Core Viewpoint - China National Heavy Duty Truck Group (China National Heavy Truck) is experiencing positive growth in production and sales, particularly in the heavy truck market, with a notable increase in the sales of new energy trucks, while facing challenges in the natural gas truck segment. Group 1: Production and Sales Performance - In the first five months of 2025, the heavy truck market in China recorded cumulative sales of approximately 441,000 units, reflecting a slight year-on-year increase of about 2% [1][2] - In May 2025, sales reached approximately 89,000 units, showing a year-on-year increase of 14% and a month-on-month growth of 1% [1][2] - The company’s production and operational performance is strong, with overall production and sales growth outpacing the industry, and maintaining a leading market share in the domestic heavy truck sector [1][2] Group 2: New Energy Truck Development - In the first five months of 2025, cumulative sales of new energy heavy trucks in China reached 61,200 units, representing a significant year-on-year growth of 195% [1][3] - May 2025 saw sales of 15,100 units, with a year-on-year increase of 190%, and a market penetration rate of 23.92% [1][3] - The company is continuously increasing its market share in the new energy sector, and with advancements in technology, the new energy heavy truck industry is expected to have substantial growth potential [1][3] Group 3: Natural Gas Truck Outlook - Cumulative sales of natural gas heavy trucks in China for the first five months of 2025 totaled 78,000 units, showing a year-on-year decline of 16% [1][4] - In May 2025, sales of natural gas trucks were 14,000 units, reflecting an 18% decrease compared to the previous month [1][4] - The company’s sales of natural gas heavy trucks are in line with industry trends, and with ongoing technological improvements and the inclusion of natural gas trucks in the "old-for-new" subsidy policy, the company aims to leverage these benefits for strategic growth [1][4]