Group 1: Overall Performance - In the first half of 2025, the heavy truck market showed a "volatile recovery, strengthening each quarter," with a total sales volume of 539,000 units, a year-on-year increase of 6.9% [2][3] - The company sold heavy trucks totaling 14,000 units, achieving a year-on-year growth of 8.1%, outperforming the industry average [3] - Revenue reached 26.16 billion yuan, reflecting a year-on-year growth of 7.2%, while net profit attributable to the parent company was 670 million yuan, up 7.6% year-on-year [3] Group 2: Industry Outlook - In July 2025, heavy truck sales reached 83,000 units, with a year-on-year growth rate of 42%, indicating a positive market trend [4] - The overall market is expected to maintain an upward trend, with an estimated annual sales volume of around 1 million units [4] Group 3: New Energy Trucks - The new energy heavy truck market experienced rapid growth, with total sales of 79,200 units in the first half of 2025, a year-on-year increase of approximately 186% [5] - The company’s sales of new energy heavy trucks outpaced the industry growth, driven by policy support and expanding application scenarios [5] Group 4: Natural Gas Trucks - Sales of natural gas heavy trucks in the first half of 2025 totaled 91,500 units, a year-on-year decline of 16% [6][7] - The implementation of the "old-for-new" policy is expected to revitalize the market by accelerating the replacement of old vehicles [7] Group 5: Export Performance - The company's export volume accounted for nearly 50% of total sales in the first half of 2025, focusing on markets in Africa, Southeast Asia, Central Asia, and the Middle East [8] - The export market is transitioning to a more sustainable growth model, with increasing recognition of Chinese brands in emerging markets [8] Group 6: Dividend Policy - The company aims to maintain a stable cash dividend policy, with plans for mid-term cash dividends in 2025 [9] - The dividend payout ratio will be adjusted based on factors such as current share capital, operational performance, and future funding needs [9] Group 7: Accounts Receivable - Accounts receivable increased year-on-year due to a 14.1% rise in sales volume in the first half of 2025 [9] - The company plans to implement comprehensive management strategies to control the scale of accounts receivable while ensuring risk is manageable [9]