Market Overview - The commercial vehicle sector experienced a decline of 2.32% on November 21, with Hanma Technology leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - Hanma Technology (600375) closed at 6.20, down 5.92% with a trading volume of 407,800 shares and a turnover of 257 million yuan [1] - Other notable declines included: - Shuguang Co. (600303) down 5.59% to 3.38 - Dongfeng Motor (600006) down 4.42% to 7.35 - Jinlong Automobile (600686) down 4.34% to 14.09 - Foton Motor (600166) down 4.18% to 2.75 [1] Capital Flow - The commercial vehicle sector saw a net outflow of 390 million yuan from institutional investors, while retail investors contributed a net inflow of 352 million yuan [1] - The detailed capital flow for specific stocks showed: - Jianghuai Automobile (600418) had a net outflow of 95.78 million yuan from institutional investors [2] - Dongfeng Motor (600006) experienced a significant net outflow of 66.15 million yuan [2] - Hanma Technology (600375) had a net outflow of 34.68 million yuan from institutional investors [2]

Core Viewpoint - Hanma Technology will completely stop the production and sales of traditional fuel vehicles in the domestic market starting from December 31, 2025, reaffirming its strategic transformation plan towards new energy vehicles [1][4]. Group 1: Strategic Transition - Hanma Technology is the only commercial vehicle enterprise among the seven "chain master" companies in Anhui Province's new energy vehicle industry cluster, initially focusing on engineering specialty vehicles [1]. - The company plans to focus on new energy and clean energy vehicle businesses after ceasing traditional fuel vehicle production, in response to the "dual carbon" goals [1][4]. Group 2: Domestic and Overseas Market Strategy - From December 31, 2023, Hanma Technology will stop selling traditional fuel vehicles in the domestic market but will continue to provide services for existing fuel vehicle users, including connectivity, after-sales service, and spare parts [4]. - The company will continue to produce and export traditional fuel vehicles to meet overseas market demand, ensuring that this does not affect the domestic market's cessation of traditional fuel vehicle production [4]. Group 3: Performance Metrics - In October 2025, Hanma Technology's revenue is expected to exceed 600 million yuan, marking the best monthly performance in nearly five years, with new energy heavy truck production and sales increasing by 277.02% and 325.7% year-on-year, respectively [6]. - From January to October 2025, cumulative production and sales increased by 129.98% and 131.27% year-on-year, significantly leading the heavy truck market [6].

Market Overview - The commercial vehicle sector experienced a decline of 1.05% on November 20, with Dongfeng Motor leading the drop [1][3] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Individual Stock Performance - Yutong Bus (600066) closed at 31.10, up 0.52% with a trading volume of 79,800 shares and a transaction value of 247 million yuan [1] - Dongfeng Motor (600006) closed at 7.69, down 2.78% with a trading volume of 473,800 shares and a transaction value of 367 million yuan [3] - Other notable declines include Jianghuai Automobile (600418) down 2.06% and Hanma Technology (600375) down 1.93% [3] Fund Flow Analysis - The commercial vehicle sector saw a net outflow of 240 million yuan from institutional investors, while retail investors contributed a net inflow of 101 million yuan [4] - Notable stock fund flows include: - FAW Jiefang (000800) with a net inflow of 8.51 million yuan from institutional investors [4] - China National Heavy Duty Truck (000951) with a net outflow of 5.23 million yuan from institutional investors [4] ETF Information - The 500 Quality Growth ETF (product code: 560500) tracking the CSI 500 Quality Growth Index has seen a decline of 3.03% over the past five days [6] - The ETF's current price-to-earnings ratio stands at 17.27, with a recent reduction in shares by 1 million, resulting in a net redemption of 1.148 million yuan [6]

汉马科技集团股份有限公司 证券代码：600375 证券简称：汉马科技 编号：临 2025－067 汉马科技集团股份有限公司 关于公司营销分公司诉讼事项进展的公告 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个别及连带责任。 重要内容提示： ●案件所处的诉讼阶段：终结执行。 ●上市公司营销分公司所处的当事人地位：申请执行人（一审原告、二审上 诉人、重审一审原告）。 ●涉及诉讼事项金额： 汉马科技集团股份有限公司营销分公司（以下简称"公司营销分公司"）起 诉山东威菱汽车销售服务有限公司（以下简称"山东威菱"）等买卖合同纠纷： 山东威菱、高琦支付公司营销分公司欠款本金人民币 26,259,590.64 元及相应的 逾期付款违约金（以本金为基数，自 2021 年 1 月 1 日起，按年利率 15.4%的标 准计算至本金付清之日止）；山东威菱在公司营销分公司处的保证金 300,000.00 元先行抵扣上述违约金，剩余部分抵扣尚欠购车款；山东威菱支付公司营销分公 司律师费 100,000.00 元、财产保全费 5,000.00 元；案件受理费 1 ...

Core Viewpoint - Hanma Technology will cease the production and sales of traditional fuel vehicles in China starting December 31, 2025, as part of its strategic transformation towards new energy and clean energy vehicles [1][2] Group 1: Strategic Transition - The company is the only commercial vehicle enterprise among the seven "chain master" enterprises in the Anhui Province's new energy vehicle industry cluster, originally focusing on specialized engineering vehicles [1] - In 2020, Geely acquired Hanma Technology, shifting the focus towards new energy heavy trucks [1] - The board of directors approved the proposal to transition to new energy and stop producing fuel vehicles, aligning with China's "dual carbon" goals [1] Group 2: Domestic Market Plans - Hanma Technology will stop selling traditional fuel vehicles in the domestic market starting December 31, 2025, while continuing to provide services for existing fuel vehicle users, including connectivity, after-sales service, and spare parts [1] Group 3: International Market Strategy - The company will continue to produce and export traditional fuel vehicles to meet overseas market demand, ensuring that this does not affect the domestic cessation of fuel vehicle production [2] - Hanma Technology will adopt a "domestic new energy + overseas dual-track" differentiated strategy for future product sales [2]

证券代码：600375 证券简称：汉马科技 公告编号：临 2025-066 汉马科技集团股份有限公司 2025年第一次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 11 月 19 日 (二)股东大会召开的地点：公司办公室四楼第一会议室（安徽省马鞍山经济技术 开发区梅山路 1000 号） (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 949 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 542,030,829 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 33.8120 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，董事长范现军先生主持，采用现场投票与网络 投票相结合的表决方式。本次会议 ...

法律意见书 北京市盈科(南京)律师事务所 关于 汉马科技集团股份有限公司 2025年第一次临时股东大会的 法律意见书 法律意 见书 北京市盈科(南京)律师事务所 关于汉马科技集团股份有限公司 2025年第一次临时股东大会的法律意见书 致:汉马科技集团股份有限公司 北京市盈科(南京)律师事务所(以下简称"本所")是具有中华人民共和国 法律执业资格的律师事务所。本所接受汉马科技集团股份有限公司(以下简称"公 司"）的委托,就公司召开 2025年第一次临时股东大会(以下简称"本次股东大 会"）的有关事宜,根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》(以下简称"《证券法》")、《上市公司股东会规则》 (以下简称"《股东会规则》")等法律、法规、规章及其他规范性文件(以下简 称"中国法律法规"）、《汉马科技集团股份有限公司章程》（以下简称"《公司 章程》"），出具本法律意见书。 YINGKE 盈科 南京市建邺区奥体大街 68 号新城科技园国际研发总部园 5A 栋 12 层 2025 年 11 月 本所及本所律师根据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券 ...

Core Insights - The commercial vehicle sector experienced a 0.72% increase on November 19, with CIMC Vehicles leading the gains [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Commercial Vehicle Sector Performance - CIMC Vehicles (301039) closed at 10.12, up 2.33% with a trading volume of 183,100 shares and a turnover of 185 million yuan [1] - JAC Motors (600418) closed at 49.98, up 1.96% with a trading volume of 553,800 shares and a turnover of 2.794 billion yuan [1] - Yutong Bus (600066) closed at 30.94, up 1.61% with a trading volume of 161,100 shares and a turnover of 18.8 million yuan [1] - Dongfeng Motor (600006) closed at 7.91, up 0.25% with a trading volume of 459,300 shares and a turnover of 363 million yuan [1] - China National Heavy Duty Truck Group (000951) closed at 17.25, up 0.17% with a trading volume of 63,100 shares [1] - Hanma Technology (600375) closed at 6.72, up 0.15% with a trading volume of 340,100 shares and a turnover of 22.7 million yuan [1] - Jiangling Motors (000550) closed at 19.27, down 0.67% with a trading volume of 28,400 shares and a turnover of 5.5 million yuan [1] - FAW Jiefang (000800) closed at 7.27, down 0.82% with a trading volume of 263,200 shares and a turnover of 192 million yuan [1] - Ankai Bus (000868) closed at 5.28, down 1.31% with a trading volume of 125,400 shares and a turnover of 6.624 million yuan [1] - Zhongtong Bus (000957) closed at 11.10, down 1.42% with a trading volume of 148,800 shares and a turnover of 166 million yuan [1] Fund Flow Analysis - The commercial vehicle sector saw a net inflow of 223 million yuan from institutional investors, while retail investors experienced a net outflow of 1.32 billion yuan [2] - Major stocks like JAC Motors had a net inflow of 32.3 million yuan from institutional investors, but a net outflow of 123.6 million yuan from retail investors [3] - Zhongtong Bus experienced a net outflow of 15.24 million yuan from institutional investors, while retail investors had a net inflow of 13.21 million yuan [3]

Market Overview - The commercial vehicle sector experienced a decline of 1.48% on November 18, with Jinlong Automobile leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Individual Stock Performance - Foton Motor (600166) closed at 2.95 with no change, while Yutong Bus (600066) fell by 0.94% to 30.45 [1] - JAC Motors (600418) decreased by 1.21% to 49.02, and FAW Jiefang (000800) also saw a decline of 1.21% to 7.33 [1] - Other notable declines included Ankai Bus (000868) down 1.29% to 5.35 and Jiangling Motors (000550) down 1.37% to 19.40 [1] Trading Volume and Capital Flow - The commercial vehicle sector saw a net outflow of 148 million yuan from main funds, while retail investors contributed a net inflow of 70.25 million yuan [2] - The trading volume for Foton Motor was 1.7351 million shares, with a transaction value of 514 million yuan [1] Fund Flow Analysis - FAW Jiefang experienced a net outflow of 21.46 million yuan from main funds, while it attracted a net inflow of 23.61 million yuan from speculative funds [3] - Jinlong Automobile had a net outflow of 12.43 million yuan from main funds, but saw a net inflow of 29.20 million yuan from retail investors [3] - Overall, the fund flow indicates a mixed sentiment among different investor types within the commercial vehicle sector [3]

Core Viewpoint - Hanma Technology (600375) anticipates significant growth in the sales and production of new energy heavy trucks by October 2025, driven by strong market demand and enhanced product competitiveness [1] Industry Summary - The commercial vehicle sector is experiencing robust growth in demand for new energy products, supported by national "dual carbon" goals that create a favorable environment for new energy heavy trucks [1] - The penetration rate of new energy heavy trucks in the domestic market is continuously increasing, allowing the company to benefit from this trend [1] Company Summary - Hanma Technology projects a year-on-year increase of 277.02% in production and 325.70% in sales of new energy heavy trucks by October 2025 [1] - The company's current production capacity is sufficient to meet its sales and production plans, and it will continue to deepen technological innovation and scenario integration [1] - Hanma Technology aims to consolidate its first-mover advantage in the new energy heavy truck sector, creating long-term value for investors [1]