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 [77]. Core Views - March sales show resilience in domestic demand, while exports perform better than expected [9][11]. - The overall industry volume in March meets expectations, with exports exceeding forecasts [11][20]. - The market structure indicates a decline in the market share of Weichai, maintaining its leading position [12][39]. Summary by Sections Sales Tracking - In March, wholesale sales of heavy trucks reached 111,000 units, with year-on-year and month-on-month changes of -3.7% and +37%, respectively [8]. - Terminal sales for March were 72,000 units, with year-on-year and month-on-month changes of -4.4% and +49.1%, respectively [8]. - Export sales in March were 28,000 units, with year-on-year and month-on-month changes of +12.3% and +22.7%, respectively [8]. - The total industry inventory increased by 12,000 units, with the current total inventory at 161,000 units [8]. Market Structure Tracking - In March, the market share for terminal sales among major manufacturers was as follows: Jiefang 21.3%, Dongfeng 21.4%, Heavy Truck 18.1%, Shaanxi Heavy Truck 12.8%, and Foton 10.3% [10]. - For exports, the market share was: Jiefang 18.5%, Dongfeng 9.4%, Heavy Truck 41.6%, Shaanxi Heavy Truck 16.3%, and Foton 9.4% [10][50]. Profitability Tracking - The heavy truck production volume in March was 116,000 units, with year-on-year and month-on-month changes of -0.4% and +33.7%, respectively [11]. - The structure of the industry shows a significant increase in new energy heavy trucks, with sales of 14,000 units in March, reflecting a year-on-year increase of 183% [11]. - The penetration rate for new energy heavy trucks reached 19.9%, an increase of 13.2 percentage points year-on-year [11]. Engine Market Structure - In March, the market share for engines was as follows: Weichai 24.1%, Cummins 16.2%, Xichai 14.3%, Heavy Truck 8.4%, and Yuchai 14.5% [12][59]. - Weichai's terminal matching volume was 17,000 units, with year-on-year changes of -38.1% and +26.7% [65]. 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 [12][72].

证券代码：600166 证券简称：福田汽车 编号：临 2025—023 北汽福田汽车股份有限公司 关于年度担保计划范围内担保进展的公告 上述担保均在年度股东大会授权范围内。 一、担保情况概述 公司董事会于 2024 年 1 月 10 日、股东大会于 2024 年 1 月 26 日审议通过了《关 于 2024 年度向非关联方提供担保计划的议案》《关于 2024 年度向关联方提供关联担 保计划的议案》，公司对全资子（孙）公司的总担保额度不超过 41 亿元，公司对控股 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： 北京安鹏中融汽车新零售科技有限公司下属子公司北京中车信融融资租赁有 限公司（以下简称"中车信融"）、安鹏融资租赁（天津）有限公司（以下简称 "安鹏天津"）为公司关联方。 产业链上下游企业及终端客户不是公司关联方。 2025 年 3 月担保金额及已实际为其提供的担保余额： 2025 年 3 月，公司为中车信融提供的担保金额为 14.7271 亿元，公司为安鹏 天津提供的担保金额为 0.2455 亿元，截至 ...

Core Viewpoint - The launch of the Huawei and BAIC jointly developed Xiangjie S9 extended-range version marks a significant step in the luxury electric vehicle market, with a focus on advanced technology and production capabilities [1] Group 1: Investment and Development - BAIC has committed over 10 billion yuan for the research and development of a dedicated platform for new energy vehicles [1] - The investment will also support the establishment of a testing system specifically for new energy vehicles [1] Group 2: Production and Technology - The Xiangjie Super Factory will incorporate industry-leading digital flexible production lines [1] - An AI quality inspection center and an ADS intelligent driving calibration center will be introduced to enhance production efficiency and vehicle quality [1]

北汽福田汽车股份有限公司 2025 年第四次临时股东大会会议资料 2025 年 4 月·北京 1 目 录 议案一、《关于变更2025年度会计师事务所的议案》 2 股票简称：福田汽车 股票代码：600166 关于变更 2025 年度会计师事务所的议案 各位股东： 公司原聘任的致同会计师事务所（特殊普通合伙）（以下简称"致同所"）已 连续多年为公司提供审计服务，根据《国有企业、上市公司选聘会计师事务所管 理办法》等相关规定，为保证公司审计工作的合规性、独立性和客观性，公司拟 变更会计师事务所，拟聘任天职国际会计师事务所（特殊普通合伙）（以下简称"天 职国际"）担任公司 2025 年度财务及内控审计机构。2025 年 4 月 7 日，公司董事 会审议通过了《关于变更 2025 年度会计师事务所的议案》，现就本议案向股东大 会做汇报。 一、拟聘任会计师事务所的基本情况 （一）机构信息 议案一： 北汽福田汽车股份有限公司 1.基本信息 会计师事务所名称：天职国际会计师事务所（特殊普通合伙） 成立日期：2012 年 03 月 05 日 组织形式：特殊普通合伙企业 注册地址：北京市海淀区车公庄西路 19 号 68 号楼 A ...

福田汽车以质量管控标准为支撑，持续深化全球化产业布局，建成占地8500平米的再生资源全球制造中 心，集整车整备、核心零部件再制造于一体，打造商用车行业包括整备、认证、再制造及资源循环在内 的综合性基地，覆盖中重卡、轻微卡、皮卡VAN全品类车型。依托新车制造体系的工艺优势，中心开 发了覆盖检测、整备、质保、溯源的标准化流程。 据悉，未来3年，福田汽车计划在全国布局5个区域性再生资源基地，为社会减少更多碳排放，助力商用 车行业绿色转型，为福田汽车在商用二手车市场的竞争力奠定坚实基础，真正将"双碳"战略融入产业。 (经济日报记者王轶辰) 4月8日，北汽福田再生资源全球制造中心投产仪式上，福田汽车（600166）联合中国汽车流通协会、中 汽院凯瑞检测认证、梁山县汽车产业协会及会享福(天津)科技有限责任公司发布《福田品牌认证二手车 整备标准体系》，这是行业首个二手商用车整备标准体系，覆盖了商用车全车型的检测标准、整备标准 及工艺标准，制定了从收车到检测、整备翻新、销售、质保激活、售后服务全业务标准化作业流程，为 全球二手车行业提供了制造转型升级的标杆范式。 依据标准化流程，在车辆检测阶段实施全面的检查项目，包括车辆一致 ...

福田汽车相关负责人表示，未来三年计划在全国布局5个区域性再生资源基地，为社会减少更多碳排 放，助力商用车行业绿色转型，为福田汽车在商用二手车市场的竞争力奠定坚实基础，真正将"双碳"目 标融入产业。重新定义商用车整备认证，不仅为全球用户提供更高价值的二手车服务，同时也为行业提 供可借鉴的低碳转型经验，助力全球商用车后市场生态升级。 数据显示，2024年，我国二手车出口达41万辆，同比增长49.4%，在高基数下延续高增长态势，展现出 强劲的发展活力。 在此背景下，福田汽车紧抓出海机遇，加速布局二手车出口业务，覆盖全国车源地、出口港口及口岸城 市，形成规模化整备产能。活动当日，福田汽车与海外经销商签署战略协议，依托国内规模化整备基地 与海外全场景合作网络，构建起覆盖境内外的一体化出口体系，为全球市场提供高标准整备车源。 据了解，福田汽车积极整合边贸资源，在海外组建专职团队，采取"区域突破+模式复制"策略，优先深 耕中亚市场，成熟后拓展东南亚等地区，同时依托梁山直营店的非洲客商资源渗透非洲市场。通过"境 内外渠道协同+数字化平台赋能"的模式，国内端纵向激活经销商出口潜力，横向联动霍尔果斯、二连 浩特、磨憨等口岸外贸商 ...

Core Viewpoint - The traditional fuel commercial vehicle market is undergoing structural adjustments, with a significant shift towards pure electric, hybrid, and fuel cell technologies, indicating an urgent need for the commercial vehicle industry to transition towards greening and intelligence [1] Group 1: Market Performance - Foton Motor's sales in the first quarter reached 170,215 units, a year-on-year increase of 9.8%, with new energy vehicle sales totaling 25,562 units, marking a substantial year-on-year growth of 174.2% [1] - The surge in new energy vehicle sales reflects Foton Motor's ongoing efforts in the new energy transition and showcases its technological, product, and strategic advancements [1] Group 2: Strategic Development - Foton Motor has been strategically positioning itself in the new energy sector since 2003, developing core technologies across hybrid, electric, and hydrogen fuel cell platforms to meet diverse user needs [2] - The launch of the "30 50 Strategy" in 2023 signifies Foton Motor's entry into the new energy strategy 2.0 phase, aiming for over 50% of its sales to come from new energy vehicles by 2030 and achieving carbon neutrality by 2050 [2] Group 3: Technological Innovations - Foton Motor has made significant advancements in hydrogen energy technology, particularly in high-pressure hydrogen storage systems, ensuring safety and efficiency in hydrogen storage and supply [3] - The company has developed a hybrid system controller (HCU) that enhances energy control and adapts to various driving conditions, improving overall vehicle performance [3] Group 4: Product Offerings - Foton Motor's new energy products cater to a wide range of applications, from urban delivery to cold chain logistics, creating a collaborative product line that meets diverse market demands [5] - The launch of the Euman Galaxy 3 electric product features fully self-developed core modules, achieving a 30% efficiency improvement through its proprietary electric drive and control systems [5] Group 5: Future Outlook - Foton Motor's strategic focus on new energy solutions is expected to unlock greater potential as technology evolves and application scenarios deepen, contributing to the global transition towards green transportation [6] - The recent surge in new energy vehicle sales is seen as a catalyst for a broader industrial revolution, marking the beginning of the commercial vehicle industry's journey towards carbon neutrality [6]

福田汽车（600166）公告，2025年3月份新能源汽车销量为25562辆，去年同期为9322辆；本年累计销量 为25562辆，去年累计为11280辆，累计同比增减174.21%。 ...

证券代码：600166 证券简称：福田汽车 编号：临 2025—022 北汽福田汽车股份有限公司 2025 年 3 月份各产品产销数据快报 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 3 月销量 10630 辆，1-3 月累计销量 23668 辆，累计同比 38.73%；福康发动机 3 月销量 17897 台，1-3 月累计销量 47269 台，累计同比 2.68%。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 二〇二五年四月九日 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。 北汽福田汽车股份有限公司 2025 年 3 月份各产品产销数据快报如下： | | | 产品类型 | | | | 销 量（辆） | | | | | 产 量（辆） | | | | --- | --- | --- | --- | --- | --- | --- | -- ...

Investment Rating - The report does not explicitly state an investment rating for the light commercial vehicle industry Core Insights - The light commercial vehicle market is expected to see stable growth in 2025, with an estimated total sales volume of 2.82 million units, representing a year-on-year increase of 3.5% [46] - The new energy small VAN market is projected to grow significantly, with sales reaching 245,000 units in 2024, a year-on-year increase of 47.2% [28] - The report highlights the introduction of innovative products such as Jiangling's "Blue Flame Power Platform" and the Oumako Smart Blue ES1 electric light truck, which aim to address market demands and consumer concerns regarding range and efficiency [11][18] Industry Insights - Jiangling has launched the "Blue Flame Power Platform," which features advanced technologies for fuel efficiency and performance, including a maximum thermal efficiency of 45.23% and a fuel consumption of 1.2L per 100 km [15][13] - The Oumako Smart Blue ES1 electric light truck is designed for urban transportation needs, offering a range of 500 km and fast charging capabilities [20][23] - The new energy small VAN market is dominated by small and medium-sized vehicles, which account for over 80% of total sales, with a compound annual growth rate (CAGR) of 50.2% from 2019 to 2024 [28] Product Analysis - The report categorizes companies in the new energy VAN market into three groups based on their penetration rates: A-class (100% new energy), B-class (30%-60% new energy), and C-class (below 25% new energy) [31] - A-class companies like Yuan Cheng focus solely on new energy products, while B-class companies like SAIC-GM-Wuling balance traditional fuel and new energy offerings [31] - The report emphasizes the potential for traditional fuel microbus users to upgrade to new energy small VANs, driven by government incentives and lower operational costs [38] Sales Forecast - The light commercial vehicle market is projected to experience stable growth, with government investment expected to boost demand in urban logistics and cold chain transportation [46] - The report notes that while there are positive growth factors, challenges such as geopolitical tensions and low consumer confidence may hinder sales performance [46] - The overall market for light commercial vehicles is expected to remain steady, with a total sales forecast of 2.82 million units in 2025, reflecting a modest increase from previous years [46]