Core Insights - The company reported a revenue of 5,259,474,439.77 yuan for the third quarter of 2025, representing a year-on-year increase of 2.65% [1] - The net profit attributable to shareholders of the listed company was 219,071,931.28 yuan, showing a year-on-year decline of 21.72% [1] Financial Performance - Revenue for Q3 2025: 5,259,474,439.77 yuan, up 2.65% year-on-year [1] - Net profit for Q3 2025: 219,071,931.28 yuan, down 21.72% year-on-year [1]

Core Viewpoint - The company reported a year-on-year increase in revenue but a significant decline in net profit for the third quarter of 2025 [1] Financial Performance - Revenue for the third quarter reached 5.259 billion yuan, representing a year-on-year increase of 2.65% [1] - Net profit attributable to shareholders was 219 million yuan, showing a year-on-year decrease of 21.72% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 213 million yuan, reflecting a year-on-year decline of 20.24% [1]

中集车辆（集团）股份有限公司 第三届董事会 2025 年第七次会议决议公告 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 中集车辆（集团）股份有限公司（以下简称"公司"或"本公司"）第三届董事 会2025年第七次会议通知于2025年10月13日以电子邮件的方式发出，于2025年10 月24日以通讯会议的方式召开。会议应出席董事9名，实际出席董事9名。会议由 董事长李贵平先生主持。本次会议的召开符合《中华人民共和国公司法》等有关 法律法规和《公司章程》的规定。 证券代码：301039 证券简称：中集车辆 公告编号：2025-050 表决情况：9 票同意、0 票反对、0 票弃权。 三、备查文件 1、第三届董事会 2025 年第七次会议决议； 二、董事会会议审议情况 经与会董事审议，会议通过了以下议案： 1、审议通过《2025 年第三季度报告》 经审议，公司董事会认为公司《2025年第三季度报告》编制程序符合法律、 行政法规及中国证监会的有关规定，报告内容真实、准确、完整地反映了公司经 营、管理及财务等各方面的实际情况，不存在虚假记载、误导 ...

Financial Performance - Total revenue for Q3 2025 reached ¥5,259,474,439.77, an increase of 2.65% compared to the same period last year[5] - Net profit attributable to shareholders decreased by 21.72% to ¥219,071,931.28 for Q3 2025[5] - Basic earnings per share for Q3 2025 was ¥0.12, a decline of 20.00% compared to the same period last year[5] - The company reported a decrease of 26.23% in net profit attributable to shareholders for the year-to-date period[5] - Total operating revenue for the current period was ¥15,012,482,427.86, a decrease of 5.13% from ¥15,823,449,879.27 in the previous period[34] - Net profit for the current period was ¥638,467,393.65, a decline of 25.56% compared to ¥857,868,474.54 in the previous period[35] - Earnings per share (EPS) for the current period was ¥0.33, down from ¥0.43 in the previous period[36] - The total comprehensive income for the current period was ¥688,798,746.01, down from ¥799,677,442.53, a decrease of 13.88%[36] Cash Flow and Assets - Cash flow from operating activities for the year-to-date period was ¥972,688,490.49, down 36.35% year-on-year[10] - Operating cash flow for the current period is ¥972,688,490.49, a decrease of 36.4% compared to ¥1,528,253,443.47 in the previous period[37] - Total cash inflow from operating activities is ¥13,807,039,998.08, down from ¥14,038,029,825.61, reflecting a decline of 1.6%[37] - Cash outflow from operating activities increased to ¥12,834,351,507.59, compared to ¥12,509,776,382.14, representing an increase of 2.6%[37] - The ending balance of cash and cash equivalents is ¥6,050,033,304.31, down from ¥6,161,274,382.54[38] - The company reported a cash inflow of ¥476,799,459.89 from the disposal of subsidiaries, a substantial increase from ¥3,000,000.00 previously[38] - The company received ¥551,954,888.62 in dividend payments, a significant increase compared to ¥43,598,625.36 in the previous period[38] - The company experienced a negative impact of -¥35,693,688.64 from foreign exchange fluctuations on cash and cash equivalents[38] Assets and Liabilities - Total assets as of the end of Q3 2025 amounted to ¥23,196,721,296.84, reflecting a 2.25% increase from the end of the previous year[6] - Total current assets increased to approximately 15.97 billion yuan as of September 30, 2025, compared to 15.40 billion yuan at the beginning of the period[31] - The company's cash and cash equivalents rose to approximately 6.17 billion yuan from 5.80 billion yuan[29] - Total liabilities increased to ¥8,096,678,873.42, up from ¥7,745,671,519.19, reflecting a growth of 4.53%[32] - Total equity attributable to shareholders of the parent company rose to ¥14,532,168,468.09, compared to ¥14,381,208,915.09, an increase of 1.05%[32] Market Performance and Strategy - The company achieved a 22% improvement in order delivery efficiency in the third quarter of 2025 through enhanced production and delivery processes[21] - The European semi-trailer market faced significant challenges, with the overall market size shrinking from approximately 18,000 units to about 13,000 units, leading to severe overcapacity and price wars[23] - In the third quarter of 2025, the North American semi-trailer market demand remained weak, with new order volumes at historical lows, primarily due to uncertainties from government tariff policies[23] - The company constructed high-end component factories in Europe to ensure stable supply and reliability of products and deliveries amid challenging market conditions[23] - The company established a unified marketing service company in the northwest to address internal competition pain points and enhance service responsiveness[21] - The company is focusing on key accounts in the express and retail sectors to secure significant orders, thereby enhancing its core advantages in the new market landscape[23] Research and Development - Research and development expenses increased to ¥319,691,940.30, up from ¥279,803,826.56, indicating a growth of 14.26%[35] - The pure electric head-mounted train business completed the development and operational system for the EV-RT2.0 product, marking significant breakthroughs in product delivery and marketing[26] - The company aims to enhance its global supply chain resilience and adapt to geopolitical risks while pursuing the integrated product of pure electric head-mounted trains[27] - The company is focusing on developing differentiated core competencies and exploring new development opportunities in a rapidly changing environment[27] - The company plans to showcase the prototype of the pure electric head-mounted train at the 2025 China International Commercial Vehicle Exhibition in November 2025[30] Sales and Revenue - In the first three quarters of 2025, the company sold a total of 101,583 vehicles, generating revenue of RMB 15.012 billion, with a gross margin of 15.2% and a net profit attributable to shareholders of RMB 622 million[17] - The company's semi-trailer and tank truck business in the Chinese market saw a revenue increase of 16.3% year-on-year, with a gross margin improvement of 2.6 percentage points[20] - The global southern semi-trailer business revenue grew by 15.79% year-on-year, with sales increasing by 21.39% and gross margin rising by 2.6 percentage points in the first three quarters of 2025[22] - The company reported a gross profit of RMB 1.797 billion from its global semi-trailer business in the first three quarters of 2025[18] - The company's DTB business achieved revenue of 2.333 billion yuan in the first three quarters of 2025, with total sales of 7,346 units across various EV-DTB models[25]

Core Viewpoint - CIMC Vehicles has experienced a decline in both revenue and net profit for the first half of 2025, indicating potential challenges in its operational performance [2]. Financing and Trading Activity - On October 21, CIMC Vehicles' stock rose by 0.84% with a trading volume of 88.43 million yuan. The financing buy-in amount was 5.18 million yuan, while the financing repayment was 8.07 million yuan, resulting in a net financing outflow of 2.89 million yuan [1]. - As of October 21, the total financing and securities balance for CIMC Vehicles was 235 million yuan, which accounts for 1.68% of its market capitalization, indicating a low financing balance compared to the past year [1]. - In terms of securities lending, CIMC Vehicles repaid 500 shares on October 21, with no shares sold, resulting in a securities lending balance of 18.86 thousand yuan, also reflecting a low level compared to the past year [1]. Company Overview - CIMC Vehicles, established on August 29, 1996, and listed on July 8, 2021, is primarily engaged in the production of semi-trailers, special vehicle superstructures, and refrigerated truck bodies. The main revenue sources are 80.61% from global semi-trailers, 17.14% from superstructures, chassis, and tractors, and 2.25% from other sources [1]. - As of June 30, 2025, the number of shareholders for CIMC Vehicles was 35,500, a decrease of 2.95% from the previous period, while the average circulating shares per person increased by 3.04% to 40,937 shares [2]. Financial Performance - For the first half of 2025, CIMC Vehicles reported a revenue of 9.75 billion yuan, a year-on-year decrease of 8.85%, and a net profit attributable to shareholders of 403 million yuan, down 28.48% year-on-year [2]. - The company has distributed a total of 2.664 billion yuan in dividends since its A-share listing, with 1.655 billion yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, the sixth largest circulating shareholder of CIMC Vehicles is Dazheng Gaoxin Stock A (000628), holding 30.09 million shares, which is an increase of 5.29 million shares compared to the previous period [3].

Group 1 - The commercial vehicle sector increased by 1.33% on the trading day, with Foton Motor leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] - Key stocks in the commercial vehicle sector showed various performance, with Foton Motor's closing price at 2.78, up 3.73%, and a trading volume of 2.4183 million shares [1] Group 2 - The net inflow of main funds in the commercial vehicle sector was 41.9949 million yuan, while retail funds experienced a net outflow of 7.4309 million yuan [3] - The trading volume and turnover for several companies were highlighted, with Jianghuai Automobile achieving a turnover of 1.675 billion yuan [1][3] - The overall market sentiment in the commercial vehicle sector appears positive, as indicated by the majority of stocks showing gains [1]

Core Viewpoint - The company focuses on the manufacturing, assembly, and delivery of container chassis, refrigerated semi-trailers, and box-type semi-trailers in its North American semi-trailer business [1] Group 1 - The company is engaged in the production of container chassis [1] - The company manufactures refrigerated semi-trailers [1] - The company also produces box-type semi-trailers [1]

Investment Rating - The report assigns an "Overweight" rating for the heavy truck industry [4]. Core Insights - In September, domestic heavy truck sales reached 106,000 units, representing a year-on-year increase of 83% and a month-on-month increase of 15% [2][4]. - The sales of domestic natural gas heavy trucks in September were 21,000 units, showing a year-on-year growth of 258% and a month-on-month increase of 32% [2][4]. - The report anticipates that the heavy truck sales will gradually recover due to economic recovery and the introduction of a "trade-in" policy in 2025, projecting sales of 1.067 million units for 2025, a year-on-year increase of 18% [4]. Summary by Sections Sales Performance - In the first nine months of 2025, cumulative domestic heavy truck sales reached 821,000 units, a year-on-year increase of 20% [4]. - The sales structure in September 2025 showed that semi-trailer trucks accounted for 50.9%, cargo trucks for 27.5%, and non-complete vehicles for 21.6% of total heavy truck sales [4]. Natural Gas Heavy Trucks - The penetration rate of natural gas heavy trucks in September was 20%, with semi-trailer trucks having a penetration rate of 36% [4]. - The report highlights that for annual average mileage exceeding 150,000 kilometers, using natural gas is economically favorable for most time periods [4]. New Energy Heavy Trucks - In September, domestic new energy heavy truck sales were 19,000 units, reflecting a year-on-year increase of 180% and a month-on-month increase of 24% [4]. - The penetration rate for new energy heavy trucks in September was 18%, with a cumulative penetration rate of 15% for the first nine months of 2025 [4]. Company Recommendations - The report recommends several companies for investment, including Weichai Power, China National Heavy Duty Truck Group, CIMC Vehicles, Foton Motor, and FAW Jiefang [4].

Market Overview - The commercial vehicle sector experienced a decline of 3.52% on October 17, with Hanma Technology leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Individual Stock Performance - Hanma Technology (600375) closed at 8.11, down 5.81% with a trading volume of 965,400 shares and a turnover of 807 million yuan [1] - King Long Motor (600686) closed at 12.49, down 5.31% with a trading volume of 451,700 shares and a turnover of 578 million yuan [1] - JAC Motors (600418) closed at 48.30, down 4.51% with a trading volume of 479,300 shares and a turnover of 2.349 billion yuan [1] - Ankai Bus (000868) closed at 5.45, down 4.39% with a trading volume of 224,700 shares and a turnover of 12.5 million yuan [1] - Foton Motor (600166) closed at 2.65, down 4.33% with a trading volume of 2.1422 million shares and a turnover of 576 million yuan [1] Capital Flow Analysis - The commercial vehicle sector saw a net outflow of 870 million yuan from institutional investors, while retail investors contributed a net inflow of 697 million yuan [1] - The following stocks had notable capital flows: - JMC (000550) had a net inflow of 2.8502 million yuan from institutional investors but a net outflow of 3.2894 million yuan from retail investors [2] - Yutong Bus (600066) experienced a net outflow of 9.3627 million yuan from institutional investors but a net inflow of 29.0770 million yuan from retail investors [2] - Ankai Bus (000868) had a significant net outflow of 22.1866 million yuan from institutional investors, while retail investors contributed a net inflow of 25.24 million yuan [2]

Core Viewpoint - On October 15, 2023, CIMC Vehicles experienced a 2.62% increase in stock price, with a trading volume of 185 million yuan, indicating positive market sentiment towards the company [1]. Financing Summary - On the same day, CIMC Vehicles had a financing buy-in amount of 22.72 million yuan and a financing repayment of 15.15 million yuan, resulting in a net financing buy of 7.57 million yuan [1]. - As of October 15, the total financing and securities lending balance for CIMC Vehicles was 245 million yuan, with the financing balance accounting for 1.71% of the circulating market value, which is above the 50th percentile level over the past year [1]. - In terms of securities lending, CIMC Vehicles repaid 300 shares and sold 500 shares, with a selling amount of 4,895 yuan based on the closing price [1]. Company Overview - CIMC Vehicles (Group) Co., Ltd. was established on August 29, 1996, and listed on July 8, 2021. The company is located in Hong Kong and Shenzhen, focusing on the production of semi-trailers, special vehicle superstructures, and refrigerated truck bodies [1]. - The main business revenue composition includes 80.61% from global semi-trailers, 17.14% from superstructures, chassis, and tractors, and 2.25% from other supplementary sources [1]. Financial Performance - As of June 30, 2023, CIMC Vehicles reported a total of 35,500 shareholders, a decrease of 2.95% from the previous period, while the average circulating shares per person increased by 3.04% to 40,937 shares [2]. - For the first half of 2023, CIMC Vehicles achieved an operating income of 9.75 billion yuan, a year-on-year decrease of 8.85%, and a net profit attributable to shareholders of 403 million yuan, down 28.48% year-on-year [2]. Dividend Information - Since its A-share listing, CIMC Vehicles has distributed a total of 2.664 billion yuan in dividends, with 1.655 billion yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2023, among the top ten circulating shareholders of CIMC Vehicles, Dazheng Gaoxin Stock A (000628) ranked as the sixth largest, holding 30.09 million shares, an increase of 5.29 million shares compared to the previous period [3].