证券代码：000951 证券简称：中国重汽 中国重汽集团济南卡车股份有限公司 投资者关系活动记录表 编号：20250919 | 投资者关系活动 | ■特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称 及人员姓名 | 易方达基金 于博、任宇佳 | | 时 间 | 2025 年 9 月 19 日 10:00-11:00 | | 地 点 | 公司会议室 | | 上市公司 接待人员姓名 | 投关专员 胡啸 | | | 公司投关专员胡啸女士简要介绍了公司情况，并就投资 者关心的问题进行了沟通和交流。主要内容如下： | | | 1、请介绍下公司近期的生产经营情况。 | | 投资者关系活动 | 根据第一商用车网数据，今年 月，我国重卡市场累 1-8 计销量达到 万辆，同比增长约 月份，我国 71.1 14%。其中 8 | | 主要内容介绍 | | | | 重卡市场共计销售约 8.7 万辆，环比 7 月增长 2%，同比增长 | | | 约 39%。 ...

这一次，徐工汽车迭代新品、引领行业进军崭新场景的底层逻辑是什么？4×2底充牵引车又将如何高度匹配快递快运场景、助力万千跑 干线物流的客户降本增效？请看第一商用车网深度分析。 近年来，各行各业都在追求"降本增效"。对于物流企业而言，运输环节是其"降本增效"的核心，选择什么样的车，其"降本增效"的效果 大不相同。根据第一商用车网的观察，作为新能源重卡行业的领先企业，徐工汽车率先挺进快递快运场景，推出引领行业的4×2底充牵 引车，为快递物流行业降本增效提供了更优的选择。 徐工新能源重卡靠什么向中长运距场景突破渗透？ 对运输行业稍微有点了解的人都知道，传统燃油重卡每公里油耗成本约2-3元，而新能源重卡（通常指电动重卡）可将成本压缩至每公 里1.5元以下，但受制于续航里程的短板，新能源重卡一开始只能在短倒等低运距场景使用。近两年，大电量电池的出现，拉大了电动重 卡的运营半径，也让新能源重卡向更长运距场景渗透成为可能。 不过，更大电量也意味着更大的自重，相同配置电动重卡通常会比柴油重卡重2-3吨（以400度电的磷酸铁锂电池估算），可以说，电 动重卡相较柴油重卡的"亏吨"是无法避免的。既然"亏吨"无法避免，那么有没有某个场 ...

Summary of Key Points from Conference Call Industry Overview - The conference call primarily discusses the lithium battery industry, particularly focusing on the developments and forecasts related to electric vehicles (EVs) and energy storage systems [1][2][4][9]. Core Insights and Arguments - **Short-term Demand Surge**: The reduction of the new energy vehicle purchase tax subsidy by half is expected to stimulate short-term demand, with a significant increase in orders from equipment manufacturers. CATL's capacity utilization has exceeded 80%, indicating a robust demand outlook for the lithium battery industry [1][2]. - **Transition to Market-driven Energy Storage**: The energy storage market is shifting from policy-driven to market-driven dynamics, with attractive pricing for energy storage systems on both grid and commercial sides. The introduction of electricity spot trading is enhancing the profitability of energy storage systems, which is expected to be promoted nationwide [1][4]. - **Rapid Growth in New Energy Heavy Trucks**: The penetration rate of new energy heavy trucks has surpassed 22% in the first half of the year, with expectations to reach nearly 25% by year-end. The industry anticipates a penetration rate of 50% by 2027, indicating significant growth potential [1][5][6]. - **Declining Lithium Carbonate Prices**: The substantial drop in lithium carbonate prices and the reduction in battery cell costs, along with improved charging infrastructure and battery swapping models, are expected to alleviate the high purchase costs and slow charging issues associated with new energy heavy trucks, potentially leading to a market explosion in the next two years [1][5][6]. - **CATL's Demand Forecast**: CATL has projected a demand expectation of 1,100 GWh for the supply chain next year, representing a 46% year-on-year increase. This necessitates an upward revision of actual production to over 900 GWh, with revenue expectations adjusted to exceed 90 billion, potentially reaching 100 billion [1][9][10]. Additional Important Insights - **High Concentration in Lithium Hexafluorophosphate Market**: The lithium hexafluorophosphate market is characterized by high concentration, with leading companies operating at over 80% capacity. This supports a bullish outlook for price increases in this segment [3][11]. - **Positive Trends in Separator Market**: The separator market has shown signs of recovery, with prices increasing by 5% to 10%, returning to levels seen at the end of the previous year. Domestic companies are not aggressively expanding production, indicating a cautious approach [3][13]. - **Challenges in Heavy Truck Sector**: The heavy truck sector faces challenges such as high purchase costs and slow charging speeds. However, these issues are gradually being resolved, and the market is expected to see significant growth in the coming years [6][7]. - **Solid-State Battery Development**: The solid-state battery sector is anticipated to see significant advancements, with potential mass production timelines set for 2027. This segment is expected to attract attention due to ongoing developments and material validations [18][19]. Conclusion - The overall outlook for the lithium battery sector is positive, with strong demand drivers in both the energy storage and new energy vehicle markets. The anticipated growth in heavy trucks and the transition to solid-state batteries further enhance the long-term prospects for the industry [19].

2025年9月11日-15日，由中机国际主办的2025第十四届包头国际车展暨装备制造业博览会在包头国际会展中心启幕。 北奔重汽作为 兵器工业集团重型商用车制造企业及内蒙古本土地区汽车产业的代表性力量，经兵器工业集团统一组织，携5款军民协同领域明星产品 精彩亮相。 展会期间，北奔重汽的展位前众多业内嘉宾与观众驻足参观，围绕车型的核心技术、定制化配置与现场工作人员详细交流，对北奔重汽 军民协同技术赋能民用重卡的创新成果表示认可与赞赏。 此次参展车型分别为北奔超充牵引车、纯电自卸车、大马力燃气牵引车、重型装备运输车以及6×6重型高机动战术车。此次参展集中展 示了北奔重汽在传统重卡的技术升级成果、新能源重卡的创新突破及针对物流运输场景的整体解决方案等系列产品，五款车型不仅印证 了北奔重汽在传统重卡领域的技术进阶，更彰显其在新能源重卡赛道的创新实力，全方位展现企业"全场景解决方案"的综合竞争力。 本次参展的超充牵引车，搭载3.5C高倍率液冷超充技术，实现15分钟补能10%—90%SOC，极大地缩短充电时间，有效提升运营效 率。同时，还配备智能电池管理系统，为电池提供全方位的安全保障，确保在各种复杂工况下稳定运行。在轻量 ...

作为福田汽车转型升级的"三驾马车"之一，欧曼重卡8月销量再度实现大涨。 据中汽协数据显示，2025年8月，福田重卡连续六个月销量破万，实现销售1.24万辆，同比暴涨172%；1-8月，累计销售9.04万辆， 同比大涨90%，市场份额增至12.63%，较去年同期提升了5.02个百分点，行业提升最为明显。据悉，其中，欧曼重卡1-8月销量同比 飙升62.8%，牵引车市场同比增5成，载货车、新能源增速行业第一，延续了今年以来的强势表现。 2025年1-8月，欧曼重卡为何能取得如此傲人的成绩，其背后原因有哪些？请看第一商用车网的分析报道。 前8月欧曼重卡销量大涨63%，载货车/新能源增速行业第一 其中，2025年1-8月，欧曼重卡整体累计销量同样实现大幅提升，同比增幅达到62.8%的成绩，反映出市场对欧曼重卡产品的高度认 可，其品牌的综合竞争力和产品矩阵优势正在全面释放。 具体到各细分领域的表现来看，2025年1-8月，欧曼牵引车累计销量实现稳步增长，同比提升49.7%，核心车型持续热销，推动欧曼在 主流细分市场保持强劲竞争力；其中，柴油牵引车累计销售超过3.5万辆，排名跻身行业第三。此外，在18吨以上重型载货车市场， ...

Core Viewpoint - The article highlights the significant growth potential of SuBao Technology in the electric heavy truck market, particularly following its recent participation in the 25th China International Investment and Trade Fair, where it showcased its flagship electric truck, "Black King Kong," and announced the establishment of its headquarters in Xiamen [1][11]. Market Growth and Context - Since 2025, China's electric heavy truck market has experienced explosive growth, with sales reaching 98,000 units from January to August 2025, marking a year-on-year increase of 188% [2]. - The favorable market conditions, including increasing demand for electric heavy trucks, supportive environmental policies, widening oil-electric price differentials, and declining battery costs, provide a conducive environment for SuBao Technology's growth [2]. Product and Technology Showcase - SuBao Technology's "Black King Kong" electric truck features self-developed core technologies, including a high-adaptability electric drive bridge system, which allows for distributed drive based on load and operational conditions [5][7]. - The truck can output a maximum of 1,175 horsepower and accelerate from 0 to 80 km/h in just 24 seconds, with a practical range of over 300 km on a full load [9]. - The vehicle's integrated thermal management system and energy management solutions optimize performance and energy consumption, achieving a comprehensive energy consumption of less than 1 kWh per kilometer [10]. Strategic Development and Financing - SuBao Technology has announced a "three-in-one" global industrial layout strategy, establishing a research and innovation hub in the Yangtze River Delta and a manufacturing base in Xiamen, while also expanding into Europe [13]. - The company has successfully completed over 1 billion yuan in strategic financing, indicating strong market prospects and investor confidence in its technology and market potential [13][16]. Global Expansion and Market Position - The first European model, eTopas, has received certification and is set to enter trial use, marking SuBao's entry into the global market [16]. - With its innovative technology and strategic positioning, SuBao Technology is poised to become a significant player in the electric heavy truck sector, contributing to China's high-end manufacturing going global [18].

Group 1: Company Performance and Strategy - The company's performance in the first half of 2025 showed a slight decline, primarily due to a decrease in revenue from new energy power conversion equipment [2] - To address performance pressure, the company plans to focus on expanding overseas business and increasing the proportion of overseas revenue [2][3] - The company aims to enhance its market presence in key regions such as Europe, Southeast Asia, and actively collaborate with leading enterprises in related fields [2][3] Group 2: Research and Development - The company maintains a commitment to R&D, investing over 8% of its revenue annually, and will continue to strengthen R&D efforts to meet diverse business needs [3] - A dedicated team has been established to develop AIDC (Artificial Intelligence Data Center) solutions, leveraging existing technology platforms [3][4] - The company has launched a smart energy management platform, marking a new phase in commercial application [3][4] Group 3: Market Trends and Opportunities - The company recognizes the growing demand for energy quality products in data centers and intelligent computing centers, with a significant increase in product usage in these areas [4] - The company is focusing on new energy heavy trucks, responding to national policies promoting their large-scale application, which is expected to drive growth in charging pile business [5] - The company is also expanding its charging pile market in rural areas, aligning with government initiatives to enhance charging infrastructure [5][6] Group 4: Storage and Overseas Expansion - The company's storage business revenue declined in the first half of 2025, but it anticipates growth in the second half due to the global shift towards low-carbon energy systems [6] - The company is committed to enhancing its overseas operations, transitioning from product trade to localized operations, and plans to increase its overseas revenue share [7] - Future strategies include deepening market research and expanding into emerging markets while developing new products tailored to various usage scenarios [7]

证券代码：000951 证券简称：中国重汽 | 投资者关系活动 | □特定对象调研 | □分析师会议 | | | | --- | --- | --- | --- | --- | | 类别 | □媒体采访 | □业绩说明会 | | | | | □新闻发布会 | □路演活动 | | | | | □现场参观 | | | | | | ■其他 （电话会议） | | | | | 参与单位名称 | 国信证券 贾济凯 | 华泰资产 | 车育文 | | | 及人员姓名 | 工银瑞信 郭照阳 | 天弘基金 贾 | 腾 | | | | 泓德投资 时佳鑫 | 阳光资产 | 李曦辰 | | | | 方正证券 李溶涛 | 新华人寿 | | 周冠峰、阴舒、黄彦博 | | 时 间 | 2025 年 9 月 4 日 10:00-11:00 | | | | | | 2025 年 9 月 5 日 10:00-11:00 | | | | | 地 点 | 公司会议室 | | | | | 上市公司 | 董事会秘书 张欣 | | | | | 接待人员姓名 | 投关专员 胡啸 | | | | | | 交流主要内容如下： | | | | | | 1、请问公司 ...

Group 1 - In August, the wholesale sales of heavy trucks and the sales of Beidou operation certificates both achieved year-on-year growth, indicating a strong market recovery despite being a "traditional off-season" [1] - China National Heavy Duty Truck Group (CNHTC) received over 1,000 orders for the Shandeka model, showcasing strong market demand [2][5] - A strategic cooperation between CNHTC and a major client in Zunyi resulted in the signing of a contract for 100 units of the HOWO TH7-N tractor, marking a significant milestone in the industry's modernization [3] Group 2 - FAW Jiefang delivered 100 units of the JH6 new energy tractor to Water Mountain Logistics, emphasizing the collaboration's role in promoting low-carbon transformation in the logistics industry [6] - Dongfeng Commercial Vehicle successfully delivered 100 intelligent driving vehicles and 100 cargo trucks to a leading logistics company, demonstrating advancements in smart logistics solutions [7][10] - Foton Motor signed contracts for 186 units of the Ouman heavy truck and exported 107 units, reflecting strong market recognition for its products [9][12] Group 3 - XCMG achieved significant domestic and international orders, including the delivery of 200 units of dump trucks and 500 units of new energy heavy trucks, contributing to local construction logistics [14][16] - SANY Heavy Industry signed contracts for 150 electric heavy trucks in Jiangxi and 200 in Huizhou, marking a major step in green logistics development [17][19] - Zero One Automotive launched a new electric heavy truck model, receiving 568 pre-orders within three hours, indicating robust market interest [20][21][23] Group 4 - DeepWay delivered 100 units of new energy heavy trucks and signed an additional order for 500 units, marking a milestone in the scale application of new energy vehicles [24][25] - CIMC secured a strategic cooperation agreement for 2,000 semi-trailers in Tanzania, enhancing local delivery and service capabilities [26][29] - Yihua Tong signed a strategic cooperation agreement for 100 hydrogen fuel cell heavy trucks, aiming to develop a hydrogen energy vehicle manufacturing base [34][35] Group 5 - The heavy truck market in August saw significant orders, reflecting strong demand for efficient, environmentally friendly, and intelligent products [37] - The upcoming traditional sales peak in September and October is expected to sustain the growth momentum in the heavy truck market, with companies striving to achieve better results [37]

"当我们实现1万台无人重卡时，零一将成为全球最大的自动驾驶公司之一"，关于新能源重卡的未来畅想有很多，但是零一汽车CEO黄 泽铧却独辟蹊径给出另一种思路。 8月27日，在以"矩石力场开 小满好运来"为主题的年中经销商沟通会及小满好运来新品上市发布会上，零一汽车管理层向与会嘉宾描绘 了关于企业未来发展的宏伟蓝图。作为新能源重卡中的新势力，零一汽车对于未来市场有何研判，伴随全新产品上市，其又向外界呈现 了哪些技术和市场野心，请看第一商用车网的分析报道。 前期靠政策拉动，后续依赖市场驱动。在重卡新能源化的进程中，各方早已意识到市场已经度过了早期的发展阶段。然而，在完全市场 化的竞争中，应该如何找准自身所对应的细分市场，并做好市场容量的预测，零一汽车给出了自己的判断。 "在电动化的运输市场中，一类是电动重卡可以做的，另一类是做不了的。比如，从哈尔滨送一车啤酒到广州，这类场景距离电动化就 比较遥远，然而，在中短途市场，电动重卡有着碾压性的优势。"零一汽车CEO黄泽铧表示，传统大宗运输若采用燃油重卡，一公里的 电动化浪潮不可逆 市场迎来黄金发展期 零一汽车CEO黄泽铧 燃油成本在3元左右，燃气重卡大约是2元，换成电车成本 ...