Core Viewpoint - In the "golden September" of 2025, Foton Auman stands out as the leading player in the heavy truck market, showcasing remarkable sales growth and market performance [1][2]. Sales Performance - In September 2025, Foton Heavy Truck sold 13,500 units, a year-on-year increase of 137%, with Auman heavy trucks accounting for nearly 10,000 units, marking a 167% increase compared to the previous year. This growth rate exceeds the overall heavy truck market growth by 85 percentage points [3][5]. - From January to September 2025, Foton Heavy Truck achieved cumulative sales of 104,000 units, a 95% year-on-year increase, while Auman heavy trucks sold 64,000 units, up 86% year-on-year, significantly outperforming the overall market growth of 20% [5]. Product Strategy - Foton Auman's strong performance is attributed to its "dual product line strategy" of "Galaxy + Starry," which effectively addresses diverse market needs through differentiated product positioning [5][7]. - In the tractor segment, Foton Auman maintained a strong presence, selling over 50,000 units from January to September 2025, achieving over 60% growth and capturing nearly 13% market share, an increase of about 4 percentage points from the previous year [7][8]. New Energy Segment - The new energy heavy truck market is expanding, with Foton Auman selling nearly 14,000 units of new energy heavy trucks from January to September 2025, a nearly threefold increase year-on-year, capturing close to 9% market share [12][14]. - The Auman Starry pure electric tractor has gained popularity, featuring a 600 kWh battery with a range exceeding 350 kilometers, and has seen significant sales since its launch [14][15]. Conclusion - Foton Auman's dual-platform strategy, encompassing both traditional and new energy vehicles, positions it strongly in the heavy truck market, indicating a promising outlook for the remainder of 2025 [15].

Core Viewpoint - North Benz Foton has demonstrated robust growth in sales and diversified its business model, focusing on internationalization, electrification, and intelligent technology, leading to significant performance improvements in various segments [1][5]. Sales Performance - In the first nine months of the year, North Benz Foton's cumulative sales exceeded 480,000 units, marking a year-on-year increase of 10.9%. In September alone, sales surpassed 55,000 units, reflecting a 10.2% growth [1]. - The company achieved a notable increase in heavy truck sales, with over 13,000 units sold in September, representing a year-on-year growth of 137.4% [1]. Business Segments - The overseas market has shown steady expansion, with cumulative sales exceeding 117,000 units [1]. - The new energy vehicle segment has experienced remarkable growth, with sales surpassing 74,000 units, a year-on-year increase of 113.4% [1]. - The heavy truck segment has also performed strongly, with cumulative sales exceeding 103,000 units, reflecting a year-on-year growth of 94.9% [1]. Technological Innovation - North Benz Foton's heavy truck business has benefited from forward-looking technological innovations, such as the Super Powertrain technology, which enhances fuel economy and reliability [2]. - The company has developed a comprehensive product matrix under the Ouman brand, targeting various market segments including express delivery and cold chain logistics [2]. Green Transformation - The commercial vehicle industry in China is accelerating its green transformation, with the penetration rate of new energy vehicles expected to reach 29.89% by August 2025 [2]. - North Benz Foton is actively pursuing its "New Energy 30·50 Strategy" to capitalize on this transition, recently delivering 100 units of the Ouman Starwing new energy tractor in Guizhou [2]. Systematic Support - The company has demonstrated systematic technical support capabilities, with its self-developed "Aiyike" power battery passing rigorous safety tests and achieving industry-leading safety performance [3]. - North Benz Foton has launched the world's first dedicated platform for pure electric light trucks, marking a significant advancement in the transition from traditional fuel to electric vehicles [3]. International Expansion - The company has made significant progress in internationalization, securing orders for 125 heavy trucks in Southeast Asia and completing the delivery of 100 customized school buses in the Middle East [4]. - In Uganda, North Benz Foton has established a local assembly line to enhance its responsiveness to regional market demands [4]. Future Outlook - Analysts believe that North Benz Foton has established a three-dimensional growth model, combining stable growth in traditional business, valuation enhancement in new energy, and expansion in overseas markets [5].

Core Insights - North Benz Foton achieved cumulative sales of over 480,000 units from January to September, marking a year-on-year growth of 10.9%, with September sales exceeding 55,000 units, also up by 10.2% [1] - The company is focusing on a strategy of "comprehensive internationalization, comprehensive electrification, and comprehensive intelligence," leading to significant growth in key business segments [1] Sales Performance - Cumulative sales in the overseas market reached over 117,000 units, while the new energy vehicle segment saw a remarkable year-on-year growth of 113.4%, totaling over 74,000 units sold [1] - The heavy truck segment also performed strongly, with cumulative sales surpassing 103,000 units, reflecting a year-on-year increase of 94.9% [1][3] Market Trends - The domestic heavy truck market is experiencing structural changes, with demand for cargo vehicles outpacing that for tractor trucks for the first time, particularly in short-distance logistics [3] - In September, North Benz Foton's heavy truck sales exceeded 13,000 units, showing a robust year-on-year growth of 137.4% [3] Technological Advancements - The company has made significant advancements in technology, particularly with its proprietary "Super Power Chain" technology, which enhances fuel economy and reliability [3] - The introduction of the "Aiyike" power battery has passed rigorous safety tests and achieved industry-leading safety performance [6] Green Transformation - The commercial vehicle industry in China is accelerating its green transformation, with the new energy penetration rate for commercial vehicles reaching 29.89% by August 2025 [5] - North Benz Foton is actively pursuing opportunities in this transition, exemplified by the successful delivery of 100 units of the Ouman Starwing new energy tractor in Guizhou [5] International Expansion - The company is expanding its international presence, with a focus on localizing its products to meet regional demands [7] - Recent achievements include securing orders for 125 heavy trucks in Southeast Asia and completing the delivery of 100 customized school buses in the Middle East [7] Future Outlook - By 2025, the commercial vehicle sector is expected to see accelerated integration of intelligent technologies, reshaping the ecosystem towards zero carbon, smart driving, and data-driven operations [9] - Analysts suggest that North Benz Foton has established a three-dimensional growth model, positioning itself for further advantages in the industry transformation process [9]

Core Viewpoint - The launch of the "Ouman Galaxy Series Products" in Changchun highlights the growing demand for efficient logistics solutions in Northeast China, with a focus on the Ouman Galaxy 9 gas truck, which has received strong market recognition through the signing of 186 units for initial delivery [1][13]. Group 1: Product Features and Performance - The Ouman Galaxy 9 gas truck is designed to redefine the standard for gas heavy trucks, featuring a powerful 630 horsepower engine and 2600 N·m torque, while achieving a 5% reduction in gas consumption [5]. - The Ouman Galaxy 7 gas truck offers high efficiency with a 630 horsepower engine and 2600 N·m torque, achieving approximately 8% reduction in gas consumption, making it economically advantageous for long-term operations [7]. - The Ouman Galaxy series trucks are equipped with advanced features such as electronic rearview mirrors, a 12.3-inch dual screen for vehicle information and entertainment, and PM2.5 level air conditioning, enhancing driver comfort and operational efficiency [5][7]. Group 2: Market Demand and Strategic Positioning - Changchun is positioned as a logistics hub in Northeast China, necessitating high-performance and economical transport vehicles to meet the demands of the local logistics market [3]. - The Ouman Galaxy series trucks are tailored to various logistics scenarios in Jilin, including long-distance transport, urban distribution, and rural transit, thereby supporting the efficient operation of logistics enterprises [8][11]. - The shift towards gas heavy trucks is driven by the dual goals of carbon neutrality and cost reduction in logistics, positioning Ouman's gas trucks as a primary choice for logistics companies [14]. Group 3: Partnerships and Market Impact - The launch event resulted in significant partnerships with leading logistics companies in the Jilin region, reflecting strong market confidence in Ouman's products [13]. - The comprehensive coverage of logistics scenarios by the Ouman Galaxy gas trucks is expected to facilitate the transition of the logistics industry towards more efficient, green, and intelligent operations [14].

1.总量增长：福田"狂奔"，传统三强增速平缓 从销量规模来看，福田重卡成为最大黑马，上半年累计销量同比大增74.3%，6月单月增速更是高达116.3%，展现出强劲的市场扩张力。相比之 下，解放上半年销量同比微降，东风、重汽、陕汽虽实现小幅增长，但增速均未突破10%，传统头部企业的增长动能明显弱于福田。 2.新能源赛道：东风"一骑绝尘"，解放紧随其后 在决定未来话语权的新能源重卡领域，东风以1-6月累计609.6%的同比增速强势领跑，6月单月增幅更达606.3%，成为在新能源赛道跑的最快的传 统豪强。解放则以467.0%的累计增速位居第二，福田、陕汽增速均超300%，而重汽的225.7%增速则略显滞后。这一赛道已初步形成"东风+解 放"双龙头领跑格局，其余企业需加速追赶。 3.牵引车战场：福田再拔头筹，解放拖累明显 作为重卡市场的"胜负手"，牵引车销量直接反映企业核心竞争力。上半年，福田牵引车累计增长47.1%，远超行业平均1.7%的增幅，重汽、陕 汽、东风实现小幅增长，而解放同比下滑12.2%，成为五强中唯一负增长的企业。若无法在牵引车市场止跌回升，解放的行业地位或将面临挑 战。 2025年上半年，中国重卡市 ...

从国内市场的到海外市场，中国重汽、一汽解放、东风商用车、福田汽车、远程新能源商用车 和徐工汽车等众多企业的批量订单签约和交车不断，新能源重卡市场依然持续火热，为行业发 展注入新动能。 一汽解放：大单不断 多领域发力 6月1日，在招商局港口（华南）营运中心蛇口集装箱码头，"共筑绿色港口 领航蓝湾新程—— 一汽解放&招商港口185辆新能源港口牵引车交付仪式" 举行。 6月5日，在中国绿城、东盟开放前沿的南宁，一场擘画绿色未来的行业盛典——一汽解放青 岛新能源大客户交车仪式暨百辆新单签约圆满举行。一汽解放青岛新能源成功交车50辆并签 约10辆，交付广西磐驰供应链有限公司的50辆解放JH6新能源车，是解放深耕场景化定制、 破解用户"购车贵、运营难"痛点的典范成果。 6月中旬，212辆解放卡车跨越重洋，奔赴几内亚，为当地运输行业注入全新活力。 中国重汽：国内、海外市场双丰收 6月的重卡市场，热潮涌动，各大企业纷纷交出亮眼成绩单。 6月初，中国重汽200辆战略签约暨豪沃MAX燃气牵引车批量交车仪式圆满落幕，为双方合作 与行业发展添上浓墨重彩的一笔。豪沃MAX燃气牵引车是集品牌优势与前沿科技于一身的结 晶。此次重汽与这位大 ...