中国重汽集团济南卡车股份有限公司 会议决议公告 第九届董事会 2025 年第三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 证券代码：000951 股票简称：中国重汽 公告编号：2025-29 中国重汽集团济南卡车股份有限公司 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 年第三次临时会议（以下简称"本次会议"）通知于 2025 年 5 月 29 日以书面送达和电子邮件等方式发出，2025 年 6 月 6 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，监事会成员和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、关于聘任公司总经理的议案； 表决结果：同意 9 票，反对 0 票，弃权 0 票。本议案获得通过。 上述人员的任职资格亦经公司董事会提名委员会审查，提名委员 会对上述议案均发 ...

Overview - The automotive audio market in China is experiencing rapid growth, with a projected market size of 68.618 billion yuan in 2024, representing a year-on-year increase of 4.60% [1][12] - Consumers are increasingly willing to pay higher prices for high-quality audio systems, leading to diverse demands for sound quality, functionality, and design [1][12] Market Policies - The Chinese government has implemented various policies to support the development of the automotive audio industry, including the "14th Five-Year" technology innovation plans and initiatives for recycling and upgrading equipment [5][7] Industry Chain - The automotive audio industry relies on upstream suppliers of metal materials and electronic components, while downstream demand comes primarily from automotive manufacturers, repair services, and customization markets [8][10] Current Development - The automotive audio market is predominantly driven by the pre-installed market, which accounts for over 90% of the total market, as manufacturers integrate audio systems into vehicles before sale [12] Competitive Landscape - The automotive audio market has high entry barriers, with domestic brands gradually breaking the dominance of foreign brands through improved quality and localized services [15] - Key players in the industry include companies like Aisico, Suzhou Shangsheng Electronics, and Guangdong HiVi Technology, with significant market presence in regions like Guangdong and Zhejiang [15][17][19] Future Trends - The integration of automotive audio systems with AI, IoT, and 5G technologies is expected to enhance user experience through smart voice assistants and personalized audio configurations [21]

Core Viewpoint - The heavy truck industry in China experienced significant growth in May 2025, with wholesale sales, domestic terminal sales, electric heavy trucks, and diesel heavy trucks all showing year-on-year increases, indicating a positive trend in the market [1][3][23]. Group 1: Market Performance - In May 2025, approximately 85,000 heavy trucks were sold in China, representing a 9% increase compared to the same month last year, despite a slight month-on-month decrease of 3% [3][5]. - Cumulatively, from January to May 2025, the heavy truck market recorded sales of about 437,500 units, showing a small year-on-year increase of approximately 1% [5]. - The "old-for-new" policy for National IV trucks has significantly stimulated new truck purchases, contributing to the growth in sales [6]. Group 2: Segment Analysis - The export wholesale volume of heavy trucks is expected to decline by over 10% in May, indicating ongoing pressure in the export market [7]. - Domestic terminal heavy truck sales are projected to have increased by over 20% year-on-year in May, despite a slight month-on-month decrease of around 5% [7]. - Sales of natural gas trucks fell to below 15,000 units, marking a new low in four months, with a year-on-year decline expected to exceed 30% [8]. - New energy heavy trucks are anticipated to have sold over 15,000 units in May, reflecting a year-on-year growth of approximately 190%, with a market penetration rate exceeding 23% [8][11]. Group 3: Company Performance - China National Heavy Duty Truck Group (CNHTC) led the market with sales of approximately 23,000 heavy trucks in May, a 13% year-on-year increase [12][15]. - Dongfeng Motor Corporation sold about 15,000 heavy trucks in May, achieving a year-on-year growth of 49% [15][17]. - FAW Jiefang sold around 14,000 heavy trucks in May, with a cumulative sales figure of approximately 81,500 units from January to May, maintaining a market share of about 18.6% [15][19]. - Beiqi Foton and XCMG showed the highest growth rates among major companies, with Foton's sales increasing by 73% year-on-year in May [17][19]. Group 4: Future Outlook - The heavy truck market is expected to continue its growth trend in June, driven by the acceleration of old vehicle scrapping and replacement policies [23]. - The decline in natural gas truck sales is anticipated to narrow to single digits in June, creating conditions for a rebound in the second half of the year [23]. - The sales of electric heavy trucks are expected to reach new highs in the latter half of the year, supported by various favorable policies [23].

证券代码：000951 证券简称：中国重汽 中国重汽集团济南卡车股份有限公司 投资者关系活动记录表 编号：20250604 | 投资者关系活动 | ■特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称 | 华创证券李昊岚 蔡依林 | | 及人员姓名 | 工银瑞信基金 万力实 郭照阳 | | 时 间 | 2025 年 6 月 4 日 13:30-14:30 | | 地 点 | 公司会议室 | | 上市公司 | 董事会秘书助理兼证券事务代表 张欣 | | 接待人员姓名 | 投关专员 胡啸 | | | 公司董事会秘书助理兼证券事务代表张欣女士简要介绍 | | | 了公司情况，并就投资者关心的问题进行了沟通和交流。主 | | | 要内容如下： | | 投资者关系活动 | 1、请介绍下公司近期的生产经营情况。 | | | 根据第一商用车网数据，2025 年 1-5 月我国重卡市场累 | | 主要内容介绍 | 计销量约为 43.55 万辆，同比 ...

Group 1 - The Ministry of Industry and Information Technology and other departments have launched the 2025 New Energy Vehicle (NEV) initiative to promote NEV usage in rural areas, focusing on quality and reliable models [1] - The initiative includes exhibitions, test drives, and collaboration with after-sales service, charging service, insurance, and financial service companies to enhance the NEV ecosystem in rural regions [1] - Policies such as tax reductions and incentives for vehicle trade-ins will encourage manufacturers to expand their product offerings and improve service levels in rural markets [1] Group 2 - Dongxing Securities notes that the automotive industry is experiencing intensified competition, impacting profitability and cash flow, but leading companies are still showing improvements in net profit and operating cash flow [2] - The release of new vehicles during auto shows and the ongoing effects of new policies are expected to gradually improve the performance of automotive companies in the second quarter [2] - Recommended companies for investment include SAIC Motor, Jianghuai Automobile, BYD, Changan Automobile, and others within the automotive and related sectors [2]

Core Viewpoint - The new energy tractor truck market in China has experienced rapid growth since 2025, with significant year-on-year increases in sales, particularly during the peak seasons of March and April, and a remarkable surge in May [1][28]. Group 1: Market Performance - In March and April 2025, new energy tractor trucks achieved year-on-year growth rates of 253% and 288%, respectively, outpacing the overall growth of the new energy heavy truck market [1][28]. - In May 2025, the market added 10,000 new energy tractor trucks, marking a year-on-year increase of 326%, which is 4.3 times the sales volume of May 2024 [4][5]. - The cumulative sales of new energy tractor trucks from January to May 2025 reached nearly 40,000 units, reflecting a year-on-year increase of 266% [17][20]. Group 2: Regional Insights - In May 2025, 30 provincial-level administrative regions in China reported new additions of new energy tractor trucks, with 21 regions adding over 100 units each [6]. - Shanghai led the regions with over 2,500 new energy tractor trucks added in May, followed by Sichuan and Shanxi with over 800 units each [6][7]. Group 3: Company Performance - In May 2025, five companies sold over 1,000 new energy tractor trucks, with Jiefang leading the sales with 1,680 units, followed by SANY and XCMG with 1,460 and 1,433 units, respectively [9][12]. - The top ten companies in the new energy tractor truck market saw significant year-on-year growth, with Jiefang, XCMG, and others achieving increases of over 300% [15][22]. - The market share of the top five companies, including Jiefang and XCMG, exceeded 10%, with Jiefang holding a share of 16.13% [25].

Monetary Policy - The People's Bank of China will reduce the reserve requirement ratio for auto finance and financial leasing companies from 5% to 0% to enhance credit capacity and business expansion opportunities [1][2] Industry Standards - The Ministry of Industry and Information Technology is soliciting opinions on the mandatory national standard for automotive door handles, focusing on hidden door handles and emergency access requirements [3][4] Smart Manufacturing - The National Bureau of Statistics emphasizes the development of smart connected new energy vehicles and intelligent manufacturing equipment as part of the "Digital China Construction 2025 Action Plan" [5][6] Government Procurement - The Central Committee and State Council have revised regulations to prioritize the procurement of domestic new energy vehicles for government use [7][8] Trade Policies - The Ministry of Commerce is promoting more foreign trade enterprises in sectors like automotive to participate in "trade-in" programs to boost domestic consumption [9][10] Cybersecurity - The Central Cyberspace Affairs Commission is launching a special action to address issues related to malicious online attacks on enterprises [11][13] Market Dynamics - Beijing allocated 118,400 new energy vehicle indicators for families, significantly responding to public demand and stimulating consumption [14][15] Automotive Exhibition - The 2025 Shanghai International Auto Show showcased 1,366 vehicles, with over 70% being new energy vehicles, highlighting the strong consumer vitality in the Chinese automotive market [17][18] Export Performance - In the first four months, China's exports of mechanical and electrical products reached 5.04 trillion yuan, with automotive exports growing by 4% [19][20] Production and Sales - In the first four months, China's automotive production and sales exceeded 10 million units for the first time, with year-on-year growth of 12.9% and 10.8% respectively [21][22] Charging Infrastructure - Over 6,500 highway service areas in China have established charging parking spaces, significantly alleviating charging difficulties for new energy vehicle owners [23][24] Battery Standards - The China Society of Automotive Engineers released a group standard for all-solid-state batteries, clarifying definitions and testing methods [25][26] EU Regulations - The EU's battery supply chain due diligence and carbon footprint reporting deadlines have been postponed, providing a buffer for Chinese lithium battery exports [27][28] Corporate Developments - Panasonic plans to lay off 10,000 employees globally as part of its restructuring efforts, while its battery division remains unaffected [29][30] - Chinese automakers Great Wall and GAC are expanding their presence in Brazil with local production and investment plans [31][32] - Nissan announced a global layoff of 20,000 employees amid significant financial losses, indicating a major restructuring [33][34] - Honda is reducing its electric vehicle investment while strengthening its hybrid lineup due to market uncertainties [35][36] - Mercedes-Benz is establishing its North American headquarters in Atlanta to enhance operational and R&D capabilities [37][38] - Stellantis announced a new CEO, emphasizing the need for revitalization [39] - Elon Musk is leaving the Trump administration to return to Tesla, easing investor concerns [40][41] Company Strategies - Changan Automobile is taking legal action against misinformation regarding its corporate structure [43][44] - Geely plans to fully merge with Zeekr, aiming for resource integration [45][46] - Geely has implemented a rotating presidency system to enhance management efficiency [47][48] - China National Heavy Duty Truck Corporation announced a new leadership team to drive innovation [49][50] - BYD established its European headquarters in Hungary, marking a significant step in its internationalization [51][52] - CATL successfully listed on the Hong Kong Stock Exchange, bolstering its global strategy [53] - Xiaomi unveiled its second car model, the YU7, amidst public scrutiny [54][55] - Middle Eastern capital has taken over HiPhi Automotive, indicating a cross-border investment trend [56][57]

Investment Rating - The report maintains a neutral investment rating for the automotive and parts industry [5] Core Insights - The report emphasizes the importance of continuing to monitor companies within the Huawei supply chain, as well as competitive domestic brands and new forces in intelligent driving technology, which are expected to expand their market share by 2025 [2][14] - The report highlights the successful launch of the ZunJie S800, which achieved over 2,100 pre-orders within 48 hours, indicating strong market interest and potential for becoming a new benchmark in the luxury car segment [12][31] - A new round of promotional activities has been initiated, with companies like BYD offering significant discounts, which may stimulate demand but also intensify competition within the industry [13][24] Summary by Sections Market Performance - The automotive sector experienced a decline of 4.3% this week, underperforming compared to the broader market [17] - The passenger vehicle segment saw a significant drop of 8.93%, while commercial vehicles and automotive sales services showed slight increases [17] Sales Tracking - From May 1 to May 25, the wholesale sales of passenger vehicles reached 1.389 million units, a year-on-year increase of 17%, while retail sales reached 1.358 million units, up 16% year-on-year [24][28] Key Company Updates - The report suggests a focus on several companies, including SAIC Motor, BYD, and Jianghuai Automobile, among others, as potential investment opportunities [15][2] - The report notes that several new models have been launched, including the ZunJie S800 and the Xiaopeng MONA M03, which are expected to contribute positively to their respective companies' sales figures [31][32] Industry Dynamics - The report discusses the competitive landscape, highlighting the impact of price wars and promotional activities on market dynamics, urging companies to adhere to fair competition principles [13][24] - It also mentions the anticipated recovery of certain state-owned enterprises through reforms and collaborations [2][14]

Core Insights - The domestic heavy truck market remains highly competitive in May, with major brands reporting significant order wins, including large orders from companies like FAW Jiefang, Dongfeng Commercial Vehicle, and XCMG [1] Group 1: FAW Jiefang - FAW Jiefang signed another large order for 1,000 new energy heavy trucks, following a similar order in April, indicating strong market demand and strategic partnerships [2][5] - The signed new energy trucks include various types such as tractors, cargo trucks, and special vehicles, showcasing FAW Jiefang's comprehensive approach to the new energy market [5] Group 2: China National Heavy Duty Truck Group - China National Heavy Duty Truck Group received multiple bulk orders for both fuel and new energy tractors, highlighting its strong market presence [6] - The company held events showcasing its products, including the Shandeka G7 fuel tractor, which received 87 orders during a promotional event [7] - The company also delivered 10 units of the Chengdu V7-X EV tractor to a major client, with a total order of 50 units aimed at e-commerce and import-export logistics [7] Group 3: Dongfeng Commercial Vehicle - Dongfeng Commercial Vehicle signed a strategic cooperation agreement for 1,000 hazardous chemical gas vehicles, marking a significant step in ecological construction for the industry [10][13] - The company also held a delivery ceremony for 100 port transport vehicles, further expanding its market reach [11] Group 4: Foton Motor - Foton Motor achieved multiple large orders, including 100 units of the Ouman Starwing gas tractor delivered to a steel client in Guangxi [14][15] - The company also secured significant orders during various promotional events across different regions, including 103 units in Jiangsu and 177 units in Shijiazhuang [17] Group 5: XCMG - XCMG signed a contract for 1,000 new energy tractors, contributing to the green transformation of local steel transportation [18] - The XG2 EX630S tractor, recognized as a top-selling new energy heavy truck, was highlighted for its safety and efficiency [18] Group 6: Dongfeng Liuqi - Dongfeng Liuqi delivered 1,000 Menglong express delivery vehicles to YTO Express, showcasing its advanced technology and commitment to efficiency and sustainability [20] Group 7: SANY Heavy Industry - SANY delivered nearly 100 electric heavy trucks to a major client, marking the third collaboration between the two parties in the green logistics sector [22] Group 8: Hanma Technology - Hanma Technology delivered 130 customized dump trucks to Southeast Asian clients, demonstrating its ability to meet specific regional demands [24] - The company reported a significant increase in exports, with a year-on-year growth of 478.40% in early 2025 [26] Group 9: Feichi Technology - Feichi Technology launched 100 hydrogen fuel cell heavy trucks as part of a zero-carbon logistics corridor project in Southwest China, marking a significant milestone in its market strategy [27][29] Conclusion - The successful signing of large orders in May is expected to significantly impact the heavy truck market's sales rankings, with ongoing attention to market dynamics [31]

Group 1 - In May, significant personnel changes occurred in the commercial vehicle industry, affecting major companies such as FAW Jiefang, China National Heavy Duty Truck Group, Dongfeng Commercial Vehicle, Dongfeng Motor Corporation, and Xiamen Golden Dragon [1] - The leadership changes are expected to bring new variables and considerations for the future development of the industry [1] Group 2 - China National Heavy Duty Truck Group appointed Liu Zhengtai as the new Chairman and Liu Wei as the General Manager, with a new leadership team comprising eight other members [3][8] - Dongfeng Commercial Vehicle appointed Zhang Xiaofan as Chairman and Liu Licheng as General Manager, focusing on the transformation strategy towards specialized vehicles [9][10] - FAW Jiefang appointed Wang Zhiyu as the new Deputy General Manager, who has extensive experience within the company [14][17] - Dongfeng Motor Corporation appointed Duan Renmin as the new General Manager and Zhang Xiaofan as the Chairman of Dongfeng Motor Corporation [18][25] - Xiamen Golden Dragon appointed Chen Feng as the new Chairman, following the resignation of previous board members [26][29] Group 3 - The leadership changes across these companies reflect proactive measures to adapt to industry transformations and competitive pressures [42]