Market Expansion Strategies - The company is focusing on capturing growth potential in the global South market, which accounts for 24% of global GDP and is expected to contribute 30% of future global economic growth [3] - In Q1 2025, the company is enhancing its operational model and strategic planning in Southeast Asia while targeting growth in Africa, Central Asia, and the Middle East [3] Domestic Market Initiatives - The "Zhao Zilong Plan" launched in 2024 aims to fill strategic gaps in the four provinces, resulting in a 50% increase in order numbers and a 100% rise in market share in these regions [4] - The "Zhuge Liang Project" initiated in 2025 targets the Yangtze River area to create a unified national market strategy, with a focus on joint marketing of semi-trailers and liquid tankers [4] North American Market Adaptations - The North American semi-trailer market has faced an 18-month decline, yet the company's subsidiary, Vanguard GT, maintains stable cash flow and production efficiency [5] - The company is optimizing its North American supply chain and increasing local procurement to enhance resilience against geopolitical challenges [6] Value Management and Shareholder Returns - The company aims to strengthen value creation by focusing on core business and technological breakthroughs, with a target of achieving a return on equity (ROE) that covers capital costs [7] - A shareholder return plan for 2024-2026 includes a cumulative dividend of CNY 1.05 billion, with a focus on balancing short-term and long-term goals [7]

Core Viewpoint - The company CIMC Vehicles has seen a decline in its financial performance, with a significant drop in revenue and net profit in the latest quarterly report, while its stock valuation remains low compared to the industry average [1][2]. Group 1: Company Performance - As of July 3, CIMC Vehicles closed at 8.33 yuan, up 1.22%, with a rolling PE ratio of 15.63, marking an 18-day low and a total market capitalization of 15.611 billion yuan [1]. - For Q1 2025, the company 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%, with a gross profit margin of 14.30% [1]. Group 2: Shareholder Information - As of March 31, 2025, CIMC Vehicles had 36,558 shareholders, an increase of 1,451 from the previous count, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares [1]. Group 3: Industry Comparison - The average PE ratio for the automotive manufacturing industry is 42.69, with a median of 34.21, placing CIMC Vehicles at the 11th position in the industry ranking [2].

Core Viewpoint - The "smart electric revolution" in the commercial vehicle sector is accelerating due to the combined effects of policy, market, and technology, presenting unprecedented development opportunities for the industry and companies involved [1]. Group 1: Market Trends and Sales Data - In the first five months of 2025, domestic sales of new energy heavy trucks reached 61,200 units, a year-on-year increase of 195% [1]. - In May 2025, sales of new energy heavy trucks hit 15,100 units, marking a historical high for the same period and a year-on-year increase of 190.7% [1]. - The market for new energy heavy trucks is expected to grow significantly, with projections of 180,000 to 200,000 units sold in 2025 and 650,000 units by 2030 [4]. Group 2: Product Development and Innovation - The new energy heavy truck segment includes pure electric heavy-duty special vehicles, new energy head trailers, and pure electric head trailers, with the latter optimized for better economic, power, safety, and handling performance [6]. - In 2023, the company launched a pure electric semi-trailer mixer truck, receiving positive market feedback, and in 2024, it introduced its self-developed pure electric head trailer J-RT1.0 mixer truck for operations in Xi'an [10]. - The company has established a project organization for the "Hannover Plan" to develop a product platform for pure electric head trailers, focusing on both engineering and logistics applications [12]. Group 3: Technological Advancements and Strategic Collaborations - The company is driving both electrification and intelligence in the pure electric head trailer sector, addressing industry challenges such as driver shortages and safety issues through technological innovation and strategic partnerships [17]. - Collaborations with major manufacturers aim to enhance integrated solutions in braking and control systems, addressing long-standing issues in commercial vehicle operations [17]. - The company has invested in firms like Karl Power and Moudi Technology to advance autonomous driving and smart logistics, reflecting its strategic vision in the new energy and intelligent connected vehicle sectors [19]. Group 4: Future Outlook and Industry Potential - The commercial vehicle industry is transitioning towards a "smart electric revolution," driven by urgent industry needs and the potential for new market opportunities [25]. - The increasing penetration of pure electric heavy trucks is expected to elevate the value of trailer products, with the company positioned to benefit from this trend due to its strong R&D and market capabilities [25]. - The future of logistics is envisioned to integrate pure electric head trailers with autonomous driving technologies, aiming to enhance efficiency and reduce costs in the commercial vehicle sector [23].

Group 1 - Shenzhen enterprises are actively engaging in overseas markets, with 14 institutions established in South Africa by the end of 2024 [2] - The Gauteng province is recognized as a commercial and industrial hub in South Africa, attracting Shenzhen companies for investment [2] - The Shenzhen Overseas Chinese Economic and Trade Delegation organized a meeting to address the challenges faced by Shenzhen enterprises in South Africa [1][2] Group 2 - During the meeting, companies like Mindray Medical proposed solutions for building smart hospitals in South Africa, suggesting a pilot project [4] - Other companies expressed needs for faster visa processing and improved security measures to enhance operational efficiency [4][5] - The Gauteng Growth and Development Agency committed to providing one-on-one services to assist companies in overcoming challenges [5] Group 3 - The meeting highlighted the growing interest of Shenzhen companies in the South African market, with many already making significant investments [6][8] - ZTE has been involved in the South African telecommunications sector since 2003, contributing to network planning and construction [7] - The Gauteng province is inviting more Shenzhen technology companies to invest in key projects, including renewable energy and smart city initiatives [7]

Group 1 - Xu Shuhai, the mayor, visited enterprises in Shenzhen from June 19 to 22 to enhance communication and expedite project implementation, aiming for mutual benefits and high-level cooperation [1][2] - Yichong New Energy (Shenzhen) Co., Ltd. plans to invest 1 billion yuan in a new energy high-efficiency storage and control module manufacturing project in Zhenjiang, in collaboration with Jiangsu Yongjia Electric Equipment Co., Ltd. [1] - Rongdian Group, a leading small home appliance company in China, is set to establish a smart home manufacturing base in Zhenjiang, with a focus on deepening cooperation in intelligent manufacturing [2] Group 2 - The city government held a video conference on project attraction and economic growth, emphasizing the importance of project-driven development and the need to maintain economic growth above the provincial average [3] - Local leaders participated in various activities to strengthen cooperation with companies, focusing on accelerating project construction and pragmatic collaboration [4]

Core Viewpoint - The natural gas heavy-duty truck market in China is experiencing significant growth, with sales expected to reach a historical high of 178,200 units in 2024, representing a 17% year-on-year increase, driven by factors such as the implementation of the National VI standard, declining LNG prices, and the recovery of road freight [1][18]. Industry Overview - Natural gas heavy-duty trucks are categorized into LNG and CNG trucks, with LNG trucks offering larger fuel capacity and longer range. The environmental benefits include a reduction in CO2 emissions by approximately 20%, CO by 97%, HC by 72%, and NOX by 30% compared to fuel vehicles [1][11][13]. - The market saw a significant decline in sales during 2021-2022 due to low freight rates and rising LNG prices, but a recovery is underway in 2023 and 2024 [1][18]. Market Dynamics - In 2024, five companies achieved sales exceeding 10,000 units, capturing over 95% of the market share, with major players including FAW Jiefang and China National Heavy Duty Truck Group [22][24]. - The market is characterized by high concentration, with the top two companies holding 55.5% of the market share [24]. Policy Support - The Chinese government is actively promoting natural gas heavy-duty trucks through various policies, including the implementation of the National VI emission standards and subsidies for replacing old trucks with new natural gas models [13][15]. - The National Development and Reform Commission issued guidelines to prioritize the use of LNG in transportation vehicles starting from August 2024 [15]. Market Trends - The natural gas heavy-duty truck market is expected to continue growing, supported by technological advancements, policy incentives, and increasing market demand [27]. - Key competitive factors among manufacturers include high horsepower, long range, and fuel efficiency, with companies launching new models featuring advanced technologies [28][29].

Group 1: Market Performance and Strategies - The North American semi-trailer market has been in decline for 18 consecutive months, yet Vanguard GT's cash flow and production efficiency remain stable [3] - In 2023, the sales target for Starlink semi-trailers is 50,000 units, increasing to 70,000 units in 2024, with further growth expected in 2025 [3] - The "Zhao Zilong Plan" initiated in 2024 aims to increase order numbers by 50% and double market share in the Shanhe Four Provinces [3] - The "Zhuge Liang Project" launched in 2025 targets new opportunities along the Yangtze River, enhancing market penetration [4] - The global South market, accounting for 24% of global GDP, is expected to show greater growth potential than the domestic market [4] Group 2: Technological Advancements - The company has established a project team for the "Hannover Plan" to develop a pure electric head-mounted train product platform [5] - Three product combinations for new energy heavy trucks include pure electric heavy-duty special vehicles, new energy head-mounted trains, and pure electric head-mounted trains [5] - Significant technical breakthroughs include the development of a pure electric head-mounted train that matches various operational scenarios [6][7] - The company is building operational support bases for pure electric head-mounted trains, focusing on mobile fast charging and maintenance stations [8] Group 3: Supply Chain and Cost Management - The centralized procurement ratio increased from below 50% to over 85% in 2024, covering over 20 major categories and 62 subcategories of materials [9] - The establishment of the procurement committee has enhanced operational efficiency and cost management for the "Starlink" and "雄起" plans [9] - In 2024, the company achieved a revenue of over 80 million through cost-saving measures [9] Group 4: Business Model and Revenue Growth - The EV·DTB business achieved sales of 6,000 units in Q1 2025, a year-on-year increase of 11.6%, contributing a revenue of 660 million [10] - The "Good Horse with Good Saddle" business model promotes collaboration with major manufacturers and explores CKD and KD models to enhance competitiveness [10] - The EV-DTB·mixer truck and EV-DTB·refrigerated truck are advancing towards lightweight, intelligent, and automated innovations [10]

一、会议召开情况 证券代码：301039 证券简称：中集车辆 公告编号：2025-031 中集车辆（集团）股份有限公司 2024 年度股东会决议公告 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。 特别提示： 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。 中集车辆（集团）股份有限公司（以下简称"公司"或"本公司"）2024年 度股东会（以下简称"本次股东会"）于2025年6月12日召开，公司已于2025年 5月23日在巨潮资讯网(http://www.cninfo.com.cn)上刊登《关于召开2024年度股东 会的通知》。 （一）会议召开时间 1、现场会议召开时间：2025 年 6 月 12 日（星期四）下午 14:30 召开 2、A 股网络投票时间：2025 年 6 月 12 日（星期四）。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 6 月 12 日（星期四）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 时间为 2025 年 6 ...

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 广东信达律师事务所 股东会法律意见书 关于中集车辆（集团）股份有限公司 2024年度股东会的 法律意见书 信达会字[2025]第 192 号 致：中集车辆（集团）股份有限公司 广东信达律师事务所（以下简称"信达"）接受中集车辆（集团）股份有限 公司（以下简称"贵公司"）的委托，指派律师参加了贵公司 2024 年度股东会 （以下简称"本次股东会"），并进行了必要的验证工作。 现根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公 司股东会规则》（以下简称"《股东会规则》"）等中国法律法规（为本法律意 见书之目的，不包括香港特别行政区、澳门特别行政区及台湾地区相关法律法规） ...

Economic Information - In May, the national futures market recorded a trading volume of 678,609,037 contracts and a transaction value of 5,472.99 billion yuan, representing a year-on-year decline of 4.51% and 1.55% respectively [2] - From January to May, the cumulative trading volume reached 3,336,834,307 contracts, with a cumulative transaction value of 28,693.44 billion yuan, showing year-on-year growth of 15.61% and 21.33% [2] - As of June 11, the wholesale price of 25-year Flying Moutai (bulk) was 1,990 yuan per bottle, down 30 yuan from the previous day, while the price of 25-year Flying Moutai (original) remained at 2,080 yuan per bottle [2] Company Alerts - Industrial Securities has not received any information regarding a merger with Huafu Securities [3] - *ST Yazhen has been suspended from trading for verification due to multiple instances of abnormal trading fluctuations [6] - Several companies, including Chaojie Co., Aikelan, and Fengyuzhu, have announced plans for share reductions by their shareholders, with reductions not exceeding 3% of total shares [8] Overseas Alerts - The US stock market saw all three major indices close lower, with the Nasdaq down 0.5% and Intel dropping over 6%, marking its largest single-day decline in two months [4] - In London, most base metals declined, with LME nickel down 1.13% at $15,145.00 per ton and LME copper down 1.12% at $9,647.00 per ton [5] - Jeffrey Gundlach, head of DoubleLine Capital, indicated that the US debt burden and interest payments have become unsustainable, suggesting that long-term US Treasuries are no longer considered truly risk-free investments [4]