Core Viewpoint - The company, CIMC Vehicles, has experienced a decline in performance since its listing in July 2021, primarily due to geopolitical tensions and trade wars affecting the North American market, but remains committed to strategic adaptation and growth in the global market [1] Group 1: Financial Performance - For the first three quarters of 2025, the company's net profit attributable to shareholders, excluding non-recurring gains and losses, was 622 million yuan, indicating a year-on-year decline [1] - The decline in performance is attributed to structural changes in the market caused by geopolitical issues related to North America [1] Group 2: Strategic Response - The company aims to maintain strategic focus and adapt to changes by enhancing supply chain resilience in North America and expanding its operations in global southern markets [1] - CIMC Vehicles plans to build differentiated core competencies and explore the full value chain of its Starlink semi-trailer products [1] Group 3: Future Outlook - The company is committed to optimizing its North American operational model and business transformation to strengthen its global supply chain resilience against geopolitical risks [1] - CIMC Vehicles is focused on developing integrated pure electric head-trailer products to meet user needs across their entire lifecycle, emphasizing collaboration in building a closed-loop ecosystem for electric head-train products [1]

Core Viewpoint - The essence of industry "involution" is homogenization, and the company aims to combat this through differentiation, as articulated by the CEO [1] Group 1: Company Performance - In the first half of 2025, the company achieved revenue of 9.753 billion yuan and a gross profit of 1.464 billion yuan [1] - The global semi-trailer business generated revenue of 6.924 billion yuan, contributing a gross profit of 1.129 billion yuan [1] - The company's market share in China's semi-trailer market rose to 23.07%, maintaining the top position for six consecutive years [2] Group 2: Operational Efficiency - The "Star Chain Plan" has led to significant operational improvements, with overall production increasing by 21% and per capita output rising by 20% compared to the first half of 2024 [2] - Direct labor and manufacturing costs per semi-trailer decreased by 15% [2] - In the southern global market, sales increased by 13.0%, and gross profit margin improved by 4.6 percentage points [2] Group 3: Regional Performance - In Europe, the semi-trailer business grew by 8.7% despite a weak recovery market [3] - In North America, the company sold 7,888 units in a challenging environment, demonstrating resilience [3] - Revenue from the Chinese market accounted for approximately 44.97% of total revenue, up from 41.32% in the same period of 2024 [3] Group 4: Future Strategy - The company plans to integrate the "Star Chain Plan" with the "雄起计划" for liquid tankers to enhance organizational coordination [3] - There will be a focus on optimizing operational models in North America to strengthen global supply chain resilience [3] - The company aims to develop a "pure electric head and trailer integrated product" through a six-step process to achieve an ecological closed loop [3]