面对这场行业大考，商用车企业不能再拘泥于"旧模式"和"旧思维"。过去那种"政策推一步、企业走一 步"的被动应对模式已无法适应新监管环境，企业需以更积极的姿态推动技术创新，不仅要在传统内燃 机热效率、尾气处理效率上寻求突破，更要加快纯电动、氢燃料电池等零排放技术的商业化步伐，将新 能源转型从"可选动作"变为"核心任务"。在产品策略上，企业要从"单品思维"转向"组合思维"，通过高 低搭配实现企业平均排放达标。更重要的是，企业要构建排放管理的全生命周期能力，从研发制造到销 售服务，建立覆盖产品全生命周期的碳排放管理体系，将环保理念贯穿于企业运营的每一个细节。 在推动国七排放标准双轨管理落地的进程中，政策制定者还需警惕成本转嫁可能引发的连锁反应。排放 技术升级必然导致企业研发投入增加和生产成本上升，这些成本最终由谁承担是关乎行业健康发展的关 键问题。若车企独自抗下，可能面临利润压缩、研发投入受限的困境；若将成本压力完全转嫁给消费 者，动辄数万元甚至十几万元的价格涨幅，可能会超出运输从业者的承受能力，进而影响市场需求，制 约行业发展。 近日，生态环境部大气环境司司长李天威在泰达国际论坛上透露，我国正在制定的机动车国七排 ...

Core Viewpoint - Meijin Energy (000732.SZ) is expected to report a net loss of 480 million to 700 million yuan for the first half of 2025, showing a slight improvement from a loss of 683 million yuan in the same period last year, primarily due to declining coal and coke prices impacting profit margins [2] Group 1: Financial Performance - In 2022, Meijin Energy reported a net profit of 2.209 billion yuan, which plummeted to 289 million yuan in 2023, and further to a loss of 1.143 billion yuan in 2024, marking a year-on-year decline of 495.31% [2] - Revenue decreased from 24.6 billion yuan in 2022 to 19.031 billion yuan in 2024 [2] Group 2: Business Structure and Market Sensitivity - In 2024, Meijin Energy's coal and coke business accounted for 95.84% of its revenue, making it highly sensitive to fluctuations in coal and coke prices [3] - The International Energy Agency (IEA) predicts a 27% decline in global coal prices in 2025, further compressing traditional business profit margins [3] Group 3: Coke Price Trends - By the end of June 2025, the price of Shanxi premium dry coke fell to 1,225 yuan per ton, a decrease of 460 yuan per ton or 27.3% since early January, and down 845 yuan per ton or 40.82% year-on-year [3][4] - The decline in coke prices is attributed to weak demand from the steel industry and a surplus in supply, with expectations of a slow recovery in the second half of 2025 [4] Group 4: Hydrogen Energy Business - Meijin Energy has been strategically investing in the hydrogen energy sector since 2017, aiming to leverage its coke production to develop a complete hydrogen energy supply chain [5] - Despite being a leader in the hydrogen energy sector, the revenue contribution from this business remains low at 4.16% in 2024 [5] Group 5: Production and Sales Challenges - In 2024, the combined production of commercial vehicles from subsidiaries Feichi Technology and Qingdao Meijin was only 208 units, with total sales of 634 units, both showing a decline [6] - The hydrogen energy segment faced challenges due to policy changes, high hydrogen costs, and slow infrastructure development, leading to losses for both subsidiaries [6] Group 6: Project Delays - The completion of the Meijin Hydrogen Energy Headquarters Base Phase I has been postponed from June 2025 to June 2026 due to various construction delays [7] - The company has implemented measures to expedite project progress, including enhanced communication with contractors and increased resource allocation [7][8]

Core Viewpoint - China National Heavy Duty Truck Group (China National Heavy Truck) emphasizes its commitment to sustainable development through comprehensive integration of ESG principles into its operations, focusing on innovation and green transformation [1][3]. Group 1: Innovation and R&D - The company is driving its transformation towards intelligent and green products, with a 2024 R&D investment of 2.9% of its revenue, amounting to 2.74 billion yuan [3][4]. - China National Heavy Truck is focusing on two main technological routes: pure electric and hydrogen fuel cell, with significant advancements in electric control systems and the development of over 10 hydrogen fuel cell models for various applications [3][4]. Group 2: Financial Performance - Revenue from new energy products increased by 67% year-on-year, with clean technology R&D expenses reaching 470 million yuan and 144 clean technology patents obtained [4]. Group 3: Environmental Initiatives - The company is actively integrating environmental protection into its strategy, investing 51.57 million yuan in 2024 for environmental facility upgrades and pollution control technologies, achieving over 10% reduction in wastewater and harmful waste emissions compared to 2021 [6][7]. - China National Heavy Truck aims to enhance energy efficiency through green technology upgrades and renewable energy applications, achieving a comprehensive energy consumption of 13 kg standard coal per 10,000 yuan of output, significantly below its target of 22 kg [7]. Group 4: Governance Structure - The company has established a robust ESG governance framework with a three-tier structure to ensure effective management of ESG matters, with the board of directors overseeing ESG strategies and performance [9][10].