Core Viewpoint - China National Heavy Duty Truck Group (03808) reported a 4% year-on-year increase in net profit for the first half of the year, aligning with expectations, while the interim dividend was set at 0.74 HKD, representing a 55% payout ratio. The company faces challenges in overall sales growth due to a lack of export growth, leading to a slight reduction in the target price from 20.5 HKD to 20.4 HKD, maintaining a "Hold" rating [1]. Financial Performance - The net profit for the first half of the year increased by 4% year-on-year, which is in line with the expectations of the research firm [1]. - The interim dividend declared is 0.74 HKD, which corresponds to a 55% dividend payout ratio [1]. Market Outlook - The research firm believes that the lack of growth in exports will weaken the company's overall sales growth for the year [1]. - The target price for the stock has been slightly adjusted from 20.5 HKD to 20.4 HKD, while maintaining a "Hold" rating [1].