根据《中华人民共和国律师法》《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》《上市公司股东大会规则》（以下简称 "《股东大会规则》"）、《深圳证券交易所上市公司股东大会网络投票实施细则》 （以下简称"《网络投票实施细则》"）等法律、法规和规范性文件以及《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》"）的规定，北京 市通商律师事务所（以下简称"本所"）接受中国重汽集团济南卡车股份有限公司 （以下简称"公司"）的委托，指派律师出席公司于 2025 年 5 月 15 日召开的 2024 年年度股东大会（以下简称"本次股东大会"），并就本次股东大会的有关事宜， 出具法律意见书。 为出具本法律意见书，本所律师审查了公司提供的与本次股东大会相关的文 件和资料，同时听取了公司人员就有关事实的陈述和说明。本所已得到公司的如 下保证，保证其所提供的文件和资料是真实、准确、完整的，并无隐瞒、虚假和 重大遗漏之处；文件上所有签名和所记载的内容都是真实有效的；文件的复印件 都与其原件一致。 中国北京市建国门外大街 1 号国贸写字楼 2 座 12-14 层 100004 12-14th ...

Core Insights - Jinan is focusing on building a modern industrial system characterized by "four beams, three supports, and four pillars," which includes key industries such as automotive manufacturing, electronic information, high-end equipment, and biomedicine [1][13] - The city aims to cultivate ten iconic industrial clusters, forming a "10+N" industrial matrix, and is prioritizing emerging fields like artificial intelligence, quantum technology, and low-altitude economy [1][13] - Jinan's economic performance is projected to improve, with a GDP of 13,527.6 billion yuan in 2024, reflecting a 5.4% year-on-year growth [3] Industrial Structure and Economic Performance - Jinan's industrial structure is evolving, with the primary industry contributing 440.0 billion yuan (3.6% growth), the secondary industry at 4,519.2 billion yuan (5.8% growth), and the tertiary industry at 8,568.4 billion yuan (5.2% growth), leading to a service-oriented economy [3][5] - The city has implemented over 2,000 industrial investment projects, with a focus on automotive manufacturing and electronic information, resulting in a 6.5% increase in industrial output value for 2024 [5] Innovation and Technology Development - Jinan is enhancing its innovation capabilities, with 1,189 new innovative SMEs and 720 specialized and innovative enterprises established in 2024 [7][8] - The city has made significant progress in building high-energy innovation platforms, including the Chinese Academy of Sciences Jinan Innovation City and the Shandong Institute of Industrial Technology [7] New Quality Productive Forces - The concept of "New Quality Productive Forces" was introduced by President Xi Jinping, emphasizing innovation-driven development and advanced production characteristics [2][10] - Jinan's government has launched several policies to support the development of new quality productive forces, including action plans for aerospace information and innovative pharmaceuticals [10][11] Future Industry Layout - Jinan is actively positioning itself in future industries, particularly in aerospace information, low-altitude economy, and quantum technology, with plans for significant infrastructure development [28] - The city aims to create a national-level future industry innovation demonstration zone, focusing on high-tech sectors and sustainable development [28] Key Enterprises and Sectors - Major companies in Jinan include Inspur Group in information technology, Qilu Pharmaceutical in biomedicine, and China National Heavy Duty Truck Group in high-end equipment manufacturing [20][21] - The automotive sector is represented by companies like BYD and Geely, which are driving the growth of the new energy vehicle industry in the region [20][21]

为进一步加强与投资者的互动交流，中国重汽集团济南卡车股份 有限公司（以下简称"公司"）将参加由山东证监局、山东上市公司 协会与深圳市全景网络有限公司联合举办的"2025 年山东辖区上市 公司投资者网上集体接待日活动"。现将相关事项公告如下： 中国重汽集团济南卡车股份有限公司 关于参加 2025 年山东辖区上市公司投资者 网上集体接待日活动的公告 本次活动将采用网络远程的方式举行，投资者可登录"全景路演" 网站（http://rs.p5w.net）、或关注微信公众号（名称：全景财经）、 或下载全景路演 APP，参与本次互动交流。活动时间为 2025 年 5 月 15 日（周四）15:00-16:30。 中国重汽集团济南卡车股份有限公司 公司临时公告 届时公司董事、董事长刘洪勇先生，公司董事、财务总监兼董事 会秘书毕研勋先生，公司证券事务代表张欣女士将在线就公司 2024 年度业绩、公司治理、发展战略、经营状况和可持续发展等投资者关 心的问题，与投资者进行沟通与交流。欢迎广大投资者踊跃参与！ 证券代码：000951 股票简称：中国重汽 编号：2025-27 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 ...

Group 1: Company Performance - The domestic heavy truck market is expected to reach a cumulative sales volume of 355,000 units in 2025, remaining stable year-on-year. In April alone, sales are projected to be 90,000 units, reflecting a year-on-year growth of 9.4% [2] - The company's production and sales performance is good, with both metrics showing growth compared to the same period last year, outperforming the industry average [2] Group 2: Export Business - The company's export operations are conducted through its subsidiary, Heavy Truck International, with products primarily sold to Africa, Southeast Asia, Central Asia, and the Middle East. The company has maintained the highest export volume for 20 consecutive years, supporting its overseas business [3] - The export business is currently running smoothly, with the company maintaining a leading market share in the industry [3] Group 3: Dividend Policy - The company places a high emphasis on shareholder returns, implementing a stable dividend policy. Over the past five years, the dividend payout ratio has been continuously increased to reward investors [3] - The company aims to balance long-term sustainable development with shareholder return needs, ensuring the scientific and sustainable nature of its dividend policy. Future plans include increasing cash dividend ratios as conditions permit, considering market changes, operational status, cash flow levels, and future funding needs [3]

根据各家重卡企业提供的销售数据，今年4月，我国重卡市场销售各类车型约9万辆（批发统计口径，包含出口和新能源车辆），同比增长8％，比上年同 期净增约8000辆。今年1～4月，国内重卡市场累计销量35.5万辆，与上年同期基本持平。 01 5家企业销量破万辆 在重卡市场月度销量"排位赛"中，有5家企业月销破万辆。其中，中国重汽以约2.3万辆的销量位居首位；另外，同比增速跑赢市场大盘的企业有东风公 司、福田汽车和徐工汽车。 具体来看，4月，中国重汽销售各类重卡约2.3万辆，同比下降2%，位居行业第一；1～4月，中国重汽累计销量约9.72万辆，同比下降2.79％，市场占有率 为27.4％。一汽解放4月销售重卡约1.7万辆，同比下降6％，排名第二；1～4月，一汽解放累计销量7.1万辆，同比下降8.11％，市场占有率为19.9％。4 月，东风公司（包括东风商用车、东风柳汽乘龙、东风华神等）销售重卡约1.5万辆，同比增长39％，排名行业第三；今年1~4月，东风公司累计销售重卡 约5.45万辆，同比下降11.75％，市场占有率为15.3％。陕汽集团4月销售重卡约1.45万辆，与上年同期基本持平，位居行业第四；1～4月，陕汽集团 ...

Core Insights - China National Heavy Duty Truck Group (China National Heavy Duty Truck) has released its 2024 ESG report, marking the ninth consecutive year of such reports, highlighting its commitment to environmental, social, and governance (ESG) principles [1] - The company has achieved BBB ratings from major ESG rating agencies, indicating strong performance in ESG areas, and is focused on sustainable development through innovation and responsibility [1] Group 1: ESG Performance - In 2024, the company invested CNY 2.74 billion in R&D, accounting for 2.9% of its revenue, with a target to increase R&D investment to over 3% of revenue annually [1] - The company has seen a 67% increase in revenue from new energy products compared to 2023, driven by innovations in electric drive systems and hybrid technology [2] - The company has established a comprehensive ESG governance system with a three-tier structure to ensure effective management of ESG matters [3] Group 2: Environmental and Social Responsibility - The company reported a 10.88% year-on-year reduction in energy consumption per ten thousand yuan of output in 2024, and a reduction of over 10% in harmful and non-harmful waste emissions compared to 2021 [3] - China National Heavy Duty Truck is actively engaged in social responsibility initiatives, contributing to rural revitalization and charitable activities [3] - The company has implemented 69 quality improvement projects and 17 quality tackling projects in 2024, resulting in a 29% decrease in overall failure rates [2] Group 3: Market Performance - In 2024, despite a slowdown in the heavy truck industry, the company sold 243,400 heavy trucks, a 7.2% increase year-on-year, with exports reaching 134,000 units, up 3.06%, setting a new historical high [3]

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [2]. Core Viewpoints - Geely plans to fully acquire Zeekr, aiming for internal resource integration to enhance efficiency during the current market elimination phase [5][15]. - The reduction of the reserve requirement ratio for automotive finance companies from 5% to 0% is expected to stimulate automotive consumption demand [16]. - The collaboration between Pony.ai and Uber to deploy Robotaxi services in the Middle East marks a significant step in the autonomous driving sector [17]. Summary by Sections Industry News - Geely's potential privatization of Zeekr is anticipated to maximize resource utilization and reduce related transactions during the market's elimination phase [5][15]. - The People's Bank of China has announced a temporary reduction in the reserve requirement ratio for automotive finance companies, which is expected to lower financing costs and enhance credit supply for automotive consumption [16]. - Pony.ai and Uber's partnership will introduce Robotaxi services in the Middle East, with plans for expansion into other international markets [17]. Market Performance - From May 6 to May 9, 2025, the automotive sector outperformed the CSI 300 index, with a gain of 2.03% compared to the index's 2.00% [33][34]. - The automotive sector's PE ratio (TTM) stands at 26.1, reflecting a decrease from the previous week [41]. Data Tracking - In March 2025, retail sales of passenger vehicles reached 1.9374 million units, marking a year-on-year increase of 14.25% [46]. - The retail penetration rate for new energy passenger vehicles reached 51.2% in March 2025, with retail sales of 991,200 units, up 38.78% year-on-year [58]. - The penetration rate for vehicles equipped with L2.5 and above intelligent driving systems reached a historical high of 17.10% in February 2025 [67].

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [2]. Core Viewpoints - Geely plans to fully acquire Zeekr, aiming for internal resource integration to address the current market elimination phase, focusing on maximizing resource utilization [5][15]. - The privatization of Zeekr is expected to enhance operational efficiency and reduce related transactions, allowing Geely to consolidate its supply chain and improve procurement collaboration [5][15]. - The automotive financial companies' reserve requirement ratio has been reduced from 5% to 0%, which is anticipated to stimulate automotive consumption demand [16][17]. - The report highlights the significant sales performance of new energy vehicles, with retail sales reaching 99.12 million units in March 2025, reflecting a year-on-year increase of 38.78% [58]. Summary by Sections Industry News - Geely's acquisition of Zeekr is a strategic move to enhance operational efficiency during a market consolidation phase [5][15]. - The reduction of the reserve requirement ratio for automotive financial companies is expected to lower financing costs and boost consumer demand [16]. - Partnerships such as the one between Pony.ai and Uber for deploying Robotaxi services in the Middle East are noted as significant developments in the industry [17]. Market Performance - The automotive sector outperformed the Shanghai and Shenzhen 300 Index, with a weekly increase of 2.03% from May 6 to May 9, 2025 [33]. - The report indicates that the price-to-earnings ratio (PE) for the automotive sector is currently at 26.1, showing a decrease from the previous week [41]. Data Tracking - In March 2025, retail sales of passenger vehicles reached 193.74 million units, marking a year-on-year increase of 14.25% [46]. - The penetration rate of new energy vehicles in retail sales reached 51.2%, indicating a growing trend towards electric vehicles [58]. - The report also notes that the sales of heavy trucks decreased by 3.69% year-on-year in March 2025, reflecting ongoing challenges in the freight market [79].

Group 1 - In Q1 2025, the company achieved operating revenue of 12.91 billion yuan, a year-on-year increase of 13%, and a net profit attributable to shareholders of 310 million yuan, up 13.3% year-on-year [1] - The heavy truck industry saw a wholesale sales decline of 2.8% year-on-year in Q1 2025, while the company's wholesale sales of heavy trucks decreased by 3.2% year-on-year, maintaining a market share of 28.0%, leading the industry by 8 percentage points [1] - The company's gross profit margin in Q1 2025 was 7.05%, a decrease of 0.5 percentage points compared to the average level of Q1/Q2 last year, primarily due to changes in the overseas market structure [1] Group 2 - The company is expected to benefit from the old-for-new policy for aging operational trucks in 2025, entering a favorable market phase [2] - The company is a leading player in the domestic heavy truck market, with a continuous export share leading the industry for twenty years until 2024 [2] - Revenue forecasts for 2025-2027 are 51.1 billion, 53.7 billion, and 61.7 billion yuan, with year-on-year growth rates of 14%, 5%, and 15% respectively, and net profits of 1.71 billion, 1.82 billion, and 2.21 billion yuan, with growth rates of 15%, 7%, and 21% respectively [2]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 12.91 billion yuan in Q1 2025, representing a year-on-year growth of 13% and a net profit attributable to shareholders of 310 million yuan, also up by 13.3% year-on-year [5][6] - The heavy truck industry saw a wholesale sales decline of 2.8% year-on-year in Q1 2025, while the company maintained a market share of 28%, leading the industry [5][6] - The company's gross margin for Q1 2025 was 7.05%, a decrease of 0.5 percentage points compared to the average level of Q1/Q2 last year, primarily due to changes in overseas market structure [5][6] - The company’s R&D, sales, and management expense ratio was 2.86%, down 0.6 percentage points year-on-year, contributing to the growth in net profit [5][6] - The report anticipates that the domestic heavy truck market will benefit from the replacement policy for old operational vehicles, entering a favorable economic cycle [5][6] Financial Summary - The company is projected to achieve total revenues of 51.1 billion, 53.7 billion, and 61.7 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 14%, 5%, and 15% [6][7] - The net profit attributable to shareholders is expected to be 1.71 billion, 1.82 billion, and 2.21 billion yuan for the same years, with growth rates of 15%, 7%, and 21% [6][7] - The earnings per share (EPS) are forecasted to be 1.45, 1.55, and 1.88 yuan, corresponding to price-to-earnings (P/E) ratios of 12, 11, and 9 times [6][7]