注：1.本表为销售快报数据，具体数据以定期报告数据为准。2.福田戴姆勒与福田康明斯是 50：50 的合资公司。福戴重型货车 10 月销量 10809 辆，1-10 月累计销 量 85774 辆，累计同比 79.67%；福康发动机 10 月销量 15659 台，1-10 月累计销量 149603 台，累计同比 15.24%。3.新能源汽车包括纯电动汽车、氢燃料电池汽车、 插电式混合动力汽车。4.商用车数据含非完整车辆，轻型货车数据含微型货车。 北汽福田汽车股份有限公司 董 事 会 二〇二五年十一月三日 北汽福田汽车股份有限公司 2025 年 10 月份各产品产销数据快报如下： | | | | | | 销 量（辆） | | | | | 产 量（辆） | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 产品类型 | | 本月数 | 去年同 | 本年累计 | 去年累计 | 累计同比 | 本月数量 | 去年同期 | 本年累计 | 去年累计 | 累计同比 | | | | | 量 | 期 | | ...

Core Viewpoint - Foton Motor reported its October production and sales data, indicating a strong performance in both overall vehicle sales and electric vehicle sales, with significant year-on-year growth in the latter category [1] Group 1: Sales Performance - In October, the total vehicle sales reached 56,600 units, with 8,006 units being electric vehicles [1] - Cumulatively, the total vehicle sales for the year reached 536,700 units, representing a year-on-year increase of 9.8% [1] - The cumulative sales of electric vehicles for the year amounted to 82,300 units, showing a remarkable year-on-year growth of 98.83% [1]

Core Insights - The company reported a total vehicle sales of 56,617 units in October 2025, with a cumulative sales of 536,700 units for the year, reflecting a year-on-year growth of 9.80% [1] - New energy vehicle sales in October reached 8,006 units, with a cumulative total of 82,339 units, showing a significant year-on-year increase of 98.83% [1] - Sales of medium and heavy-duty trucks from January to October totaled 125,800 units, representing a year-on-year growth of 52.95% [1] - Light-duty truck sales for the same period amounted to 367,000 units, with a modest year-on-year increase of 1.43% [1] - Engine product sales in October were 22,819 units, with a cumulative total of 218,400 units for the year, indicating a year-on-year growth of 1.24% [1]

本次分论坛紧密对接产业前沿科技，系统性探讨氢能科技发展趋势和未来路径。议题设置上，涵盖了氢 能及燃料电池产业现状与趋势、多场景规模化应用中的催化剂与膜电极技术突破、低成本长耐久燃料电 池系统的创新催化路径，以及燃料电池汽车标准体系的构建与完善等关键领域。 "双碳"目标引领下，氢能产业已成为推动能源结构转型的关键赛道。11月1日，"链合创新氢引未来—— 2025北京国际青年创新发展论坛新能源智能网联汽车平行论坛氢能分论坛"在京召开。本次论坛由北京 海外学人中心与北汽集团联合主办、北汽福田承办。 当前，我国氢能产业正从初期示范应用向规模化、商业化推广的关键时期加速转型。北汽福田常务副总 经理鹿政华表示，氢能作为能源革命的重要组成与载体，对稳定能源供给、优化能源结构、发展低碳交 通意义重大。在新能源技术领域中，氢燃料电池汽车在续航里程、补能速度、运营效率上优势显著，尤 其在中长途、中重载商用车领域竞争力突出，是构建多元化、高效能绿色交通体系的关键一环。面对新 阶段，他呼吁深化"产学研用"协同创新，与产业链上下游携手完善氢源供给、储运加注、整车应用的全 链条生态，让绿色氢能真正走进千行百业。 在相关部门的指导和支持下 ...

从资金流向上来看，当日商用车板块主力资金净流出6535.57万元，游资资金净流出2620.79万元，散户资 金净流入9156.56万元。商用车板块个股资金流向见下表： 证券之星消息，11月3日商用车板块较上一交易日下跌0.38%，福田汽车领跌。当日上证指数报收于 3976.52，上涨0.55%。深证成指报收于13404.06，上涨0.19%。商用车板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600686 | 金成汽车 | 15.75 | 4.03% | 46.82万 | 7.26亿 | | 600375 | 汉马科技 | 7.50 | 2.32% | 63.42万 | 4.75 Z | | 000868 | 安凯客车 | 5.45 | 2.25% | 18.39万 | 9934.84万 | | 600303 | 曙光股份 | 3.87 | 1.04% | 1 20.50万 | 7883.42万 | | 600006 | 东风股份 | 7.79 | 0.78% | 31. ...

Core Insights - In October 2025, the new energy heavy truck market in China saw a total of 17,100 units sold, representing a month-on-month decrease of 21% but a year-on-year increase of 153% [1][10] - The decline in sales compared to September does not indicate a cooling market, as the month had an 8-day holiday, and the overall demand remains strong due to policy and market drivers [1][10] - The average monthly sales from January to October 2025 exceeded 13,500 units, with a continuous seven-month streak of sales surpassing 10,000 units [1][10] Market Performance - In October 2025, 30 provincial-level administrative regions in China reported new energy heavy truck sales, with 14 regions adding over 400 units each [2] - Shanghai and Shanxi led the provinces with over 2,000 units sold in October, contributing significantly to the overall sales figures [2][4] Company Performance - XCMG topped the sales chart in October with 3,149 units sold, followed by SANY, FAW Jiefang, and Shaanxi Automobile, each exceeding 2,000 units [5][6] - The top ten companies in sales saw most achieving year-on-year growth, with XCMG, Shaanxi, and Heavy Truck achieving increases of 224%, 272%, and 252% respectively [7][11] Cumulative Sales Data - From January to October 2025, cumulative sales reached 136,900 units, a year-on-year increase of 192% [9][10] - The top three companies, XCMG, SANY, and FAW Jiefang, each surpassed 20,000 units in cumulative sales, with figures of 22,200, 21,400, and 20,700 units respectively [9][10] Market Share Insights - The market share of the top five companies (XCMG, SANY, FAW Jiefang, Heavy Truck, and Shaanxi) exceeded 10%, with XCMG holding the largest share at 16.22% [13] - The competitive landscape remains tight, with minor differences in market share among the leading companies, indicating potential for shifts in rankings in the near future [13]

Core Viewpoint - Foton Motor reported strong financial performance for the first three quarters of 2025, with significant year-on-year growth in revenue and net profit, indicating robust operational improvements and market positioning. Financial Performance - For the first three quarters of 2025, Foton Motor achieved revenue of 45.45 billion yuan, a year-on-year increase of 27.1%, and a net profit attributable to shareholders of 1.11 billion yuan, up 157.5% year-on-year [1] - In Q3 2025, revenue reached 15.08 billion yuan, reflecting a year-on-year growth of 27.9%, with net profit of 336 million yuan compared to 20 million yuan in the same period last year [1] Market Position and Sales - Foton Motor's heavy truck wholesale market share rose to 12.6% in the first three quarters of 2025, the highest level in ten years, with exports of medium and heavy trucks reaching 26,000 units, a year-on-year increase of 30% [3] - The company sold 329,000 light trucks in the first three quarters of 2025, maintaining a market share of 18.3%, while sales of new energy vehicles surged by 113.4% year-on-year, achieving a penetration rate of 15.5% [4] Profitability and Cash Flow - The annualized return on equity (ROE) for the first three quarters of 2025 increased to 10%, the highest since 2013, driven by revenue growth and improved expense ratios [5] - The company reported a net operating cash flow of 1.7 billion yuan, a significant improvement from a negative 760 million yuan in the same period last year [5] Investment Outlook - Foton Motor's strategic focus is shifting towards value-driven business and enhancing technological independence, with expectations of revenue growth from 55.9 billion yuan in 2025 to 72.7 billion yuan in 2027, alongside substantial increases in net profit [6] - The projected net profit for 2025 is 1.5 billion yuan, reflecting a year-on-year growth of 1756% [6]

Core Viewpoint - The sales of new energy heavy trucks in September 2025 exceeded 20,000 units for the first time, marking a year-on-year increase of 252%, setting a record for the highest monthly sales in history [1]. Group 1: Monthly Sales Performance - In October 2025, 17,100 new energy heavy trucks were added, representing a year-on-year increase of 153% and a month-on-month decrease of 21% [5]. - The average monthly sales of new energy heavy trucks from January to October 2025 exceeded 13,500 units, with continuous monthly sales exceeding 10,000 units from March to October [5]. - The sales in October 2025 were still the second highest of the year, with a net increase of over 10,000 units compared to the same month last year [22]. Group 2: Regional Sales Distribution - In October 2025, 30 provincial-level administrative regions had new energy heavy truck additions, with 14 regions adding over 400 units [6]. - Shanghai and Shanxi each added over 2,000 units in October, contributing significantly to the overall sales [6]. Group 3: Company Performance - In October 2025, XCMG led the sales with 3,149 units, followed by SANY, Jiefang, and Shaanxi Automobile, each exceeding 2,000 units [10][11]. - The top ten companies in sales all achieved year-on-year growth, with XCMG, Shaanxi Automobile, and Heavy Truck achieving growth rates of 224%, 272%, and 252% respectively [14]. - From January to October 2025, cumulative sales reached 136,900 units, with XCMG, SANY, and Jiefang each surpassing 20,000 units [16][18]. Group 4: Market Share Analysis - The market share of the top five companies (XCMG, SANY, Jiefang, Heavy Truck, and Shaanxi Automobile) exceeded 10%, with XCMG holding the largest share at 16.22% [20]. - The competitive landscape shows that the market shares of adjacent companies are closely matched, indicating potential for shifts in rankings in the near future [20].

2025 年 11 月 03 日 公司研究 评级：买入(维持) | 研究所： | | --- | 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn 联系人 ： 徐鸣爽 S0350124100008 xums@ghzq.com.cn [Table_Title] 2025 前三季度公司重卡批发市占率升至 10 年 最高，现金流、盈利能力皆同比改善 ——福田汽车（600166）2025 年三季报点评 最近一年走势 | 相对沪深 | 300 表现 | | | 2025/10/31 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 福田汽车 | | 9.5% | 11.5% | 11.5% | | 沪深 300 | | -0.0% | 13.9% | 19.3% | | 市场数据 | 2025/10/31 | | --- | --- | | 当前价格（元） | 3.00 | | 周价格区间（元） 52 | 2.22-3.13 | | 总市值（百万） | 23,752.20 | | 流通市值（百万） | 23,752 ...

Core Viewpoint - The company reported its Q3 2025 results, showing strong revenue growth but a decline in net profit margins, indicating a mixed performance amidst industry recovery [3][4][5]. Financial Performance - In Q3 2025, the company achieved revenue of 15.1 billion yuan, with year-on-year growth of 27.9% but a quarter-on-quarter decline of 3.2%. The net profit attributable to shareholders was 336 million yuan, reflecting a significant year-on-year increase of 1764.2% but a slight quarter-on-quarter decrease of 1.6% [3]. - The company's gross margin for Q3 2025 was 9.9%, down by 2.4 percentage points year-on-year, while the expense ratio improved to 9.4%, a decrease of 1.7 percentage points quarter-on-quarter [5]. Sales Performance - The company saw a notable increase in sales of medium and heavy trucks, with Q3 2025 sales reaching 39,000 units, up 92.3% year-on-year and 6.8% quarter-on-quarter. Light truck sales were 99,000 units, showing a quarter-on-quarter decline of 1.5% [4]. - The company’s heavy truck export performance was particularly strong, with export sales of 6,800 units, marking a year-on-year increase of 168.6% [4]. Investment and Future Outlook - The commercial vehicle industry is recovering, and the company is strategically positioning itself in the light truck segment through a comprehensive approach involving product, technology, and marketing [9]. - The company has eliminated the impact of long-term equity investments in Foday, allowing for a more streamlined focus on growth, particularly in heavy truck exports, which are expected to contribute positively to profits in the medium to long term [9]. Profit Forecast and Valuation - The profit forecast for 2025 has been adjusted down to 1.474 billion yuan from the previous estimate of 1.666 billion yuan, while the net profit estimates for 2026 and 2027 remain at 2.029 billion yuan and 2.136 billion yuan, respectively [10]. - The company maintains a "buy" rating due to its low valuation and the potential for profit growth from heavy truck exports [10].