Group 1: Industry Development - The sales scale and penetration rate of the new energy heavy truck industry have significantly improved in recent years, with the company performing well in this sector and maintaining good year-on-year sales growth [2] - The industry is still in a rapid development phase, driven by policy support and technological innovation, with the electrification trend in short- and medium-distance transportation continuously expanding [2] - Future industry growth is expected to further expand with breakthroughs in intelligent, lightweight technologies and "three-electric" technologies [2] Group 2: Export Performance - The company's products are exported through the Heavy Truck International Company, which has maintained the top position in heavy truck exports for consecutive years, covering over 100 countries and regions [3] - The export performance remains strong this year, and the company plans to leverage Heavy Truck International to explore potential markets and regions, creating new growth [3] Group 3: Policy Impact - The "old-for-new" policy introduced in March this year, which includes natural gas heavy trucks in the subsidy range for scrapping and new purchases, is expected to accelerate the elimination of old vehicles [3] - This policy change will promote the transition of the industry towards greener and more efficient operations, benefiting both new energy and natural gas heavy truck markets [3] - The company aims to seize policy benefits by enhancing product competitiveness and strengthening technological innovation and market expansion for high-quality business development [3]

Group 1: Sales and Production Performance - In the first half of 2025, China's heavy truck market recorded cumulative sales of approximately 1.6 million units, representing a year-on-year growth of about 53.33% [2] - The company is experiencing good production and operational conditions, with overall sales performance maintaining a growth trend compared to the same period last year, outperforming industry levels [2] Group 2: Policy Impact - The "old-for-new" policy launched in March 2025, which includes natural gas heavy trucks in the scrapping and new purchase subsidy scope, is expected to accelerate the elimination of old vehicles and promote the transition to green and efficient operations in the industry [3] - The company aims to leverage policy opportunities to enhance technological innovation and market expansion, driving high-quality business development [3] Group 3: New Energy Heavy Truck Development - In the first half of 2025, cumulative sales of new energy heavy trucks in China reached approximately 60,000 units, showing a year-on-year increase of 194%, with a monthly addition of 6,590 units [3] - The company has demonstrated strong performance in the new energy sector, maintaining good growth rates year-on-year [3] - The new energy heavy truck industry is currently in a rapid development phase, driven by policy support and technological innovation, with an expanding trend towards electrification in short- and medium-distance transportation scenarios [3]