投资者提问： 贵公司上市后业绩持续下滑的原因是什么？请谈一下明年的展望 董秘回答(中集车辆SZ301039)： 来源：问董秘 您好！感谢您对中集车辆的关注。中集车辆作为全球领先的半挂车与专用车高端制造企业，自2021年7 月在创业板上市以来，生产与经营状况良好，业绩保持稳健，在手现金充足。2025年前三季度，本公司 扣非归母净利润为6.22亿元，业绩同比承压主要是受到与北美有关的地缘政治漩涡与贸易战冲击导致市 场结构性变化的影响。作为具有多年跨洋运营经验的出海企业，我们的应对是始终保持战略定力，积极 适应变化，立足"跨洋运营"，构建和深化"当地制造"，增强北美半挂车业务的供应链韧性的同时，跑通 全球南方市场区域业务集团构建，向海外输出新质生产力。 未来，本公司将持续构建差异化核心竞争 力，深度挖掘星链半挂车"全价值链"各个环节的价值；持续推动北美组织运营模式和业务转型规划的优 化，进一步夯实本公司全球供应链韧性，强化公司业务对地缘政治风险的抵抗能力；坚定逐梦"纯电动 头挂一体化产品"，通过"跨生命周期的产品"满足全生命周期的用户需求。沿着这一征程，本公司也将 从"商业模式"、"技术"、"应用场景"三大维度着手 ...

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]