福田汽车公告称，2025年11月，公司汽车产品合计销量55325辆，本年累计销量592001辆，累计同比增 7.45%；产量62201辆，本年累计产量601441辆，累计同比增8.99%。其中，新能源汽车销量9753辆，本 年累计销量92092辆，累计同比增89.08%；产量9205辆，本年累计产量94746辆，累计同比增87.20%。 发动机产品本月销量34083辆，本年累计销量252485辆，累计同比增5.99%；产量30761辆，本年累计产 量266320辆，累计同比增11.70%。 ...

证券代码：600166 证券简称：福田汽车 编号：临 2025—086 北汽福田汽车股份有限公司 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。 北汽福田汽车股份有限公司（以下简称"公司"）第五期员工持股计划所持有的公司股 票已全部处置完毕。根据《关于上市公司实施员工持股计划试点的指导意见》《上海证券交 易所上市公司自律监管指引第 1 号——规范运作》等规定，现将相关情况公告如下： 一、第五期员工持股计划的基本情况 公司分别于 2020 年 8 月 12 日经董事会、2020 年 9 月 25 日经 2020 年第六次临时股东 大会审议通过了《关于<北汽福田汽车股份有限公司员工持股计划（草案）>及其摘要的议 案》等相关议案；于 2022 年 10 月 13 日经董事会审议通过了《关于<北汽福田汽车股份有 限公司第五期员工持股计划>的议案》，具体内容详见公司于上海证券交易所网站 （www.sse.com.cn）及《中国证券报》《上海证券报》《证券日报》披露的相关公告（公告 编号：临 2020-093、2020-115、2022-1 ...

12月4日，由来自山东、安徽两大国内物流龙头企业组成的大客户团走进玉柴，现场签下 700台牵引车动力大单。 该批700台签约车辆均为福田欧曼高端燃气牵引车，全部搭载玉柴引领市场的YCK14N、 YCK15N大马力燃气牵引车动力。这不仅是客户对玉柴产品"省气、可靠、强劲"特性的充 分认可，更是对玉柴提供的一体化解决方案与持续价值创造能力的高度肯定。客户坦言，这 不是简单的买卖，而是基于共同发展愿景的战略绑定。玉柴展现的产品底气与全生命周期服 务能力，使我们坚信我们选对了长期合作伙伴。 本次大规模签约既是市场对玉柴可靠产品与优质服务的品质背书，也是玉柴与福田欧曼长期 深度战略合作的成果。双方从前端技术融合开发到后端市场服务网络的无缝衔接，构建了强 大的"黄金价值链"，为客户提供了远超单一产品维度的综合竞争优势，成为赢得市场与客 户信赖的关键基石。 ● 重汽超2.5万 解放涨8成 东风增7成 徐工暴涨1.5倍！11月重卡破10万 | 光耀评车 ● 500辆签约 100辆交付 重卡市场又爆大单！ ● 解放斩单6000辆 重汽/奇瑞/零一千辆订单不断 11月重卡市场战绩大起底！| 头条 ● 跑冷链怎么选车？解放J6F冷 ...

Core Viewpoint - In November 2025, the sales of new energy heavy trucks and traction vehicles reached record highs, with significant year-on-year growth, indicating a robust market trend in the new energy commercial vehicle sector [1][4][22]. Group 1: Sales Performance - In November 2025, new energy traction vehicles sold 19,800 units, marking a year-on-year increase of 185% and a month-on-month increase of 48% [4][5]. - The total sales of new energy heavy trucks reached 24,000 units in November, reflecting a year-on-year increase of 176% [1]. - Cumulatively, from January to November 2025, new energy traction vehicle sales reached 129,600 units, representing a year-on-year increase of 230% [15]. Group 2: Market Dynamics - All 31 provincial-level administrative regions in China reported new energy traction vehicle sales in November, with 24 regions exceeding 100 units sold [6]. - The top-selling regions included Shanghai with over 3,000 units and Shanxi with over 2,000 units sold [6]. - The market for new energy traction vehicles has maintained strong momentum since 2025, with significant sales growth across various provinces [6][7]. Group 3: Company Performance - The leading companies in new energy traction vehicle sales for November included Jiefang with 3,313 units and Xugong with 3,236 units, both achieving substantial year-on-year growth [9][11]. - Notably, companies like Xugong, Heavy Truck, and Shaanxi Automobile saw year-on-year increases of 250%, 276%, and 220% respectively [13]. - Cumulatively, Jiefang and Xugong have each surpassed 20,000 units in sales, with figures of 21,500 and 20,600 units respectively [15][17]. Group 4: Market Share - The market share of the top five companies in new energy traction vehicles exceeds 10%, with Jiefang at 16.60% and Xugong at 15.93% [20]. - The overall market dynamics indicate that the leading companies are not only increasing their sales but also enhancing their market presence significantly [20]. Group 5: Future Outlook - The strong sales performance in November suggests that the new energy traction vehicle market may continue to grow in December 2025, potentially achieving even higher sales and growth rates [22].

Core Viewpoint - Huazhong Xinchang (300928.SZ) has received a project confirmation from Beiqi Foton Motor Co., Ltd., indicating that the company has qualified for the development and supply of integrated machine assembly products for a commercial vehicle platform project, with a global sales market [1] Group 1 - The project involves the development and supply of integrated machine assembly products [1] - The sales market for the project is confirmed to be global [1]

Core Viewpoint - Huazhong Xinchang (300928.SZ) has received a project confirmation from Beiqi Foton Motor Co., Ltd., granting the company the qualification for the development and supply of integrated machine assembly products for a commercial vehicle platform project, with a global sales market [1] Group 1 - The project confirmation indicates a significant opportunity for Huazhong Xinchang in the commercial vehicle sector [1] - The qualification for product development and supply suggests potential revenue growth for the company [1] - The global market scope of the project highlights the company's capability to compete internationally [1]

Group 1 - The heavy truck market in November 2025 achieved a sales volume of 101,000 units, marking a year-on-year growth of 47% and continuing an "eight consecutive months of growth" trend [1][15] - The cumulative sales from January to November 2025 are expected to reach 1.03 million units, with a year-on-year increase of 26%, approaching the annual target of 1.1 million units [1][23] Group 2 - Five companies sold over 10,000 units in November, with two companies experiencing a growth rate of 150% [15][21] - The growth in the heavy truck market is supported by policy incentives, increased exports (with a projected 20% growth in November), and a rise in the penetration rate of new energy vehicles [15][17] Group 3 - Terminal sales in November showed both month-on-month and year-on-year increases, with a projected month-on-month growth of 13% and a year-on-year growth of nearly 40% [4][17] - The terminal sales of gas vehicles are expected to grow over 75% year-on-year, with a domestic penetration rate of around 25% [4][17] Group 4 - In November, the sales ranking of heavy truck companies showed a pattern of "stable top, rising mid-tier," with significant growth among some companies leveraging new energy and export advantages [5][17] - Heavy truck sales leaders in November included Sinotruk and Jiefang, with market shares exceeding 47% [19] Group 5 - Sinotruk sold approximately 25,000 units in November, a year-on-year increase of 23%, capturing 24.8% of the market [19][27] - Jiefang's sales reached about 23,000 units, with a remarkable year-on-year growth of 77%, holding a market share of 22.8% [19][27] Group 6 - Dongfeng, Foton, and XCMG achieved high growth rates, with Foton and XCMG both experiencing a year-on-year increase of 150% [21][27] - Dongfeng's sales in November were projected at 16,000 units, a year-on-year increase of 65%, with a market share of 15.8% [21][27] Group 7 - Foton's cumulative sales from January to November are expected to reach 132,000 units, with a year-on-year growth of 104%, leading the market in growth rate [25] - XCMG's sales for the same period are projected at 34,600 units, with a year-on-year increase of 94% [27]

Core Viewpoint - The heavy truck industry in China has shown significant growth, with November 2025 sales exceeding 100,000 units, marking a nearly 50% year-on-year increase, driven largely by policy incentives and a strong demand for both traditional and electric heavy trucks [1][4][16]. Sales Performance - In November 2025, approximately 101,000 heavy trucks were sold, a 47% increase from 68,500 units in the same month last year, despite a 5% month-on-month decline due to inventory adjustments [1][4]. - Cumulatively, from January to November 2025, total heavy truck sales reached 1.03 million units, reflecting a 26% year-on-year growth, with the target of 1.1 million units within reach [1][4]. Market Dynamics - The continuous growth in the heavy truck market since April 2025 is attributed to the "old-for-new" vehicle replacement policy, which has significantly boosted sales [4][16]. - Despite some regions suspending subsidies in the fourth quarter due to funding issues, the overall market remains robust as the policy deadline approaches [4]. Export Trends - Heavy truck exports from China are also on the rise, with November 2025 exports expected to increase by nearly 20% year-on-year, leading to an anticipated total of over 320,000 units exported for the year [4]. End-user Demand - The end-user demand for heavy trucks has been strong, with November 2025 domestic sales projected to grow nearly 40% year-on-year and 13% month-on-month, particularly for natural gas trucks, which are expected to see a 75% increase in sales [6]. - New energy heavy trucks are also experiencing record sales, with November 2025 sales estimated at 26,000 units, a 160% increase year-on-year, and a market penetration rate exceeding 30% [6]. Company Performance - Major players in the heavy truck market include: - China National Heavy Duty Truck Group (Sinotruk) sold over 25,000 units in November, a 23% increase year-on-year, maintaining a market share of approximately 27% [10]. - FAW Jiefang's sales reached nearly 23,000 units, up 77% year-on-year, with a market share of about 19.3% [10]. - Dongfeng Motor Corporation sold around 16,000 units, a 65% increase year-on-year, holding a market share of approximately 15.8% [12]. - North Benz (Beiqi Foton) saw a 150% increase in sales, with a total of 132,000 units sold from January to November, marking a 104% year-on-year growth [14]. Market Outlook - The heavy truck market is projected to return to over 1 million units in 2025, reminiscent of the market conditions from 2017 to 2019, but heavily influenced by policy-driven demand [16].

Core Insights - The new energy heavy truck market in China has shown remarkable growth, with cumulative sales reaching 137,800 units in the first three quarters of the year, representing a year-on-year increase of 184%, surpassing the expected total for 2024, and becoming a significant growth engine for the commercial vehicle industry's green transition [1][2] Group 1: Market Performance - The cumulative sales of new energy commercial vehicles in China from January to October 2025 reached 649,000 units, a year-on-year increase of 60.2%, with a penetration rate of 24.6% [2] - In 2024, China National Heavy Duty Truck Group reported a staggering 676.6% year-on-year growth in new energy heavy truck sales [2] - Weichai Power's Shaanxi Heavy Truck achieved new energy heavy truck sales of 17,880 units from January to October 2025, a year-on-year increase of 274% [2] Group 2: Growth Drivers - The growth of the new energy heavy truck market is primarily driven by two factors: policy support and specific operational scenarios [3] - The "old-for-new" policy has been implemented nationwide, encouraging the replacement of old heavy trucks with new energy models, significantly boosting market penetration [3] - New energy heavy truck sales are concentrated in closed or semi-closed scenarios such as ports, mines, and steel enterprises, where operators have strong financial capabilities [3] Group 3: Challenges to Development - The rapid growth of the new energy heavy truck market faces several challenges, including an unstable market foundation and an inadequate charging infrastructure [4][5] - The cost of purchasing pure electric heavy trucks ranges from 600,000 to 700,000 yuan, while traditional fuel or gas trucks cost around 300,000 yuan, creating a significant price disparity [4] - The weight of batteries leads to a loss of 2 to 3 tons in payload capacity, resulting in an annual revenue reduction of approximately 100,000 yuan per vehicle [4] Group 4: Infrastructure and Policy Recommendations - The lack of charging infrastructure limits the expansion of operational scenarios for new energy heavy trucks, particularly in intercity transport where charging stations are primarily designed for passenger vehicles [5] - Recommendations include implementing a "gradual reduction + differentiated incentives" tax policy and integrating new energy heavy trucks into the carbon trading market to stimulate demand [6] - Establishing a unified standard collaborative platform for "vehicle-battery-energy-operation" is essential to enhance the charging infrastructure and promote cooperation among industry players [7]

Core Viewpoint - Chinese automotive brands, represented by China National Heavy Duty Truck Group and Foton, have captured a 7.46% market share in Kenya's new car market due to lower prices and a wider range of models [1] Market Performance - As of October, the total new car sales in Kenya for 2025 are projected to be 11,252 units, with 840 units being Chinese brand vehicles, excluding some unreported brands [1] - Compared to five years ago, there has been a significant increase in sales of Chinese brand vehicles, which were previously represented solely by Beiben, a member of the Kenya Motor Industry Association (KMIA) [1] Historical Context - In the same period in 2021, Beiben sold only 55 trucks, accounting for just 0.49% of the new car market share [1]