Zheng Quan Shi Bao Wang·2025-08-25 12:41Core Viewpoint - The company has demonstrated robust growth in the first half of 2025, evolving into a "full value chain operator" for Starlink semi-trailers, with significant increases in revenue and profitability across various business segments [1][2][3] Financial Performance - The company achieved a revenue of 9.75 billion yuan and a gross profit of 1.46 billion yuan in the first half of 2025, with total assets reaching 23.15 billion yuan, a year-on-year increase of 2.1%, and net assets of 14.41 billion yuan [1] - Operating cash flow for the period was 930 million yuan [1] Global Semi-Trailer Business - The global semi-trailer business generated revenue of 6.924 billion yuan, contributing a gross profit of 1.129 billion yuan, with a total production of 53,000 semi-trailers [1] - In China, semi-trailer sales increased by 10% year-on-year, with revenue up by 11% and a gross margin improvement of 2.4% [1] - The profitability of Starlink semi-trailers in the Chinese market surged by 74% year-on-year [1] Regional Performance - The Southern global semi-trailer business maintained a high-quality development trend, with sales up by 13% year-on-year and a gross margin increase of 4.6% [1] - The European semi-trailer business showed resilience in a "weak recovery" market, with the UK subsidiary SDC reporting an 8.7% revenue increase [2] - Despite challenges in North America due to tariff policies and demand decline, the semi-trailer business sold 7,888 units, showcasing strong resilience [2] EV and New Product Development - The company is focusing on building new productive capabilities in its EV.DTB business, achieving revenue of 868 million yuan and expanding sales of new energy products [2] - Significant growth was noted in specific EV-DTB products, with dump trucks increasing by 142.55%, concrete mixers by 86.26%, and refrigerated trucks by 69.8% [2] - The company delivered 1,704 units of well-matched products, a 25% year-on-year increase [2] Future Outlook - The company aims to enhance its role as a "full value chain" operator for Starlink semi-trailers while maintaining profitability and increasing market share [3] - Plans include evolving cross-ocean operations into a "borderless enterprise" and advancing towards integrated pure electric head trailers [3] - The company is committed to automating and robotizing the EV-Trailer assembly and promoting global standardization of its products [3]