Company Overview - CIMC Vehicles (Group) Co., Ltd. was established on August 29, 1996, and listed on July 8, 2021. The company is located at 40/F, Daxin Financial Center, 248 Queen's Road East, Wan Chai, Hong Kong, and at 2 Haibin Avenue, Shekou, Nanshan District, Shenzhen, Guangdong Province [2] - The main business involves the production of semi-trailers, special vehicle superstructures, and refrigerated truck bodies. The revenue composition is as follows: 80.61% from global semi-trailers, 17.14% from superstructures, chassis, and tractors, and 2.25% from other sources [2] Financial Performance - As of June 30, 2025, CIMC Vehicles reported a revenue of 9.753 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] Stock Performance - The stock price of CIMC Vehicles has increased by 3.65% year-to-date, with a decline of 3.81% over the last five trading days, a rise of 2.13% over the last 20 days, and an increase of 12.08% over the last 60 days [2] - As of September 18, 2023, the stock was trading at 9.09 yuan per share, with a market capitalization of 17.036 billion yuan [1] Shareholder Information - As of June 30, 2025, the number of shareholders was 35,500, a decrease of 2.95% from the previous period, with an average of 40,937 circulating shares per shareholder, an increase of 3.04% [2] - Dazheng Gaoxin Stock A (000628) is the sixth largest circulating shareholder, holding 30.0867 million shares, an increase of 5.286 million shares from the previous period [3] Market Activity - On September 18, 2023, the main funds experienced a net outflow of 12.7401 million yuan, with large orders buying 9.7831 million yuan (9.42% of total) and selling 18.3057 million yuan (17.63% of total) [1]

Market Overview - The commercial vehicle sector increased by 0.49% on September 17, with Jianghuai Automobile leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Stock Performance - Jianghuai Automobile (600418) closed at 57.76, with a rise of 2.09% and a trading volume of 718,900 shares, amounting to a transaction value of 4.146 billion yuan [1] - Other notable stocks include: - Jiangling Motors (000550) at 21.08, up 0.62% [1] - China National Heavy Duty Truck Group (000951) at 17.11, up 0.59% [1] - Zhongshun Vehicle (301039) at 9.28, up 0.11% [1] - FAW Jiefang (000800) at 7.16, unchanged [1] - Shuguang Co. (600303) at 3.83, unchanged [1] - King Long Motor (600686) at 11.83, unchanged [1] - Dongfeng Motor (600006) at 7.54, down 0.26% [1] - Foton Motor (600166) at 2.92, down 0.34% [1] - Ankai Bus (000868) at 5.88, down 0.68% [1] Capital Flow - The commercial vehicle sector experienced a net outflow of 64.274 million yuan from institutional investors, while retail investors saw a net inflow of 63.9394 million yuan [2] - The capital flow for individual stocks shows: - China National Heavy Duty Truck Group had a net outflow of 27.7444 million yuan from institutional investors [3] - Jianghuai Automobile saw a net inflow of 14.5642 million yuan from institutional investors [3] - Other stocks like Foton Motor and Dongfeng Motor also experienced net outflows from institutional investors [3]

Market Overview - The commercial vehicle sector experienced a decline of 1.28% on September 16, with Jianghuai Automobile leading the drop [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Stock Performance - Notable gainers in the commercial vehicle sector included: - Shuguang Co., Ltd. (600303) with a closing price of 3.83, up 3.23% [1] - Hanma Technology (600375) at 7.18, up 1.99% [1] - Foton Motor (600166) at 2.93, up 1.38% [1] - Major decliners included: - Jianghuai Automobile (600418) at 56.58, down 2.68% [2] - Zhongtong Bus (000957) at 11.72, down 0.93% [2] - Dongfeng Motor (600006) at 7.56, down 0.40% [2] Capital Flow - The commercial vehicle sector saw a net outflow of 237 million yuan from institutional investors, while retail investors contributed a net inflow of 203 million yuan [2] - The detailed capital flow for key stocks showed: - Hanma Technology had a net outflow of 34.83 million yuan from institutional investors [3] - China National Heavy Duty Truck (000951) saw a net inflow of 20.18 million yuan from institutional investors [3] - Ankai Bus (000868) experienced a significant net outflow of 21.92 million yuan from institutional investors [3]

Group 1 - The stock price of CIMC Vehicles has increased by 5.82% year-to-date, but has decreased by 4.13% in the last five trading days [2] - As of June 30, 2025, CIMC Vehicles reported a revenue of 9.753 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 a market capitalization of 17.392 billion yuan, with a trading volume of 34.2134 million yuan and a turnover rate of 0.25% as of September 16 [1] Group 2 - CIMC Vehicles' main business revenue composition includes 80.61% from semi-trailers, 17.14% from superstructures, chassis, and tractors, and 2.25% from other sources [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 in the last three years [3] - As of June 30, 2025, the number of shareholders of CIMC Vehicles decreased by 2.95% to 35,500, while the average circulating shares per person increased by 3.04% to 40,937 shares [2]

Group 1 - A total of 67 stocks experienced block trading on September 15, with a total transaction value of 2.22 billion yuan [1] - The top three stocks by transaction value were Hangzhou Steel (2.5 billion yuan), Guangqi Technology (2.23 billion yuan), and Demingli (2.04 billion yuan) [1] - Among the stocks, 10 were traded at par, 4 at a premium, and 53 at a discount; Zhejiang Meida, SF Holding, and HNA Technology had the highest premium rates of 9.04%, 7.06%, and 1.35% respectively [1] Group 2 - The top stocks by institutional buying were Hangzhou Steel (250 million yuan), Jiangsu Leili (198 million yuan), and Haiguang Information (106 million yuan) [2] - Other notable institutional purchases included Caida Securities (63.6 million yuan), BGI (25 million yuan), and Ningde Times (20.9 million yuan) [2] Group 3 - The top stocks by institutional selling included Xinyi Technology (21 million yuan), Ningde Times (20.9 million yuan), and BYD (20.8 million yuan) [3]

Core Insights - On September 15, CIMC Vehicles executed a block trade of 3.1522 million shares, amounting to 26.7941 million yuan, which accounted for 13.67% of the total trading volume for that day. The transaction price was 8.5 yuan, representing a discount of 10.24% compared to the market closing price of 9.47 yuan [1]. Trading Details - The block trade on September 15 involved multiple transactions at a price of 8.50 yuan per share, with a total volume of 315.22 million shares and a total transaction value of 26.7941 million yuan [1][2]. - The trading volume included various transactions from different brokerage firms, with significant participation from institutions and retail investors [2]. - The largest single transaction recorded was for 100,000 shares, amounting to 850,000 yuan, executed by CITIC Securities [2].

Group 1 - The commercial vehicle sector increased by 2.58% on September 15, with Jianghuai Automobile leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] - Jianghuai Automobile's closing price was 58.14, reflecting a rise of 6.68% with a trading volume of 1.3597 million shares and a transaction value of 7.728 billion [1] Group 2 - The commercial vehicle sector saw a net inflow of 405 million in main funds, while retail funds experienced a net outflow of 108 million [3][4] - Jianghuai Automobile had a net inflow of 423 million in main funds, with a net outflow of 32.3 million in speculative funds [4] - The trading volume and transaction values for other companies in the sector varied, with notable performances from Zhongtong Bus and Ankai Bus, which saw increases of 2.78% and 2.43% respectively [1][3]

Group 1 - The commercial vehicle sector experienced a decline of 1.02% on September 12, with King Long Automobile leading the drop [1][3] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] - Major stocks in the commercial vehicle sector showed mixed performance, with Yutong Bus increasing by 1.39% and King Long Automobile decreasing by 1.49% [1][3] Group 2 - The net outflow of main funds in the commercial vehicle sector was 540 million yuan, while retail investors saw a net inflow of 315 million yuan [3][4] - The detailed fund flow indicated that King Long Automobile had a significant net outflow of 39.38 million yuan from main funds [4] - Other companies like Ankai Bus and Foton Motor also experienced varying levels of net inflow and outflow from different investor categories [4]

Core Viewpoint - CIMC Vehicles and China Petroleum Kunlun Logistics have agreed to deepen their cooperation in multiple dimensions, focusing on enhancing logistics services, innovative research and development of transportation equipment, and establishing standards for hazardous materials transportation vehicles [1] Group 1: Cooperation Dimensions - The first dimension of cooperation involves CIMC Vehicles providing productive services to build a logistics platform for Kunlun Logistics [1] - The second dimension focuses on joint research and development of transportation equipment tailored to the different needs of Kunlun Logistics' transportation scenarios, creating a collaborative R&D platform [1] - The third dimension aims to co-establish group standards for hazardous materials transportation vehicles, contributing to the improvement of national standards [1]

Core Viewpoint - CIMC Vehicles and China National Petroleum Kunlun Logistics have agreed to deepen their cooperation focusing on three main dimensions [1] Group 1: Cooperation Dimensions - The first dimension involves CIMC Vehicles providing production services to build a logistics platform for Kunlun Logistics, aiming to restructure the chemical logistics industry ecosystem [1] - The second dimension focuses on joint innovation and research and development of transportation equipment tailored to the different needs of Kunlun Logistics' transportation scenarios, establishing a collaborative R&D platform [1] - The third dimension includes the establishment of group standards for hazardous materials transportation vehicles, promoting the improvement of national standards and creating industry benchmarks [1]