年报信息披露重大差错责任追究制度 第一章 总 则 第一条 为了提高中国重汽集团济南卡车股份有限公司（以下简 称"公司"）的规范运作水平，增强年报信息披露的真实性、准确性、 完整性和及时性，提高年报信息披露的质量和透明度，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》")《中华人民共和国会计法》(以下简称"《会 计法》")《上市公司信息披露管理办法》《上市公司治理准则》《深圳 证券交易所股票上市规则》(以下简称"《上市规则》")等法律、法规、 规范性文件及《中国重汽集团济南卡车股份有限公司章程》（以下简 称"《公司章程》"）《公司信息披露管理制度》的有关规定，结合公司 实际情况，制定本制度。 中国重汽集团济南卡车股份有限公司 第二条 本制度所指"责任追究"是指公司董事、高级管理人员 以及与年报信息披露工作有关人员在年报信息披露过程中违反国家 有关法律、法规、规范性文件以及公司规章制度，不履行或者不正确 履行职责、义务以及其他个人原因，导致年报信息披露发生重大差错， 对公司造成重大经济损失或不良社会影响时的追究与处理制度。 第三条 本制度适用于公司董事、高 ...

Group 1: Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 40.49 billion yuan, a year-on-year increase of 20.6% [1] - The net profit attributable to shareholders reached 1.05 billion yuan, up 12.5% year-on-year, while the net profit excluding non-recurring items was 990 million yuan, reflecting a 15.1% increase [1] - In Q3 alone, the company reported a significant increase in key financial metrics, with operating revenue, net profit, and net profit excluding non-recurring items growing by 56.0%, 21.0%, and 30.9% year-on-year, respectively [1] Group 2: Industry Context - The heavy truck industry experienced a "not-so-dull" traditional off-season, supported by the "old-for-new" policy and transformation upgrades, leading to a 20.49% year-on-year increase in heavy truck sales in China [2] - The company launched the new generation Huanghe H7 heavy truck in Q3, which received high market recognition, contributing to its growing market share [2] - The company is focusing on the new energy sector, leveraging strong R&D capabilities to overcome technical bottlenecks and expand its product matrix, including the launch of the Howo TS7 extended-range heavy truck [2] Group 3: Export Business - The company's export business remains a long-standing strength, with products covering key regions such as Africa, Southeast Asia, Central Asia, and the Middle East [3] - In the first three quarters, the company exported a total of 111,000 heavy trucks, with September alone achieving a record monthly export of 15,000 units [3] - Analysts express optimism about the growth potential in the heavy truck industry, citing the continued effects of the "old-for-new" policy and the traditional sales peak in Q4 [3]

中国重汽公告，第三季度营收为143.29亿元，同比增长55.98%；净利润为3.82亿元，同比增长20.99%。 前三季度营收为404.9亿元，同比增长20.55%；净利润为10.5亿元，同比增长12.45%。 ...

中国重汽集团济南卡车股份有限公司 会议决议公告 证券代码：000951 股票简称：中国重汽 公告编号：2025-55 中国重汽集团济南卡车股份有限公司 《公司 2025 年第三季度报告》（公告编号：2025-54）详见刊登 于 2025 年 10 月 31 日的《中国证券报》《证券时报》《证券日报》 1 第九届董事会 2025 年第六次临时会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 中国重汽集团济南卡车股份有限公司（以下简称"公司"）第九届 董事会 2025 年第六次临时会议（以下简称"本次会议"）通知于 2025 年 10 月 21 日以书面送达和电子邮件等方式发出，2025 年 10 月 29 日以通讯方式在公司会议室召开。 本次会议应出席董事 9 人，实际出席董事 9 人。本次会议由公司 董事长刘洪勇先生主持，高级管理人员列席了会议。会议的召开及出 席人数符合《中华人民共和国公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 经与会董事充分讨论后，逐项审议并表决以下议案： 1、公司 2025 年第三季度报 ...

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 Points - The Shanghai Composite Index closed at 4009.81 points, slightly down by 0.16%, with a total trading volume of 202.97 billion yuan [1] - A total of 29 A-shares have surpassed their annual moving average, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - The stocks with the highest deviation rates from their annual moving average include: - Huaihe Energy (5.10%) - Longban Media (3.78%) - China Oilfield Services (3.49%) [1] - Other stocks that have just crossed the annual moving average with smaller deviation rates include: - Fulete - China Railway - China National Heavy Duty Truck [1] Trading Data - The trading data for stocks that broke through the annual moving average on October 30 includes: - Huaihe Energy: +5.95% with a turnover rate of 5.94% - Longban Media: +3.99% with a turnover rate of 3.15% - China Oilfield Services: +4.58% with a turnover rate of 1.43% [1] - Additional stocks with notable performance include: - Guangha Tongxin: +7.41% - Runze Technology: +7.35% - BlueFocus Communication: +9.49% [1]

Core Viewpoint - The delivery of the first batch of Yuchai YCY25-100kW range extenders for Yutong's plug-in hybrid semi-trailer trucks in Hunan marks a significant advancement in the application of Yuchai's range extension power systems in the heavy truck sector, providing a more mature and reliable green power solution for the logistics industry [1]. Group 1 - The YCY25-100kW range extender utilizes a "large battery + small range" technology approach, achieving a comprehensive range capability of 1000 kWh with 400 kWh of battery, reducing the frequency of recharging and enhancing operational efficiency [3]. - This system allows for economic benefits by taking advantage of off-peak electricity prices without pursuing extreme range, while the vehicle's weight is lighter than that of a 600 kWh pure electric vehicle, significantly improving operational profitability [3]. - The YCY25-100kW range extender can be controlled autonomously by the vehicle or customized according to customer needs, making it adaptable to variable cargo sources and uncertain travel distances, leading to more diversified, scientific, and precise route planning for customers [3]. Group 2 - In winter, the intelligent features of the YCY25-100kW range extender effectively address the "range reduction" issue faced by new energy vehicles, ensuring that vehicle performance does not degrade in low-temperature environments, thus meeting customers' all-weather operational needs [5]. - The recent delivery represents the first application of the "large battery + small range" technology in the industry, reflecting customer recognition and expectations for Yuchai's range extension power systems [5]. - Yuchai plans to continuously track and optimize based on customer usage scenarios, providing more comprehensive service support to enhance user experience while promoting sustainable development in the commercial vehicle sector [5].

Core Insights - In September 2025, China's new energy heavy truck sales reached a record high of 24,100 units, with significant growth across various segments, including hydrogen fuel cell trucks, which had previously seen a decline [1][4]. Sales Performance - The total sales of new energy heavy trucks in September 2025 were 24,100 units, representing a year-on-year increase of 206%. The breakdown includes 23,500 units of pure electric trucks, 565 units of fuel cell trucks, and 78 units of hybrid trucks, with respective year-on-year growth rates of 210%, 96%, and 212% [4][5]. - Fuel cell trucks ended a five-month decline with a 249% month-on-month increase in September, selling 565 units. Dongfeng ranked first in sales for the month, followed by SANY, with significant contributions from other manufacturers [11][18]. Market Share and Trends - For the first nine months of 2025, fuel cell trucks accounted for only 1.65% of the new energy heavy truck market, while hybrid trucks held a mere 0.52%, indicating a strong dominance of pure electric models at 97.83% [7]. - The competitive landscape for fuel cell trucks has intensified, with five different manufacturers achieving monthly sales leadership throughout the year, highlighting a dynamic and competitive market environment [13][19]. Company Performance - In terms of cumulative sales from January to September 2025, China National Heavy Duty Truck Group (重汽) led with 592 units sold, capturing a market share of 26.11%. SANY followed closely with 573 units and a 25.28% market share, both showing significant year-on-year increases [18][19]. - The market for fuel cell trucks has shown a stark contrast in performance among manufacturers, with some experiencing substantial growth while others faced significant declines, illustrating a bifurcated market landscape [18][19].

Core Insights - The article highlights the advantages of the Yuchai K15N gas engine in commercial vehicles, particularly in terms of fuel efficiency, reliability, and overall performance [1][10][12]. Group 1: User Experience - A truck driver from Inner Mongolia, Mr. Li, switched to the Yuchai K15N-equipped truck to control operational costs and enhance competitiveness in a challenging transport market [2][4]. - Mr. Li experienced significant improvements in fuel consumption, achieving a fuel efficiency of only 28 kg per 100 km, which exceeded his expectations compared to other models [9][10]. - The Yuchai K15N engine has proven to be reliable, with Mr. Li reporting no mechanical issues after extensive use, which has positively impacted his business growth [12][16]. Group 2: Engine Performance - The Yuchai K15N engine features a displacement of 14.8 liters, a maximum power of 570 horsepower, and a peak torque of 2600 Nm, providing strong performance for various transport needs [12]. - The engine's responsiveness allows for efficient operation, enabling Mr. Li to complete deliveries faster and potentially secure return orders, thus increasing overall profitability [12][13]. Group 3: Service and Support - The article emphasizes the importance of after-sales service, with Mr. Li praising the prompt and professional support from Yuchai, which enhances customer satisfaction and trust in the brand [15][16]. - The combination of low fuel consumption, strong power, safety features, and reliable service contributes to the positive reputation of the Yuchai K15N in the market [15][16].