Core Viewpoint - Foton Motor has demonstrated strong performance in September 2025, achieving significant growth in sales across various vehicle categories, particularly in heavy trucks and new energy vehicles, under its strategic focus on internationalization, electrification, and intelligence [1][2][10]. Sales Performance - In September 2025, Foton Motor sold 55,300 vehicles, a year-on-year increase of 6.1%, with cumulative sales exceeding 480,000 units from January to September, reflecting an 11% growth [2][11]. - The heavy truck segment is a key driver, with sales of 13,500 units in September, marking a substantial year-on-year increase of 137.4% [4][5]. - New energy vehicle sales reached 8,624 units in September, up 47.8% year-on-year, with a total of 74,300 units sold in the first nine months, representing a remarkable 113.4% increase [4][11]. Market Leadership - Foton Motor has maintained its position as the leading player in the commercial vehicle market, achieving a "nine consecutive months" sales record in 2025 [3][5]. - The company has consistently ranked first in the commercial vehicle segment since January 2025, with a market share of approximately 16.5% in September [3][4]. Heavy Truck Segment - The heavy truck business has become a core growth area for Foton Motor, with a cumulative sales volume exceeding 104,000 units by September 2025, reflecting a year-on-year increase of over 90% [6][7]. - The company has achieved "nine consecutive months" of sales growth in the heavy truck sector, significantly outperforming the overall market growth rate [6][7]. New Energy and Internationalization - Foton Motor's new energy vehicle strategy has positioned it well within the industry, with a comprehensive product matrix covering various technologies and applications [11][12]. - The internationalization strategy has yielded positive results, with overseas sales reaching 13,500 units in September and nearly 120,000 units cumulatively in 2025 [12][14]. Conclusion - Foton Motor's strategic focus on traditional energy markets, new energy, and international expansion has resulted in impressive sales performance, with the potential to achieve further milestones in the remaining months of 2025 [15].

Core Viewpoint - North Benz Foton has demonstrated robust growth in sales and diversified its business model, focusing on internationalization, electrification, and intelligent technology, leading to significant performance improvements in various segments [1][5]. Sales Performance - In the first nine months of the year, North Benz Foton's cumulative sales exceeded 480,000 units, marking a year-on-year increase of 10.9%. In September alone, sales surpassed 55,000 units, reflecting a 10.2% growth [1]. - The company achieved a notable increase in heavy truck sales, with over 13,000 units sold in September, representing a year-on-year growth of 137.4% [1]. Business Segments - The overseas market has shown steady expansion, with cumulative sales exceeding 117,000 units [1]. - The new energy vehicle segment has experienced remarkable growth, with sales surpassing 74,000 units, a year-on-year increase of 113.4% [1]. - The heavy truck segment has also performed strongly, with cumulative sales exceeding 103,000 units, reflecting a year-on-year growth of 94.9% [1]. Technological Innovation - North Benz Foton's heavy truck business has benefited from forward-looking technological innovations, such as the Super Powertrain technology, which enhances fuel economy and reliability [2]. - The company has developed a comprehensive product matrix under the Ouman brand, targeting various market segments including express delivery and cold chain logistics [2]. Green Transformation - The commercial vehicle industry in China is accelerating its green transformation, with the penetration rate of new energy vehicles expected to reach 29.89% by August 2025 [2]. - North Benz Foton is actively pursuing its "New Energy 30·50 Strategy" to capitalize on this transition, recently delivering 100 units of the Ouman Starwing new energy tractor in Guizhou [2]. Systematic Support - The company has demonstrated systematic technical support capabilities, with its self-developed "Aiyike" power battery passing rigorous safety tests and achieving industry-leading safety performance [3]. - North Benz Foton has launched the world's first dedicated platform for pure electric light trucks, marking a significant advancement in the transition from traditional fuel to electric vehicles [3]. International Expansion - The company has made significant progress in internationalization, securing orders for 125 heavy trucks in Southeast Asia and completing the delivery of 100 customized school buses in the Middle East [4]. - In Uganda, North Benz Foton has established a local assembly line to enhance its responsiveness to regional market demands [4]. Future Outlook - Analysts believe that North Benz Foton has established a three-dimensional growth model, combining stable growth in traditional business, valuation enhancement in new energy, and expansion in overseas markets [5].

Core Viewpoint - Beiqi Foton has achieved significant sales growth in August 2025, with a total of over 51,000 vehicles sold, marking a year-on-year increase of 22.1% [1]. Group 1: Sales Performance - In August 2025, Beiqi Foton's sales of various models exceeded 51,000 units, with a cumulative sales figure of over 425,000 units from January to August, including over 65,000 new energy vehicles, which represents a year-on-year growth of 126.6% [1]. - The heavy truck segment saw remarkable performance, with over 12,000 units sold in August, a staggering year-on-year increase of 172.2%, and cumulative sales of over 90,000 units from January to August, reflecting a nearly 90% increase [1]. - In the overseas market, Beiqi Foton's heavy truck sales also performed well, with over 14,000 units sold in August, a year-on-year growth of 20%, and cumulative sales exceeding 103,000 units from January to August [1]. Group 2: Strategic Focus - Beiqi Foton has adopted a forward-looking strategy to capitalize on industry recovery, new energy, and overseas market opportunities, leading to high-quality development and an enhanced industry position [3]. - The company is guided by the "dual carbon" goals and implements a "three comprehensives" strategy, focusing on comprehensive internationalization, new energy, and intelligence [5]. - Beiqi Foton has developed a complete product matrix covering pure electric, hybrid, and hydrogen fuel technologies, providing comprehensive solutions for the market and helping users reduce costs and increase efficiency [5]. Group 3: Product Development - The launch of the Ouman Galaxy new energy heavy truck series in July 2025, which includes four major new products, aims to redefine the value benchmark in the new energy heavy truck industry [7]. - The Ouman Galaxy series is designed to meet various transportation scenarios, offering solutions for express delivery, coal, sand and gravel, and construction waste transportation, showcasing significant energy efficiency and advanced control capabilities [7]. - The Ouman Xinghui series of heavy trucks, which includes gas and fuel models, is tailored to meet specific market demands, ensuring high transportation value for users in long-distance logistics and regional distribution [9]. Group 4: Market Positioning - Beiqi Foton has found an optimal solution for rapid growth and high-quality development by accurately grasping traditional energy market demands while focusing on new energy and internationalization [11]. - The company aims to establish itself as a "world-class commercial vehicle" brand, setting a new benchmark for "Chinese manufacturing" [11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company's net profit attributable to shareholders increased by 25% year-on-year in the first half of 2025, aligning with market expectations [2] - The company aims to achieve a revenue target of 60 billion yuan by 2030, with international revenue accounting for over 60% [4] Financial Performance Summary - In H1 2025, total revenue reached 18.18 billion yuan, a year-on-year increase of 13.2%, while net profit attributable to shareholders was 1.23 billion yuan, up 25% [2] - For Q2 2025, total revenue was 9.03 billion yuan, a year-on-year increase of 11.2%, and net profit was 570 million yuan, up 17.9% [2] - Domestic revenue for H1 2025 was 9.66 billion yuan, up 15.7%, while overseas revenue was 8.52 billion yuan, up 10.5% [2] - The sales gross margin for H1 2025 was 22.3%, a year-on-year increase of 0.2 percentage points [3] - The company plans to invest 500 million yuan in building a manufacturing plant in Indonesia to enhance local manufacturing capabilities [4] Earnings Forecast and Valuation - The revised net profit forecasts for 2025-2027 are 1.85 billion yuan, 2.76 billion yuan, and 3.55 billion yuan, respectively [5] - The current market capitalization corresponds to P/E ratios of 12, 8, and 6 times for 2025, 2026, and 2027, respectively [5]

Core Viewpoint - The company is committed to its "three comprehensive" strategy of "comprehensive solutions, comprehensive intelligence, and comprehensive internationalization," aiming for significant growth in both domestic and international markets [1] Domestic Market - The company is enhancing its market share in the domestic earth-moving machinery sector by optimizing product structure, expanding marketing channels, and increasing profits through direct sales [1] - It aims to achieve a domestic sales growth rate that outpaces the industry by 13 percentage points in 2024 [1] - The market share of earth-moving machinery products is expected to continue increasing [1] International Market - The company is employing a "dual-wheel drive" model (customers + channels) and a diversified product portfolio to strengthen its competitive edge in the international market [1] - It targets a 20.05% year-on-year increase in overseas revenue for 2024, with sales growth expected to exceed the industry by 22 percentage points [1] - As overseas regional capabilities, manufacturing projects, and electric business collaborations develop, the company anticipates a continued increase in the proportion of overseas revenue [1]

Group 1 - The company is focusing on a "three-full" strategy: comprehensive solutions, comprehensive intelligence, and comprehensive internationalization to coordinate resources for key breakthroughs in both domestic and overseas markets [2] - In the domestic market, the company aims to enhance its market share in earthmoving products by optimizing product structure, expanding marketing channels, and increasing profits through direct sales, targeting a domestic sales growth rate that outpaces the industry by 13 percentage points in 2024 [2] - For the overseas market, the company is implementing a "dual-wheel drive" model (customers + channels) and a diversified product portfolio to strengthen its competitive edge, projecting a 20.05% year-on-year increase in overseas revenue and a sales growth rate that exceeds the industry by 22 percentage points in 2024 [2] Group 2 - The company expects that as overseas regional capabilities are built, manufacturing projects are implemented, and electric business synergies develop, the proportion of overseas revenue is likely to continue increasing [2]

Core Viewpoint - Foton Motor aims to become a world-class commercial vehicle enterprise by focusing on comprehensive internationalization, new energy, and intelligence as part of its strategic transformation [6][22]. Group 1: Business Performance - In the first half of the year, Foton Motor achieved total sales of 327,000 units, a year-on-year increase of 9.1% [3]. - Heavy truck sales reached nearly 67,000 units, up 74.3% year-on-year, while new energy vehicle sales exceeded 50,000 units, surging 151% [3]. Group 2: Strategic Direction - Foton Motor emphasizes open cooperation and shared benefits as its core business philosophy [5]. - The company plans to enhance its strategic focus on three major areas: comprehensive internationalization, new energy, and intelligence [6]. Group 3: Key Initiatives for the Second Half - Foton will focus on eight key initiatives, including accelerating the transition to new energy, integrating ecological business into the dealer system, and enhancing traditional business market share [8]. - The company aims to support underperforming regions with targeted policies and encourage domestic dealers to explore overseas markets [8]. Group 4: Marketing and Service Transformation - Foton's marketing strategy will focus on enhancing channel quality and efficiency, expanding ecological business, and implementing a customer order-based model for parts sales [16]. - The company plans to deepen its new energy ecosystem by launching exclusive financial products and building a charging station network [16]. Group 5: Product and Technology Showcase - Foton showcased a comprehensive range of products across ten exhibition areas, highlighting its technological advancements and product layout in the commercial vehicle sector [17][22]. - The exhibition featured diverse power types, including pure electric, hydrogen, and LNG, demonstrating Foton's commitment to meeting various market demands [19][20].

Group 1 - The company expects an upward trend in operating performance for the period from January 1, 2025, to June 30, 2025 [1] - The main reasons for the change in net profit attributable to shareholders and net profit after deducting non-recurring gains and losses include a recovery in the domestic market driven by economic stabilization policies, product upgrades, and accelerated growth in the earth-moving machinery industry [1] - The company's main products, including loaders, excavators, and road machinery, have achieved rapid growth due to the favorable market conditions [1] Group 2 - The international market is currently in a demand bottoming phase, presenting challenges for the company [1] - The company is implementing a "three-full" strategy focusing on comprehensive solutions, full automation, and full internationalization to address market competition and environmental challenges [1] - Both domestic and international business revenues and profits have shown stable growth as a result of the company's innovative practices and strategic upgrades [1]

Performance Forecast - The company expects a net profit attributable to shareholders of the listed company to be between 118,023.71 million yuan and 127,859.02 million yuan, representing a growth of 20% to 30% compared to the previous year, which was 98,353.09 million yuan [1] - The net profit after deducting non-recurring gains and losses is projected to be between 109,003.44 million yuan and 118,838.75 million yuan, with a growth of 21% to 32% compared to the previous year's 90,260.84 million yuan [1] - Basic earnings per share are expected to be between 0.5845 yuan/share and 0.6332 yuan/share, compared to 0.5041 yuan/share in the previous year [1] Reasons for Performance Change - The domestic market is experiencing a recovery due to ongoing economic stabilization policies, increased demand for product upgrades, and accelerated transition to new energy, leading to significant growth in the company's main products such as loaders, excavators, and road machinery [1] - The international market is currently in a demand bottoming phase, but the company is addressing challenges through its "Three Full" strategy, which focuses on comprehensive solutions, full automation, and full internationalization, resulting in stable growth in both domestic and international business revenues and profits [1]

Group 1 - North Benz Foton has achieved significant milestones in the Saudi market, including the delivery of 1,000 customized school buses and the signing of a memorandum for a KD manufacturing plant [1][3][4] - The KD manufacturing plant will focus on producing heavy-duty trucks, light-duty trucks, and buses, contributing to Saudi Arabia's Vision 2030 industrial localization efforts [1][4] - The delivery of school buses is designed to meet the specific needs of the Saudi environment, featuring enhancements such as a Cummins ISF2.8 engine and an ESC stability monitoring system for safety [3][4] Group 2 - The collaboration with Saudi entities marks a shift from mere product export to deep localization, strengthening the strategic partnership between China and Saudi Arabia in the automotive sector [4] - North Benz Foton aims to accelerate its transformation towards comprehensive internationalization, new energy, and intelligence, driven by green technology [4] - The company has established 32 localized factories globally, with products and services covering over 130 countries and regions, enhancing its global supply chain capabilities [1]