调研速递|中国重汽接待易方达基金等1家机构调研，透露多项业务关键数据

Core Viewpoint - China National Heavy Duty Truck Group Jinan Truck Co., Ltd. has shown strong performance in production and sales, particularly in the heavy truck market, with significant growth in exports and new energy heavy trucks, while maintaining a stable dividend policy [1][3][5][6]. Group 1: Production and Sales Performance - The company's production and sales performance is strong, outperforming the industry, with a cumulative sales volume of 711,000 heavy trucks in China from January to August, representing a year-on-year growth of approximately 14% [3]. - In August alone, sales reached about 87,000 units, showing a month-on-month increase of 2% and a year-on-year increase of approximately 39% [3]. Group 2: Export Business - The export business is performing exceptionally well, accounting for nearly 50% of the company's total sales in the first half of 2025, with a strong market presence in regions such as Africa, Southeast Asia, Central Asia, and the Middle East [4]. - The company has made significant progress in emerging markets, maintaining a leading market share in the industry [4]. Group 3: New Energy Heavy Trucks - The new energy heavy truck market in China has seen rapid growth, with cumulative sales of 113,700 units from January to August, reflecting a year-on-year increase of 180% [5]. - The company's sales of new energy heavy trucks have outpaced industry growth, driven by technological upgrades, policy support, operational cost reductions, and market demand [5]. Group 4: Dividend Policy - The company emphasizes shareholder returns and has implemented a stable dividend policy, continuously increasing the dividend payout ratio in recent years [6]. - For the first half of 2025, the company plans to continue its mid-term cash dividend, aiming for a balance between sustainable development and shareholder returns [6].