Xin Lang Cai Jing·2025-11-02 00:51Group 1: Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 15.01 billion yuan, a year-over-year decrease of 5.1%, and a net profit attributable to shareholders of 620 million yuan, down 26.2% year-over-year [1] - In Q3 2025, the company reported operating revenue of 5.26 billion yuan, an increase of 2.7% year-over-year, while the net profit attributable to shareholders was 220 million yuan, a decrease of 21.7% year-over-year [1] - The gross profit margin in Q3 2025 was 15.5%, with year-over-year and quarter-over-quarter declines of 2.1 percentage points and 0.2 percentage points, respectively [2] Group 2: Market Trends - The North American market showed a slight increase in sales in Q3 2025, with approximately 4,000 units sold, but demand for semi-trailers remained weak, with new order volumes at historical lows due to uncertainties from tariff policies [1] - In the first three quarters of 2025, the wholesale volume of heavy trucks in China reached 823,000 units, a year-over-year increase of 20.5%, with semi-trailers accounting for 420,000 units, up 15.9% year-over-year [2] - The company’s revenue in the Chinese market increased by 16.3% year-over-year, with a gross profit margin increase of 2.6 percentage points [2] Group 3: Future Outlook - The company is expected to benefit from the trend of electrification in heavy trucks and has a strong competitive position in lightweight trailers and new energy equipment [3] - The company has a shareholder return plan for the next three years, with a cumulative dividend rate of 97% in 2024, aimed at enhancing shareholder value [3] - Revenue projections for 2025-2027 are 20.5 billion, 23.1 billion, and 30.1 billion yuan, with year-over-year growth rates of -3%, 13%, and 31%, respectively [3]