Group 1: Supply Chain Management - The company has optimized its North American supply chain since 2024, increasing local procurement and establishing backup supplies in Thailand and Canada to enhance supply chain resilience [3] - The company has localized the manufacturing and delivery of box semi-trailers in the U.S., with refrigerated semi-trailers also achieving localization [3] - The centralized procurement ratio has increased from below 50% to over 85% since 2024, significantly improving operational efficiency [4] Group 2: Cost Management and Pricing Strategy - The company has established stable relationships with key suppliers, ensuring sufficient raw material supply and stable procurement prices [3] - In 2024, the company achieved savings of over 80 million through centralized procurement and supply assurance strategies [4] - The company is continuously optimizing its cost structure and developing reasonable pricing strategies to respond to market and policy changes [3] Group 3: Production Efficiency - The company has implemented the first fully automated production line in the industry, significantly reducing production time to 15 minutes per unit [7] - In Q1 2025, the company reported a 15% year-on-year increase in per capita output [7] - The establishment of the LTP center and the introduction of a digital platform have streamlined the entire process from order to delivery, ensuring a 15-day delivery for annual models [7] Group 4: Foreign Exchange Risk Management - The company manages foreign exchange risk through regular reviews and the use of forward foreign exchange contracts [6] - The optimization of foreign exchange hedging strategies aims to reduce the uncertainty caused by exchange rate fluctuations [6]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - In 2024, the company's European and Australian semi - trailer businesses achieved good results against the trend. The European business optimized the product structure and promoted supply chain localization to increase the gross profit margin by 2.4 percentage points, while the Australian business achieved the best historical profit performance and maintained a stable market position [23]. - In 2025, the company aims to build new productive forces through the "Star - Chain Plan", "Good - Development Plan", and "Rise - Up Plan", and enhance its leading position in the global semi - trailer business [24]. - The company will deepen global supply chain management, optimize cost control, and improve production efficiency in its European business in 2025, and support SDC and LAG to explore new productive forces in the European semi - trailer field [24]. 3. Summary by Relevant Catalogs 3.1 Research Basic Situation - The research object is CIMC Vehicles, belonging to the automobile manufacturing industry. The reception time was from March 31 to April 3, 2025. The listed company's reception staff included the Investor Relations Director, Manager, and other personnel [17]. 3.2 Detailed Research Institutions - The research institutions included fund management companies (E Fund Management Co., Ltd., Guolian Fund Management Co., Ltd.), securities companies (Haitong Securities Co., Ltd., Huatai Securities Co., Ltd.), and investment companies (Juming Investment Co., Ltd.) [18]. 3.3 Research Institution Proportions - Fund management companies accounted for 40%, securities companies accounted for 40%, and investment companies accounted for 20% [20]. 3.4 Main Content Data - **2024 European and Australian Market Performance and Outlook**: In 2024, the EU's new truck registrations decreased by 6.3%. The company's European and Australian semi - trailer businesses achieved good results against the trend. The European business increased the gross profit margin by 2.4 percentage points, and the Australian business achieved the best historical profit performance and ranked among the top six in the market share for two consecutive years [23]. - **2025 Core Measures and Goals for Performance Improvement**: The company will implement the "Star - Chain Plan", "Good - Development Plan", and "Rise - Up Plan" to build new productive forces, deepen its leading position in the global semi - trailer business, and improve profitability. It will also expand cooperation with new - energy vehicle manufacturers in the EV·DTB upper - body products, iterate the design and manufacturing of pure - electric tractor - trailer trains, and build productive services [24][25]. - **2024 Domestic Centralized Procurement Level and Future Planning**: In 2024, the company's centralized procurement ratio increased from less than 50% to over 85%, and the organizational structure was adjusted to a three - layer structure of "collection", "procurement", and "purchase". The cost - saving from centralized procurement was over 80 million yuan. In 2025, the company will further strengthen the supply - chain system with "centralized procurement as the mainstay and supply guarantee as the supplement" [26]. - **Evolution from "Cross - Ocean Operation" to "Borderless Enterprise"**: The company has evolved from the "production→export" model to "cross - ocean operation, local manufacturing", and has established local legal - person governance structures and manufacturing plants in mature markets. In the future, it will expand sales in the global southern market and enhance the resilience of the global supply chain for its North American semi - trailer business [26][27].