证券代码：301039 证券简称：中集车辆 公告编号：2025-053 中集车辆（集团）股份有限公司 关于参加 2025 年度深圳辖区上市公司投资者 网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，中集车辆（集团）股份有限公司（以下 简称"公司"）将参加由深圳证监局和中证中小投资者服务中心指导、深圳上市公 司协会与深圳市全景网络有限公司联合举办的"2025年度深圳辖区上市公司投资 者网上集体接待日活动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演APP，参 与本次互动交流，活动时间为2025年11月20日（周四）14:30-17:00。届时公司首 席财务官占锐先生、董事会秘书王佳慧女士及投资者关系团队将在线就公司业绩、 公司治理、发展战略、经营状况和可持续发展等投资者关心的问题，与投资者进 行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告。 中集车辆（集团）股份有限公司 董事 ...

证券代码：301039 证券简称：中集车辆 公告编号：2025-052 中集车辆（集团）股份有限公司 公司董事会战略与投资委员会已审议通过该议案。 第三届董事会 2025 年第八次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 一、董事会会议召开情况 中集车辆（集团）股份有限公司（以下简称"公司"或"本公司"）第三届董事 会2025年第八次会议通知于2025年11月10日以电子邮件的方式发出，于2025年11 月13日以通讯会议的方式召开。会议应出席董事9名，实际出席董事9名。会议由 董事长李贵平先生主持。本次会议的召开符合《中华人民共和国公司法》等有关 法律法规和《公司章程》的规定。 二、董事会会议审议情况 经与会董事审议，会议通过了以下议案： 1、审议通过《关于向全资子公司江苏宝京汽车部件有限公司增资的议案》 同意根据公司未来经营计划与发展战略，本公司以自有资金向江苏宝京汽车 部件有限公司（以下简称"江苏宝京"）增资 1 亿元人民币，增资款将用于提升"唯 有星链"行走机构模块的保供能力。本次增资完成后，江苏宝京的注册资本将由 11,545.6 ...

Core Viewpoint - The 2025 China Commercial Vehicle New Ecology Forum emphasizes the transformation and opportunities within the commercial vehicle industry, focusing on electrification and intelligence as key trends for future development [2][3][6]. Group 1: Forum Overview - The forum, themed "Intelligent Chain Globalization and Win-Win Cooperation," was held in Wuhan and aimed to discuss cutting-edge trends and strategies for the commercial vehicle industry [3]. - The event was hosted by the China Council for the Promotion of International Trade Automotive Industry Branch and featured leaders from government, industry experts, and automotive manufacturers [2]. Group 2: Industry Challenges and Opportunities - Industry leaders highlighted the core challenges facing the commercial vehicle market, including external uncertainties, intense competition, and the difficulties of scaling up while maintaining profitability and R&D investment [9]. - The future of the commercial vehicle industry is expected to see accelerated electric transformation, faster intelligent applications, sustained high overseas demand, and a pressing need for ecosystem construction [10]. Group 3: Globalization Strategies - Strategies for entering the European market were discussed, including transitioning from product trade to ecosystem development, focusing on electrification and intelligence, and shifting from price competition to value competition [15]. - Emphasis was placed on the importance of building compliance systems for overseas operations and understanding local market needs to enhance adaptability and survival [24]. Group 4: New Energy Commercial Vehicles - The new energy heavy truck sector is entering a period of explosive growth, driven by technological upgrades and favorable policies, although challenges such as refueling and safety remain [27]. - The market for new energy commercial vehicles is projected to see a 17% increase in sales from January to September, with an expected penetration rate of 50% by 2030 [31]. Group 5: Logistics and Efficiency - Discussions on logistics highlighted the need for commercial vehicle companies to improve overall efficiency to escape price wars, focusing on maximizing product value and enhancing operational efficiency [37]. - The importance of service efficiency in reducing costs and improving overall logistics performance was emphasized, suggesting a collaborative approach among manufacturers and service providers [37]. Group 6: Intelligent Transformation - The potential of autonomous driving technology in logistics was explored, with a focus on its ability to reduce costs and improve efficiency [39]. - The need for a comprehensive understanding of the user lifecycle and the importance of cloud-based maintenance solutions were highlighted as critical factors for success in the commercial vehicle sector [39].

Core Insights - The commercial vehicle industry is experiencing a significant shift towards new energy vehicles (NEVs), with a ratio of 2:1 between NEV and fuel vehicles at the recent China International Commercial Vehicle Exhibition [1] - The growth of NEVs in the commercial vehicle sector is driven by systemic policy regulations, market mechanisms, and technological advancements, aligning with China's "dual carbon" goals [2] Group 1: Industry Trends - In the first ten months of this year, commercial vehicle production and sales reached 3.456 million and 3.479 million units, respectively, marking year-on-year increases of 10.9% and 9% [2] - NEV sales in the commercial vehicle sector reached 649,000 units in the same period, reflecting a remarkable year-on-year growth of 60.2% and a market penetration rate of 24.6% [2] - In October alone, NEV sales hit 82,000 units, a 52.4% increase year-on-year, with NEVs accounting for 30.9% of total commercial vehicle sales, surpassing 30% for the second consecutive month [2] Group 2: Company Developments - CIMC Vehicles Group launched the EVRT (pure electric head-mounted train) ecosystem and comprehensive solutions, showcasing advancements in EVRT technology and industry positioning [1] - BYD made its global debut of the pure electric T4 truck at the exhibition, along with showcasing core products in the NEV light truck, heavy truck, and bus sectors, providing solutions for urban logistics and mid-distance transport [1] - FAW Jiefang Group presented five pure electric NEV models, while Dongfeng Commercial Vehicle Company showcased six models across pure electric, hydrogen, hybrid, and intelligent technology routes [1] Group 3: Economic Considerations - The total cost of ownership (TCO) for NEVs is becoming increasingly favorable, with estimates suggesting a potential cost reduction of over 30% over a five-year vehicle usage cycle for a 4.5-ton light truck [3] - The commercial vehicle market prioritizes economic viability, with a shift from policy-driven purchases to economically rational choices as the TCO of NEVs becomes more competitive compared to traditional fuel vehicles [3]

Core Viewpoint - The future of the heavy-duty truck industry lies not merely in the transition from 'oil' to 'electric' but in the comprehensive construction of an EVRT ecosystem that integrates 'pure electric head-mounted trains + operational support stations' [1][4] Industry Trends - The number of new energy commercial vehicles at the 2025 China International Commercial Vehicle Exhibition significantly exceeded that of fuel vehicles, indicating a shift towards new energy as a dominant theme [1] - From January to September this year, China's commercial vehicle sales reached 3.117 million units, a year-on-year increase of 7.8%, with new energy commercial vehicle sales reaching 566,000 units, up 61.4% year-on-year [1] Factors Driving Growth - The increase in new energy commercial vehicle penetration is attributed to three main factors: 1. Subsidy policies favoring new energy vehicles, with updates providing 40%-75% higher subsidies compared to fuel or natural gas vehicles [1] 2. Decreased prices and flexible marketing strategies from manufacturers, leading to a significant reduction in the price gap between new energy and fuel vehicles [1] 3. Changes in the supply-demand relationship in the transportation market, where the comprehensive benefits of electric vehicles in suitable scenarios have become more apparent [1] Systemic Challenges - The industry faces three systemic challenges: 1. Technical bottlenecks, homogenized competition, and cost issues, leading to a price war and limitations in energy efficiency, power, and safety due to fragmented system designs [3] 2. Insufficient support systems causing range anxiety and concerns over vehicle utilization rates, with inadequate charging infrastructure and a lack of coordination between charging networks and vehicle operation routes [3] 3. Unmet user lifecycle value demands, with traditional sales models failing to address the full lifecycle needs of customers and challenges in battery lifespan and asset residual value management [3] Proposed Solutions - To address these challenges, the industry must focus on an ecological revolution rather than merely adding technology, emphasizing the construction of an EVRT ecosystem based on total cost of ownership (TCO) and user experience [4]

Core Insights - The 2025 China International Commercial Vehicle Show (CCVS) was held in Wuhan, showcasing CIMC Vehicles' (中集车辆) commitment to high-quality development with a theme of "Only Star Link" [1] - CIMC Vehicles presented 19 flagship products across three major exhibition areas, totaling over 2,600 square meters, highlighting the company's latest achievements and future plans [1][2] Group 1: Company Strategy and Vision - CIMC Vehicles' Chairman and CEO, Li Guiping, reviewed the "Star Link Plan" and its current achievements, emphasizing the focus on high-quality development and the establishment of a modern industrial system [2] - The company aims to evolve into a "full value chain operator" in both the national unified market and global southern markets, accelerating the construction of a new development pattern for "going global" [2] Group 2: Product Innovations - CIMC Vehicles launched the "Only Star Link" semi-trailer model for 2026, focusing on specific scene demands with the "European Champion M" series liquid food transport tankers, which integrate advanced European technology and materials science [2] - The "Starry Storm" vehicle transport vehicle was introduced in response to the 2025 Vehicle Transport Vehicle Special Governance Action Plan, designed to provide compliant, efficient, safe, and worry-free transport solutions [2] Group 3: Electric Vehicle Solutions - The company globally unveiled a complete solution for engineering-type pure electric head-mounted trains, including a fully developed electric semi-trailer product platform and the world's first "head-mounted integration" collaborative platform architecture [3] - Li Guiping stated that the industry's future lies not merely in replacing fuel with electricity but in creating an ecosystem centered around user experience, considering the total cost of ownership (TCO) of the EVRT [3]

Core Insights - Chinese commercial vehicles are accelerating their global presence and reshaping the global commercial vehicle industry rules [1][47] Group 1: Industry Trends - The 2025 China International Commercial Vehicle Show (CCVS) highlights the industry's shift towards "high-end, intelligent, and green" vehicles, showcasing advancements across the entire commercial vehicle supply chain [3][22] - The number of new energy vehicles (NEVs) at the exhibition has surpassed that of traditional fuel vehicles for the first time, indicating a market-driven transition in the commercial vehicle sector [3][22] - The market is witnessing a diversification of energy sources, with electric, hydrogen, and hybrid vehicles coexisting due to the complex usage scenarios and cost sensitivity of commercial vehicles [4][21] Group 2: Technological Innovations - Major manufacturers like FAW Jiefang, Dongfeng, and BYD are showcasing their electric models, with FAW Jiefang presenting five electric models, including the J6L tractor [8][10] - Dongfeng is introducing Huawei's megawatt supercharging technology to enhance charging efficiency for its heavy-duty trucks [12] - The exhibition features advancements in hybrid systems, such as FAW Jiefang's "H Power Domain" which improves fuel efficiency by 30% [16][28] Group 3: Market Dynamics - In October, the domestic sales of new energy commercial vehicles accounted for 30.9% of total commercial vehicle sales, reflecting a growing market presence [22] - The entry of new players in the NEV sector has spurred technological innovation, with over 20 new electric vehicle manufacturers established since 2020 [22][24] - The demand for electric commercial vehicles in Europe is rising, providing opportunities for Chinese manufacturers to leverage their advantages in the new energy supply chain [39][41] Group 4: Global Expansion Challenges - Despite significant growth in exports, Chinese commercial vehicles face challenges such as technological homogeneity and user concerns regarding support systems [42][44] - The industry is urged to shift from price competition to value competition, focusing on quality and compliance in overseas markets [44][45] - Companies are adopting strategies for global expansion, including localized production and tailored product offerings for different regions [45][47]

Core Insights - The commercial vehicle sector saw a rise of 1.62% on November 12, with Jianghuai Automobile leading the gains [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Commercial Vehicle Sector Performance - Jianghuai Automobile (600418) closed at 48.76, up 5.63% with a trading volume of 795,300 shares [1] - Yutong Bus (600066) closed at 31.76, up 1.02% with a trading volume of 99,500 shares [1] - King Long Automobile (600686) closed at 60.51, up 0.27% with a trading volume of 167,500 shares [1] - Foton Motor (600166) remained unchanged at 2.92 with a trading volume of 974,000 shares [1] - Zhongtong Bus (000957) closed at 11.44, down 0.26% with a trading volume of 131,300 shares [1] - JMC (000550) closed at 19.47, down 0.31% with a trading volume of 20,000 shares [1] - FAW Jiefang (000800) closed at 7.31, down 0.54% with a trading volume of 197,500 shares [1] - China National Heavy Duty Truck Group (000951) closed at 18.11, down 0.66% with a trading volume of 90,200 shares [1] - Ankai Bus (000868) closed at 5.42, down 0.73% with a trading volume of 146,100 shares [1] - Zhongjun Vehicle (301039) closed at 9.71, down 0.92% with a trading volume of 87,100 shares [1] Fund Flow Analysis - The commercial vehicle sector experienced a net inflow of 389 million yuan from institutional investors, while retail investors saw a net outflow of 144 million yuan [2] - The main funds showed a significant net inflow into Jianghuai Automobile, amounting to 541 million yuan, while retail investors had a net outflow of 243 million yuan [3] - FAW Jiefang had a net inflow of 11.89 million yuan from main funds, with retail investors contributing a net inflow of 6.81 million yuan [3] - Ankai Bus saw a net inflow of 5.85 million yuan from main funds, but a net outflow of 11.61 million yuan from retail investors [3] - Zhongtong Bus had a net outflow of 7.69 million yuan from main funds, while retail investors contributed a net inflow of 393,200 yuan [3]

Core Viewpoint - The company, CIMC Vehicles, is a leading manufacturer in the specialized vehicle sector, particularly in semi-trailers and refrigerated vehicles, with a focus on hydrogen energy and cold chain logistics [2][6]. Company Overview - CIMC Vehicles is the world's largest semi-trailer manufacturer, with a significant market presence in China, North America, Europe, and other regions, producing seven categories of semi-trailers [2][6]. - The company was established on August 29, 1996, and went public on July 8, 2021, with its main business activities including the production of semi-trailers, specialized vehicle superstructures, and refrigerated vehicle bodies [6]. Financial Performance - For the period from January to September 2025, CIMC Vehicles reported a revenue of 15.012 billion yuan, a year-on-year decrease of 5.13%, and a net profit attributable to shareholders of 622 million yuan, down 26.23% year-on-year [6][7]. - The company's revenue composition includes 80.61% from semi-trailers, 17.14% from superstructures, chassis, and tractors, and 2.25% from other sources [6]. Market Activity - On November 12, the stock price of CIMC Vehicles fell by 0.92%, with a trading volume of 84.8659 million yuan and a turnover rate of 0.60%, resulting in a total market capitalization of 18.198 billion yuan [1]. - The company has seen a net outflow of 988,500 yuan from major funds today, with a ranking of 5 out of 13 in its industry, indicating a trend of reduced holdings by major investors over the past three days [3][4]. Strategic Developments - CIMC Vehicles has launched hydrogen energy refrigerated vehicle products in response to customer demand, aligning with trends in hydrogen energy and cold chain logistics [2]. - The company signed a cooperation framework agreement with Huawei's Luoyang New Infrastructure Development Center to work on digital transformation and intelligent upgrades [2].

Core Viewpoint - The collaboration between China National Heavy Duty Truck Group (CNHTC) and Xinda Group marks a significant step towards green and low-carbon development in the steel transportation sector in Tangshan, with the delivery of 80 units of HOWO new energy dump trucks [1][10][19]. Group 1: Product Features - The HOWO new energy dump trucks are designed to meet the "heavy load, high efficiency, and reliability" requirements of engineering transportation, showcasing breakthroughs in power, load capacity, and energy efficiency [4]. - Equipped with a high-power motor and a 600V architecture platform, the trucks can handle complex working conditions in Tangshan, reducing charging time by 15 minutes compared to industry standards, thus alleviating range anxiety for operators [6]. - The trucks feature a reinforced axle, multi-layer thickened frame, and multi-leaf spring suspension system, enhancing their load-bearing capacity and making them suitable for various transportation scenarios, including mineral resources and construction waste [7]. - The energy recovery system boasts a 94.51% efficiency rate, with overall energy consumption as low as 1.21 kWh/km. This translates to annual savings of over 200,000 yuan compared to traditional fuel vehicles, amounting to 1.34 million yuan over a six-year lifecycle, alongside tax exemptions and no urea consumption [8]. Group 2: Strategic Collaboration - The partnership represents a "synchronous resonance" in the new energy heavy truck sector, aiming to create a green upgrade blueprint for Tangshan's logistics industry, injecting green momentum into regional high-quality development [10][13]. - The strategic signing ceremony symbolizes the beginning of a fruitful collaboration, marking a key step towards the large-scale application of new energy transportation vehicles in Tangshan's steel industry [13]. - The successful delivery of the trucks is seen as a new starting point for win-win cooperation between CNHTC and Xinda Group, as well as a significant milestone in the industrialization and scaling of new energy transportation equipment in Tangshan [19]. Group 3: Future Outlook - CNHTC plans to continue focusing on customer needs and collaborate with partners like Xinda Group to further contribute to the sustainable development of the logistics industry in the green commercial vehicle sector [21].