Core Insights - China National Heavy Duty Truck Group (China National Heavy Duty Truck) has released its 2024 ESG report, marking the ninth consecutive year of such reports, highlighting its commitment to environmental, social, and governance (ESG) principles [1] - The company has achieved BBB ratings from major ESG rating agencies, indicating strong performance in ESG areas, and is focused on sustainable development through innovation and responsibility [1] Group 1: ESG Performance - In 2024, the company invested CNY 2.74 billion in R&D, accounting for 2.9% of its revenue, with a target to increase R&D investment to over 3% of revenue annually [1] - The company has seen a 67% increase in revenue from new energy products compared to 2023, driven by innovations in electric drive systems and hybrid technology [2] - The company has established a comprehensive ESG governance system with a three-tier structure to ensure effective management of ESG matters [3] Group 2: Environmental and Social Responsibility - The company reported a 10.88% year-on-year reduction in energy consumption per ten thousand yuan of output in 2024, and a reduction of over 10% in harmful and non-harmful waste emissions compared to 2021 [3] - China National Heavy Duty Truck is actively engaged in social responsibility initiatives, contributing to rural revitalization and charitable activities [3] - The company has implemented 69 quality improvement projects and 17 quality tackling projects in 2024, resulting in a 29% decrease in overall failure rates [2] Group 3: Market Performance - In 2024, despite a slowdown in the heavy truck industry, the company sold 243,400 heavy trucks, a 7.2% increase year-on-year, with exports reaching 134,000 units, up 3.06%, setting a new historical high [3]