中集车辆(301039) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions This section provides essential disclaimers, a comprehensive report directory, and definitions of key terms for clarity Important Notice The Board of Directors, Supervisory Board, and senior management guarantee the report's accuracy and completeness, while the company plans no interim dividend distribution for 2025 - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content[3] - Company head Li Guiping, chief accountant Zhan Rui, and head of accounting department Zhan Rui declare the financial report is true, accurate, and complete[3] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the first half of 2025[3] Table of Contents This chapter outlines the report's overall structure, including eight main sections and their corresponding page numbers for quick navigation - The report comprises eight main chapters covering company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, and financial reports[6] Definitions This chapter defines common terms used in the report, such as company name, stock type, exchange, product types, and key related parties, ensuring clear understanding of the content - CIMC Vehicles (Group) Co., Ltd. (the Company/Company/CIMC Vehicles) was established on August 29, 1996[11] - H shares were delisted from the Hong Kong Stock Exchange at 4:00 PM on June 3, 2024[11] - The reporting period or half-year refers to the six months ended June 30, 2025[11] Company Profile and Key Financial Indicators This section provides fundamental company information and an overview of its key financial performance and position during the reporting period Company Profile This section introduces the company's basic information, including stock ticker, code, listing exchange, and full names in Chinese and English, clarifying its status as a Shenzhen Stock Exchange-listed entity Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | CIMC Vehicles | | Stock Code | 301039 | | Stock Listing Exchange | Shenzhen Stock Exchange | | Company's Chinese Name | 中集车辆（集团）股份有限公司 | | Company's Chinese Abbreviation | 中集车辆 | | Company's English Name | CIMC Vehicles (Group) Co., Ltd. | | Company's English Abbreviation | CIMC VEHICLES | Contact Persons and Information This section provides detailed contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses, facilitating investor communication Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Mao Yi | No. 2 Gangwan Avenue, Shekou, Nanshan District, Shenzhen, China | (86) 0755-26802598 | (86) 0755-26802700 | ir_vehicles@cimc.com | | Securities Affairs Representative | Xiong Dan | No. 2 Gangwan Avenue, Shekou, Nanshan District, Shenzhen, China | (86) 0755-26802598 | (86) 0755-26802700 | ir_vehicles@cimc.com | Other Information This section states that the company's registered address, office address, website, email, information disclosure, and document storage locations, as well as registration changes, remained unchanged during the reporting period, with specific details available in the 2024 annual report - The company's registered address, office address, website, and email remained unchanged during the reporting period[15] - Information disclosure and document storage locations remained unchanged during the reporting period[16] - The company's registration status remained unchanged during the reporting period[17] Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue and net profit attributable to shareholders both decreased year-on-year, with net profit declining by 28.48%, while net cash flow from operating activities slightly increased, and total assets and net assets attributable to shareholders maintained stable growth Key Accounting Data and Financial Indicators (Year-on-Year) | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 9,753,007,988.09 | 10,699,669,107.34 | -8.85% | | Net Profit Attributable to Shareholders of Listed Company | 402,507,709.81 | 562,753,105.94 | -28.48% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | 384,466,490.56 | 551,067,563.53 | -30.23% | | Net Cash Flow from Operating Activities | 927,898,328.48 | 913,787,389.67 | 1.54% | | Basic Earnings Per Share (RMB/share) | 0.21 | 0.28 | -25.00% | | Diluted Earnings Per Share (RMB/share) | 0.21 | 0.28 | -25.00% | | Weighted Average Return on Net Assets | 2.78% | 3.79% | -1.01% | | As of End of Current Reporting Period (RMB) | As of End of Prior Year (RMB) | Change (%) | | | Total Assets | 23,154,904,833.32 | 22,685,887,204.32 | 2.07% | | Net Assets Attributable to Shareholders of Listed Company | 14,406,316,940.41 | 14,381,208,915.09 | 0.17% | Differences in Accounting Data Under Domestic and Overseas Accounting Standards The company reported no differences in net profit and net assets between financial statements disclosed under International Accounting Standards, overseas accounting standards, and Chinese accounting standards during the reporting period - The company reported no differences in net profit and net assets between financial statements disclosed under International Accounting Standards and Chinese accounting standards during the reporting period[19] - The company reported no differences in net profit and net assets between financial statements disclosed under overseas accounting standards and Chinese accounting standards during the reporting period[20] Non-Recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to RMB 18,041,219.25, primarily from government subsidies, disposal gains/losses of non-current assets, and fair value changes of financial assets, partially offset by non-operating expenses and credit impairment losses Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | | :--- | :--- | | Disposal gains/losses of non-current assets | 5,560,599.14 | | Government subsidies recognized in current profit or loss | 19,335,200.15 | | Gains/losses from changes in fair value of financial assets and liabilities, and disposal of financial assets and liabilities (excluding hedging activities) | 13,664,965.13 | | Gains/losses from changes in fair value of investment properties measured at fair value | -157,119.75 | | Other non-operating income and expenses apart from the above | -14,382,405.62 | | Less: Income tax impact | -2,130,272.59 | | Minority interests impact (after tax) | -3,849,747.21 | | Total | 18,041,219.25 | Management Discussion and Analysis This section provides an in-depth analysis of the company's operational performance, financial condition, and future strategies, covering industry trends, core competencies, and risk management Company's Main Business Activities During the Reporting Period The company's main businesses include global semi-trailers, EV·DTB superstructure products, and pure electric tractor-trailer trains, with significant progress in market share and new energy product sales amid industry growth Industry Overview During the Reporting Period In the first half of 2025, China's logistics industry grew steadily, with a 4% increase in road freight volume, while European and North American semi-trailer markets saw demand slow, and the new energy heavy truck market experienced explosive growth - From January to June 2025, China's road freight volume reached 20.57 billion tons, an increase of 4% year-on-year; ordinary semi-trailer sales were 137,000 units, up 0.5% year-on-year[25] - In the first half of 2025, China's commercial vehicle export market grew steadily, with cumulative exports of 501,000 units, an increase of 10.5% year-on-year[26] - From January to June 2025, new truck registrations in the EU were 155,000 units, a year-on-year decrease of 15.4%[26] - From January to June 2025, North American semi-trailer production was 108,800 units, a year-on-year decrease of 24.3%[26] - In the first half of 2025, China's new energy heavy truck sales reached 79,200 units, a year-on-year surge of 186%[27] - The EU has set clear targets for trailer carbon emission reduction, requiring a 10% reduction by 2030, and included electric trailers in semi-trailer regulations in 2024[29][30] Company's Main Business Activities During the Reporting Period The company's core product portfolio includes global semi-trailers, EV·DTB superstructure products, and EV tractor-trailer trains, achieving RMB 6.924 billion in semi-trailer revenue and significant growth in new energy product sales - The company's core product portfolio includes global semi-trailers (Starlink semi-trailers, Starlink tank trailers), EV·DTB superstructure products (heavy-duty pure electric dump trucks, mixer trucks, refrigerated truck superstructures), and EV tractor-trailer trains[31][32][33] 2025 H1 Global Semi-Trailer Business Performance | Region/Product | Sales (units) | Revenue (RMB 100 million) | Gross Profit (RMB 100 million) | Sales YoY Change | Gross Profit Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Starlink Semi-trailers/Xiongqi Tank Trailers (China Market) | 31,586 | - | - | ↑10% | ↑2.4% | | Global South Market | 9,839 | - | - | ↑13.0% | ↑4.6% | | SDC Semi-trailers/LAG Tank Trailers (European Market) | 3,289 | - | - | - | - | | Vanguard GT Holding (North American Market) | 7,888 | - | - | ↓14% | ↓5.1% | | Global Semi-Trailer Business Total | Approx. 53,000 | 69.24 | 11.29 | - | - | - In the first half of 2025, the company's market share in the Chinese semi-trailer market increased to 23.07%, maintaining the national top position for six consecutive years[38] 2025 H1 EV·DTB Superstructure Product Sales | Category | Sales Quantity (units) | Growth Rate | Market Share | | :--- | :--- | :--- | :--- | | EV-DTB·Dump Trucks | 2,554 | ↑142.55% | 25.1% | | EV-DTB·Mixer Trucks | 955 | ↑86.26% | 13.13% | | EV-DTB·Refrigerated Trucks | 1,277 | ↑69.8% | 18.5% | | EV·DTB Superstructure Products Total Revenue | - | RMB 868 million | - | - The company has become the preferred EV·DTB superstructure partner for leading new energy heavy truck enterprises, delivering over 4,700 sets in the first half of the year[45] - The company established the "Hannover Plan" project organization in March 2025, completing the top-level architecture for EV-RT2.0 pure electric tractor-trailer trains and planning to launch short-haul heavy-duty engineering tractor-trailer prototypes[45] Analysis of Core Competencies The company enhances global semi-trailer value chain efficiency through "Starlink" and "Xiongqi" plans, reshapes its global supply chain, and expands its "Good Horse with Good Saddle" business model for new energy heavy trucks - The "Starlink Plan" and "Xiongqi Plan" have fully entered IMP2 stage, aiming to reshape segments, define sprint initiatives, strengthen organizational coordination, and build a Starlink organization for the third entrepreneurial phase[48] - The company is reshaping its global semi-trailer supply chain, domestically forming a "centralized procurement as primary, supply guarantee as secondary" system, and overseas a "local centralized procurement as primary, global supply guarantee as secondary" system, while building core component factories[49][51] - The company continues to deepen the parallel and independent governance structure of its North American semi-trailer business, promoting younger and localized management teams, and actively participating in the "Polar Bear Plan"[52] - The "Good Horse with Good Saddle" business model is being deepened through strategic collaborations with traditional heavy truck enterprises and new energy vehicle startups, promoting rapid charging/swapping modes, and accelerating R&D for electric chassis and superstructures[53] - The CIMC·Shacman "Three Goods Development" model has achieved integrated R&D, market promotion, marketing, channel integration, and services, with cumulative sales exceeding 6,084 units, a 59% year-on-year increase[54] - The company is accelerating the expansion of its "pure electric tractor-trailer train" product portfolio, focusing on short-haul heavy-duty engineering and long-haul e-commerce logistics tractor-trailer trains, and building supporting operational guarantee stations (EV-ALFA+ stations)[55][56] Analysis of Main Business During the reporting period, the company's main business revenue and costs both decreased year-on-year, with global semi-trailer revenue down 8.91% and North American market revenue down 30.51%, while China market gross profit margin increased Key Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (RMB) | Prior Year Period (RMB) | YoY Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 9,753,007,988.09 | 10,699,669,107.34 | -8.85% | - | | Operating Cost | 8,288,724,686.13 | 9,104,650,606.36 | -8.96% | - | | Selling Expenses | 257,954,836.74 | 285,044,350.45 | -9.50% | - | | Administrative Expenses | 423,822,514.25 | 452,057,337.55 | -6.25% | - | | Financial Expenses | -60,631,877.61 | -88,525,051.49 | 31.51% | Increased exchange losses | | Income Tax Expense | 149,303,347.63 | 176,284,377.61 | -15.31% | - | | R&D Investment | 204,650,886.45 | 156,954,744.44 | 30.39% | Continued increase in R&D investment | | Net Cash Flow from Operating Activities | 927,898,328.48 | 913,787,389.67 | 1.54% | - | | Net Cash Flow from Investing Activities | 286,747,994.87 | -227,349,966.93 | 226.13% | Received equity transfer payment from sale of Shenzhen Special Vehicle | | Net Cash Flow from Financing Activities | -655,414,612.59 | -771,264,357.42 | 15.02% | H-share repurchase payment in prior year | | Net Increase in Cash and Cash Equivalents | 550,357,737.49 | -42,280,564.18 | 1,401.68% | Received equity transfer payment from sale of Shenzhen Special Vehicle | Products or Services Accounting for Over 10% of Revenue | Item | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Profit Margin | Operating Revenue YoY Change | Operating Cost YoY Change | Gross Profit Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Product | | | | | | | | Global Semi-trailers | 6,924,300,427.82 | 5,795,442,474.27 | 16.30% | -8.91% | -8.09% | Decreased by 0.74 percentage points | | Superstructures, Chassis, and Tractors | 1,472,550,886.91 | 1,401,457,045.59 | 4.83% | 10.12% | 10.54% | Decreased by 0.36 percentage points | | By Region | | | | | | | | China Market | 4,385,672,886.84 | 3,820,813,325.36 | 12.88% | -0.27% | -3.64% | Increased by 3.05 percentage points | | North American Market | 2,563,273,422.99 | 2,226,436,729.48 | 13.14% | -30.51% | -26.16% | Decreased by 5.12 percentage points | | European Market | 1,305,749,930.20 | 1,111,470,502.51 | 14.88% | 0.53% | 3.71% | Decreased by 2.61 percentage points | | Other Markets | 1,498,311,748.06 | 1,130,004,128.78 | 24.58% | 13.99% | 7.38% | Increased by 4.65 percentage points | Analysis of Non-Main Business During the reporting period, non-main business activities primarily impacted total profit through fair value changes, asset disposal gains, and other income (government subsidies and VAT input tax deductions), while credit impairment losses and non-operating expenses had negative effects Impact of Non-Main Business on Total Profit | Item | Amount (RMB) | Proportion of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 63,304.10 | 0.01% | - | No | | Gains/Losses from Fair Value Changes | 13,623,234.75 | 2.44% | - | No | | Asset Impairment | -4,978,639.51 | -0.89% | - | No | | Non-Operating Income | 2,853,204.17 | 0.51% | - | No | | Non-Operating Expenses | 24,287,373.12 | 4.36% | Primarily due to increased fixed asset write-offs and tax late payment fees | No | | Credit Impairment Losses | -66,567,415.31 | -11.94% | Primarily provision for doubtful accounts receivable | No | | Asset Disposal Gains | 12,612,362.47 | 2.26% | - | No | | Other Income | 39,519,091.73 | 7.09% | Primarily government subsidies and VAT input tax additional deductions | No | Analysis of Assets and Liabilities As of the end of the reporting period, total assets increased by 2.07% year-on-year, with higher proportions of monetary funds and inventories, while accounts receivable and fixed assets slightly decreased, and both short-term and long-term borrowings reduced Significant Changes in Asset Composition (Period-End) | Item | Amount at End of Current Reporting Period (RMB) | Proportion of Total Assets | Amount at End of Prior Year (RMB) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 6,346,627,746.59 | 27.41% | 5,797,032,560.61 | 25.55% | 1.86% | - | | Accounts Receivable | 3,554,649,520.87 | 15.35% | 3,650,378,083.15 | 16.09% | -0.74% | - | | Inventories | 4,773,114,517.03 | 20.61% | 4,333,241,305.95 | 19.10% | 1.51% | - | | Fixed Assets | 4,622,682,987.42 | 19.96% | 4,726,925,766.38 | 20.84% | -0.88% | - | | Short-term Borrowings | 12,785,561.36 | 0.06% | 32,799,428.07 | 0.14% | -0.08% | Decrease in credit borrowings | | Long-term Borrowings | 53,338,230.70 | 0.23% | 80,275,002.95 | 0.35% | -0.12% | Decrease in guaranteed and credit borrowings | Major Overseas Assets | Specific Asset Content | Asset Size (RMB) | Location | Profitability (RMB) | Proportion of Overseas Assets to Company's Net Assets | | :--- | :--- | :--- | :--- | :--- | | VANGUARD NATIONAL TRAILER CORPORATION | 1,714,974,853.93 | USA | 62,077,062.81 | 11.90% | Asset Rights Restricted as of End of Reporting Period | Item | Book Value at Period-End (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 69,931,565.97 | Vehicle loan deposits, bill deposits, and other deposits | | Notes Receivable | 1,850,471.07 | Pledged | Analysis of Investment Status During the reporting period, the company's investment decreased by 15.97% year-on-year, with A-share raised funds utilized at 64.82% and some projects terminated or delayed, while H-share funds were mainly for new factories, and derivative investments for hedging performed as expected Investment Amount During Reporting Period | Investment Amount in Reporting Period (RMB) | Investment Amount in Prior Year Period (RMB) | Change (%) | | :--- | :--- | :--- | | 211,407,229.66 | 251,581,461.56 | -15.97% | Overall Utilization of A-Share Raised Funds | Fundraising Year | Net Raised Funds (RMB 10,000) | Total Raised Funds Used in Current Period (RMB 10,000) | Total Raised Funds Cumulatively Used (RMB 10,000) | Proportion of Raised Funds Used at End of Reporting Period | | :--- | :--- | :--- | :--- | :--- | | 2021 | 158,377.68 | 3,174.16 | 102,663.32 | 64.82% | - During the reporting period, the company changed the use of RMB 101.3094 million in raised funds, which was a reduction in the investment amount for the Starlink Semi-trailer High-end Manufacturing Production Line Upgrade Project[77] - Several A-share fundraising projects (e.g., sub-projects of digital transformation and R&D, refrigerated intelligent delivery vehicle production line upgrade technical transformation project, and parts of the Starlink Semi-trailer High-end Manufacturing Production Line Upgrade Project) have been terminated or delayed to avoid idle resources and waste, and to improve the efficiency of raised fund utilization[82][83][84][85][86][87] Utilization of H-Share Raised Funds (As of June 30, 2025) | Intended Use of Net Proceeds | Intended Amount (HKD million) | Amount Utilized as of June 30, 2025 (HKD million) | Amount Used During Reporting Period (HKD million) | Unutilized Amount as of June 30, 2025 (HKD million) | | :--- | :--- | :--- | :--- | :--- | | Opening new production plants or assembly plants | 1,248.2 | 1,216.9 | 3.4 | 31.4 | | R&D of new products | 66.5 | 66.5 | - | - | | Repayment of bank loans (principal and interest) | 153.8 | 153.8 | - | - | | Working capital and general corporate purposes | 151.5 | 151.5 | - | - | | Total | 1,620.0 | 1,588.7 | 3.4 | 31.4 | Derivative Investment Status (for Hedging Purposes) | Derivative Investment Type | Amount at Beginning of Period (RMB 10,000) | Fair Value Change Gains/Losses in Current Period (RMB 10,000) | Amount at End of Period (RMB 10,000) | Proportion of Investment Amount to Company's Net Assets at End of Reporting Period | | :--- | :--- | :--- | :--- | :--- | | Forward foreign exchange contracts | 20,345.67 | -53.83 | 3,033.98 | 0.21% | - The company's fair value change gains/losses from derivative financial instruments were RMB -538,300, and investment income was RMB -115,400, totaling RMB -653,700 in gains/losses[97] - The company's derivative transactions adhere to hedging principles, avoiding speculative arbitrage, and the hedging effectiveness met expectations[97] Significant Asset and Equity Disposals The company did not undertake any significant asset or equity disposals during the reporting period - The company did not dispose of significant assets during the reporting period[102] - The company did not dispose of significant equity during the reporting period[103] Analysis of Major Holding and Participating Companies The company's major subsidiaries, including CIMC Vehicle Investment Holding Co., Ltd., Vanguard National Trailer Corporation, and Yangzhou CIMC Tonghua Special Vehicle Co., Ltd., significantly contribute to investment holding, vehicle manufacturing, and sales, with two new subsidiaries established during the period Major Subsidiaries and Participating Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | CIMC Vehicle Investment Holding Co., Ltd. | Subsidiary | Investment holding | 3,682,442,080.98 | 3,676,694,652.65 | 0.00 | 60,154,882.95 | | Vanguard National Trailer Corporation | Subsidiary | Manufacturing and sales of dry freight vans | 1,714,974,853.93 | 1,185,985,796.51 | 1,582,961,202.67 | 62,077,062.81 | | Vanguard Reefer Trailer,Inc. | Subsidiary | Manufacturing and service of transport vehicles | 1,075,593,006.17 | 734,618,757.49 | 555,938,227.88 | 49,671,331.51 | | Yangzhou CIMC Tonghua Special Vehicle Co., Ltd. | Subsidiary | Manufacturing and sales of trailers, semi-trailers, and special vehicles | 3,308,746,753.23 | 1,404,998,877.09 | 1,950,790,109.84 | 158,524,057.93 | - During the reporting period, the company newly established Luzhou CIMC Vehicles Southwest Marketing Service Co., Ltd. and GOLDSIAM TRAILER MANUFACTURING AND SALES CO., LTD., which had no significant impact on overall production, operations, or performance[105] Information on Structured Entities Controlled by the Company The company reported no controlled structured entities during the reporting period - The company reported no controlled structured entities during the reporting period[106] Risks Faced by the Company and Countermeasures The company faces escalating global geopolitical risks, increased trade friction (especially North American tariffs and anti-dumping investigations), and market cultivation risks due to the lack of national standards for pure electric tractor-trailer trains, which it addresses through strategic resilience, local manufacturing, and active standard participation - The company faces risks from escalating global geopolitical turmoil and increased trade friction, including the impact of US tariff policies on US-China and US-Canada trade, and anti-dumping investigations into container chassis products from Mexico, Thailand, and Vietnam[106][108][40] - Countermeasures include maintaining strategic focus, actively adapting to changes, basing operations on "trans-oceanic operations," building and deepening "local manufacturing," enhancing supply chain resilience, and exporting new quality productive forces overseas[106] - National standards for pure electric tractor-trailer trains have not yet been introduced, and the market is still in its cultivation stage[107] - Countermeasures include deep involvement in the formulation of national standards for electric trailers, accelerating technology productization (through the "Hannover Plan"), and creating closed-loop solutions with pilot verification in the Southwest region[109] Future Outlook and Strategies The company plans to evolve into a "full value chain" operator for Starlink semi-trailers, integrate "Starlink" and "Xiongqi" plans, transform into a "borderless enterprise" through "trans-oceanic operations," and become a pioneer in "pure electric tractor-trailer integrated products" - The company will accelerate its evolution into a "full value chain" operator for Starlink semi-trailers, promoting the integration of the "Starlink Plan" and "Xiongqi Plan," strengthening LTP production organization and coordination, continuously maintaining profitable growth, and further increasing market share[110][112] - Through its third entrepreneurial phase, the company will evolve "trans-oceanic operations" into a "borderless enterprise," optimizing North American organizational operating models and business transformation plans, solidifying global supply chain resilience, and strengthening business resistance to geopolitical risks[113] - The company is committed to becoming an explorer, builder, and full value chain promoter of "pure electric tractor-trailer integrated products," having launched pure electric tractor-trailer mixer trucks and planning to introduce pure electric tractor-trailer dump trucks and more mixer models[114][115] - The company will implement a six-step approach to achieve a closed-loop product ecosystem for pure electric tractor-trailer trains and promote the globalization of EV-RT and EV-Trailer standards, accelerating the global export of Chinese standards[116][117][119] Registration Form for Research, Communication, and Interview Activities During the Reporting Period During the reporting period, the company actively engaged with various institutional investors through on-site and online meetings to discuss performance and strategic development, hosting multiple investor interactions - From January to June 2025, the company hosted multiple institutional investors through on-site meetings and online conference calls to discuss its performance for the first three quarters of 2024 and the full year 2024[118][120] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has established a "CIMC Vehicles (Group) Co., Ltd. Market Value Management System" to enhance investment value and shareholder returns, ensuring compliance and effectiveness, but has not disclosed a valuation enhancement plan - The company has formulated the "CIMC Vehicles (Group) Co., Ltd. Market Value Management System" to enhance investment value, increase investor returns, and regulate market value management activities[121] - The company has not disclosed a valuation enhancement plan[122] Implementation of 'Dual Improvement in Quality and Returns' Action Plan The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan during the reporting period - The company did not disclose an announcement regarding the "Dual Improvement in Quality and Returns" action plan[122] Corporate Governance, Environment, and Society This section details changes in the company's governance structure, profit distribution, employee incentives, and its commitment to environmental and social responsibilities Changes in Directors, Supervisors, and Senior Management During the reporting period, there were changes in the company's senior management, with Zhan Rui appointed as CFO, Zhang Ling dismissed as Vice President, Mao Yi appointed/dismissed as Board Secretary, and Wang Jiahui appointed as Board Secretary, all due to work reassignments Changes in Directors, Supervisors, and Senior Management | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Zhan Rui | Chief Financial Officer | Appointment | March 25, 2025 | Work reassignment | | Zhang Ling | Vice President | Dismissal | August 25, 2025 | Work reassignment | | Mao Yi | Board Secretary | Appointment/Dismissal | August 25, 2025 | Work reassignment | | Wang Jiahui | Board Secretary | Appointment | August 25, 2025 | Work reassignment | Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the first half of 2025 - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[125] Implementation of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company has no equity incentive plans but implemented the first phase of its employee stock ownership plan (2023-2027), covering 25 directors, senior management, and key managers, holding 0.04% of total share capital, which matured on November 7, 2024 - The company has no equity incentive plans[126] Status of All Effective Employee Stock Ownership Plans During the Reporting Period | Scope of Employees | Number of Employees | Total Shares Held (shares) | Proportion of Total Share Capital of Listed Company | Funding Sources for Implementation Plan | | :--- | :--- | :--- | :--- | :--- | | Company directors, senior management, and key management personnel | 25 | 677,000 | 0.04% | Legal remuneration of employees, self-raised funds, and other methods permitted by laws and regulations | - The first phase of the company's employee stock ownership plan (2023-2027) matured on November 7, 2024, and will be transferred or sold and distributed according to the instructions of the Employee Stock Ownership Plan Management Committee[128] Environmental Information Disclosure The company and its nine major subsidiaries are listed as enterprises required to disclose environmental information by law, with disclosures made through various provincial ecological environment department platforms - The company and its 9 major subsidiaries are included in the list of enterprises required to disclose environmental information by law[129] - Environmental information disclosure reports can be accessed through platforms such as the Guangdong Provincial Department of Ecology and Environment - Enterprise Environmental Information Disclosure System, Enterprise Environmental Information Disclosure System (Shandong), Enterprise Environmental Information Disclosure System (Henan), and Enterprise Environmental Information Disclosure System (Jiangsu)[129][130] Social Responsibility The company integrates social responsibility into its business strategy within the context of global sustainable development, actively engaging in public welfare activities across education, community, and social assistance - The company integrates social responsibility into its business strategy, continuously conducting public welfare activities in education assistance, community welfare, and social support[131] Significant Matters This section addresses various significant corporate events, including commitments, related party transactions, guarantees, and other material disclosures during the reporting period Commitments Fulfilled and Overdue Unfulfilled by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period The company reported no commitments fulfilled or overdue unfulfilled by the controlling shareholder, shareholders, related parties, acquirers, or the company during or as of the end of the reporting period - The company reported no commitments fulfilled or overdue unfulfilled by the controlling shareholder, shareholders, related parties, acquirers, or the company during or as of the end of the reporting period[133] Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company The company reported no non-operating funds occupied by the controlling shareholder or other related parties from the listed company during the reporting period - The company reported no non-operating funds occupied by the controlling shareholder or other related parties from the listed company during the reporting period[134] Irregular External Guarantees The company reported no irregular external guarantees during the reporting period - The company reported no irregular external guarantees during the reporting period[135] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[136] Explanations from the Board of Directors, Supervisory Board, and Audit Committee on the 'Non-Standard Audit Report' for the Current Reporting Period The company reported no explanations from the Board of Directors, Supervisory Board, or Audit Committee regarding a "non-standard audit report" for the current reporting period - The company reported no explanations from the Board of Directors, Supervisory Board, or Audit Committee regarding a "non-standard audit report" for the current reporting period[137] Explanations from the Board of Directors on the 'Non-Standard Audit Report' for the Previous Year The company reported no explanations from the Board of Directors regarding a "non-standard audit report" for the previous year - The company reported no explanations from the Board of Directors regarding a "non-standard audit report" for the previous year[137] Bankruptcy and Reorganization Matters The company reported no bankruptcy or reorganization matters during the reporting period - The company reported no bankruptcy or reorganization matters during the reporting period[137] Litigation Matters The company reported no significant litigation, arbitration, or other litigation matters during the reporting period - The company reported no significant litigation or arbitration matters during the reporting period[138] - The company reported no other litigation matters during the reporting period[138] Penalties and Rectification The company reported no significant penalties or rectification situations during the reporting period - The company reported no significant penalties or rectification situations during the reporting period[139] Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The company reported no integrity issues concerning itself, its controlling shareholder, or actual controller during the reporting period - The company reported no integrity issues concerning itself, its controlling shareholder, or actual controller during the reporting period[140] Significant Related Party Transactions During the reporting period, the company engaged in daily related party transactions with CIMC Group and its subsidiaries, totaling RMB 187.1548 million, significantly below the estimated amount, and maintained non-operating related party debt and financial service relationships Related Party Transactions Related to Daily Operations | Related Party Transaction Type | Related Party Transaction Content | Amount (RMB 10,000) | Proportion of Similar Transactions | Approved Transaction Limit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | | Procurement from related parties | Procurement of goods | 7,097.55 | 0.86% | 100,000 | | Procurement of services from related parties | Procurement of labor | 813.03 | 0.10% | 20,000 | | Sales of goods to related parties | Sales of goods | 10,705.48 | 1.10% | 26,000 | | Provision of services to related parties | Sales of services | 99.42 | 0.01% | 4,000 | | Total | | 18,715.48 | | 150,000 | - In the first half of 2025, the total related party transactions between the Group and CIMC Group and its controlled subsidiaries amounted to RMB 187.1549 million, a significant difference from the estimated total of RMB 1.5 billion, primarily because the Group changed its transportation methods and expanded its transportation and supply chain channels, leading to lower-than-expected actual related party procurement amounts[143] Accounts Receivable from Related Parties | Related Party | Reason for Formation | Balance at Beginning of Period (RMB 10,000) | Amount Recovered in Current Period (RMB 10,000) | Balance at End of Period (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | | CIMC Group | Equity transfer business | 52,679.95 | 47,679.95 | 5,000.00 | Dealings with Related Financial Companies - Deposit Business | Related Party | Maximum Daily Deposit Limit (RMB 10,000) | Balance at Beginning of Period (RMB 10,000) | Total Deposits in Current Period (RMB 10,000) | Total Withdrawals in Current Period (RMB 10,000) | Balance at End of Period (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | | CIMC Group Finance Co., Ltd. | 70,000 | 20,646.46 | 356,315.75 | 313,842.52 | 63,119.69 | Dealings with Related Financial Companies - Loan Business | Related Party | Loan Limit (RMB 10,000) | Balance at Beginning of Period (RMB 10,000) | Total Loans in Current Period (RMB 10,000) | Total Repayments in Current Period (RMB 10,000) | Balance at End of Period (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | | CIMC Group Finance Co., Ltd. | 35,000 | 3,634.46 | 600.00 | 2,136.08 | 2,098.39 | - The company and its controlled subsidiaries provide joint and several liability guarantees for customers and dealers purchasing company products financed through related party CIMC Group Finance Co., Ltd., totaling RMB 59.4291 million[149] Significant Contracts and Their Performance During the reporting period, the company had no trust or contracting projects generating over 10% of total profit, engaged in various leasing activities as both lessee and lessor, and provided external guarantees totaling RMB 175.4513 million, with RMB 21.0256 million in repayment liability due to customer defaults - The company reported no trust projects generating over 10% of its total profit during the reporting period[153] - The company reported no contracting projects generating over 10% of its total profit during the reporting period[154] - As a lessee, the company primarily leases land and buildings, and machinery and equipment, with lease terms typically ranging from 1 to 20 years; as a lessor, it leases out parts of its land and buildings, machinery and equipment, transportation vehicles, and other equipment, with lease terms ranging from 1 month to 20 years[155] Company Guarantee Status | Indicator | Amount (RMB 10,000) | | :--- | :--- | | Total approved external guarantee limit at end of reporting period (A3) | 254,000.00 | | Total actual external guarantee balance at end of reporting period (A4) | 7,836.68 | | Total approved guarantee limit for subsidiaries at end of reporting period (B3) | 200,000.00 | | Total actual guarantee balance for subsidiaries at end of reporting period (B4) | 9,708.45 | | Total approved guarantee limit at end of reporting period (A3+B3+C3) | 454,000.00 | | Total actual guarantee balance at end of reporting period (A4+B4+C4) | 17,545.13 | | Proportion of total actual guarantee balance to company's net assets | 1.22% | | Balance of guarantees provided for shareholders, actual controllers, and their related parties (D) | 0 | | Balance of debt guarantees provided directly or indirectly for guaranteed parties with asset-liability ratio exceeding 70% (E) | 3,690.00 | | Amount of total guarantees exceeding 50% of net assets (F) | 0 | | Total of the above three guarantee amounts (D+E+F) | 3,690.00 | - The company provides guarantees for eligible customers to obtain financing from financial institutions for vehicle purchases; as of June 30, 2025, the amount for which the company fulfilled repayment obligations due to customer defaults was RMB 21.0256 million[160] Explanation of Other Significant Matters During the reporting period, the company conducted forward foreign exchange hedging for 2025, disclosed its shareholder return plan for the next three years (2024-2026), and implemented its 2024 equity distribution, paying cash dividends to common shareholders - The company disclosed the "Announcement on Continuing to Conduct Forward Foreign Exchange Hedging Business in 2025" on January 24, 2025[163] - The company disclosed the "Shareholder Return Plan for the Next Three Years (2024-2026)" on March 26, 2025[164] - The company disclosed the "Announcement on the 2024 Profit Distribution Plan" on March 26, 2025, and the "Announcement on the Implementation of 2024 A-Share Equity Distribution" on June 3, 2025[165] Significant Matters of Company Subsidiaries The company reported no significant matters concerning its subsidiaries during the reporting period - The company reported no significant matters concerning its subsidiaries during the reporting period[166] Share Changes and Shareholder Information This section details changes in the company's share capital, shareholder structure, and shareholdings of directors, supervisors, and senior management Share Capital Changes During the reporting period, the company's restricted shares increased by 1,252,500 shares, primarily due to changes in director Wang Yu's holdings, while the total number of shares remained unchanged Share Capital Changes | Share Type | Number Before Change (shares) | Increase/Decrease in Current Change (＋, －) (shares) | Number After Change (shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 0 | 1,252,500 | 1,252,500 | | 3. Other Domestic Shares | 0 | 1,252,500 | 1,252,500 | | Of which: Domestic Natural Person Shares | 0 | 1,252,500 | 1,252,500 | | II. Unrestricted Shares | 1,874,124,420 | -1,252,500 | 1,872,871,920 | | 1. RMB Ordinary Shares | 1,453,680,000 | -1,252,500 | 1,452,427,500 | | III. Total Shares | 1,874,124,420 | 0 | 1,874,124,420 | - During the reporting period, the company's restricted shares increased by 1,252,500 shares, which were director Wang Yu's locked shares due to changes in his direct shareholding in the company[169] Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Increased in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | | Wang Yu | 0 | 1,252,500 | 1,252,500 | Director, Supervisor, Senior Management Locked Shares | Securities Issuance and Listing The company reported no securities issuance or listing activities during the reporting period - The company reported no securities issuance or listing activities during the reporting period[173] Number of Shareholders and Shareholding Information As of the end of the reporting period, the company had 35,516 common shareholders, with CIMC Group and its wholly-owned subsidiary CIMC Hong Kong collectively holding over 60%, and two equity investment funds under Ping An Capital Co., Ltd. acting in concert, holding over 6% - Total number of common shareholders at the end of the reporting period: 35,516 (of which, A-shares: 35,479, unlisted foreign shares: 37)[174] Shareholding Information of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at End of Reporting Period (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | CIMC Group | Domestic Non-State-Owned Legal Person | 38.87% | 728,443,475 | 728,443,475 | | CIMC Hong Kong | Overseas Legal Person | 22.26% | 417,190,600 | 417,190,600 | | Ping An Capital Co., Ltd. - Shanghai Taifu Xiangzhong Equity Investment Partnership (Limited Partnership) | Other | 3.21% | 60,115,388 | 60,115,388 | | Ping An Capital Co., Ltd. - Taizhou Taifu Xiangyun Equity Investment Partnership (Limited Partnership) | Other | 3.12% | 58,484,205 | 58,484,205 | | Xiangshan Huajin Industrial Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 2.24% | 41,944,400 | 41,944,400 | | Agricultural Bank of China Co., Ltd. - Dacheng Gaoxin Stock Fund | Other | 1.61% | 30,086,689 | 30,086,689 | | Hainan Longyuan Gangcheng Enterprise Management Center (Limited Partnership) | Domestic Non-State-Owned Legal Person | 0.95% | 17,860,000 | 17,860,000 | | Zhang Songmei | Domestic Natural Person | 0.80% | 15,000,000 | 15,000,000 | | National Social Security Fund 113 Portfolio | Other | 0.69% | 12,912,021 | 12,912,021 | | China Life Insurance Co., Ltd. - Traditional - Ordinary Insurance Product - 005L - CT001 Shanghai | Other | 0.57% | 10,748,912 | 10,748,912 | - CIMC Hong Kong is a wholly-owned subsidiary of CIMC Group; Ping An Capital Co., Ltd. - Shanghai Taifu Xiangzhong Equity Investment Partnership (Limited Partnership) and Ping An Capital Co., Ltd. - Taizhou Taifu Xiangyun Equity Investment Partnership (Limited Partnership) are controlled by the same entity and are acting in concert[175][176] Changes in Shareholdings of Directors, Supervisors, and Senior Management During the reporting period, director Wang Yu's shareholding increased by 1,670,000 shares, bringing his total holdings to 1,670,000 shares at period-end Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Employment Status | Shares Held at Beginning of Period (shares) | Shares Increased in Current Period (shares) | Shares Held at End of Period (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Wang Yu | Director | Current | 0 | 1,670,000 | 1,670,000 | Changes in Controlling Shareholder or Actual Controller The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[179] - The company's actual controller remained unchanged during the reporting period[179] Preferred Share Information The company reported no preferred shares during the reporting period - The company reported no preferred shares during the reporting period[180] Bond-Related Information This section provides details on any bond-related activities or outstanding bonds of the company Bond-Related Information The company reported no bond-related information during the reporting period - The company reported no bond-related information during the reporting period[182] Financial Report This section presents the company's unaudited financial statements and comprehensive notes, offering a detailed view of its financial performance and position Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[184] Financial Statements This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the six months ended June 30, 2025, reflecting its financial position and operating results at the end of the reporting period - This section includes the Consolidated Balance Sheet, Consolidated Income Statement, Consolidated Cash Flow Statement, Consolidated Statement of Changes in Owners' Equity, Parent Company Balance Sheet, Parent Company Income Statement, Parent Company Cash Flow Statement, and Parent Company Statement of Changes in Owners' Equity[186][189][192][195][198][201][204][207][210][213][216][219][221][224][227][230][232][235][238][241][243][246][248] Notes to Financial Statements These notes detail the company's basic information, significant accounting policies and estimates, taxes, consolidated financial statement items, changes in consolidation scope, equity in other entities, segment information, related party relationships and transactions, contingencies, commitments, financial instruments and risks, fair value estimates, capital management, and parent company financial statement items, providing comprehensive background and specific data for understanding the financial statements - The company, formerly CIMC Vehicles (Group) Co., Ltd., was established on August 29, 1996, and restructured into a joint-stock company in 2018[250][253] - The company was listed on the main board of the Hong Kong Stock Exchange on July 11, 2019, and on the ChiNext board of the Shenzhen Stock Exchange on July 8, 2021; on June 3, 2024, the company repurchased 143,475,580 H shares and delisted from the Hong Kong Stock Exchange[254] - The Group primarily engages in the development, production, and sales of various high-tech, high-performance special vehicles, semi-trailer series, and their components[256] - These financial statements are prepared on a going concern basis and comply with the requirements of enterprise accounting standards[259][260] - The company pays corporate income tax in multiple regions, with some subsidiaries enjoying a 15% preferential tax rate as high-tech enterprises[342][347][348] - The Group's operating activities face market risks (foreign exchange and interest rate risks), credit risk, and liquidity risk, which are managed through measures such as signing forward foreign exchange contracts[571][572] - The Group's total capital is the shareholders' equity presented in the consolidated balance sheet, with capital monitored using the asset-liability ratio, which was 35.39% on June 30, 2025[600][601]