Jing Ji Guan Cha Wang·2025-08-27 14:15Core Viewpoint - CIMC Vehicles (301039.SZ) is experiencing a shift in revenue structure, with the Chinese market becoming the largest contributor to its income, countering the decline in North American market performance [3][4]. Group 1: Financial Performance - In the first half of 2025, CIMC Vehicles achieved operating revenue of 9.753 billion yuan, a year-on-year decrease of 8.85%, and a net profit attributable to shareholders of 403 million yuan, down 28.48% year-on-year [3]. - The second quarter saw a net profit of 224 million yuan, an increase of 25.41% compared to the first quarter's 179 million yuan [3]. - The decline in performance is attributed to the complex global macroeconomic environment and weak demand in the North American market, which is undergoing a cyclical adjustment after previous rapid growth [3][4]. Group 2: Market Dynamics - The North American market's revenue contribution has decreased, leading to a shift where the Chinese market now plays a more significant role in overall revenue [4]. - Despite the drop in North American revenue, the overall gross margin remained stable at 15%, primarily due to strong performance in the Chinese market [4]. Group 3: R&D and New Energy Focus - CIMC Vehicles increased its R&D investment to 205 million yuan in the first half of 2025, marking a 30.39% year-on-year growth, the largest increase in recent years [5]. - The "Hannover Plan" was launched to focus on the development of pure electric head trailers, aiming for product launches at the Hannover Motor Show next year [5][6]. - The company has shifted its strategy to focus solely on the upper structure of heavy-duty trucks, avoiding competition in the chassis market, which allows for partnerships with new energy vehicle manufacturers [6][7]. Group 4: Product Performance - The upper structure business achieved revenue of 868 million yuan in the first half of 2025, with significant growth in new energy products [6]. - Sales of EV-DTB dump trucks increased by over 142%, while sales of EV-DTB concrete mixers and refrigerated trucks grew by over 86% and nearly 70%, respectively [6]. - CIMC Vehicles has formed strategic partnerships with leading new energy vehicle manufacturers and battery suppliers to enhance its market position and operational efficiency [6].