Core Viewpoint - The performance briefing of China National Heavy Duty Truck Group Jinan Truck Co., Ltd. highlighted a positive outlook for the heavy truck market, driven by policy support and economic recovery, particularly in the new energy truck segment [2]. Group 1: Operational Performance - In the first half of 2025, the heavy truck market showed a "volatile recovery, strengthening each quarter" trend, with total sales steadily increasing. The heavy truck industry sales reached 539,000 units, a year-on-year increase of 6.9% [2]. - In July, heavy truck sales reached 83,000 units, with a year-on-year growth rate of 42%, marking four consecutive months of positive growth [2]. Group 2: Industry Outlook - The heavy truck industry is expected to experience an upward trend in the second half of the year, with an estimated annual scale of around 1 million units, supported by the "old-for-new" vehicle policy and economic recovery [2]. Group 3: New Energy Trucks - The new energy heavy truck market in China saw rapid growth, with cumulative sales of 79,200 units in the first half of the year, representing a year-on-year increase of approximately 186%. The company's new energy truck sales grew faster than the industry average [2]. Group 4: Natural Gas Trucks - The domestic natural gas heavy truck market experienced a brief recovery followed by a decline. The "old-for-new" policy has been included in the subsidy scope, injecting vitality into the market [2]. Group 5: Export Performance - The company's export performance remained strong, with exports accounting for nearly 50% of total sales. Key export regions include Africa, Southeast Asia, Central Asia, and the Middle East, covering over 100 countries [2]. Group 6: Dividend Policy - The company plans to maintain a stable dividend policy, considering factors such as share capital, performance, funding needs, and development plans, with the intention to increase cash dividend ratios when conditions allow [2]. Group 7: Accounts Receivable Management - The company's sales increased by 14.1% year-on-year, leading to a rise in accounts receivable. The company will implement a comprehensive management approach to control accounts receivable and ensure risk is manageable [2].