Sinotruk Jinan Truck (SZ:000951) Dong Jian Yan Bao·2026-01-23 14:48Group 1: Report Overview - The research object is China National Heavy Duty Truck Group Co., Ltd., belonging to the automobile manufacturing industry [17] - The research was conducted on January 23, 2026, with the company's board secretary Zhang Xin and investor relations specialist He Bingyi receiving the visit [17] - Participating research institutions include CICC, Huaneng Guocheng Trust, Galaxy Securities, Dunhe Asset Management, etc. [2] Group 2: Core Views - In 2025, China's heavy - truck market total sales volume was 1.145 million vehicles, a year - on - year increase of 27%. The company maintained good growth in overall production and sales compared to the previous year [23] - The company's production and operation are stable, with sufficient orders on hand, and its market share ranks among the top in the heavy - truck industry [24] - In 2025, natural gas heavy - trucks sold 198,700 vehicles, a year - on - year increase of 12%. The company is optimistic about the natural gas heavy - truck market and will continue to enhance product competitiveness [24][25] - In 2025, the domestic new - energy heavy - truck market maintained strong growth. The annual cumulative sales were 231,100 vehicles, a year - on - year increase of 182%. In December 2025, 45,300 vehicles were sold, a year - on - year increase of 189%. The company will continue to develop in this field [25][26] - The company's affiliated axle company and after - market company operate stably and have good profitability [26][28] - The company's export business has maintained good growth, ranking among the top in the industry, with products exported to more than 150 countries and regions [29] Group 3: Directory Summaries 01. Research Basic Situation - The research object is China National Heavy Duty Truck, and the reception time is January 23, 2026. The reception staff are board secretary Zhang Xin and investor relations specialist He Bingyi [17] 02. Detailed Research Institutions - Participating institutions include CICC (securities company), Huaneng Guocheng Trust (trust company), Galaxy Securities (securities company), and Dunhe Asset Management (asset management company) [18] 03. Research Institution Proportion - No relevant content provided 04. Main Content Data - The company's production and sales in 2025 maintained good growth, with stable operations and sufficient orders [23][24] - The company is optimistic about the development of natural gas heavy - trucks and will make long - term strategic arrangements [24][25] - The new - energy heavy - truck market has strong growth momentum, and the company will continue to develop in this field [25][26] - The axle company is a subsidiary with a 51% stake, supplying products to the group's vehicle production units and enjoying tax incentives. The after - market company is a wholly - owned subsidiary responsible for truck after - market services [26][27] - The company's export business has a good layout, ranking first in the industry for 21 consecutive years, with products exported to many countries and regions [29]