中集车辆灯塔工厂产线 公司供图 星链计划重构全价值链竞争力 "内卷的本质是同质化竞争，而反内卷的核心是创造差异化价值。"李贵平说，早在2023年，中集车辆便 率先在行业内提出反内卷战略，宣布公司进行第三次创业。 记者了解到，中集车辆的第一次创业缘起2002年中集集团进入半挂车赛道，并引领国内半挂车产业告别 非标化，逐渐走向正规化、工业化、规模化。中集车辆的第二次创业则以2010年中集车辆开启业务出海 为标志，公司以"跨洋经营，当地制造"为核心战略，构建了覆盖全球25家"灯塔工厂"的网络。 在全球商用车行业持续调整的背景下，中国半挂车龙头中集车辆正通过第三次创业，冲破行业内卷困 局。近日，中集车辆董事长兼CEO李贵平在接受中国证券报记者专访时详细阐述了公司以星链计划为核 心的全价值链运营战略。从半挂车市场的反内卷实践，到全球化供应链的重塑与本土化深耕，再到新能 源重卡与纯电动头挂列车的赛道布局……一幅中国智造高端突围的路线图逐渐清晰。 李贵平表示，公司第三次创业是管理层在全新市场竞争格局下，对公司未来8至10年的发展所制定的战 略决策。第三次创业以新质生产力为战略方向，以星链计划、雄起计划为战略落地，针对半挂车 ...

李贵平表示，公司第三次创业是管理层在全新市场竞争格局下，对公司未来8至10年的发展所制定的战 略决策。第三次创业以新质生产力为战略方向，以星链计划、雄起计划为战略落地，针对半挂车、液罐 车在全国统一大市场及全球南方市场布局，旨在重塑行业赛道、引领行业新发展。 在李贵平看来，半挂车产业可以通过三大路径构建新的发展格局：一是创新半挂车的设计与生产技术； 二是推动领先半挂车企业生产组织结构性改革；三是将行业内过剩的产能资源在内循环和外循环下进行 重新配置。 "中集车辆在第二次创业的过程中基本构建了半挂车业务的高端制造体系和管理新基建，但这并不足以 帮助我们摆脱日益严峻的内卷局面。在2023年8月公司中期董事会上，我陈述了第三次创业的发展愿景 和分三阶段实施的路线图，正式开启反内卷的征程。"李贵平回忆，彼时中集车辆旗下有十余家半挂车 及液罐车生产企业，各主体独立运营却因同质化竞争一度陷入内卷。这些企业就像互不隶属的"小院"， 亟需打破"小院高墙"。 中集车辆在第三次创业第一阶段展开的星链计划，便聚焦半挂车生产组织结构性改革，目标是将这些分 散的业务单元串联成互联互补的整体——如同夜空中的星辰，通过链接爆发更大能量。 ...

星链计划重构全价值链竞争力 "内卷的本质是同质化竞争，而反内卷的核心是创造差异化价值。"李贵平说，早在2023年，中集车辆便 率先在行业内提出反内卷战略，宣布公司进行第三次创业。 记者了解到，中集车辆的第一次创业缘起2002年中集集团进入半挂车赛道，并引领国内半挂车产业告别 非标化，逐渐走向正规化、工业化、规模化。中集车辆的第二次创业则以2010年中集车辆开启业务出海 为标志，公司以"跨洋经营，当地制造"为核心战略，构建了覆盖全球25家"灯塔工厂"的网络。 李贵平表示，公司第三次创业是管理层在全新市场竞争格局下，对公司未来8至10年的发展所制定的战 略决策。第三次创业以新质生产力为战略方向，以星链计划、雄起计划为战略落地，针对半挂车、液罐 车在全国统一大市场及全球南方市场布局，旨在重塑行业赛道、引领行业新发展。 在李贵平看来，半挂车产业可以通过三大路径构建新的发展格局：一是创新半挂车的设计与生产技术； 二是推动领先半挂车企业生产组织结构性改革；三是将行业内过剩的产能资源在内循环和外循环下进行 重新配置。 在全球商用车行业持续调整的背景下，中国半挂车龙头中集车辆正通过第三次创业，冲破行业内卷困 局。近日，中集车 ...

以下文章来源于字母榜 ，作者苗正 字母榜 . 让未来不止于大 一 那……什么是星链手机呢？ 要理解卫星手机这回事，得先搞清楚我们现在的手机是怎么工作的。你的手机其实就是个小型无线电 台，它通过电磁波跟附近的基站聊天。基站收到你的信号后，再通过光纤或者微波链路把信息传到电 信公司的交换中心，最后送到对方手机那里。整个过程看起来挺顺畅，但有个致命问题： 基站的覆 盖范围有限，大概只有几公里到几十公里。 这就是为什么你在深山老林里经常没信号，因为电信公司不可能在每个角落都建基站，成本太高了。 全球有大片大片的地方，包括海洋、沙漠、极地，都是通信的盲区。据统计，地球上大约有一半的地 方没有可靠的移动通信覆盖。 卫星通信的想法其实不新鲜。早在上世纪九十年代，就有公司尝试过卫星电话，比如铱星系统 （Iridium） 。但那时候的卫星电话有几个大问题：设备巨大笨重，通话费用贵得离谱，而且信号质 量也不太好。一台卫星电话能有砖头那么大，通话费一分钟几十块钱，普通人根本用不起。 本文来自微信公众号： 字母榜 ，作者：苗正，编辑：王靖，题图来自：AI生成 马斯克的星链计划又有了新动作，他在一档访谈节目中谈到，星链手机将要在2年后 ...

Core Viewpoint - The introduction of free WiFi on Eastern Airlines flights has sparked mixed reactions among passengers, particularly among workers who value the time away from connectivity as a rare opportunity for disconnection and relaxation [5][9][15]. Group 1: Eastern Airlines WiFi Service - Eastern Airlines launched a free WiFi service on select flights starting August 20, allowing passengers in certain classes to stay connected throughout their journey [5][8]. - While this service represents a technological advancement for the airline, it has not been universally welcomed, with many passengers expressing concerns about losing their last refuge from work-related communications [9][10][15]. Group 2: Passenger Reactions - Many workers have voiced their discontent, stating that the ability to disconnect during flights is crucial for mental health and personal time [10][16]. - Comments from passengers indicate a strong desire to maintain the traditional experience of being offline during flights, with some viewing the new service as an invasion of their personal space [12][14][18]. Group 3: Industry Trends - The global aviation industry is witnessing a shift towards in-flight connectivity, with companies like SpaceX's Starlink leading the charge in providing high-speed internet services [26][29]. - Eastern Airlines is not alone in this trend; other airlines are also exploring similar services, indicating a growing market for in-flight WiFi, which is projected to become a standard offering rather than a luxury [26][27][32]. Group 4: Future Implications - The introduction of WiFi on flights reflects broader societal changes where constant connectivity is expected, pushing individuals to adapt to a fast-paced lifestyle [34][35]. - There is a call for a balance where passengers can choose whether to connect or disconnect, highlighting the need for flexibility in service offerings to cater to diverse passenger preferences [35][36].

Core Viewpoint - The report highlights the strong performance of CIMC Vehicles in the first half of 2025, driven primarily by its semi-trailer and liquid tank businesses, with significant growth in revenue and market share in China, showcasing the company's strategic initiatives to combat industry homogenization and enhance profitability through innovative plans like the "Starlink Plan" and "Rising Plan" [1][2][11][20]. Financial Performance - In the first half of 2025, CIMC Vehicles achieved operating revenue of 9.75 billion yuan, with a gross profit of 1.46 billion yuan [1]. - Total assets reached 23.15 billion yuan, a 2.1% increase from the previous year, while net assets grew by 0.2% to 14.41 billion yuan [1]. - The net cash flow from operating activities was 930 million yuan, reflecting a year-on-year growth of 1.5% [1]. Business Highlights - The company sold 53,000 semi-trailers in the first half of 2025, with 31,600 units targeted at the Chinese market, marking a 10% year-on-year increase in sales [6]. - Revenue from global semi-trailer and superstructure businesses amounted to 6.924 billion yuan and 1.473 billion yuan, respectively, accounting for 71% and 15.1% of total revenue [4]. - The gross profit from semi-trailer sales was 1.129 billion yuan, while the superstructure business contributed 71 million yuan [4]. Market Performance - CIMC Vehicles' market share in the Chinese semi-trailer sector rose to 23.07%, maintaining its position as the industry leader for six consecutive years [6]. - The company reported a 11% increase in revenue from the Chinese semi-trailer business, with a gross margin improvement of 2.4% and a 74% increase in operating profit [6][9]. - In the global southern market, semi-trailer sales increased by 13%, while the European market showed resilience with an 8.7% revenue growth from its subsidiary SDC [6]. Strategic Initiatives - The "Starlink Plan" aims to transform the semi-trailer production structure, while the "Rising Plan" focuses on liquid tank vehicles, both contributing to significant operational improvements [11][13]. - The integration of the "Starlink Plan" and "Rising Plan" into a unified strategy, termed "Only Starlink Plan," reflects the company's commitment to innovation and market leadership [14]. - R&D investment reached 205 million yuan, a 30.4% increase, emphasizing the focus on enhancing the proportion of new energy products [18]. Future Outlook - CIMC Vehicles plans to continue its third entrepreneurial phase, enhancing its global operational model and supply chain resilience while pushing for high-quality development [20]. - The company aims to solidify its position as a leader in the new energy vehicle sector, with upcoming product launches expected to make a significant impact in the market [18][20].

Group 1 - The core viewpoint of the news is that CIMC Vehicles is actively adapting to market challenges and opportunities through strategic initiatives like the "Starlink Plan" and "Big White Bear Plan" to enhance production efficiency and market share [2] - CIMC Vehicles held an investor relations event on August 26, 2025, with participation from 77 institutions, including CITIC Securities and CICC, to discuss the company's development strategy and business progress [1] - The "Starlink Plan" has entered the IMP2 phase in the first half of 2025, contributing nearly 30% to total revenue, with improvements in profit and sales profit margin [2] Group 2 - In the North American market, CIMC Vehicles sold 7,888 units in the first half of 2025 despite a 24.3% year-on-year decline in semi-trailer production, indicating resilience in a challenging environment [2] - The company is planning to build a super center in Luzhou and has established a marketing service company and a delivery warehouse in the first half of 2025 to support its EV·DTB business [2] - CIMC Vehicles is launching the "Hannover Plan" to expand its pure electric head trailer product lineup and is actively participating in the formulation of national standards to accelerate product commercialization [2]

Group 1: Company Performance and Strategy - In the first half of 2025, the "Starlink Plan" accounted for nearly 30% of total revenue, with significant improvements in profit and sales profit margins for both Starlink semi-trailers and liquid tankers [3][4] - The production of Starlink semi-trailers increased by 15% in terms of LTP group output [3] - The company is actively responding to national "anti-involution" policies, marking the beginning of its third entrepreneurial phase focused on structural changes in semi-trailer production [3][4] Group 2: North American Market Insights - In the first half of 2025, North American semi-trailer production was 108,800 units, a year-on-year decline of 24.3%, indicating a severely weak demand [4] - Despite challenges, the company sold 7,888 units in North America, maintaining profitability amid tariff impacts and demand downturns [4][5] - The company anticipates a potential weak recovery in the North American semi-trailer market in the second half of 2025, driven by easing tariff conditions and seasonal demand [4] Group 3: Product Development and Innovation - The company is accelerating the development of its "pure electric head trailer" product line and establishing operational support bases for these vehicles [6][8] - The "Hannover Plan" aims to enhance the product iteration and commercialization process for electric trailers, with a focus on seamless integration from R&D to market [8] - The company plans to participate in the formulation of national standards for electric trailers, with key events scheduled for 2024 and 2025 [8] Group 4: Infrastructure and Market Expansion - The company is establishing a super center in Luzhou to support multiple vehicle types, enhancing its operational efficiency and market reach in the southwest region [7] - The EV·DTB business is positioned to benefit from major infrastructure projects like the Yarlung Zangbo River hydropower project, which aligns with national development plans [5][6]

Core Viewpoint - The financial performance of CIMC Vehicles (301039) for the first half of 2025 shows a decline in revenue and net profit compared to the previous year, indicating potential challenges in the market and operational efficiency [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 was 9.753 billion yuan, a decrease of 8.85% year-on-year [1]. - Net profit attributable to shareholders was 403 million yuan, down 28.48% year-on-year [1]. - The gross profit margin was 15.01%, an increase of 0.71% year-on-year, while the net profit margin decreased by 21.98% to 4.19% [1]. - The company's accounts receivable reached 35.55 billion yuan, representing 327.51% of the net profit, indicating a significant amount of outstanding payments [1][3]. - The company reported a decrease in operating expenses, with total sales, management, and financial expenses amounting to 621 million yuan, which is 6.37% of revenue, an increase of 5.07% year-on-year [1]. Cash Flow and Investment - The net cash flow from investment activities increased by 226.13%, attributed to the recovery of funds from the sale of equity in Shenzhen special vehicles [2]. - The net increase in cash and cash equivalents surged by 1401.68%, due to the absence of H-share repurchase payments from the previous year and the recovery of funds from equity sales [2]. Strategic Initiatives - The company has launched the "Starlink Plan" and "Xiongqi Plan" to enhance market presence and sales, with projected sales growth in the North American semi-trailer market despite a continuous decline over the past 18 months [5][6]. - The "Zhao Zilong Plan" initiated in 2024 aims to increase order numbers by 50% in specific regions, while the "Zhuge Liang Project" targets market expansion along the Yangtze River [6][7]. - The company anticipates significant growth potential in the global South market, which is expected to contribute to future revenue growth [7]. Market Position and Analyst Expectations - Analysts project that the company's performance for 2025 will reach 1.129 billion yuan, with an average earnings per share of 0.6 yuan [3]. - The company maintains a healthy cash position, with a forecasted dividend yield of 4.22% [3].

Core Viewpoint - The financial performance of CIMC Vehicles (301039) for the first half of 2025 shows a decline in revenue and net profit compared to the previous year, indicating potential challenges in the company's operations and market conditions [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 9.753 billion yuan, a decrease of 8.85% year-on-year [1]. - Net profit attributable to shareholders was 403 million yuan, down 28.48% year-on-year [1]. - In Q2 2025, total revenue was 5.162 billion yuan, a decline of 6.93% year-on-year, with net profit at 224 million yuan, down 24.82% [1]. - The gross margin was 15.01%, an increase of 0.71% year-on-year, while the net margin was 4.19%, a decrease of 21.98% [1]. - Total receivables accounted for 327.51% of the latest annual net profit, indicating a significant amount of outstanding payments [1][5]. Key Financial Metrics - Operating expenses, including sales, management, and financial costs, totaled 621 million yuan, representing 6.37% of revenue, an increase of 5.07% year-on-year [1]. - Earnings per share (EPS) was 0.21 yuan, down 25.00% year-on-year [1]. - Cash flow from operations per share was 0.5 yuan, an increase of 1.54% year-on-year [1]. - The company reported a significant increase in cash and cash equivalents, with a net increase of 1401.68% due to the recovery of funds from the sale of assets [4]. Strategic Initiatives - The company has launched the "Starlink Plan" and "Xiongqi Plan" to enhance market presence and sales, with specific sales targets for semi-trailers and tankers in the coming years [7][8]. - The "Zhao Zilong Plan" initiated in 2024 aims to increase orders and market share in specific regions, achieving a 50% increase in orders and a 100% rise in market share [7]. - The "Zhuge Liang Project" targets growth along the Yangtze River, aiming to establish a unified national market strategy [8]. - The company is focusing on expanding its operations in the global South, which is expected to contribute significantly to future growth [8][9]. Investment and Market Outlook - Analysts project a performance of 1.129 billion yuan for 2025, with an average EPS estimate of 0.6 yuan [5]. - The company has a healthy cash position, with a forecasted dividend yield of 4.22% [4].