Group 1 - The core viewpoint of the articles highlights the financial performance and market position of CIMC Vehicles, indicating a decline in revenue and profit compared to the previous year [1][2] - CIMC Vehicles' closing stock price is 8.57 yuan, with a rolling price-to-earnings (PE) ratio of 14.80 times, and a total market capitalization of 16.061 billion yuan [1] - The average PE ratio for the automotive manufacturing industry is 30.64 times, with a median of 28.87 times, placing CIMC Vehicles in the 9th position within the industry [1][2] Group 2 - As of February 28, 2025, CIMC Vehicles has 35,107 shareholders, an increase of 228 from the previous count, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares [1] - The main business of CIMC Vehicles includes the production, manufacturing, and sales of semi-trailers, special vehicles, refrigerated truck bodies, and complete vehicles, with notable brands operating in North America and Europe [1] - The latest financial results for 2024 show CIMC Vehicles achieved operating revenue of 20.998 billion yuan, a year-on-year decrease of 16.30%, and a net profit of 1.085 billion yuan, down 55.80%, with a gross profit margin of 16.32% [1]

Summary of Conference Call Records Company and Industry Overview - The company reported a total revenue of approximately 21 billion RMB for 2024, representing a year-on-year decline of 16.3% [1] - The net profit for the year was 1.085 billion RMB, down 56% year-on-year [1] - The gross profit margin for the year was 16.32%, a decrease of about 2.6% year-on-year, while the net profit margin was 5.15%, down approximately 4.6% [1] - The decline in revenue and profit margins was primarily attributed to a downturn in the North American market, which accounted for about 40% of the company's revenue in 2023 [1] Market Performance by Region - The North American market generated approximately 7 billion RMB in revenue, a year-on-year decline of 36%, with a gross profit margin decrease of 6.5 percentage points [2] - The European market saw a revenue decline of 18%, but the profit margin slightly increased by over 1 percentage point [2] - Other global markets, particularly emerging markets, experienced a revenue growth of 14% year-on-year, with a significant increase in gross profit margin of 5.6% [2] Emerging Market Opportunities - Emerging markets are expected to be a significant growth area for the company, driven by high infrastructure development [2] - The company noted that many emerging market customers are transitioning from used vehicles from established brands to new, cost-effective vehicles from Chinese manufacturers [3] - The company has observed a 20% growth in exports of heavy trucks to most emerging markets, excluding Russia, in the first two months of the year [3] Long-term Market Potential - The company anticipates that the total market capacity for trailers in emerging markets will be comparable to that of the domestic market, which is approximately 900,000 units annually [4] - The revenue from the Chinese market is estimated at around 8.7 billion RMB, while revenue from other emerging markets is about 2.9 billion RMB, indicating a significant growth potential in these regions [4] Profitability Trends - The company noted that both the North American and European markets, which have historically been significant profit sources, are currently in a recovery phase after experiencing a downturn from 2021 to 2023 [5] - The company expects a gradual improvement in these markets by 2025-2026, although significant revenue growth is not anticipated in the next two years [5] New Product Developments - The company has introduced new products tailored for the rapidly growing domestic new energy vehicle market, with penetration rates reaching 15%-20% recently [8] - New products include adaptations for electric heavy trucks, such as concrete mixers and refrigerated truck bodies, designed to accommodate the unique requirements of electric vehicles [8] - The company is conducting trial runs of new energy vehicle combinations, which have shown to save over 30% in energy consumption in certain scenarios [9] Conclusion - The company is positioned to leverage growth in emerging markets and adapt to the evolving landscape of new energy vehicles, while navigating challenges in established markets [9]

中集车辆（集团）股份有限公司 关于召开 2025 年第一次临时股东会的通知 证券代码：301039 证券简称：中集车辆 公告编号：2025-023 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。 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年第三次会议审议通过《关于提请召开2025年第一次临时股东会的议案》， 现就本公司2025年第一次临时股东会（以下简称"本次股东会"）的有关事项通知 如下： 一、召开会议的基本情况 1、本次股东会届次：本公司2025年第一次临时股东会 2、本次股东会召集人：本公司董事会 3、会议召开的合法、合规性：本次股东会会议的召开符合上市公司相关法 律、行政法规、部门规章、规范性文件和《公司章程》的有关规定。 4、会议召开时间： （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- 9:2 ...

中集车辆（集团）股份有限公司 第三届董事会 2025 年第三次会议决议公告 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年第三次会议通知于2025年4月9日以电子邮件的方式发出，于2025年4月 14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。 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： 证券代码：301039 证券简称：中集车辆 公告编号：2025-022 2、审议通过《关于提请召开2025年第一次临时股东会的议案》 公司将于2025年4月30日14:50召开2025年第一次临时股东会，审议《未来三 年（2024年-2026年）股东回报规划》及《2024年度利润分配预案》。 具体内容详见公司在巨潮资讯网（http://www.cninfo.com.cn/）上披露的《关 于召开2025年第一次临时股东会的通知 ...

Group 1: Investor Relations Activities - The company conducted roadshow activities in Beijing from April 7 to April 8, 2025, and in Shenzhen from April 9 to April 10, 2025 [2][3] - Participants included major financial institutions such as CICC, Huaxia Jiuying Asset Management, and China Life Asset Management [2][3] Group 2: Business Impact of Tariff Adjustments - The company has two manufacturing centers and six assembly plants in North America, with additional facilities in Thailand and Canada [3] - The strategy focuses on local manufacturing and delivery, with a significant portion of refrigerated semi-trailers already localized [3] Group 3: Market Expansion Strategies - The company is implementing the "Star Link Plan" and "Three Good Development" initiatives to enhance domestic market share [4] - The "Three Good Development" model aims to improve marketing capabilities and integrate resources across the supply chain [4] Group 4: Financial Performance - The EV·DTB business achieved total revenue of 3.03 billion in 2024, contributing a gross profit of 150 million, an increase of approximately 70 million compared to 2023 [5] - The company aims to enhance profitability through structural reforms in the mixer truck business starting in 2024 [4][5] Group 5: Supply Chain Optimization - The company has increased its centralized procurement ratio from below 50% to over 85% in 2024, managing over 20 major categories and 62 subcategories of materials [6] - The strategy includes a focus on local procurement in overseas markets, particularly in North America, while maintaining backup supplies from Thailand [6]

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of 中集车辆, indicating a decline in revenue and profit compared to the previous year [1][2] - As of April 11, 中集车辆's closing price was 8.89 yuan, with a PE ratio of 15.35, which is significantly lower than the industry average of 30.18 [1][2] - The company experienced a net outflow of 504.60 million yuan in main funds on April 11, contributing to a total outflow of 1,725.53 million yuan over the past five days [1] Group 2 - 中集车辆 specializes in the production and sales of semi-trailers, special vehicles, refrigerated truck bodies, and complete vehicles, operating under several well-known brands in North America and Europe [1] - The latest financial results for 2024 show that the company achieved a revenue of 20.998 billion yuan, a year-on-year decrease of 16.30%, and a net profit of 1.085 billion yuan, down 55.80% from the previous year [1]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - In 2024, the company's European and Australian semi - trailer businesses achieved good results against the trend. The European business optimized the product structure and promoted supply chain localization to increase the gross profit margin by 2.4 percentage points, while the Australian business achieved the best historical profit performance and maintained a stable market position [23]. - In 2025, the company aims to build new productive forces through the "Star - Chain Plan", "Good - Development Plan", and "Rise - Up Plan", and enhance its leading position in the global semi - trailer business [24]. - The company will deepen global supply chain management, optimize cost control, and improve production efficiency in its European business in 2025, and support SDC and LAG to explore new productive forces in the European semi - trailer field [24]. 3. Summary by Relevant Catalogs 3.1 Research Basic Situation - The research object is CIMC Vehicles, belonging to the automobile manufacturing industry. The reception time was from March 31 to April 3, 2025. The listed company's reception staff included the Investor Relations Director, Manager, and other personnel [17]. 3.2 Detailed Research Institutions - The research institutions included fund management companies (E Fund Management Co., Ltd., Guolian Fund Management Co., Ltd.), securities companies (Haitong Securities Co., Ltd., Huatai Securities Co., Ltd.), and investment companies (Juming Investment Co., Ltd.) [18]. 3.3 Research Institution Proportions - Fund management companies accounted for 40%, securities companies accounted for 40%, and investment companies accounted for 20% [20]. 3.4 Main Content Data - **2024 European and Australian Market Performance and Outlook**: In 2024, the EU's new truck registrations decreased by 6.3%. The company's European and Australian semi - trailer businesses achieved good results against the trend. The European business increased the gross profit margin by 2.4 percentage points, and the Australian business achieved the best historical profit performance and ranked among the top six in the market share for two consecutive years [23]. - **2025 Core Measures and Goals for Performance Improvement**: The company will implement the "Star - Chain Plan", "Good - Development Plan", and "Rise - Up Plan" to build new productive forces, deepen its leading position in the global semi - trailer business, and improve profitability. It will also expand cooperation with new - energy vehicle manufacturers in the EV·DTB upper - body products, iterate the design and manufacturing of pure - electric tractor - trailer trains, and build productive services [24][25]. - **2024 Domestic Centralized Procurement Level and Future Planning**: In 2024, the company's centralized procurement ratio increased from less than 50% to over 85%, and the organizational structure was adjusted to a three - layer structure of "collection", "procurement", and "purchase". The cost - saving from centralized procurement was over 80 million yuan. In 2025, the company will further strengthen the supply - chain system with "centralized procurement as the mainstay and supply guarantee as the supplement" [26]. - **Evolution from "Cross - Ocean Operation" to "Borderless Enterprise"**: The company has evolved from the "production→export" model to "cross - ocean operation, local manufacturing", and has established local legal - person governance structures and manufacturing plants in mature markets. In the future, it will expand sales in the global southern market and enhance the resilience of the global supply chain for its North American semi - trailer business [26][27].

Group 1: Market Performance and Outlook - In 2024, the EU new truck registration volume decreased by 6.3%, impacting the semi-trailer industry due to weak economic recovery [3] - Despite the downturn, the company's semi-trailer business in Europe achieved a gross margin increase of 2.4 percentage points through product structure optimization and supply chain localization [3] - The company's market share in Australia ranked among the top six for two consecutive years, reflecting a strong position in the market [3] Group 2: Strategic Initiatives for 2025 - The company plans to implement the "Star Chain Plan," "Three Good Development," and "Rising Plan" to enhance productivity and profitability in the global semi-trailer business [4] - Focus on expanding partnerships with new energy manufacturers and optimizing the management of six announced factories under a unified business group framework [4][5] - The company aims to enhance user experience by providing comprehensive solutions, including financial services and digital maintenance [5] Group 3: Cost Reduction and Supply Chain Management - In 2024, the company increased its centralized procurement ratio from below 50% to over 85%, managing over 20 major categories and 62 subcategories of materials [6] - The centralized procurement strategy yielded savings of over 80 million in 2024, with plans to further solidify this approach in 2025 [6] Group 4: Global Operations and Market Expansion - The company's cross-ocean operations contributed nearly 50% to profits in 2020 and exceeded 50% in revenue by 2023 [7] - Future strategies include expanding sales in global southern markets and enhancing supply chain resilience in North America [7]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but showed signs of recovery in Q4, with a positive outlook for 2025 in both Chinese and North American markets [1][2][4]. Group 1: Financial Performance - In 2024, the company achieved revenue of 21 billion yuan, a year-on-year decrease of 16.3%, and a net profit attributable to shareholders of 1.085 billion yuan, down 55.8% [1]. - The Q4 net profit was 243 million yuan, reflecting a year-on-year increase of 36.1% [1]. - The company’s gross margin in Q4 was 18.0%, showing a quarter-on-quarter improvement [3]. Group 2: Market Performance - In Q4 2024, the company’s revenue was 5.18 billion yuan, a year-on-year decrease of 6.2%, with vehicle sales of approximately 32,000 units, up 42.4% year-on-year [2]. - For the full year 2024, revenue from the Chinese market was 8.68 billion yuan, a slight increase of 0.5%, while North American revenue was 6.92 billion yuan, down 36.3% [2]. - The company expects a recovery in both the Chinese and North American trailer markets in 2025, with forecasts indicating a 10-15% growth in the Chinese heavy truck market [2][4]. Group 3: Cost Management and Profitability - The company’s selling, general, and administrative expenses as a percentage of revenue were 2.76%, 4.97%, and 2.10% respectively in Q4 2024, with management expenses showing a significant year-on-year decline [3]. - The company reported an operating expense of 59 million yuan, primarily due to increased compensation payments [3]. - Excluding non-operating income and credit impairment losses, the Q4 net profit would have been 430 million yuan, indicating a quarter-on-quarter growth of 31.9% [3]. Group 4: Shareholder Returns - The company distributed a total dividend of 1.05 billion yuan in 2024, with a dividend payout ratio of 97% [4]. - The company announced a three-year shareholder return plan aimed at enhancing shareholder value [4]. - The company is positioned to benefit from the trend towards electrification in heavy trucks and has strong competitiveness in lightweight trailers and new energy markets [4]. Group 5: Future Outlook - The company forecasts total revenue of 24.6 billion, 27.1 billion, and 31.6 billion yuan for 2025-2027, with respective year-on-year growth rates of 17%, 10%, and 17% [5]. - Expected net profit for the same period is projected at 1.6 billion, 1.8 billion, and 2.4 billion yuan, with growth rates of 44%, 17%, and 30% [5]. - The company maintains a "buy" rating based on its potential for recovery and high-quality growth [5].

Core Insights - CIMC Vehicles achieved a revenue of 21 billion yuan in 2024, with an operating net profit of 1.35 billion yuan and a gross margin of 16.3% [1] - The company plans to actively expand into global southern markets [1] Group 1: Business Performance - CIMC Vehicles ranked first globally in semi-trailer manufacturing for the twelfth consecutive year, with a revenue contribution of 14.95 billion yuan from its semi-trailer business and a gross margin of 17.8% [2] - Domestic sales increased by 12%, achieving a market share of 14.04% in China, maintaining the top position for six consecutive years [2] - The CFO indicated that the "Starlink Plan" is nearing its harvest phase, while the "Xiongqi Plan" will leverage experiences from the former for rapid replication and growth [2] Group 2: New Energy Initiatives - The EV·DTB business generated a revenue of 3.03 billion yuan, with a gross profit increase of 70 million yuan to 150 million yuan [3] - The company aims to develop "pure electric head-mounted integrated products" and has launched the J-RT1.0 electric head-mounted mixer, which reduces energy consumption by 37.7% [3] - The CEO emphasized that the goal of pure electric vehicles is to achieve intelligence, addressing challenges in recruiting drivers for large trucks [3] Group 3: Global Market Expansion - China exported approximately 150,000 tractors to global southern markets, which account for 34% of the total [4] - CIMC Vehicles reported a 6% revenue increase in global southern markets, with a gross margin improvement of 5.8 percentage points [5] - The company plans to develop a strategic approach for the global southern market by establishing a regional business group and seizing development opportunities [5]