股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2026年3月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 中国重汽（香港）有限公司 | | | 呈交日期: | 2026年4月1日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.2.1 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03808 | 說明 | 普通股 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 2,760,993,339 | | 0 | | 2,760,993,339 | | 增加 / 減少 (- ...

Investment Rating - The report maintains a "Buy" rating for China National Heavy Duty Truck Group Co., Ltd. (China National Heavy Duty Truck) [1][10] Core Insights - China National Heavy Duty Truck's annual performance for 2025 shows significant improvement, with a substantial increase in heavy truck sales and a solid export leadership position [2][10] - The company has achieved rapid growth in the new energy vehicle market, with a notable increase in sales and market share [10] Financial Summary - Total revenue for 2025 is projected at RMB 109.54 billion, reflecting a year-on-year increase of 15% [4][10] - Net profit attributable to the parent company is expected to reach RMB 7.02 billion, up 20% year-on-year [4][10] - Earnings per share (EPS) for 2025 is estimated at RMB 2.57, with a price-to-earnings (PE) ratio of 9.80 [4][10] Sales Performance - Heavy truck sales for 2025 are expected to reach 292,000 units, representing a 20% increase year-on-year [10] - Domestic sales account for 139,000 units (48% of total sales), with a year-on-year growth of 27% [10] - International sales, including joint venture exports, total 153,000 units (52% of total sales), with a year-on-year increase of 14% [10] Market Position - China National Heavy Duty Truck maintains its position as the leading exporter of heavy trucks in China, achieving record export sales and revenue for 2025 [10] - The company is expanding its export product categories, including light trucks and aftermarket parts, while enhancing its international marketing capabilities [10] New Energy Market Growth - The company has seen a remarkable 249% year-on-year increase in new energy heavy truck sales, capturing an 11.8% market share [10] - The market share for new energy dump trucks has grown by 5.8%, marking the highest growth rate in the industry [10]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內 容而引致的任何損失承擔任何責任。 SINOTRUK(HONG KONG) LIMITED （股份代號：03808） (1) 修訂現有持續關連交易之年度上限 (2) 更新現有持續關連交易 獨立董事委員會及 中 國 重 汽（ 香 港 ）有 限 公 司 獨立股東的獨立財務顧問 修訂現有持續關連交易之年度上限 由於本集團的運營需要，本公司預期，首份補充2026年中國重汽採購產品協議項 下截至2026年12月31日止年度的現有年度上限將會不足。因此，本集團與中國 重汽訂立第二份補充協議，以修訂截至2026年12月31日止年度的年度上限，更 多詳情載列於本公告。 更新現有持續關連交易 董事會宣佈，於2026年3月27日，本集團已與中國重汽及╱或山重租賃（視情況 而定）訂立（其中包括）2029年中國重汽持續關連交易協議，以更新相關持續關連 交易，均為截至2029年12月31日止為期三年，更多詳情載列於本公告。 （於香港註冊成立的有限公司） – 1 – ...

自 2026 年 3 月 27 日開始，中國重汽（香港）有限公司董事會（「董事會」）成員 載列如下 : 董事名單與其角色和職能 中國﹒濟南，2026 年 3 月 27 日 2 董事會設有六個委員會。下表提供各董事會成員在這些委員會中所擔任的職位。 執行委員會 戰略及投資 委員會 審核委員會 薪酬委員會 提名委員會 環境、社會及 管治委員會 劉正濤先生 主席 主席 劉偉先生 成員 成員 主席 李霞女士 成員 成員 成員 韓峰先生 成員 成員 趙華先生 成員 王德春先生 成員 韓星女士 成員 成員 程廣旭先生 成員 王登峰博士 成員 成員 趙航先生 成員 成員 呂守升先生 主席 成員 張忠先生 成員 主席 劉霄侖博士 主席 執行董事： 劉正濤先生（董事長） 劉偉先生（總裁） 李霞女士 韓峰先生 趙華先生 王德春先生 韓星女士 非執行董事： 程廣旭先生 Karsten Oellers 先生 Mats Lennart Harborn 先生 獨立非執行董事： 王登峰博士 趙航先生 呂守升先生 張忠先生 劉霄侖博士 1 ...

免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | | 股票發行人現金股息（可選擇貨幣）公告 | | 發行人名稱 | 中國重汽（香港）有限公司 | | 股份代號 | 03808 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年12月31日止年度的建議末期股息及暫停辦理股份過戶登記手續 | | 公告日期 | 2026年3月27日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.88 HKD | | 股東批准日期 | 有待公佈 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.88 HKD | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內 容而引致的任何損失承擔任何責任。 中國重汽（香港）有限公司（「本公司」）董事（「董事」）會（「董事會」）宣佈，本公司獨立 非執行董事趙航先生已獲委任為本公司薪酬委員會（「薪酬委員會」）成員，自2026年 3月27日起生效。趙航先生於董事會的其他職務維持不變。 於上述委任後，薪酬委員會由呂守升先生（薪酬委員會主席）、張忠先生及趙航先生 組成，彼等均為獨立非執行董事。 董事會謹藉此機會歡迎趙航先生出任薪酬委員會之新職位。 承董事會命 SINOTRUK (HONG KONG) LIMITED 中 國 重 汽（ 香 港 ）有 限 公 司 （於香港註冊成立的有限公司） （股份代號：03808） 董事委員會人士變動 中國重汽（香港）有限公司 董事長 於本公告日期，本公司董事會包括本公司七名執行董事，為劉正濤先生、劉偉先生、李霞女士、 韓峰先生、趙華先生、王德春先生及韓星女士；本公司三名非執行董事，為程廣旭先生、Karsten Oellers先生及M ...

Financial Performance - Sinotruk (Hong Kong) Limited reported a revenue of RMB 109,540,885 thousand for the year ended December 31, 2025, representing an increase of 15.3% from RMB 95,061,587 thousand in 2024[5] - The gross profit for 2025 was RMB 16,518,662 thousand, up 11.1% from RMB 14,865,494 thousand in the previous year[5] - Profit for the year increased to RMB 7,664,443 thousand, a rise of 14.5% compared to RMB 6,688,275 thousand in 2024[7] - Basic earnings per share rose to RMB 2.57, reflecting an increase of 20.1% from RMB 2.14 in the prior year[7] - Total comprehensive income for the year was RMB 7,655,174 thousand, compared to RMB 6,641,235 thousand in 2024, marking a growth of 15.3%[9] - Total revenue for 2025 reached RMB 109,540,885,000, an increase of 15.3% from RMB 95,061,587,000 in 2024[43] - Profit before tax for 2025 was $8,817,653, compared to $7,780,328 in 2024, reflecting an increase of about 13.3%[33][35] - Profit attributable to equity shareholders increased to RMB 7,019,303,000 in 2025 from RMB 5,858,394,000 in 2024, representing a growth of approximately 19.7%[57] Assets and Liabilities - Non-current assets totaled RMB 49,104,261 thousand, an increase from RMB 39,349,825 thousand in 2024[11] - Current assets increased to RMB 104,024,390 thousand, up from RMB 90,427,197 thousand in the previous year[11] - Total current liabilities increased to RMB 98,247,868 thousand in 2025 from RMB 79,054,650 thousand in 2024, representing a growth of approximately 24.2%[12] - Net current assets decreased to RMB 5,776,522 thousand in 2025 from RMB 11,372,547 thousand in 2024, a decline of about 49.3%[12] - Total equity rose to RMB 53,213,975 thousand in 2025, up from RMB 49,152,400 thousand in 2024, indicating an increase of approximately 8.3%[12] - The Group's total assets as of 2025 were RMB 129,777,022,000, while total liabilities were RMB 80,624,622,000[43] Revenue Segmentation - Revenue from the Chinese Mainland was RMB 65,193,936,000, up 15.0% from RMB 56,676,788,000 in 2024[43] - Revenue from overseas customers increased to RMB 44,346,949,000, a rise of 15.6% from RMB 38,384,799,000 in 2024[43] - The heavy-duty trucks segment generated external revenue of $96,658,494 in 2025, which is a 14.4% increase from $84,614,753 in 2024[33][35] - The finance segment reported external revenue of $740,480 in 2025, up from $606,748 in 2024, marking an increase of approximately 22%[33][35] Operational Efficiency - The Group has restructured its business management to optimize resource allocation and improve operational efficiency in 2025[23] - The Group's financial services segment has been adjusted and is no longer reported under the Finance Segment, reflecting a strategic focus shift[23] - The Group's auditor reported unqualified opinions on the financial statements for the years ended December 31, 2025, and 2024, indicating no significant issues[18] Research and Development - The Group is engaged in the research, development, and manufacturing of heavy-duty trucks and related components, indicating a focus on expanding its core business operations[14] - Research and development costs amounted to RMB 2,901,590,000 in 2025, up from RMB 2,735,842,000 in 2024, representing a growth of 6.1%[53] - The Group's R&D capabilities include a comprehensive system for commercial vehicles, with a focus on customer needs and high investment in technology[113][115] Sales Performance - The Group sold 292,140 HDTs during the period, marking a 20.0% YoY increase[88] - Annual HDT sales reached approximately 1.1449 million units, representing a 27.0% YoY increase[78] - Domestic heavy truck sales reached 138,772 units, a year-on-year increase of 26.9%[105] - The Group exported 153,368 heavy-duty trucks (HDTs), representing a 14.4% year-on-year increase, with export revenue of RMB 44,720 million, up 5.2% year-on-year[106][107] Employee and Social Responsibility - The Group's total employee expenses, including salaries and benefits, amounted to RMB 7,140 million, representing a year-over-year increase of 15.9%[193] - As of December 31, 2025, the Group employed a total of 28,614 employees, with a focus on optimizing employee rights protection and career development[193] - The Group actively engages in rural revitalization and social welfare initiatives, demonstrating its commitment to social responsibility[187] Environmental and Sustainability Initiatives - The Group emphasizes a green development strategy, integrating ecological protection into its overall strategy and daily operations[197] - The Group has established a four-pillar system for climate change management, focusing on Governance, Strategy, Risk Management, and Metrics and Targets[198] - The Group promotes energy conservation and resource efficiency throughout its production and operations, enhancing climate resilience[199]

附 屬 公 司 中 國 重 汽 集 團 濟 南 卡 車 股 份 有 限 公 司 截 至 202 5 年 1 2 月 3 1 日 止 年 度 之 已 審 核 財 務 資 料 之 公 佈 中國重汽（香港）有限公司（「本公司」）附屬公司中國重汽集團濟南卡車股份有限公司 （「濟南卡車」）（其股份於中華人民共和國（「中國」）深圳證券交易所上市）將於2026 年3月28日公告其以中國會計準則編製的截至2025年12月31日止年度已審核財務資料 （「已審核財務資料」）。已審核財務資料摘要連同上年同期之比較數字載列如下： | 濟南卡車 | 截至12月31日止年度 | | | --- | --- | --- | | 已審核財務資料摘要 | 2025年 | 2024年 | | | 人民幣元 | 人民幣元 | | 營業總收入 | 57,737,202,180.97 | 44,929,090,605.88 | | 利潤總額 | 2,784,474,866.96 | 2,333,142,546.63 | | 所得稅費用 | 386,719,232.44 | 464,561,734.47 | | 淨利潤 | 2,397,755,634. ...

Investment Rating - The report assigns an "Accumulate" rating for China National Heavy Duty Truck Group Co., Ltd. (China National Heavy Duty Truck H) [2] Core Insights - The report emphasizes that China National Heavy Duty Truck H is transitioning from a traditional cyclical stock to a growth asset with the ability to elevate its profit center across cycles, driven by domestic demand recovery, export structure upgrades, and the approaching profitability inflection point in new energy vehicles [5][6] - The company is expected to achieve significant revenue growth, with projected revenues of 110.4 billion, 126 billion, and 135.7 billion RMB for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 16%, 14%, and 8% [6][7] - The report highlights the company's strong position in the heavy-duty truck market, with a market share of approximately 27% in 2025, and its leadership in exports, particularly in the African, Middle Eastern, and Latin American markets [20][23] Summary by Sections Company Overview - China National Heavy Duty Truck H is a leading representative in the heavy-duty truck industry in China, with a history of technological advancement and market leadership [17][19] - The company has a complete industrial chain layout, including heavy and light-duty engines, gearboxes, axles, and a full range of truck assemblies [19] Domestic Market Insights - The domestic market is expected to see a recovery in demand, with the replacement cycle and the implementation of the National VI emission standards anticipated to drive sales upward [5][14] - The company's domestic net profit margin is projected to remain between 6% and 7% from 2023 to the first half of 2025, with potential for improvement as market conditions stabilize [5][6] Export Market Insights - China National Heavy Duty Truck H is positioned as a leader in the export market, with expectations for significant growth in exports to Africa, the Middle East, and Latin America, as well as potential recovery in the Russian market [6][23] - The report forecasts that the company's export volume will exceed 500,000 units in the medium term, benefiting from its strong market share and established reputation [6][23] Financial Projections - The report projects the company's earnings per share (EPS) to be 2.38, 2.93, and 3.31 RMB for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 14, 11, and 10 times [6][7] - The anticipated net profit for the company is expected to reach 6.57 billion, 8.09 billion, and 9.15 billion RMB for the years 2025, 2026, and 2027, reflecting year-on-year growth rates of 12%, 23%, and 13% [6][7]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內 容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 中國．香港，2026 年 3 月 13 日 董 事 會 會 議 通 告 中國重汽（香港）有限公司（「本公司」）董事會（「董事會」）謹此通告，董 事會將於 2026 年 3 月 27 日（星期五）舉行董事會會議，以商討下列事項： 承董事會命 中國重汽（香港）有限公司 董事長 劉正濤 於本公告日期，本公司董事會包括本公司七名執行董事，為劉正濤先生、劉偉先生、李霞女士、 韓峰先生、趙華先生、王德春先生及韓星女士；本公司三名非執行董事，為程廣旭先生、Karsten Oellers 先生及 Mats Lennart Harborn 先生；及本公司五名獨立非執行董事，為王登峰博士、 趙航先生、呂守升先生、張忠先生及劉霄侖博士。 1 1. 考慮及通過本公司及其附屬公司（「本集團」）截至 2025 年 12 月 31 日止 經審核全年業績，及通過將本集團經審核全年業績公佈在本公司和香港聯 合交易所有限公司的網站刊登； 2 ...