Group 1: Investor Relations Activities - The company participated in multiple one-on-one roadshows and broker strategy meetings from January 7 to January 29, 2026, in Shanghai, Chongqing, and Shenzhen [2][3] - Key participants included major investment firms such as CITIC Securities, Taikang Asset, and Huatai Securities [2][3] Group 2: Supply Chain and Geopolitical Risk Management - The company is actively reshaping its global supply chain for semi-trailers, focusing on local procurement in North America while maintaining global supply support [3] - A governance structure upgrade for the North American holding platform was completed in 2024, establishing a "borderless enterprise" foundation [3] Group 3: Global Market Expansion - The company has identified the global southern market as a core area for expansion, leveraging the "Starlink Plan" to enhance its strategic layout [5] - In the first three quarters of 2025, revenue from the southern market's semi-trailer business grew by 15.79%, with sales increasing by 21.39% and gross margin rising by 2.6 percentage points [5] Group 4: Domestic Market Development - The company is enhancing its domestic market presence through the "Three Good Development" initiative, which focuses on integrated R&D, marketing, and service [6][7] - The company has established 15 "Three Good Centers" and is planning an additional 10 centers to expand its network [7] Group 5: Shareholder Returns and Value Management - The company emphasizes shareholder returns with an active dividend policy and has announced a three-year shareholder return plan for 2024-2026 [7] - A value management system has been established to enhance investment value and ensure compliance with regulatory requirements [7] Group 6: Foreign Exchange Risk Management - The company manages foreign exchange risk through regular assessments and the use of forward foreign exchange contracts [8]

Core Viewpoint - The company, CIMC Vehicles, has experienced a decline in performance since its listing in July 2021, primarily due to geopolitical tensions and trade wars affecting the North American market, but remains committed to strategic adaptation and growth in the global market [1] Group 1: Financial Performance - For the first three quarters of 2025, the company's net profit attributable to shareholders, excluding non-recurring gains and losses, was 622 million yuan, indicating a year-on-year decline [1] - The decline in performance is attributed to structural changes in the market caused by geopolitical issues related to North America [1] Group 2: Strategic Response - The company aims to maintain strategic focus and adapt to changes by enhancing supply chain resilience in North America and expanding its operations in global southern markets [1] - CIMC Vehicles plans to build differentiated core competencies and explore the full value chain of its Starlink semi-trailer products [1] Group 3: Future Outlook - The company is committed to optimizing its North American operational model and business transformation to strengthen its global supply chain resilience against geopolitical risks [1] - CIMC Vehicles is focused on developing integrated pure electric head-trailer products to meet user needs across their entire lifecycle, emphasizing collaboration in building a closed-loop ecosystem for electric head-train products [1]