Group 1: Dividend Policy - The company aims to maintain a sustainable and stable cash dividend policy as a core strategy for returning value to investors, with plans to continue cash dividends in the mid-term for 2025 [2] - The company will consider various factors such as current share capital, operational performance, future funding needs, and development plans to balance long-term sustainable growth with shareholder returns [2] Group 2: New Energy Heavy Trucks - In the first eight months of 2025, China's new energy heavy truck sales reached 188,000 units, reflecting a year-on-year growth of 9.80% [3] - The company’s new energy heavy trucks are growing in line with industry trends, supported by policy incentives and technological innovations [3] Group 3: Market Outlook for Heavy Trucks - In 2025, the heavy truck industry saw a year-on-year sales increase of 47% in August, indicating a strong market performance despite seasonal trends [3] - The outlook for the second half of 2025 is positive, driven by ongoing economic recovery, the "old-for-new" policy stimulating demand, and expansion into overseas markets [3]

Core Viewpoint - China National Heavy Duty Truck Group achieved a revenue of 26.16 billion yuan in H1 2025, marking a year-on-year growth of 7.2%, with a net profit attributable to shareholders of 670 million yuan, up 8.1% year-on-year [1] Group 1: Financial Performance - In Q2 2025, the company reported a revenue of 13.25 billion yuan, reflecting a year-on-year increase of 2.2%, and a net profit of 358 million yuan, which is a 4.0% year-on-year growth [1] - The company's heavy truck sales volume grew by 14.1% year-on-year, reaching 81,000 units, outperforming the industry average growth of 7% [2] - The average revenue per vehicle in H1 2025 was 323,000 yuan, a decrease of approximately 23,000 yuan per vehicle, attributed to changes in product structure and a decline in the penetration rate of natural gas heavy trucks [2] Group 2: Market Position and Strategy - The company's market share in the heavy truck segment reached 15%, with a 3 percentage point increase in the share of heavy trucks sold under the China National Heavy Duty Truck brand [2] - The company has maintained a stable control over expense ratios, with a research, sales, and management expense ratio of 2.88% in Q2 2025, down 0.1 percentage points year-on-year [2] - The company has a strong cash position, with cash and cash equivalents totaling 11.3 billion yuan, indicating ample liquidity [2] Group 3: Dividend Policy and Future Outlook - The company continued its mid-term dividend policy in H1 2025, distributing a total of 370 million yuan, maintaining a dividend payout ratio of 55% [3] - The company is expected to benefit from the replacement policy for old operating trucks, which may drive demand in the heavy truck market [3] - Revenue projections for 2025-2027 are optimistic, with expected revenues of 52.7 billion, 56.3 billion, and 67.2 billion yuan, representing year-on-year growth rates of 17%, 7%, and 19% respectively [3]