证券代码：600166 证券简称：福田汽车 编号：临 2025—079 北汽福田汽车股份有限公司 关于召开 2025 年第三季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/） 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第三季度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 13 日（星期四）至 11 月 19 日（星期三）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 10 月 31 日发布 公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第 三季度经营成 ...

北汽福田汽车股份有限公司 2025 年第三季度报告 证券代码：600166 证券简称：福田汽车 北汽福田汽车股份有限公司 2025 年第三季度报告 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） 主要会计数据和财务指标 单位：元 币种：人民币 | | | 本报告期 | | 年初至报告期 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 比上年同 | 年初至报告期末 | 末比上年同期 | | | | 期增减变 | | 增减变动幅度 | | | | 动幅度(%) | | (%) | | 营业收入 | 15,078,374,967.92 | 27.85 | 45,449,365,986.35 | 27.09 | | 利润总额 | 301,816,192.63 | 1,329.19 | 1,052,124,460.79 | 127.79 | | 归属于上市公司股东 的净利润 | 335,789,849.38 | 1,764.21 | 1,112,648,015.41 | 157.4 ...

Core Insights - Foton Motor reported a revenue of 15.078 billion yuan for Q3 2025, representing a year-on-year increase of 27.85% [1] - The net profit attributable to shareholders for Q3 reached 336 million yuan, showing a significant year-on-year growth of 1764.21% [1] - For the first three quarters of 2025, the company achieved a total revenue of 45.449 billion yuan, up 27.09% year-on-year [1] - The net profit attributable to shareholders for the first three quarters was 1.113 billion yuan, reflecting a year-on-year increase of 157.45% [1]

Investment Rating - The report maintains a "Positive" investment rating for the heavy truck industry [3] Core Insights - The heavy truck industry is experiencing a significant recovery in demand, driven by policies encouraging vehicle replacement and infrastructure investments [9][12][22] - The sales of natural gas heavy trucks and new energy heavy trucks are showing strong growth, while exports have seen a decline but are expected to improve in the long term [32][50][75] Summary by Sections Overall Performance - In September 2025, wholesale sales of heavy trucks reached 100,000 units, a year-on-year increase of 73.3% and a month-on-month increase of 9.1% [9] - The number of registered heavy trucks was 83,000 units, up 92.0% year-on-year and 24.9% month-on-month [9] - Heavy truck exports totaled 32,000 units, down 22.7% year-on-year but up 8.3% month-on-month [9] - Inventory levels are decreasing, indicating a trend towards inventory destocking [13] Natural Gas Heavy Trucks - In September 2025, the sales of natural gas heavy trucks reached 23,000 units, marking a year-on-year increase of 148.8% and a month-on-month increase of 40.4% [33] - The penetration rate of natural gas heavy trucks was 28.1%, up 6.4 percentage points year-on-year [33] New Energy Heavy Trucks - New energy heavy truck sales reached 23,000 units in September 2025, representing a year-on-year increase of 209.5% and a month-on-month increase of 33.6% [50] - The penetration rate for new energy heavy trucks was 28.2%, an increase of 10.7 percentage points year-on-year [50] Export Trends - Heavy truck exports in September 2025 were 32,000 units, down 23% year-on-year but up 8.3% month-on-month [75] - The export distribution by continent showed significant growth in Africa and Asia, while Europe experienced a decline [78]

Group 1 - The commercial vehicle sector increased by 0.98% on October 30, with Yutong Bus leading the gains [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] - Key stocks in the commercial vehicle sector showed varied performance, with Yutong Bus rising by 5.54% to a closing price of 32.20 [1] Group 2 - The main capital inflow in the commercial vehicle sector was 186 million yuan, while retail investors saw a net outflow of 50.39 million yuan [3][4] - The stock performance of major companies included: - Yutong Bus: 32.20, +5.54%, 309,400 shares traded - Zhongjun Vehicles: 9.53, +2.58%, 204,800 shares traded - China National Heavy Duty Truck: 17.48, +1.81%, 206,700 shares traded [1][3] Group 3 - The main capital inflow for key stocks included Jinlong Automobile with 71.62 million yuan and Jianghuai Automobile with 59.01 million yuan [4] - Yutong Bus experienced a net inflow of 45.81 million yuan from main capital, while retail investors had a net outflow of 11.08 million yuan [4]

Core Insights - The Ministry of Industry and Information Technology will organize the development of the "14th Five-Year" plan for the intelligent connected new energy vehicle industry, focusing on high-quality development and technological innovation [1] Group 1: Industry Development - The intelligent connected vehicle industry in China has made significant progress, establishing a complete industrial system that includes smart cockpits and autonomous driving cloud control [4] - New passenger cars with combined driving assistance features account for over 60% of new car sales [4] Group 2: Baic Group's Innovations - Baic Group launched the "Baic Yuanzhi Intelligent" system, showcasing its latest technological achievements in the intelligent connected vehicle sector [2][3] - The Yuanzhi Intelligent technology emphasizes "full-domain integration," allowing vehicles to evolve into "full-domain intelligent entities" through shared data and collaboration among multiple intelligent agents [3] Group 3: Product Offerings - The Yuanzhi Intelligent system includes two flagship products: Yuanzhi Driving and Yuanzhi Cockpit, with three versions of Yuanzhi Driving (Pro, Max, Ultra) catering to different levels of autonomous driving capabilities [6] - The Pro version supports 128-256 TOPS of computing power, while the Ultra version exceeds 1000 TOPS, aimed at L4 level autonomous taxis [6]

Core Viewpoint - In September 2025, China's new energy heavy truck sales reached a record high of 24,100 units, with significant growth in various segments, including hydrogen fuel cell and hybrid heavy trucks, which have previously had less market presence compared to pure electric heavy trucks [1][4]. Summary by Sections Overall Market Performance - In September 2025, total sales of new energy heavy trucks in China amounted to 24,100 units, representing a year-on-year increase of 206%. The breakdown includes 23,500 pure electric trucks, 565 fuel cell trucks, and 78 hybrid trucks, with respective year-on-year growth rates of 210%, 96%, and 212% [4][6]. Fuel Cell and Hybrid Truck Insights - After five consecutive months of year-on-year decline, fuel cell heavy trucks finally saw growth in September 2025. The hybrid heavy truck segment also demonstrated strong performance, with a year-on-year increase of 212% [4][10]. Market Share Analysis - For the first nine months of 2025, fuel cell and hybrid heavy trucks accounted for only 1.65% and 0.52% of the new energy heavy truck market, respectively, totaling 2.17%. The remaining 97.83% were pure electric models, indicating a higher market share for pure electric trucks compared to the same period in the previous two years [6][12]. Hybrid Truck Sales Breakdown - In September 2025, hybrid heavy truck sales reached 78 units, marking a 212% year-on-year increase. The leading company in this segment was YuanCheng, with 34 units sold, followed by Foton and Changzheng with 24 and 8 units, respectively [10][12]. Cumulative Sales Data - From January to September 2025, hybrid heavy truck sales totaled 719 units, reflecting a year-on-year growth of 174%. The growth rate for cumulative sales increased by 4 percentage points compared to the previous eight months [14][16]. Company Performance - YuanCheng led the hybrid heavy truck market with a market share of 67.18%, significantly up by 21.76 percentage points year-on-year. Foton and Changzheng followed with market shares of 12.10% and 8.76%, respectively, both showing year-on-year increases [16].

Core Insights - The new BAIC Arcfox Alpha T5 aims to redefine the value benchmark for mid-size SUVs priced around 150,000 RMB, leveraging advanced driving assistance and range-extending technologies [1][3] Pricing and Market Position - The Alpha T5 is launched at a promotional price range of 109,800 to 154,800 RMB, offering both pure electric and range-extended versions across seven configurations [1] - The vehicle has already received over 10,000 pre-sale orders, indicating strong market interest [1] Technological Features - The Alpha T5 is the first SUV to offer city NOA (Navigation on Autopilot) at a price point below 150,000 RMB, featuring the Snapdragon 8775 integrated chip and BAIC's Yuanjing intelligent driving assistance system [3] - It incorporates a unique "inertial dual-eye stereo vision system" that mimics human vision, allowing for precise obstacle detection without relying on pre-existing databases [3] - The vehicle's high computing power of 144 Tops enables complex driving scenarios such as traffic jam assist and autonomous highway entry and exit [3] Performance and Efficiency - The range-extended version features a high-efficiency Atkinson cycle engine with a thermal efficiency of 43%, achieving 0-100 km/h acceleration in 6.5 seconds when fully charged and 6.8 seconds in a depleted state [3] - The WLTC fuel consumption in a depleted state is 5.18 L, with a comprehensive range of up to 1,215 km under CLTC conditions [3] - The pure electric version boasts a maximum range of 705 km and supports 800V high-voltage fast charging, allowing for a 30%-80% charge in just 8.9 minutes [3] Space and Comfort - The Alpha T5 features an extended length of 4,760 mm and a wheelbase of 2,845 mm, with a maximum trunk capacity of 1,546 L when the second-row seats are folded down, catering to family travel needs [5] - The vehicle is built with high manufacturing standards and a robust body structure, ensuring safety and quality while providing a cost-effective smart mobility option [5]

Core Viewpoint - The launch of the new Alpha T5 by BAIC Arcfox showcases the "BAIC Yuanzhi Intelligent" system, representing the latest technological achievements in the field of intelligent connected vehicles, integrating research, innovation, and collaboration [1] Group 1: Technology Framework - The core principle of the Yuanzhi Intelligent technology is "full-domain integration," enabling vehicles to evolve into "full-domain intelligent entities" through shared central models and collaborative multi-agent systems [3] - Yuanzhi Intelligent consists of three levels of integration: 1. "Cabin-Driving Integration," where the intelligent cockpit and driving share a central model, enhancing data transmission efficiency and user experience [4] 2. "Cross-Ecological AI Integration," allowing vehicles to understand user intentions and emotions, transforming them into proactive assistants [6] 3. "Real and Virtual World Integration," utilizing real data and AI-generated scenarios to enhance the driving model's adaptability in complex conditions [6] Group 2: Product Offerings - BAIC introduced two flagship products: Yuanzhi Driving and Yuanzhi Cabin, with three versions of Yuanzhi Driving (Pro, Max, Ultra) catering to different levels of autonomous driving from L2 to L4 [7] - The Pro version supports 128-256T computing power for various safety and navigation functions, while the Max version, with 400-600T, can handle more complex scenarios and is expandable to L3 [7] - The Ultra version, exceeding 1000T, is designed for L4 autonomous taxi services, ensuring safety and reliability through advanced system redundancy and algorithms [7] Group 3: Safety and Testing - BAIC emphasizes a "life protection" development philosophy, establishing a comprehensive safety testing system that covers the entire development and operational process [8] - The company has conducted over 50 million kilometers of testing for its Yuanzhi Driving system across various terrains and conditions to ensure high safety standards [8] Group 4: User Experience and AI Integration - The Yuanzhi Cabin is designed as a "context engine" that adapts to user preferences and environmental conditions, providing integrated services and emotional value [10] - The system has integrated over 15 domain-specific intelligent agents, achieving over 880 million user interactions, with an average of over 40,000 daily active requests [11] - BAIC aims to create a comprehensive intelligent travel experience, focusing on safety and integration, while also launching the "BAIC Shenqing Power" technology brand for new intelligent connected vehicles [11]

Core Viewpoint - The domestic new energy light commercial vehicle market is experiencing fluctuations, with a notable increase in sales and penetration rates, particularly in September 2025, which marked a record month for sales and growth in this segment [1][29]. Sales Performance - In September 2025, the new energy light commercial vehicle market sold 35,500 units, representing a month-on-month increase of 51% and a year-on-year increase of 48% [4][29]. - From January to September 2025, the cumulative sales of new energy light commercial vehicles reached 205,100 units, showing an 18% year-on-year growth [10][23]. Market Penetration - The penetration rate of new energy vehicles in the light commercial vehicle market exceeded 60%, with September 2025 achieving a record penetration rate of 70.12% [8][29]. - The cumulative penetration rate from January to September 2025 was 61.55%, up from 56.37% in the previous year [8][27]. Regional Insights - In the first nine months of 2025, all 31 provincial-level administrative regions in mainland China registered new energy light commercial vehicles, with Guangdong province leading with over 35,700 units [12][14]. - Most provinces experienced growth in new energy light commercial vehicle registrations compared to the previous year, with significant increases in Anhui, Chongqing, and Yunnan [14]. Vehicle Type Distribution - Pure electric vehicles dominated the new energy light commercial vehicle market, accounting for 99.977% of sales from January to September 2025, with negligible presence of hybrid and fuel cell vehicles [16]. Leading Companies - In September 2025, the top-selling companies in the new energy light commercial vehicle market included Yuan Cheng, which sold 8,011 units, followed by Wuling and Changan [18][21]. - The market share of the leading companies in the first nine months of 2025 was as follows: Wuling (21.93%), Yuan Cheng (19.38%), and Changan (12.63%) [27]. Future Outlook - The new energy light commercial vehicle market is expected to maintain its growth momentum, with the potential for continued increases in sales and market penetration [29].