Core Viewpoint - The company is experiencing significant pressure in the commercial vehicle market, with a notable decline in revenue and profit compared to previous years, indicating a challenging market environment [2][5][13]. Financial Performance - In the first half of 2025, the company reported revenue of 28.079 billion yuan, a year-on-year decrease of 23% [2][5]. - Net profit for the same period was 19.6558 million yuan, down 96.12% year-on-year [2][5]. - The gross margin reached a new low of 4.41%, marking the lowest since the company went public [3][12]. - Research and development expenses were 8.85 billion yuan, a decrease of 22.08% year-on-year [3][13]. Market Position and Strategy - The company has not disclosed monthly sales data since June 2025, which some industry insiders interpret as a lack of confidence from management [4][12]. - The company aims to optimize its product structure dynamically and focus on quality over quantity, resisting price wars despite potential short-term impacts on market share [5][13]. - In 2023, the company achieved a sales volume of 241,700 units, a year-on-year increase of 42.11%, with significant growth in overseas and new energy vehicle sales [6][7]. Competitive Landscape - The company holds a market share of 23.2% in the medium and heavy truck segment, ranking first in the industry [9]. - In the first half of 2025, the company reported a 14.6% market share in the new energy medium and heavy truck segment, an increase of 6.9 percentage points year-on-year [10]. - The company has seen substantial growth in its overseas sales, with a 58.3% increase in medium and heavy truck sales in international markets [11].