Core Viewpoint - China National Heavy Duty Truck Group (China National Heavy Duty Truck, 03808) experienced a significant increase in stock price, opening over 14% higher before stabilizing at a 4.33% increase, reflecting strong market interest and positive performance indicators [1][1]. Sales Performance - In January, China National Heavy Duty Truck's heavy truck export sales exceeded 16,000 units, marking a historical high and continuing the momentum from September of the previous year when sales first surpassed 15,000 units [1][1]. - The company is projected to achieve total vehicle sales of over 440,000 units in 2025, representing a year-on-year growth of 22.5%. Heavy truck sales are expected to reach 300,000 units, maintaining the leading position in China's heavy truck industry for four consecutive years [1][1]. Export Growth - Heavy truck exports are anticipated to exceed 150,000 units for the year, with a year-on-year growth rate of over 14%, indicating robust demand in international markets [1][1]. - UBS has released a report highlighting the strong performance of China National Heavy Duty Truck's export business and the continuous optimization of its product structure, which is expected to be a major driver of profit growth in 2026 [1][1]. Corporate Structure - It is important to note that China National Heavy Duty Truck H and A shares are both referred to as "China National Heavy Duty Truck," but they have distinct ownership structures and asset compositions. The H shares hold 51% of the A shares, indicating a hierarchical relationship in ownership [1][1].