财务报表中对有大幅变动的财务项目的原因说明如下： 短期借款变动幅度为-61.02%,原因:信用借款下降。 长期借款变动幅度为-33.56%,原因:保证借款和信用借款下降。 财务费用变动幅度为31.51%,原因:公司汇兑损失相比上年同期增加。 研发投入变动幅度为30.39%,原因:公司为提升产品竞争力持续加大研发投入。 据证券之星公开数据整理，近期中集车辆（301039）发布2025年中报。截至本报告期末，公司营业总收 入97.53亿元，同比下降8.85%，归母净利润4.03亿元，同比下降28.48%。按单季度数据看，第二季度营 业总收入51.62亿元，同比下降6.93%，第二季度归母净利润2.24亿元，同比下降24.82%。本报告期中集 车辆公司应收账款体量较大，当期应收账款占最新年报归母净利润比达327.51%。 本次财报公布的各项数据指标表现一般。其中，毛利率15.01%，同比增0.71%，净利率4.19%，同比减 21.98%，销售费用、管理费用、财务费用总计6.21亿元，三费占营收比6.37%，同比增5.07%，每股净资 产7.69元，同比增0.24%，每股经营性现金流0.5元，同比增1.54%，每股 ...

据证券之星公开数据整理，近期中集车辆（301039）发布2025年中报。截至本报告期末，公司营业总收 入97.53亿元，同比下降8.85%，归母净利润4.03亿元，同比下降28.48%。按单季度数据看，第二季度营 业总收入51.62亿元，同比下降6.93%，第二季度归母净利润2.24亿元，同比下降24.82%。本报告期中集 车辆公司应收账款体量较大，当期应收账款占最新年报归母净利润比达327.51%。 本次财报公布的各项数据指标表现一般。其中，毛利率15.01%，同比增0.71%，净利率4.19%，同比减 21.98%，销售费用、管理费用、财务费用总计6.21亿元，三费占营收比6.37%，同比增5.07%，每股净资 产7.69元，同比增0.24%，每股经营性现金流0.5元，同比增1.54%，每股收益0.21元，同比减25.0% 财务报表中对有大幅变动的财务项目的原因说明如下： 证券之星价投圈财报分析工具显示： 1. 短期借款变动幅度为-61.02%,原因:信用借款下降。 2. 长期借款变动幅度为-33.56%,原因:保证借款和信用借款下降。 3. 财务费用变动幅度为31.51%,原因:公司汇兑损失相比上年同期 ...

8月26日，中集车辆（301039）(集团)股份有限公司(以下简称"中集车辆")召开2025年中期业绩说明会， 中集车辆董事长兼首席执行官李贵平、副总裁毛弋、首席财务官占锐、董事会秘书王佳慧等出席。 "行业内卷的本质是同质化，'反内卷'要靠差异化。"在谈到行业中非常关注的"反内卷"问题时，李贵平 表示，"中集车辆不能在同质化竞争中'添砖加瓦'，我们要为同质化竞争釜底抽薪。" 早在2023年，中集车辆作为半挂车行业领军企业率先提出"星链计划"，对半挂车生产组织进行结构性改 革。经过两年多时间，"星链计划"帮助中集车辆走出了一条独特的"反内卷"道路。2025年上半年，中集 车辆实现营收97.53亿元，毛利达14.64亿元。其中全球半挂车业务在2025年上半年实现了营业收入69.24 亿元，贡献毛利11.29亿元，多个地区盈利改善，公司正加速演化成半挂车"全价值链运营者"。 对于未来发展，中集车辆方面称，公司将推进半挂车"星链计划"和液罐车"雄起计划"的融合，进一步强 化"唯有星链"的组织协调，持续保持盈利增长态势，进一步提升市场份额；同时公司将继续推动北美组 织运营模式和业务转型规划的优化，进一步夯实全球供应链韧 ...

2025年8月26日，中集车辆（301039.SZ）召开2025年中期业绩说明会。2025年上半年， 中集车辆稳健前行，实现营收97.5亿元，毛利达14.6亿元，加速演化成星链半挂车"全价值链 运营者"。截至2025年6月30日，公司总资产达231.5亿元，同比提升2.1%，净资产达到 144.1亿元，经营活动产生的现金流量净额达9.3亿元。 2025年上半年，全球半挂车业务实现了营业收入69.24亿元，贡献毛利11.29亿元，生产制造 合计5.3万台各类半挂车。 "星链计划"进入IMP2，"反内卷"取得初步成效 2025年上半年，中国半挂车业务销量同比提升10%，营业收入同比提升11%，毛利率同比提 升2.4%。其中，星链半挂车中国市场经营利润同比提升74%。 星链半挂车LTP集团进一步推动组织运营模式和业务转型规划的迭代，并从设计优化、产线升 级、排产结构优化等多方面落地效益举措，同比2024年上半年，四大工段效率显著提升，整 体产量提升21%，人均产量提升20%，单台半挂车直接人工与制造费用下降15%。 图为星链半挂车LTP集团的驻马店LTP中心A工厂 图为星链半挂车LTP集团的扬州LTP中心A工厂 星 ...

Group 1: Investor Relations Activities - The company participated in multiple broker strategy meetings and one-on-one roadshows in Shanghai from May 22 to May 29, 2025 [2][3] - Key participants included major financial institutions such as BlackRock, Minsheng Securities, and CITIC Securities [2] Group 2: Business Performance and Market Expansion - In Q1 2025, the company achieved a sales volume of 30,000 vehicles, generating revenue of CNY 4.59 billion, with a gross margin of 14.3% [3][5] - The "Starlink Plan" led to a 180% increase in sales revenue in the western market, while the "Xiongqi Plan" resulted in a 120% year-on-year increase in order volume in targeted northern regions [3][4] Group 3: Profitability and Market Trends - Domestic semi-trailer gross margin increased by 2.9 percentage points year-on-year, while the gross margin for the global southern market rose by 7.5 percentage points [5] - The decline in demand in the North American semi-trailer market affected the product mix, leading to a decrease in the sales proportion of high-margin products [3][5] Group 4: Value Creation and Shareholder Returns - The company aims to enhance value creation and strengthen its fundamentals, focusing on core business and technological breakthroughs [5][6] - A shareholder return plan for 2024-2026 includes a cumulative dividend of CNY 1.05 billion in 2024 [5][6] Group 5: Product Development and Future Plans - The company initiated the "Shuxiang Project" in 2018 to explore autonomous electric container transfer vehicles, with significant product development milestones achieved by 2023 [6][7] - Plans for 2025 include launching the "pure electric head and trailer mixer truck" and expanding sales and service networks in the southwestern region [7]

Core Viewpoint - The company is actively optimizing its supply chain and production efficiency in response to geopolitical challenges and raw material price fluctuations, while also expanding its market presence and managing foreign exchange risks. Supply Chain Management - Since 2024, the company has been enhancing its North American supply chain by increasing local procurement and establishing backup supplies in Thailand and Canada to strengthen supply chain resilience [1] - The company has localized the manufacturing and delivery of its box-type semi-trailers in the U.S., with significant progress in localizing refrigerated semi-trailers and container chassis [1] - The centralized procurement strategy has increased the procurement ratio from below 50% to over 85%, resulting in cost savings of over 80 million yuan in 2024 [2] Production Efficiency - The company has implemented a fully automated production line and optimized its production processes, reducing production time to 15 minutes per unit [4] - In Q1 2025, the company reported a 15% year-on-year increase in per capita output, indicating improved operational efficiency [4] Financial Performance - In Q1 2025, the company reported a revenue of 4.591 billion yuan, a decrease of 10.91% year-on-year, and a net profit of 179 million yuan, down 32.59% year-on-year [5] - The company's gross profit margin stands at 14.3%, with a debt ratio of 34.44% [5] Market Expansion and Risk Management - The company is managing foreign exchange risks through regular reviews and the use of foreign exchange forward contracts [3] - The company is focused on expanding its overseas market presence while mitigating the impact of exchange rate fluctuations on its operations [3]

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].