Investment Rating - The report maintains a "Buy" rating for China National Heavy Duty Truck Group Co., Ltd. (3808 HK) with a target price of HKD 26.45, indicating a potential upside of 13.4% from the current price of HKD 23.32 [1][2][6]. Core Insights - The company demonstrated stable performance with a revenue of RMB 50.878 billion in the first half of 2025, reflecting a year-on-year growth of 4.2%. The net profit attributable to shareholders was RMB 3.427 billion, also up by 4.0% year-on-year, aligning with market expectations [6]. - Heavy truck sales increased by 9.2% to 136,000 units, with domestic and overseas sales growing by 19.3% and 0.8%, respectively. The gross margin slightly improved year-on-year but decreased quarter-on-quarter to 15.1% in the second half of 2024 [6]. - The company declared an interim dividend of RMB 0.68 per share, representing approximately 55% of the net profit for the first half, indicating a commitment to shareholder returns [6]. Financial Overview - Revenue projections for the upcoming years are as follows: RMB 85,498 million in 2023, RMB 95,062 million in 2024, and RMB 109,886 million in 2025, with a year-on-year growth rate of 43.9% in 2023 and 11.2% in 2024 [5][10]. - The net profit is expected to grow from RMB 5,318 million in 2023 to RMB 6,719 million in 2025, with a corresponding increase in earnings per share from RMB 1.93 to RMB 2.43 [5][10]. - The company maintains a healthy dividend yield, projected to be 5.0% in 2023, increasing to 6.3% by 2025 [5][10]. Market Position - China National Heavy Duty Truck holds a market share of approximately 27.6%, reinforcing its position as a leading player in the domestic heavy truck market. The report anticipates that the company will achieve sales of 1 million units in the current year, supported by government incentives and a recovery in demand [6][10]. - The heavy truck industry is expected to transition from seasonal recovery to structural growth, benefiting major players like China National Heavy Duty Truck due to increasing demand and favorable policies [6].

附 屬 公 司 中 國 重 汽 集 團 濟 南 卡 車 股 份 有 限 公 司 截 至 2 0 2 5 年 6 月 3 0 日 止 6 個 月 之 未 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2025 年8月28日公告其以中國會計準則編製的截至2025年6月30日之未審核財務資料（「未審核 財務資料」）。未審核財務資料摘要連同去年同期之比較數字載列如下： | 濟南卡車 | 截至6月30日止6個月 | | | --- | --- | --- | | 未審核財務資料摘要 | 2025年 | 2024年 | | | 人民幣元 | 人民幣元 | | 營業總收入 | 26,161,569,226.76 | 24,400,520,664.24 | | 利潤總額 | 1,190,408,162.14 | 1,030,853,534.36 | | 所得稅費用 | 250,500,316.05 | 186,311,482.32 | | 淨利潤 | 939,907,846.09 ...

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6月30日止6個月的中期股息及關賬日期和記錄日期 | | 公告日期 | 2025年8月27日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 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6月30日 | | 宣派股息 | 每 股 0.74 HKD | | 股東批准日期 | 不適用 | | 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 0.74 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。 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） 截 至 2025 年 6 月 30 日 止 6 個月中期業績公佈 業績 董事會欣然公佈本集團截至2025年6月30日止6個月之未經審核中期業績及與上年 同期之比較數字如下： 綜合損益表 截至2025年6月30日止6個月－未經審核 （除另外說明外，所有金額以人民幣千元計） | | | 截至6月30日止6個月 | | | --- | --- | --- | --- | | | 附註 | 2025年 | 2024年 | | 收入 | 4 | 50,878,062 | 48,823,239 | | 銷售成本 | | (43,216,438) | (41,664,507) | | 毛利 | | 7,661,624 | 7,158,732 | | 其他收入及利 ...

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 中國﹒濟南，2025 年 8 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 呂守升先生 主席 成員 張忠先生 成員 主席 劉霄侖博士 主席 董事名單與其角色和職能 自 2025 年 9 月 1 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 : 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 ...

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 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） 獨立非執行董事退任 及 委任聯席公司秘書 獨立非執行董事退任 董事會謹此宣佈，於委任期限屆滿後，梁青先生將不尋求獨立非執行董事的任期 重續，因此將不再為獨立非執行董事及薪酬委員會成員，自2025年9月1日起生 效。 委任聯席公司秘書 董事會謹此宣佈，高天超先生已獲委任為本公司聯席公司秘書，自2025年8月27 日起生效。郭家耀先生將繼續擔任本公司公司秘書，與高先生一同擔任本公司聯 席公司秘書。 獨立非執行董事退任 委任聯席公司秘書 中國重汽（香港）有限公司（「本公司」，連同其附屬公司統稱為「本集團」）董事（「董 事」）會（「董事會」）宣佈，於委任期限屆滿後，梁青先生因希望有更多時間投入家庭 及其個人事宜，將不尋求獨立非執行董事的任期重續。因此，梁青 ...

承董事會命 中國重汽（香港）有限公司 董事長 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。 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 2025 年 8 月 27 日（星期三）在中國山東省濟南市高新區華奧路 777 號 本公司會議室舉行董事會會議，以商討下列事項： 劉正濤 中國．濟南，2025 年 8 月 14 日 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；及本公司六名獨立非執行董事，為王登峰博士、 趙航先生、梁青先生、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 6 月 30 日止 未經審核中期業績，及通過將本集團未經審核中期 ...

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: | 2025年7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: | 2025年8月1日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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 (-) | | ...

Financial Performance - Revenue for 2024 reached RMB 95,062 million, an increase of 11.2% from RMB 85,498 million in 2023[5] - Gross profit rose to RMB 14,865 million, reflecting a 9.8% increase compared to RMB 13,538 million in the previous year[5] - Net profit attributable to shareholders increased by 10.2% to RMB 5,858 million from RMB 5,318 million in 2023[5] - The company's operating revenue for 2024 was RMB 95,062 million, reflecting an 11.2% year-on-year growth[36] - Profit attributable to equity shareholders was RMB 5,858 million, marking a 10.2% increase compared to the previous year[36] - The net profit for the period was RMB 6,688 million, an increase of RMB 861 million or 14.8% year-on-year, with a net profit margin of 7.0%, up 0.2 percentage points[131] - Other income and gains increased to RMB 1,437 million, a rise of RMB 620 million or 75.9% year-on-year, primarily due to increased income from financial products and government subsidies[123] Sales and Market Performance - The total sales volume of heavy trucks was 243,418 units, up 7.2% from 226,999 units in 2023, with domestic sales increasing by 12.8%[5] - The company achieved total vehicle sales of 343,960 units in 2024, representing a year-on-year increase of 6.3%[36] - Heavy-duty truck sales reached 243,418 units, up 7.2% year-on-year, while light-duty truck sales were 100,542 units, an increase of 4.1%[36] - The company exported approximately 134,000 heavy-duty trucks, a year-on-year growth of 3.1%[36] - In the overseas high-end market, sales in Saudi Arabia increased by 70% and in Australia by 83%[36] - The company reported a 294% year-on-year increase in sales of new energy heavy trucks, with market share rising by 3.7 percentage points[53] Dividends and Shareholder Returns - The company plans to distribute a final dividend of RMB 0.51 per share, up from RMB 0.965 in the previous year, representing a 21.2% increase[5] - The board proposed a final dividend of HKD 0.55 per share or RMB 0.51 per share for the fiscal year ending December 31, 2024[41] Operational Efficiency and Financial Health - The gross profit margin slightly decreased to 15.6% from 15.8%, while the net profit margin improved to 7.0% from 6.8%[5] - The turnover days for trade receivables improved to 80.6 days, a 14.0% increase from 70.7 days in 2023[5] - The current ratio decreased to 1.1 from 1.2, indicating a decline of 8.3% in liquidity[5] - The debt-to-asset ratio stood at 62% in 2024, a marginal increase from 61% in 2023[93] - Net cash generated from operating activities was RMB 10,087 million in 2024, down by 11% from RMB 11,368 million in 2023[93] Strategic Initiatives and Future Outlook - The company is focusing on expanding its market presence and enhancing its product offerings through new technology development and strategic initiatives[5] - Future outlook includes expanding market presence both domestically and internationally, leveraging strong R&D capabilities[15] - The company plans to enhance product technology and customer service support, aiming for a world-class business ecosystem by 2025[40] - The group is committed to increasing R&D investment to strengthen core technology and innovation in key components[120] Product Development and Innovation - The group launched new products including the Commander PRO and the Hanjiang PRO, targeting high-end markets and achieving significant breakthroughs in light commercial vehicle platforms[67] - The company has filed 307 patent applications for its new generation of medium and heavy trucks, achieving international leading levels in core technology indicators[37] Governance and Compliance - The company has adopted the corporate governance code as per the Listing Rules Appendix C1, ensuring high accountability and operational transparency[172] - The board consists of 16 members, including 7 executive directors, 3 non-executive directors, and 6 independent non-executive directors as of December 31, 2024[178] - The independent non-executive directors confirmed their independence according to the listing rules, ensuring compliance with governance standards[183] Employee and Social Responsibility - The total employee expenditure for the group, including salaries, retirement benefits, and employee incentive plans, amounted to RMB 6,303 million, representing a year-on-year increase of 14.8%[99] - The group emphasizes responsible supply chain management, integrating ESG requirements into supplier contracts[98] - The group achieved a 100% compliance rate for wastewater and waste gas emissions in 2024, with 100% of hazardous waste disposed of in accordance with regulations[106]

Financial Performance - Revenue for the year ended December 31, 2024, increased to RMB 95,061,587 thousand, up 11.5% from RMB 85,498,035 thousand in 2023[2] - Gross profit rose to RMB 14,865,494 thousand, representing a 9.8% increase compared to RMB 13,538,492 thousand in the previous year[2] - Operating profit for 2024 was RMB 7,457,995 thousand, an increase of 14.9% from RMB 6,487,101 thousand in 2023[2] - Net profit attributable to equity shareholders increased to RMB 5,858,394 thousand, up 10.2% from RMB 5,318,107 thousand in 2023[3] - Basic earnings per share for 2024 was RMB 2.14, compared to RMB 1.93 in 2023, reflecting an increase of 10.8%[3] - The total operating profit for the group was RMB 7,457,995 thousand for the fiscal year ending December 31, 2024, up from RMB 6,487,101 thousand in the previous year, reflecting an overall improvement in profitability[16][17] - The net profit for the period was RMB 6,688 million, an increase of RMB 861 million, or 14.8% year-on-year, with a net profit margin of 7.0%, up 0.2 percentage points[131] Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 90,427,197 thousand, a slight increase from RMB 87,066,767 thousand in 2023[5] - Current liabilities increased to RMB 79,054,650 thousand from RMB 72,530,061 thousand in 2023, indicating a rise of 8.5%[5] - Non-current liabilities increased to RMB 1,569,972 thousand from RMB 1,294,896 thousand in 2023, reflecting a growth of 21.2%[6] - Total equity as of December 31, 2024, was RMB 49,152,400 thousand, up from RMB 47,960,531 thousand in 2023, indicating a growth of 2.5%[6] - Total liabilities for 2024 were RMB 80,624,622,000, up from RMB 73,824,957,000 in 2023, indicating a rise of 9.8%[20] Revenue Segmentation - The heavy truck segment generated external sales of RMB 83,152,308 thousand, while the light truck and other segment contributed RMB 9,840,086 thousand, indicating a strong performance in the heavy truck category[16] - The financial services segment reported external revenue of RMB 1,354,162 thousand for the year ending December 31, 2024, compared to RMB 1,219,790 thousand in the previous year, marking an increase of approximately 11%[16][17] - Revenue from overseas customers increased significantly to RMB 38,384,799,000 in 2024, up from RMB 30,828,147,000 in 2023, a growth of 24.9%[21] Expenses and Costs - The cost of goods sold for 2024 was RMB 71,982,666,000, up from RMB 64,507,415,000 in 2023, reflecting a growth of 11.5%[25] - Depreciation and amortization expenses totaled RMB 1,798,413,000 in 2024, compared to RMB 1,572,493,000 in 2023, indicating an increase of 14.4%[25] - Research and development expenses rose to RMB 2,735,842,000 in 2024, up from RMB 2,450,110,000 in 2023, marking an increase of 11.7%[28] Dividends and Shareholder Returns - Proposed final dividend for 2024 is RMB 0.51 per share, compared to RMB 0.965 per share in 2023, which was a decrease of approximately 47.3%[34] - The company plans to distribute approximately RMB 500,412,000 in dividends to non-controlling interests for the year ending December 31, 2024, compared to RMB 46,725,000 in 2023, indicating a substantial increase[35] Market Performance - Heavy truck sales amounted to 243,418 units, representing a year-on-year increase of 7.2%[54] - Domestic heavy truck sales increased by 12.8% to 109,380 units during the reporting period[56] - New energy heavy truck sales surged by 294%, with market share increasing by 3.7 percentage points[58] - Light truck sales volume increased to 100,542 units in 2024, up by 4% from 96,567 units in 2023[102] Financial Services - Revenue from automotive financial services increased by RMB 189 million or 46.9% year-on-year, reaching RMB 592 million[88] - The number of borrowers for automotive financial services increased to fewer than 70,000 as of December 31, 2024, compared to fewer than 50,000 in 2023[89] - The company plans to terminate commercial loan services following the automatic liquidation of China National Heavy Duty Truck Group Finance Co., Ltd., with no significant adverse impact expected on its financial condition and operations[87] Employee and Operational Metrics - The total employee expenditure for the group reached RMB 6,303 million, an increase of 14.8% year-on-year, including RMB 55 million for employee share-based payment[106] - As of December 31, 2024, the group employed a total of 28,560 employees, with 54.98% in manufacturing roles and 13.49% in technical and engineering positions[107] Governance and Compliance - The annual financial statements for the year ending December 31, 2024, have been reviewed by the audit committee[165] - The external auditor, KPMG, confirmed that the financial data aligns with the draft consolidated financial statements for the year ending December 31, 2024[166] - The company operates under the regulations of the Hong Kong Stock Exchange and the Shenzhen Stock Exchange[178]