Summary of Foton Motor's Conference Call Company Overview - **Company**: Foton Motor - **Date of Call**: April 28, 2025 Key Points Industry and Company Performance - Foton Motor has divested from the Borgward assets and reduced long-term equity investments in Foton Daimler, significantly lowering financial negative impacts [2][5] - The light vehicle and export businesses have performed well, and the domestic heavy truck market is recovering, with expectations for a strong performance release in 2025 [2][5] - The collaboration with Foton Daimler will have a significantly reduced drag on financial statements, with high-end heavy truck demand expected to rebound [2][6] Financial Projections - Foton Motor's net profit is projected to exceed 1.5 billion RMB in 2025, primarily driven by heavy truck and engine component businesses, with key growth factors being export increments and improved domestic heavy truck sales [3][19] - Excluding the impact of Foton Daimler, the core profit for 2023 and 2024 is approximately 1.3 billion RMB, indicating potential for substantial profit release in 2025 and 2026 if losses from Foton Daimler decrease [2][13] Market Dynamics - The company’s stock price has experienced fluctuations influenced by the heavy truck market cycle, Borgward expansion and divestment, and the performance of Foton Daimler [2][9] - Currently, the stock price is at a relative bottom, suggesting significant valuation recovery potential [2][10] Business Strategy - Foton Motor should focus on its core commercial vehicle business, increase investment in export operations, and optimize collaboration with Daimler to enhance product competitiveness [2][7] - The light truck business constitutes about 60% of the company's revenue structure, with a stable market presence and expected recovery in 2025 [15] Export Business - The export business, particularly in heavy trucks, is expected to show significant growth in 2025, with a target of 30,000 units exported [17][22] - Foton's heavy truck exports to countries along the Belt and Road have reached approximately 6,000 units, marking an 80% year-on-year increase [17] Future Catalysts - Key catalysts for Foton Motor's future growth include quarterly performance releases and industry policy effects, particularly the implementation of a heavy truck replacement policy expected to boost sales [20][23] - The company is positioned to enter an upward operational cycle in 2025, driven by improved export performance and domestic market recovery [22] Conclusion - Foton Motor is anticipated to enter a new growth phase in 2025, with optimistic revenue projections and a favorable market environment, supported by strategic divestments and a focus on core business areas [21][22]

重要公告： 福田汽车：拟不超25亿元参与认购北汽蓝谷定增股份 中国石化：一季度净利润132.64亿元同比下降27.6% 沪市重要公告： 药明康德：一季度净利润36.72亿元同比增长89.06% 中金公司：一季度净利润20.42亿元同比增长64.85% 赛特新材：董事长自愿放弃领薪高管人员自愿降薪 上海医药：一季度净利润13.33亿元同比下降13.56% 上海医药（601607）4月28日晚间发布一季报，2025年一季度实现营业收入707.63亿元，同比增长 0.87%；净利润13.33亿元，同比下降13.56%。其中，工业板块贡献利润5.32亿元；商业板块贡献利润 8.34亿元；主要参股企业贡献利润1.96亿元。 传音控股：一季度净利润4.9亿元同比下降69.87% 传音控股（688036）4月28日晚间发布一季报，2025年第一季度营收为130.04亿元，同比下降25.45% （调整后）；净利润为4.9亿元，同比下降69.87%（调整后）。净利润下降主要是受市场竞争以及供应 链成本综合影响，营业收入及毛利额减少所致。 浙能电力：一季度净利润10.74亿元同比下降40.81% 浙能电力（600023）4月28 ...

证券代码：600166 证券简称：福田汽车 公告编号：2025-036 北汽福田汽车股份有限公司 关于召开2025年第五次临时股东大会的通知 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： 一、 召开会议的基本情况 (一)股东大会类型和届次 2025年第五次临时股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 22 日 11 点 45 分 召开地点：福田汽车 106 会议室 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 22 日 至2025 年 5 月 22 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9 ...

证券代码：600166 证券简称：福田汽车 编号：临 2025—034 北汽福田汽车股份有限公司 监事会决议公告 本公司监事会及全体监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、监事会会议召开情况 2025 年 4 月 23 日，公司以电子邮件和专人送达的方式，向全体监事发出了《关于召开 临时监事会的会议通知》及《关于参与认购北汽蓝谷新能源科技股份有限公司向特定对象发 行股票暨关联交易的议案》。本次会议以通讯表决的方式召开，应出席监事 9 名，实际出席监 事 9 名。会议的召集召开符合《公司法》和《公司章程》的规定。 二、监事会会议审议情况 依据《上海证券交易所股票上市规则》有关规定，关联监事焦枫回避表决。截至 2025 年 4 月 28 日，共收到有效表决票 8 张。监事会以 8 票同意,0 票反对，0 票弃权，审议通过了《关 于参与认购北汽蓝谷新能源科技股份有限公司向特定对象发行股票暨关联交易的议案》。 决议如下： （一）同意北汽福田汽车股份有限公司以不超过现金25亿元认购北汽蓝谷新能源科技股 份有限公司向特定对象发行股票。 （二）授 ...

证券代码：600166 证券简称：福田汽车 编号：临 2025—033 二、董事会会议审议情况 （一）《关于参与认购北汽蓝谷新能源科技股份有限公司向特定对象发行股票暨关联 交易的议案》 公司独立董事召开了专门会议，全体独立董事一致同意将该议案提交董事会审议， 并发表了同意该议案的审核意见。 公司董事会审计/内控委员会召开了会议，全体委员一致同意将该议案提交董事会审 议，并发表了同意该议案的审核意见。 公司董事会投资管理委员会召开了会议，对该议案发表了同意意见。 1、决议如下： 北汽福田汽车股份有限公司 董事会决议公告 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。 一、董事会会议召开情况 2025 年 4 月 23 日，公司以电子邮件和专人送达的方式，向全体董事发出了《关于召 开临时董事会的会议通知》及《关于参与认购北汽蓝谷新能源科技股份有限公司向特定 对象发行股票暨关联交易的议案》《关于召开 2025 年第五次临时股东大会的议案》。本次 会议以通讯表决的方式召开，应出席董事 11 名，实际出席董事 11 名。会议的召集召开 ...

证券代码：600166 证券简称：福田汽车 编号：临 2025—035 北汽福田汽车股份有限公司 关于参与认购北汽蓝谷新能源科技股份有限公司向特定对 象发行股票暨关联交易的公告 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： 1 投资标的名称：北汽蓝谷新能源科技股份有限公司（以下简称"北汽蓝谷"）。 拟投资金额：北汽蓝谷拟向特定对象发行股票，募集资金总额不超过人民币 600,000 万元，北汽福田汽车股份有限公司（以下简称 "福田汽车"或"公司"）拟认购金额 不超过 250,000 万元。 其他投资人包括：北京汽车集团有限公司（以下简称"北汽集团"）拟认购金额不超 过 50,000 万元，其余由其他发行对象以现金方式认购。 北汽集团、北汽蓝谷为公司关联方，本次交易构成关联交易，但不构成《上市公司重 大资产重组管理办法》规定的重大资产重组。 不含本次关联交易，过去 12 个月内，除前期已经股东大会审议通过的关联交易外， 公司不存在与同一关联人北汽集团及其关联方进行的相同交易类别下标的相关的交 易，公司不存在与不同 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 14.80 billion, an increase of 15.01% compared to CNY 12.87 billion in the same period last year[4]. - Net profit attributable to shareholders reached CNY 435.67 million, representing a significant increase of 70.08% from CNY 256.15 million year-on-year[4]. - Basic earnings per share rose to CNY 0.055, marking a 71.88% increase compared to CNY 0.032 in the previous year[5]. - Operating profit for Q1 2025 was ¥422.14 million, up 67.14% from ¥252.57 million in Q1 2024[21]. - Net profit for Q1 2025 was ¥409.37 million, compared to ¥239.03 million in Q1 2024, representing a 71.42% increase[21]. - The company reported a total comprehensive income of ¥367.23 million for Q1 2025, compared to ¥260.78 million in Q1 2024, an increase of 40.73%[22]. Cash Flow - The net cash flow from operating activities was CNY 1.77 billion, a substantial improvement from a negative cash flow of CNY 845.58 million in the same period last year[4]. - Cash flow from operating activities for Q1 2025 was CNY 1,769,419,996.85, a significant improvement compared to a negative cash flow of CNY -845,584,938.51 in Q1 2024[27]. - Total cash inflow from operating activities increased to CNY 12,892,980,695.97 in Q1 2025, up from CNY 8,557,027,534.41 in Q1 2024, representing a growth of approximately 50.5%[28]. - Cash outflow from operating activities rose to CNY 11,123,560,699.12 in Q1 2025, compared to CNY 9,402,612,472.92 in Q1 2024, indicating an increase of about 18.3%[28]. - The ending cash and cash equivalents balance for Q1 2025 was CNY 8,607,750,197.36, up from CNY 5,679,106,065.32 in Q1 2024, reflecting an increase of approximately 51.5%[29]. - The company received tax refunds amounting to CNY 514,930,996.78 in Q1 2025, compared to CNY 291,383,421.20 in Q1 2024, marking an increase of about 76.7%[28]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 58.25 billion, reflecting a 12.34% increase from CNY 51.85 billion at the end of the previous year[5]. - The company's current assets totaled RMB 31,841,182,075.12, up from RMB 25,697,262,421.78, indicating a growth of about 24.5%[15]. - Total liabilities increased to ¥43.36 billion in Q1 2025 from ¥37.33 billion in Q1 2024, reflecting a growth of 16.67%[17]. - The company's long-term equity investments amounted to RMB 4,734,984,098.02, compared to RMB 4,588,508,581.33, showing an increase of about 3.2%[15]. - The company reported a significant increase in inventory, with total inventory at RMB 6,665,870,290.12, down from RMB 6,976,127,102.22, indicating a decrease of about 4.5%[15]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 150,188[10]. - The company's total equity rose to ¥14.89 billion in Q1 2025, compared to ¥14.52 billion in Q1 2024, marking a 2.55% increase[17]. Operational Efficiency - The company continues to focus on enhancing efficiency across the entire value chain, leading to a reduction in period expense ratios compared to the previous year[8]. - Research and development expenses for Q1 2025 were ¥484.16 million, down from ¥548.04 million in Q1 2024, a decrease of 11.69%[20]. - Operating costs for Q1 2025 totaled ¥14.59 billion, an increase of 6.05% from ¥12.81 billion in Q1 2024[20]. Vehicle Sales - The company sold 170,000 vehicles during the period, a year-on-year increase of 9.8%, with new energy vehicle sales reaching 25,600 units, showing significant growth[8].

证券代码：600166 证券简称：福田汽车 编号：临 2025-032 北汽福田汽车股份有限公司 关于召开 2024 年度暨 2025 年一季度业绩说明会公告 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： 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 05 月 16 日（星期五）至 05 月 22 日（星期四）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"）已于 2025 年 4 月 26 日披 露公司《2024 年年度报告》，2025 年 4 月 29 日披露公司《2025 年第一季度报告》， 为便于广大投资者更全面深入地了解公司2024年度及2025年第一季度经营成果、 财务状况，公司计划于 2025 年 05 月 23 日（星期五）15:00-16:00 举行 2024 年 度暨 2025 年第一季度业绩说明会，就投 ...

福田汽车(600166.SH)公告称，公司拟认购 北汽蓝谷向特定对象发行股票，认购金额不超过25亿元。北 汽蓝谷拟募集资金总额不超过60亿元，其中 北汽集团拟认购不超过5亿元，其余由其他发行对象以现金 方式认购。本次交易构成关联交易，不构成重大资产重组。 ...

Investment Rating - The investment rating for Foton Motor (600166.SH) is not explicitly stated in the provided documents, but the report indicates a focus on the company's strong market position and strategic initiatives [2][3]. Core Viewpoints - Foton Motor remains the leader in the commercial vehicle industry, with significant advancements in its "new energy" and "internationalization" strategies [2][3]. - In 2024, the company achieved revenue of 47.7 billion yuan, a year-on-year decrease of 15.0%, and a net profit attributable to shareholders of 0.08 billion yuan, down 91.1% year-on-year [2][3]. - The company’s gross margin improved to 12.6% in 2024, up 1.3 percentage points year-on-year, while the net profit margin was 0.2%, down 1.5 percentage points year-on-year [3]. - Foton's total sales volume for 2024 was 614,000 units, a decrease of 2.7% year-on-year, with a market share of 15.9%, an increase of 0.2 percentage points [3]. - The new energy vehicle segment saw sales of 54,000 units, a growth of 35% year-on-year, contributing to an increase in market share [3]. - The company exported 153,000 vehicles in 2024, a year-on-year increase of 17.3%, maintaining its position as the top exporter of commercial vehicles in China [3]. Summary by Sections Financial Performance - In Q4 2024, Foton reported revenue of 11.94 billion yuan, a decrease of 9.3% year-on-year, but a slight increase of 1.2% quarter-on-quarter [2][3]. - The gross margin for Q4 2024 was 12.8%, up 3.5 percentage points year-on-year, while the net profit margin was -2.9%, reflecting a significant decline [3]. Strategic Initiatives - The company is actively implementing its new energy strategy, focusing on the development of core technologies and expanding its product matrix to enhance competitiveness [3]. - Foton is also advancing its internationalization strategy, achieving notable growth in overseas markets, particularly in the Americas and Southeast Asia [3].