Core Viewpoint - The company has issued a profit warning, expecting a significant decline in net profit for 2025, while also advancing its H-share full circulation plan and experiencing changes in executive management, alongside ongoing risks related to concentrated shareholding [1] Financial Performance - The company anticipates a net profit for 2025 to be approximately 45 million to 55 million yuan, representing a substantial decrease of about 65% to 71% compared to the 157 million yuan in 2024. This decline is primarily attributed to intensified industry competition leading to increased costs, reduced gross margins, and a more prudent approach in raising the allowance for bad debts [2] Company Status - On December 30, 2025, the board approved a proposal for the controlling shareholder, Shaanxi Automobile Group, to convert approximately 538 million domestic shares into H-shares, which accounts for about 24.67% of the total issued shares. This plan is subject to approval from the China Securities Regulatory Commission and the Hong Kong Stock Exchange, and its implementation may impact H-share liquidity and shareholding structure [3] - The Hong Kong Securities Regulatory Commission noted on December 2, 2025, that the company's shareholding is highly concentrated, with the top ten shareholders holding a total of 98.90% of H-shares, leaving only 1.10% in circulation. This structure may lead to significant price volatility due to limited trading, which remains a risk to monitor [5] Executive Changes - On February 11, 2026, the company announced that Executive Director and Deputy General Manager Wang Wenqi resigned from his deputy position due to age reasons, with the effectiveness of his executive director role pending the appointment of a new director. This personnel change may involve adjustments to the company's governance structure [4] Business Development - Since 2025, the company has been expanding its overseas market through strategic partnerships, such as the smart logistics project with Yongqing Group in Indonesia, aiming to enhance the international business proportion by leveraging the trend of heavy trucks going abroad. The realization of overseas orders and their contribution to performance are worth tracking [6]
德银天下2025年业绩预降超六成，H股全流通计划推进中