Group 1: Supply Chain Management - The company has optimized its North American supply chain since 2024, increasing local procurement and establishing backup supplies in Thailand and Canada to enhance supply chain resilience [3] - The company has localized the manufacturing and delivery of box semi-trailers in the U.S., with refrigerated semi-trailers also achieving localization [3] - The centralized procurement ratio has increased from below 50% to over 85% since 2024, significantly improving operational efficiency [4] Group 2: Cost Management and Pricing Strategy - The company has established stable relationships with key suppliers, ensuring sufficient raw material supply and stable procurement prices [3] - In 2024, the company achieved savings of over 80 million through centralized procurement and supply assurance strategies [4] - The company is continuously optimizing its cost structure and developing reasonable pricing strategies to respond to market and policy changes [3] Group 3: Production Efficiency - The company has implemented the first fully automated production line in the industry, significantly reducing production time to 15 minutes per unit [7] - In Q1 2025, the company reported a 15% year-on-year increase in per capita output [7] - The establishment of the LTP center and the introduction of a digital platform have streamlined the entire process from order to delivery, ensuring a 15-day delivery for annual models [7] Group 4: Foreign Exchange Risk Management - The company manages foreign exchange risk through regular reviews and the use of forward foreign exchange contracts [6] - The optimization of foreign exchange hedging strategies aims to reduce the uncertainty caused by exchange rate fluctuations [6]

Core Viewpoint - The company is actively engaging with investors and stakeholders to discuss its performance and strategic direction, particularly in the electric vehicle (EV) segment and North American operations, amidst geopolitical challenges. Group 1: Company Performance - In Q1 2025, the company's EV·DTB mounted business achieved sales of 6,000 units, generating revenue of 660 million yuan, with a gross profit contribution of 20 million yuan, reflecting a year-on-year sales growth of 11.6% [3][4] - The North American platform, VanguardGT, sold 4,156 semi-trailers in Q1 2025, resulting in revenue of 180 million USD and a profit of 9.68 million USD despite a challenging market environment [4][5] Group 2: Strategic Initiatives - The company is launching a research and development project for a pure electric head-mounted train technology platform, focusing on two models: the EV-RT2.0-7A and EV-RT2.0-MIX, with ongoing market research and production base establishment [5][6] - To ensure stable operations in North America amid geopolitical challenges, the company is enhancing its global supply chain strategy, emphasizing local procurement and backup supply from Thailand and Canada [4][6] Group 3: Future Outlook - The company aims to evolve into a full-value chain operator for star chain semi-trailers, leveraging initiatives like the "Star Chain Plan" and "Heroic Rise Plan" to explore value across all segments [6] - The focus for growth opportunities is on the unified national market and global southern markets, with plans to deepen the "good horse with good saddle" business model and become a preferred partner for new energy heavy-duty truck chassis [6]

Group 1: Investor Relations Activities - The company participated in multiple roadshows and strategy meetings from May 7 to May 9, 2025, in Shanghai, Hangzhou, and Beijing [2][3] - Key participants included various securities firms and investment funds such as Huafu Securities, Vanguard Fund, and others [2][3] Group 2: Q1 2025 Performance Highlights - The EV·DTB superstructure business achieved sales of 6,000 units, a year-on-year increase of 11.6%, with revenue reaching 660 million CNY and contributing a gross profit of 20 million CNY [3][4] - In North America, the company sold 4,156 semi-trailers, generating revenue of 18 million USD, despite a declining market with a fifth consecutive quarter of decreased trailer registrations [4] Group 3: Strategic Developments - The company is focusing on enhancing its supply chain resilience in North America by increasing local procurement and establishing backup supplies in Thailand and Canada [4] - The development of the pure electric head-mounted train (EV-RT2.0) is underway, with market research and product testing already initiated [5][6] Group 4: Future Growth Opportunities - The company identifies significant growth opportunities in the unified national market and global southern markets, planning to leverage initiatives like the "Starlink Plan" and "Xiongqi Plan" to maximize value across the semi-trailer value chain [6] - The company aims to transform into a preferred partner for new energy heavy-duty truck chassis, focusing on innovation and strategic partnerships [6]

广东信达律师事务所 股东大会法律意见书 中国 深圳 福田区 益田路6001号太平金融大厦11、12楼 邮政编码：518038 11-12F., TAIPING FINANCE TOWER, 6001 YITIAN ROAD, FUTIAN, SHENZHEN, CHINA 电话(Tel.)：(0755) 88265288 传真(Fax.)：(0755)88265537 网址（Website）：http://www.sundiallawfirm.com 广东信达律师事务所 关于中集车辆（集团）股份有限公司 2025年第一次临时股东会的 法律意见书 信达会字[2025]第 080 号 致：中集车辆（集团）股份有限公司 广东信达律师事务所 股东大会法律意见书 贵公司董事 会 于 2025 年 4 月 15 日在巨潮资讯网站 （http://www.cninfo.com.cn）上刊登了《关于召开 2025 年第一次临时股东会的通 知》。2025 年 4 月 30 日 14:50，贵公司本次股东会现场会议依照前述公告在深 圳市南山区蛇口太子广场 18 楼 1803 室如期召开。 广东信达律师事务所（以下简称"信达"）接 ...

证券代码：301039 证券简称：中集车辆 公告编号：2025-027 （一）会议召开时间 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。 特别提示： 中集车辆（集团）股份有限公司 2025 年第一次临时股东会决议公告 1、本次股东会没有否决议案的情形。 2、本次股东会不涉及变更前次股东会决议。 一、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"）2025年 第一次临时股东会（以下简称"本次股东会"）于2025年4月30日召开，公司已 于2025年4月15日在巨潮资讯网(http://www.cninfo.com.cn)上刊登《关于召开2025 年第一次临时股东会的通知》。 1、现场会议召开时间：2025 年 4 月 30 日（星期三）下午 14:50 召开 2、A 股网络投票时间：2025 年 4 月 30 日（星期三）。其中，通过深圳证券 交易所交易系统进行网络投票时间为 2025 年 4 月 30 日（星期三）上午 9:15- 9:25，9:30-11:30，下午 13:00-15:00；通过深圳证券交易所互联网投票系统投票 时 ...

Group 1: Financial Performance - In Q1 2025, the company achieved revenue of CNY 4.591 billion and a net profit of CNY 1.79 billion, with a net cash flow from operating activities of CNY 590 million, representing a year-on-year increase of 59.07% [2][3] - The global semi-trailer business generated revenue of CNY 3.26 billion, contributing a gross profit of CNY 530 million, with domestic semi-trailer sales increasing by 10.6% and revenue up by 5.1% year-on-year [3][4] - The company's EV·DTB business sold 6,000 units, achieving revenue of CNY 660 million and a gross profit of CNY 20 million, marking an 11.6% year-on-year increase in sales [3] Group 2: Market Development - The domestic semi-trailer market showed resilience, with sales driven by the "Starlink Plan" and "Rising Plan," resulting in a 10.6% increase in sales and a 5.1% rise in revenue [4] - The "Starlink" semi-trailer sales increased by 12.0%, with modular product sales accounting for approximately 40% of total sales [4] - In North America, the company sold 4,156 semi-trailers, generating revenue of USD 18 million, but faced a decline in sales and revenue due to supply chain disruptions and economic concerns [5][6] Group 3: Strategic Initiatives - The company is focusing on enhancing its supply chain resilience in North America by increasing local procurement and establishing backup supplies for key components from Thailand [6] - Plans to optimize asset structure and profitability include setting a return on equity (ROE) target to cover capital costs and improve asset efficiency [7][8] - The company aims to balance short-term and long-term goals by establishing a risk management system and monitoring market fluctuations, with a focus on long-term value creation [8]

Core Viewpoint - The company CIMC Vehicles has experienced a decline in stock price and profitability, with a current PE ratio significantly lower than the industry average, indicating potential undervaluation in the market [1][2]. Company Summary - CIMC Vehicles closed at 8.07 yuan, down 6.27%, with a rolling PE ratio of 15.14 times and a total market capitalization of 15.124 billion yuan [1]. - The company operates in the semi-trailer and special vehicle manufacturing sector, producing products such as ordinary semi-trailers, tankers, and refrigerated vehicles [1]. - CIMC Vehicles has established several well-known brands, including "Tonghua," "Huajun," and "Vanguard" in North America, and "SDC" and "LAG" in Europe [1]. Financial Performance - For the first quarter of 2025, CIMC Vehicles reported revenue of 4.591 billion yuan, a year-on-year decrease of 10.91%, and a net profit of 179 million yuan, down 32.59% [1]. - The company's gross profit margin stood at 14.30% [1]. Industry Comparison - The average PE ratio for the automotive manufacturing industry is 29.49 times, with a median of 23.29 times, positioning CIMC Vehicles at the 11th rank within the industry [2]. - As of the first quarter of 2025, 26 institutions held shares in CIMC Vehicles, with a total holding of 95.787 million shares valued at 8.659 billion yuan [1].

证券代码：301039 证券简称：中集车辆 公告编号：2025-025 中集车辆（集团）股份有限公司 第三届监事会 2025 年第三次会议决议公告 本公司及监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、监事会会议召开情况 中集车辆（集团）股份有限公司（以下简称"公司"或"本公司"）第三届监事 会2025年第三次会议通知于2025年4月15日以电子邮件的方式发出，于2025年4月 月25日以通讯会议的方式召开。会议应出席监事3名，实际出席监事3名。会议由 监事会主席马天飞先生主持。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。 二、监事会会议审议情况 经与会监事审议，会议通过了以下议案： 1、审议通过《2025 年第一季度报告》 监事会认为：公司董事会编制的《2025年第一季度报告》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、误导性陈述或者重大遗 漏。 具体内容详见公司于同日在巨潮资讯网（http://www.cninfo.com.c ...

中集车辆（集团）股份有限公司 第三届董事会 2025 年第四次会议决议公告 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年第四次会议通知于2025年4月15日以电子邮件的方式发出，于2025年4 月25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：2025-024 具体内容详见公司于同日在巨潮资讯网（http://www.cninfo.com.cn/）上披露 的《2025年第一季度报告》。 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 年第四次会议决议； 特此公告。 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 年第一季度报告》 经审议，公司董事会认为公司《2025年第一季度报告》编制程序符 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥4,590,770,906.08, a decrease of 10.91% compared to ¥5,153,013,497.35 in the same period last year[5] - Net profit attributable to shareholders was ¥178,568,597.85, down 32.59% from ¥264,887,889.44 year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥170,734,861.63, reflecting a decline of 34.94% compared to ¥262,438,016.86 in the previous year[5] - Basic and diluted earnings per share were both ¥0.10, down 23.08% from ¥0.13 in the previous year[5] - The total comprehensive income for the period was ¥189,211,641.90, down from ¥276,637,782.64, indicating a decrease of approximately 31.5% year-over-year[31] Cash Flow - The net cash flow from operating activities increased by 59.07% to ¥590,065,530.58, up from ¥370,955,960.00 in the same period last year[5] - The company's cash flow from financing activities has shown a notable decline, suggesting a potential reevaluation of its financing strategy moving forward[35] - The net cash flow from financing activities was -$32,360,549.93, a significant decrease compared to $180,791,030.37 in the previous period, indicating a shift in financing strategy[35] - The total cash and cash equivalents at the end of the period increased to $6,685,883,864.13, up from $6,413,086,609.10, reflecting a net increase of $959,545,421.00[35] Assets and Liabilities - Total assets at the end of the reporting period were ¥23,082,707,120.21, an increase of 1.75% from ¥22,685,887,204.32 at the end of the previous year[5] - The total liabilities increased to approximately 7.95 billion yuan from 7.75 billion yuan at the beginning of the period[28] - The company's current assets totaled approximately 15.86 billion yuan, up from 15.40 billion yuan at the beginning of the period[27] - The company's equity attributable to shareholders reached approximately 14.57 billion yuan, compared to 14.38 billion yuan at the beginning of the period[28] Market Performance - In Q1 2025, the company sold a total of 30,000 vehicles, generating revenue of RMB 4.59 billion, with a gross margin of 14.3% and a net profit attributable to shareholders of RMB 180 million[15] - The global semi-trailer business produced 24,000 units, achieving revenue of RMB 3.26 billion and a gross profit of RMB 530 million, with domestic sales increasing by 10.6% year-on-year[16] - The "Starlink Plan" entered its second phase, with sales of Starlink semi-trailers increasing by 12.0% and revenue growing by 4.4%, while modular product sales accounted for approximately 40%[16] - The "Heroic Plan" also progressed to its second phase, with tank truck sales rising by 19.6% and revenue increasing by 12.3%, alongside a gross margin improvement of 3.3 percentage points[17] Economic Environment - The decline in net profit was attributed to a further drop in market demand amid a complex global economic environment[7] - The overall economic environment remains complex, with trade protectionism impacting global supply chains, but China's GDP is projected to grow by 5.4% year-on-year in Q1 2025[15] Strategic Initiatives - The company is focusing on expanding its presence in Southeast Asia and other emerging markets, with revenue growth of 3.1% and a gross margin increase of 7.5 percentage points in the southern global market[18] - The company has established a centralized procurement committee to enhance supply chain management and cost control for the "Starlink" and "Heroic" plans[17] - The company aims to evolve into a full-value chain operator for star chain semi-trailers, focusing on integrated electric head-mounted products[24] - The company emphasizes the "good horse with good saddle" business model, aiming to become the preferred superstructure contractor for new energy heavy-duty truck chassis[23] Research and Development - Research and development expenses increased to ¥77,525,475.53 from ¥51,005,878.34, marking a rise of approximately 52.0% year-over-year[29] - The company is developing two new models under the EV-RT2.0 technology platform, focusing on pure electric dumper trucks and mixing trucks, with market research completed in the Sichuan-Chongqing-Yunnan-Guizhou region[22] Governance and Compliance - The company has not yet audited its first-quarter report, which may affect the reliability of the financial data presented[36] - The new accounting standards will be implemented starting in 2025, which may lead to adjustments in financial reporting[36] - The board of directors of CIMC Vehicles (Group) Co., Ltd. convened on April 25, 2025, indicating ongoing governance and oversight activities[37]