Group 1 - The Central Committee and State Council of China issued opinions on improving the modern enterprise system, emphasizing the need for state-owned enterprises to optimize their equity structure for better operational efficiency [1] - Moody's maintained China's sovereign credit rating at "A1" with a negative outlook, which the Ministry of Finance interpreted as a positive reflection of China's economic prospects [2] - The State Council and Central Military Commission announced regulations for the protection of important military facilities, effective from September 15, 2025, aimed at enhancing national defense modernization [3] - The National Film Administration encouraged service providers from Hong Kong and Macau to invest in film production companies in mainland China [4] - A pilot program for credit bond ETFs is set to launch a general pledge-style repurchase business, with several public fund institutions' credit bond ETFs meeting the criteria for inclusion in the repurchase pledge library [5] - Zhongyida announced a significant stock price increase of 299.26% from March 10 to May 26, 2025, despite no major changes in the company's fundamentals [6] Group 2 - Longi Green Energy announced the resignation of its general manager and legal representative, Li Zhenguo [7] - Zijin Mining Group plans to spin off Zijin Gold International for a listing on the Hong Kong Stock Exchange [8] - Dongxin Co., Ltd. reported that Shanghai Lishuan received its first batch of packaged G100 chips and completed major functionality tests [9] - Jiadu Technology announced the disposal of part of its equity in Cloudwalk Technology, resulting in a post-tax investment loss of 16.2877 million yuan [10] - Huide Technology, which has seen a four-day stock price increase, announced that its subsidiary's polyurethane new materials project has obtained construction land and is currently in the administrative approval stage [11] - Foton Motor plans to jointly invest 500 million yuan with EVE Energy to establish a new energy technology company to expand its new energy heavy truck business [12] - Rongsheng Environmental Protection announced that its controlling shareholder and actual controller, Feng Ronghua, has been taken into custody by law enforcement [13] - Hahantong announced that its products can be used in controllable nuclear fusion projects, although revenue from this sector is currently minimal [14] - Huarui Precision stated that it has received small batch orders following preliminary sample testing in collaboration with Yushu Technology [15] - Meituan reported first-quarter revenue of 86.56 billion yuan, a year-on-year increase of 18.1%, and an adjusted net profit of 10.95 billion yuan, up 46.2% year-on-year, with CEO Wang Xing emphasizing a commitment to compete aggressively against rivals [16] - European stock indices rose, with the Stoxx Europe 600 index up 0.99% and the DAX 30 index up 1.68% [17] - The EU has agreed to accelerate negotiations with the US to avoid a transatlantic trade war, with positive discussions reported between EU and US trade officials [18]

Core Viewpoint - Multiple listed companies in the Shanghai and Shenzhen markets have announced significant developments, providing insights for investors [2] Group 1: Company Announcements - Shenghong Technology has preliminarily set the inquiry transfer price at 65.85 CNY per share, with 24 institutional investors participating and a total of 25.73 million shares to be transferred [3] - Foton Motor plans to establish a joint venture with EVE Energy, investing 500 million CNY to expand its new energy heavy truck business, with a 50% ownership stake [4] - Jiadu Technology disposed of 7.6647 million shares of CloudWalk Technology, realizing a post-tax investment loss of 16.29 million CNY, which is 14.18% of its 2024 net profit [6] - Chongqing Steel has decided to terminate the absorption merger of its wholly-owned subsidiary, believing that independent operation will better leverage its logistics capabilities [8] - Ha Welding Communication's products can be used in controllable nuclear fusion projects, but the revenue from this sector is currently minimal [9] Group 2: Shareholding Changes - Xinhua Medical's controlling shareholder plans to increase its stake in the company by 100 million to 200 million CNY within the next 12 months [10] Group 3: Major Contracts - Pingzhi Information signed a framework agreement for AI computing power technology services with China Telecom, totaling approximately 246 million CNY, which will not significantly impact the company's annual performance [12]

编号：2025-001 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 类别 | □媒体采访 业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 □电话会议 | | | □其他： （请文字说明其他活动内容） | | 参与单位名称 | 金龙机电2024年度业绩说明会采用网络远程方式进行，面向全体投资者 | | 及人员姓名 | | | 时间 | 2025 年 5 月 23 日 16:00-17:00 | | 地点 | 深圳证券交易所"互动易平台"http://irm.cninfo.com.cn"云访谈" 栏目 | | | 主持人：金龙机电 | | 公司接待人员 | 董事长兼总经理：徐高金 | | | 财务总监：郭定鸿 | | 姓名 | 董秘：黄美燕 | | | 独立董事：罗瑶 | | | 本次业绩说明会以网络远程的方式举行，公司参会人员就投资者提 | | | 出的问题进行了沟通与交流，本次活动互动问答如下： | | 投资者关系活动 | 问题 1.鄂尔多斯新能源重卡基地已进入全面施工建设阶段，目前项目进 | | 主要内容介绍 | 展快速且部分设施接近 ...

Core Viewpoint - The article emphasizes the rapid development of power batteries in the new energy commercial vehicle sector, particularly electric heavy trucks, while addressing ongoing challenges such as range anxiety, charging efficiency, and battery lifespan [1][6]. Group 1: Market Outlook - The expected sales of new energy heavy trucks this year is projected to reach 180,000 units, more than doubling year-on-year, with a domestic penetration rate exceeding 21% [3]. - The new energy heavy truck market is anticipated to maintain a growth rate of 30% over the next five years, with a potential penetration rate of 50% by 2030 [3]. - The market for new energy is described as a trillion-level market, indicating significant growth potential and competition that will drive technological advancements [3]. Group 2: Technological Innovations - Guoxuan High-Tech has introduced the G-series battery, which features a single pack capacity of 116 kWh and an energy density of 175 Wh/kg, significantly increasing the traditional battery capacity from 282 kWh to 464 kWh [6][9]. - The G-series battery incorporates a four-gun simultaneous charging technology and a 1000V high-voltage platform, achieving a 30% improvement in charging efficiency [6]. - The battery is designed to operate efficiently in extreme temperatures, with capabilities for precise temperature control from -40°C to 65°C [6][9]. Group 3: Competitive Strategy - The company emphasizes that "technology competition is more important than price competition," advocating for a focus on technological advancements to foster a healthy industry cycle [3][4]. - Guoxuan High-Tech has established a closed-loop system for cost control across the entire supply chain, from raw materials to battery recycling, enhancing its competitive edge [3][6]. - The G-series battery features a "zero degradation" technology, allowing for over 1.2 million kilometers of travel with no capacity loss, and a lifespan of 12 years with 10,000 cycles [9].

Group 1: Electric Heavy-Duty Trucks - The core viewpoint indicates that the penetration rate of electric heavy-duty trucks is expected to exceed 50% in the next three years, driven by advantages in economy, comfort, and sustainability, particularly with standardized battery swap modules [2] - In April 2025, domestic sales of new energy heavy-duty trucks reached 15,800 units, a month-on-month increase of 5% and a year-on-year increase of 245%. Among these, new energy tractors sold 11,600 units, with a month-on-month increase of 6% and a year-on-year increase of 364% [2] - The new energy heavy-duty truck industry penetration rate is projected to rise rapidly to around 20% starting from 2023, indicating a positive outlook for the industry's continued growth [2] Group 2: Telecommunications and Information Society - On the World Telecommunications and Information Society Day in 2025, Shanghai Mobile launched the "Ten Thousand Gigabit Park Computing Network Upgrade Action," initiating a pilot construction of a "Ten Thousand Gigabit Optical Network" [3] - Domestic operators are expected to significantly enhance fiber network performance to address the insufficient computing power of single cards, which will positively impact the market for domestic optical network equipment suppliers [3] - The establishment of the "AI Cooperation Alliance" by Shanghai Mobile, in collaboration with various tech companies, signifies a strategic move towards improving computing resources and capabilities in the region [3]

当前，徐工新能源重卡产品覆盖物流运输、城市建设、市政环卫、矿山开采等应用场景，销量 连续两年位居行业第一。在刚过去的4月，徐工汽车同时获得新能源牵引车的单月和1-4月累 近日，徐工新能源重卡批量交付暨千台签约仪式在中原大地如期举行，助力当地钢材运输绿色 转型，客户及徐工汽车代表等百余人参加活动。 本次交付的产品为徐工XG2 EX630S牵引车，是当前新能源重卡市场最热销的产品之一，曾 被评为"2024年度第一畅销新能源重卡"。凭借安全可靠、经济高效的产品优势，赢得行业与 客户的广泛认可。 针对钢材倒短运输工况频繁起步、路况复杂的特点，徐工新能源牵引车搭载的多维度智能化扭 矩控制系统可灵活调节驱动力输出，有效提升载重起步的平顺性与通过性；同时，其具备六档 能量回收技术，可实现坡道路段高效能量回收，显著降低客户运营成本。 为满足多元的市场环境与客户需求，徐工汽车率先推出"全场景设备+充换电补能+定制化金 融"绿色交通运输成套化解决方案，一站式解决客户"产品选择+续航+资金"三大难题，为行业 绿色转型提供了有力支撑。 客户表示："徐工汽车针对区域倒短场景，提供更高效的换电策略，新能源牵引车在3-5分钟 即可实现补能 ...

Group 1: Investor Relations Activities - The company participated in multiple roadshows and strategy meetings from May 7 to May 9, 2025, in Shanghai, Hangzhou, and Beijing [2][3] - Key participants included various securities firms and investment funds such as Huafu Securities, Vanguard Fund, and others [2][3] Group 2: Q1 2025 Performance Highlights - The EV·DTB superstructure business achieved sales of 6,000 units, a year-on-year increase of 11.6%, with revenue reaching 660 million CNY and contributing a gross profit of 20 million CNY [3][4] - In North America, the company sold 4,156 semi-trailers, generating revenue of 18 million USD, despite a declining market with a fifth consecutive quarter of decreased trailer registrations [4] Group 3: Strategic Developments - The company is focusing on enhancing its supply chain resilience in North America by increasing local procurement and establishing backup supplies in Thailand and Canada [4] - The development of the pure electric head-mounted train (EV-RT2.0) is underway, with market research and product testing already initiated [5][6] Group 4: Future Growth Opportunities - The company identifies significant growth opportunities in the unified national market and global southern markets, planning to leverage initiatives like the "Starlink Plan" and "Xiongqi Plan" to maximize value across the semi-trailer value chain [6] - The company aims to transform into a preferred partner for new energy heavy-duty truck chassis, focusing on innovation and strategic partnerships [6]

Core Viewpoint - DeepWay has established itself among the top ten in the new energy heavy truck industry in 2024, with a significant market penetration rate and sales growth [2][3]. Group 1: Market Performance - The new energy heavy truck market has seen a penetration rate exceeding 15% for eight consecutive months since August 2024, with March sales reaching 15,000 units, accounting for 20.93% of total heavy truck sales [2]. - DeepWay launched two new models, the Starry Sky II and Starry Path, and secured 2,273 orders during the product launch event [6]. Group 2: Company Strategy - DeepWay's CEO emphasizes three strategic directions: self-research and production of core components, internationalization, and investment in intelligent technology [3][26]. - The company has achieved significant cost reductions and improved adaptability to complex transport scenarios through the self-research of its three electric systems [5]. Group 3: Future Vision - The CEO views future new energy heavy trucks as industrial robots, highlighting the shift towards automation and the elimination of manual labor in logistics [7][10]. - DeepWay aims to transition from being merely a truck manufacturer to becoming a smart driving and industrial robotics company, with vehicle sales being a necessary step towards this goal [7][10]. Group 4: Industry Trends - The penetration rate of new energy in commercial vehicles is expected to increase, driven by the development of charging infrastructure [19][20]. - The CEO predicts that by 2030, 50% of trucks in China will be electric, as demand will drive supply in the market [21]. Group 5: Competitive Landscape - DeepWay acknowledges the competitive nature of the industry but believes that competition ultimately benefits consumers and drives innovation [25][26]. - The company is committed to maintaining its competitive edge through self-research, global expansion, and continuous improvement in intelligent technology [26].

Core Insights - DeepWay has successfully secured 1,403 pre-orders for its new models, indicating strong market interest and demand [1] Group 1: Company Overview - DeepWay, headquartered in Hefei, is a new player in the commercial truck sector, focusing on electric heavy-duty trucks [2] - The company launched two new models, the Starry Sky II and the Starry Path, both equipped with self-developed three-electric systems and L2-level combined auxiliary driving systems [2][3] Group 2: Product Features - The Starry Sky II supports higher charging demands, featuring a 505 kWh battery and a 900V high-voltage platform, reducing charging time from 20% to 80% to just 30 minutes [2] - The Starry Path is designed for short-axle and high-ground-clearance applications, suitable for bulk, port, and short-distance transportation [2] Group 3: Technology and Cost Structure - The three-electric system accounts for over 60% of the vehicle's cost, which is crucial for the company to maintain control over software and agile development [3] - The L2-level auxiliary driving system can reduce accident rates by 78% and driver fatigue by 30%-60%, leading to an annual profit increase of 19,000 yuan per vehicle [3] Group 4: Market Strategy - DeepWay aims for over 60% of its heavy truck sales to come from overseas markets by 2030, with 870 orders already secured from international markets [5] - The company is currently focusing on Southeast Asia, where it is the first to develop right-hand drive trucks [5] Group 5: Future Plans - The company plans to achieve global deliveries of 8,000 units this year, reflecting its ambitious growth targets [7] - In the European and North American markets, DeepWay intends to adopt a high-end strategy and collaborate with local partners for brand and technology localization [6]

Core Viewpoint - The company reported a Q1 revenue of 12.91 billion yuan, showing a year-on-year increase of 13% and a quarter-on-quarter increase of 14%, with a net profit of 310 million yuan, also up 13% year-on-year but down 43% quarter-on-quarter, slightly below expectations due to changes in product and market structure [1][2]. Group 1: Financial Performance - Q1 revenue increased to 12.91 billion yuan, with a year-on-year growth of 13% and a quarter-on-quarter growth of 14% [1]. - The net profit attributable to shareholders was 310 million yuan, reflecting a year-on-year increase of 13% but a quarter-on-quarter decrease of 43%, slightly below the forecast of 325-335 million yuan [1][2]. - The gross profit margin for Q1 was 7.1%, down 0.7 percentage points year-on-year and 4.5 percentage points quarter-on-quarter, while the net profit margin was 2.4%, up 0.01 percentage points year-on-year but down 2.4 percentage points quarter-on-quarter [2]. Group 2: Market Outlook - The heavy truck replacement policy is expanding to include National IV vehicles and LNG trucks, which is expected to boost replacement demand significantly, with annual heavy truck sales potentially exceeding one million units [1][3]. - The heavy truck industry is showing signs of recovery, with a notable improvement in Q1, as indicated by a 3% year-on-year decline and a 21% quarter-on-quarter increase in wholesale sales [2][3]. - The demand for new energy heavy trucks is on the rise, with March sales of pure electric heavy trucks reaching 14,000 units, representing a year-on-year increase of 183% and a month-on-month increase of 79% [3]. Group 3: Profitability and Valuation - The company maintains its earnings per share (EPS) forecast for 2025-2027 at 1.50, 1.72, and 2.12 yuan respectively [4]. - The average price-to-earnings (PE) ratio for comparable companies in 2025 is expected to be 13 times, but the company is projected to have a valuation premium due to its leading position in the heavy truck market, with a target PE of 14 times and a target price of 21.00 yuan [4].