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 ...

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: 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].

Financial Summary - As of June 30, 2025, total assets amounted to RMB 23.15 billion, an increase from RMB 22.69 billion as of December 31, 2024 [4][8]. - Total liabilities reached RMB 8.20 billion, up from RMB 7.75 billion in the previous year [6][8]. - Shareholders' equity totaled RMB 14.96 billion, slightly increasing from RMB 14.94 billion [8]. Income Statement Highlights - Operating revenue for the six months ended June 30, 2025, was RMB 9.75 billion, a decrease from RMB 10.70 billion in the same period of 2024 [10][12]. - Net profit for the same period was RMB 408.19 million, down from RMB 573.99 million year-on-year [10][12]. - Basic and diluted earnings per share were both RMB 0.21, compared to RMB 0.28 in the previous year [14]. Cash Flow Analysis - Net cash generated from operating activities was RMB 927.90 million, compared to RMB 913.79 million in the same period of 2024 [16][22]. - Cash flow from investing activities showed a net inflow of RMB 286.75 million, a significant improvement from a net outflow of RMB 227.35 million in the previous year [18][20]. - Cash flow from financing activities resulted in a net outflow of RMB 663.27 million, compared to RMB 771.26 million in the same period of 2024 [20][22]. Business Performance - The company produced approximately 53,000 various types of semi-trailers in the first half of 2025, with revenue from global semi-trailer business reaching RMB 6.92 billion, contributing a gross profit of RMB 1.13 billion [26][27]. - The "Starlink Plan" and "Xiongqi Plan" have shown effectiveness, with sales volume of Starlink semi-trailers in the Chinese market increasing by 10% and revenue rising by 11% [30][31]. - The company maintained a market share of 23.07% in the Chinese semi-trailer market, continuing to hold the top position for six consecutive years [33]. Future Outlook - The company aims to evolve into a "full value chain" operator for Starlink semi-trailers, with plans to integrate the "Xiongqi Plan" for liquid tankers to achieve similar results [40][41]. - The company is focused on enhancing its global supply chain resilience and adapting to geopolitical risks through organizational and operational improvements [41]. - The introduction of pure electric head-mounted trailers is a key strategy, with ongoing development and market penetration expected in the near future [42][43].

Group 1: Investor Relations Activities - The company participated in multiple broker strategy meetings and one-on-one roadshows in Shanghai from May 22 to May 29, 2025 [2][3] - Key participants included major financial institutions such as BlackRock, Minsheng Securities, and CITIC Securities [2] Group 2: Business Performance and Market Expansion - In Q1 2025, the company achieved a sales volume of 30,000 vehicles, generating revenue of CNY 4.59 billion, with a gross margin of 14.3% [3][5] - The "Starlink Plan" led to a 180% increase in sales revenue in the western market, while the "Xiongqi Plan" resulted in a 120% year-on-year increase in order volume in targeted northern regions [3][4] Group 3: Profitability and Market Trends - Domestic semi-trailer gross margin increased by 2.9 percentage points year-on-year, while the gross margin for the global southern market rose by 7.5 percentage points [5] - The decline in demand in the North American semi-trailer market affected the product mix, leading to a decrease in the sales proportion of high-margin products [3][5] Group 4: Value Creation and Shareholder Returns - The company aims to enhance value creation and strengthen its fundamentals, focusing on core business and technological breakthroughs [5][6] - A shareholder return plan for 2024-2026 includes a cumulative dividend of CNY 1.05 billion in 2024 [5][6] Group 5: Product Development and Future Plans - The company initiated the "Shuxiang Project" in 2018 to explore autonomous electric container transfer vehicles, with significant product development milestones achieved by 2023 [6][7] - Plans for 2025 include launching the "pure electric head and trailer mixer truck" and expanding sales and service networks in the southwestern region [7]

Core Viewpoint - The company is actively optimizing its supply chain and production efficiency in response to geopolitical challenges and raw material price fluctuations, while also expanding its market presence and managing foreign exchange risks. Supply Chain Management - Since 2024, the company has been enhancing its North American supply chain by increasing local procurement and establishing backup supplies in Thailand and Canada to strengthen supply chain resilience [1] - The company has localized the manufacturing and delivery of its box-type semi-trailers in the U.S., with significant progress in localizing refrigerated semi-trailers and container chassis [1] - The centralized procurement strategy has increased the procurement ratio from below 50% to over 85%, resulting in cost savings of over 80 million yuan in 2024 [2] Production Efficiency - The company has implemented a fully automated production line and optimized its production processes, reducing production time to 15 minutes per unit [4] - In Q1 2025, the company reported a 15% year-on-year increase in per capita output, indicating improved operational efficiency [4] Financial Performance - In Q1 2025, the company reported a revenue of 4.591 billion yuan, a decrease of 10.91% year-on-year, and a net profit of 179 million yuan, down 32.59% year-on-year [5] - The company's gross profit margin stands at 14.3%, with a debt ratio of 34.44% [5] Market Expansion and Risk Management - The company is managing foreign exchange risks through regular reviews and the use of foreign exchange forward contracts [3] - The company is focused on expanding its overseas market presence while mitigating the impact of exchange rate fluctuations on its operations [3]