证券代码：600166 证券简称：福田汽车 编号：临 2025-070 北汽福田汽车股份有限公司 关于获得政府补助的公告 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。 一、获取补助的基本情况 北汽福田汽车股份有限公司 董 事 会 二○二五年八月二十七日 1 二、补助的类型及其对公司的影响 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 2025 年度损益的影响最终以会计师年度审计确认后的结果为准。敬请投 资者注意投资风险。 特此公告。 2025 年 8 月 26 日，北汽福田汽车股份有限公司（以下简称"公司"）收到与收益相关的 政府补助资金 11,410,000.00 元，占公司 2024 年度经审计的归属于上市公司股东净利润的 14.17%。 ...

证券代码：600166 证券简称：福田汽车 编号：临 2025—069 北汽福田汽车股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 重要内容提示： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 09 月 15 日(星期一)至 09 月 19 日(星期五)16:00 前登录 上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 600166@foton.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 北汽福田汽车股份有限公司（以下简称"公司"）于 2025 年 08 月 28 日发布 公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年 度经营成果、财务状况，公司计划于 2025 年 09 月 22 日上午 11:00-12:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网 ...

福田汽车8月27日披露半年报，公司上半年实现营业收入303.71亿元，同比增长26.71%；归属于上市公 司股东的净利润7.77亿元，同比增长87.57%；基本每股收益0.0981元。 ...

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% in the next six months [68]. Core Viewpoints - July sales data shows that production, wholesale, and retail volumes met expectations, while exports exceeded expectations [5][7]. - The market structure indicates a recovery in domestic sales shares for Dongfeng and Foton, while Weichai's market share has declined [6][8]. - The overall industry performance in July was strong, with significant year-on-year growth in production and sales figures [7][20]. Summary by Sections Sales Tracking - In July, wholesale sales of heavy trucks reached 85,000 units, with year-on-year growth of 45.6% and a month-on-month decline of 13.3%, aligning with expectations [4]. - Terminal sales for July were 64,000 units, showing a year-on-year increase of 38.3% and a month-on-month decrease of 7.2%, also meeting expectations [4]. - Export sales for July were 27,000 units, with a year-on-year increase of 25.4% and a month-on-month decline of 7.5%, surpassing expectations [4][20]. - The current total industry inventory stands at 133,000 units, with a decrease of 1,040 units in July, indicating a reasonable inventory level [21]. Market Structure Tracking - The market share for terminal sales in July was as follows: Jiefang 21.3%, Dongfeng 21.8%, Heavy Truck 15.9%, Shaanxi Heavy Truck 10.3%, and Foton 13.8% [6][41]. - In terms of export market share, Heavy Truck led with 46.9%, followed by Jiefang 15.9% and Dongfeng 9.9% [43]. - The penetration rate for new energy heavy trucks was 25.8%, while the penetration rate for natural gas heavy trucks was 21.8%, both showing variations compared to previous periods [7][29]. Investment Recommendations - The report recommends stocks such as China National Heavy Duty Truck and Weichai Power, highlighting the performance improvement potential of Jiefang and Foton [8][63].

Core Viewpoint - The domestic new energy light commercial vehicle market has shown a fluctuating trend in sales, with a notable increase in penetration rates and overall sales growth in the first half of 2025, raising questions about the sustainability of this momentum in the latter half of the year [1][3][30]. Sales Performance - In July 2025, the new energy light commercial vehicle market achieved sales of 25,400 units, representing a month-on-month increase of 4% and a year-on-year increase of 22% [3][30]. - The cumulative sales from January to July 2025 reached 146,000 units, reflecting a year-on-year growth of 15% [9][24]. Market Penetration - The new energy light commercial vehicle segment has the highest penetration rate in the commercial vehicle market, with four months in the first half of 2025 exceeding 60% penetration [1][7]. - In July 2025, the penetration rate of new energy light commercial vehicles reached 62.66%, marking the highest level for the year [7][30]. Regional Performance - All 31 provincial-level administrative regions in mainland China have registered new energy light commercial vehicles, with Guangdong province leading with over 26,800 registrations [12][14]. - Most provinces have seen an increase in registration numbers compared to the same period last year, with significant growth in regions like Henan, Anhui, and Chongqing [14][30]. Company Performance - In July 2025, 14 companies sold over 200 units, with 7 companies exceeding 1,000 units. The top seller, Yuancheng, sold 5,387 units [18][20]. - Major companies such as SAIC-GM Wuling, Yuancheng, Changan, and others have shown significant year-on-year growth, with some companies experiencing over 100% increases [20][28]. Market Share - In the first seven months of 2025, three companies held over 10% market share, with SAIC-GM Wuling leading at 22.47% [28][30]. - The market share of new energy light commercial vehicles has increased compared to the previous year, with notable gains for companies like SAIC-GM Wuling and Changan [28][30]. Fuel Type Trends - The new energy light commercial vehicle market is predominantly composed of pure electric models, which accounted for 99.989% of sales in the first seven months of 2025 [16][30].

Group 1 - In July 2025, the retail sales of new energy commercial vehicles reached 71,500 units, representing a year-on-year increase of 52.15% but a month-on-month decrease of 4.30% [2] - Of the total sales, 96.35% were from pure electric commercial vehicles, amounting to 68,900 units, which is a year-on-year growth of 53.75% [2] - From January to July 2025, the cumulative retail sales of new energy commercial vehicles totaled 429,500 units, marking a year-on-year increase of 56.08% [8] Group 2 - In terms of vehicle types, new energy truck sales accounted for 43,900 units, representing 61.37% of total sales, with a year-on-year growth of 78.51% [5] - New energy bus sales reached 27,600 units, making up 38.63% of total sales, with a year-on-year increase of 23.23% [5] - Cumulatively, new energy truck sales from January to July reached 269,800 units, accounting for 62.83% of total sales, with a year-on-year growth of 98.85% [10] Group 3 - The top five companies/brands accounted for 36.49% of the total sales in July 2025, including Geely Remote, Foton Motor, SAIC-GM-Wuling, XCMG, and Shaanxi Automobile [4] - From January to July 2025, the top five companies/brands represented 37.46% of cumulative sales, which also included Geely Remote, Foton Motor, SAIC-GM-Wuling, XCMG, and Kaiyue [13]

Market Overview - The commercial vehicle sector experienced a decline of 3.75% on August 27, with Jianghuai Automobile leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - Jianghuai Automobile (600418) closed at 50.02, down 6.29% with a trading volume of 1.0853 million shares and a transaction value of 561.3 million yuan [1] - Other notable declines included: - Shuguang Co. (600303) down 4.12% to 3.72 with a transaction value of 222 million yuan [1] - Dongfeng Motor (600006) down 3.67% to 7.62 with a transaction value of 827 million yuan [1] - Ankai Bus (000868) down 3.15% to 5.84 with a transaction value of 143 million yuan [1] Capital Flow Analysis - The commercial vehicle sector saw a net outflow of 1.197 billion yuan from institutional investors, while retail investors contributed a net inflow of 788 million yuan [1] - Specific stock capital flows included: - Yutong Bus (600066) with a net inflow of 37.46 million yuan from institutional investors [2] - JMC (000550) with a net outflow of 4.28 million yuan from institutional investors [2] - Ankai Bus (000868) had a significant retail net inflow of 18.78 million yuan despite a net outflow from institutional investors [2]

Group 1 - The core point of the article highlights the recent trading activities of Foton Motor, indicating a net sell-off in the financing market [1] - On August 26, Foton Motor had a financing buy-in amount of 0.36 billion, ranking 803rd in the two markets, with a financing repayment amount of 0.53 billion, resulting in a net sell-off of 16.49 million [1] - Over the last three trading days (August 22-26), Foton Motor experienced financing buy-ins of 0.43 billion, 0.67 billion, and 0.36 billion respectively [1] Group 2 - In terms of securities lending, on August 26, Foton Motor had a securities lending sell-out of 75,700 shares, with a net sell-out of 30,600 shares [1]

Core Insights - The article emphasizes the urgency for Chinese automotive brands to expand internationally, as overseas markets are becoming crucial for survival and growth [2][3] - The export volume of Chinese automobiles is projected to reach 6.41 million units in 2024, with electric vehicles surpassing 2 million units for the first time [3] - Chinese automotive brands are adopting various strategies for international expansion, including building local infrastructure and factories [1][10] Group 1: Market Expansion and Performance - Chinese automotive exports are expected to reach 3.48 million units in the first half of 2025, marking an 18% year-on-year increase, with new energy vehicles accounting for 41% of this total [2] - Chery is projected to export over 1.14 million passenger vehicles in 2024, capturing one-fifth of China's total automotive exports [3] - In 2023, Chery's new car sales in Russia reached approximately 200,000 units, nearly quadrupling from 2022 [8] Group 2: Strategies of New Players - NIO and Xpeng are focusing on high-end markets in Northern Europe, establishing showrooms and charging infrastructure [4][6] - NIO has opened multiple locations in Norway and Sweden, while Xpeng has a more extensive presence in Denmark and Norway [4] - The establishment of charging stations is critical, with NIO having built 29 charging stations across Norway, Sweden, and Denmark by 2022 [6] Group 3: Traditional Players' Approaches - Chery and Changan are employing a "rural encircling urban" strategy, initially establishing a foothold in Latin America before moving into Europe [7] - Chery's KD factory model allows for significant cost reductions by assembling vehicles locally, which has been effective in markets like Brazil [8] - In 2024, Chery's market share in Brazil reached 3.1%, with sales exceeding 60,000 units [8] Group 4: Local Manufacturing and Supply Chain - BYD is investing heavily in local manufacturing, with plans for 60% localization of parts in Brazil by 2026 [11] - BYD's overseas sales surged to 417,000 units in 2024, a nearly tenfold increase since its international expansion began [11] - The company is also facing challenges in establishing factories in Mexico and Hungary, with plans shifting to Turkey due to complications [12][13]

Core Insights - The commercial vehicle retail sales in China for July 2025 reached 249,400 units, representing a year-on-year increase of 12.24% but a month-on-month decrease of 3.78% [2][6] - Cumulative retail sales from January to July 2025 totaled 1.7672 million units, showing a year-on-year growth of 6.47% [7][11] - The export sales of commercial vehicles in July 2025 amounted to 94,300 units, with a year-on-year increase of 28.72% and a month-on-month increase of 2.08%, generating an export value of 20.625 billion yuan [12][14] - Cumulative export sales from January to July 2025 reached 620,100 units, reflecting a year-on-year growth of 25.87%, with a total export value of 130.618 billion yuan [15][18] Retail Sales in July 2025 - The retail sales of trucks in July were 203,800 units, up 12.33% year-on-year but down 4.93% month-on-month [6] - The retail sales of buses in July were 45,500 units, increasing by 11.85% year-on-year and up 1.71% month-on-month [6] - The top five companies accounted for 37.24% of the retail sales, with Foton Motor, SAIC-GM-Wuling, FAW Jiefang, JMC, and Sinotruk as the leading players [5][11] Cumulative Retail Sales from January to July 2025 - Truck retail sales from January to July totaled 1.4907 million units, with a year-on-year increase of 7.65% [11] - Bus retail sales during the same period reached 276,400 units, showing a modest year-on-year growth of 0.50% [11] - The top five companies in cumulative retail sales accounted for 37.84%, with the same leading companies as mentioned above [11] Export Sales in July 2025 - Truck export sales in July were 84,300 units, reflecting a year-on-year increase of 27.35% and a month-on-month increase of 2.57%, with an export value of 16.226 billion yuan [14] - Bus export sales in July were 10,000 units, up 41.46% year-on-year but down 1.80% month-on-month, generating an export value of 4.399 billion yuan [14] Cumulative Export Sales from January to July 2025 - Truck export sales from January to July totaled 558,700 units, with a year-on-year increase of 25.27% [18] - Bus export sales during the same period reached 61,400 units, reflecting a year-on-year growth of 31.58% [18] - The top five export sources were Shandong, Chongqing, Beijing, Anhui, and Henan, while the top five export markets included Mexico, Vietnam, Australia, Saudi Arabia, and Chile [18]