,428,571,428 股新股，发生转增股本 等情形导致总股本发生变化的，可相应调整本次发行数量，该批复自核准发行之日起 国证券报》 《上海证券报》 《证券日报》披露的《关于非公开发行股票申请获得中国证监 会核准批复的公告》（公告编号：临 2022-085 号）。 本次发行新增股份 1,428,571,428 股，已于 2022 年 9 月 2 日在中国证券登记结算 有限责任公司上海分公司办理完毕登记手续。本次非公开发行 ...

第 一创业 证券承 销保荐 有限责 任公司 关 于北汽 福田汽 车股份 有限公 司 截至本核查意见出具日，北汽集团已履行了上述承诺，不存在相关承诺未履 行影响本次限售股上市流通的情况。 四、本次限售股上市流通情况 非 公开发 行限售 股上市 流通事 项的核 查意见 第一创业证券承销保荐有限责任公司（简称"保荐机构"）作为北汽福田汽 车股份有限公司（简称 "上市公司"或"公司"）2022 年非公开发行 A 股股 票的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所股票 上市规则》等有关规定，对公司非公开发行限售股份解除限售事项进行核查，具 体情况如下： 一、本次限售股上市类型 于核准北汽福田汽车股份有限公司非公开发行股票的批复》（证监许可〔2022〕 本次发行新增股份 1,428,571,428 股已于 2022 年 9 月 2 日在中国证券登记 结算有限责任公司上海分公司办理完毕登记手续。本次非公开发行新增股份为有 限售条件流通股，限售期为 36 个月，本次发行完成后，公司总股本增加至 二、本次限售股形成后至今公司股本数量变化情况 股。 三、本次限售股上市流通的有关承诺 -1- 本次发行的认购对 ...

活动现场，北汽集团董事长张建勇、北京电视台总编辑徐滔和四川广播电视台总编辑王红芯共同宣布《熊猫奇遇 记》第二季节目开机。去年，北汽集团携手北京卫视、四川卫视，共同打造了大熊猫文化纪实节目《熊猫奇遇 记》第一季，BJ40作为独家探险陪伴官全程护航。在《熊猫奇遇记》第二季，BJ30旅行家将全程参与节目拍摄与 录制。 北京越野还联合小红书官方平台共同推出"BJ30旅行家改装创作征集计划"，邀请热爱创作、热衷风格定制的用 户，打造心目中最理想的BJ30旅行家。 北京越野董事长王昊表示："北京越野不仅是中国越野车的发明者，更是轻越野文化的普及者。带着'做最强混动 方盒子'的目标，我们打造了这款BJ30旅行家，可以说是一次'从满足需求到创造惊喜'的升级。10万元的价格，能 同时获得专业越野的能力、MPV的空间，以及A0轿车的能耗。" 北京越野BJ30自去年5月上市至今，累计销量已突破5.6万辆，被很多用户视作理想的"旅行搭子"。因此，北京越 野将这款专为旅行而生的车型命名为"BJ30旅行家"。 长沙晚报掌上长沙8月29日讯（全媒体记者 曹开阳）8月29日，北京越野在成都车展宣布，定位为10万元级超大空 间混动"方盒子"的 ...

Group 1 - The G700 is positioned as a "luxury electric hybrid off-road SUV" featuring advanced powertrain technology [1][2] - It is equipped with the Chery Kunpeng super hybrid CDM-O system, delivering a total power of 665 kW and torque of 1135 N·m, achieving 0-100 km/h in 4.6 seconds [1] - The G700 features a maximum ground clearance of 320 mm and water wading depth of 970 mm, ensuring capability in extreme conditions [1] Group 2 - The G700 is designed to combine off-road ruggedness with home comfort, featuring a 77-inch screen, intelligent seating, and premium audio systems [2] - The G700 Rally version, which debuted globally at the Chengdu Auto Show, includes specialized off-road equipment such as nitrogen shock absorbers and all-terrain tires [2] - Chery's executive vice president emphasized the company's commitment to developing off-road technology to create a "luxury off-road vehicle for the Chinese people" [2]

Group 1 - Chery Group showcased 31 models at the 28th Chengdu International Auto Show, including the new T11 SUV and the X3L, emphasizing its advancements in the new energy sector [1][3] - The T11 SUV is marketed as a "family-oriented luxury experience" while the X3L is positioned as a "high-energy stylish outdoor box" based on Chery's Kunpeng technology [1][3] - The new mid-size SUV, Starway ET5, features advanced driving assistance systems and high safety standards, aligning with the brand's "tech luxury" positioning [3] Group 2 - From January to July, Chery Group achieved cumulative sales of 1.4845 million vehicles, marking a 14.5% year-on-year increase and becoming the first Chinese brand to export over 5 million vehicles [5] - Chery aims to showcase its latest technological achievements and product matrix at the auto show, focusing on hybrid, extended-range, and pure electric vehicles [5]