国家在化工炼化的产能布局，有望为中集车辆星链液罐 车业务带来新机遇。本公司将继续依托高端制造能力与全球 资源协同，持续提升产品竞争力，积极把握能源转型与产业 升级的机会。谢谢！ 证券代码：301039 证券简称：中集车辆 中集车辆（集团）股份有限公司 投资者关系活动记录表 编号：2025-21 | 投资者关系活 | □特定对象调研 □分析师会议 | | | | | --- | --- | --- | --- | --- | | 动类别 | □媒体采访 □业绩说明会 | | | | | | □新闻发布会 √路演活动 | | | | | | □现场参观 □其他 | | | | | 参与单位名称 | 投资者网上提问 | | | | | 及人员姓名 | | | | | | 时间 | 年 月 日 2025 11 14:30~17:00 | 20 | | (周四) 下午 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | | | | 采用网络远程的方式进行路演 | | | | | 上市公司接待 | 中集车辆 锐先生 CFO 占 | | | | | 人员姓名 | 中集 ...

证券代码：301039 证券简称：中集车辆 中集车辆（集团）股份有限公司 投资者关系活动记录表 编号：2025-19 | 投资者关系活 | □特定对象调研 √分析师会议 | | --- | --- | | 动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 √路演活动 | | | □现场参观 □其他 | | 参与单位名称 | 2025 年 10 月 28 日至 2025 年 11 月 7 日期间，参与的反路 | | 及人员姓名 | 演沟通： | | | 易方达基金、南方基金、大成基金、景顺长城基金、富国基 | | | 金、中国太平、新华资产、兴全基金、长江资管、中庚基金 | | | 2025 年 11 月 5 日至 2025 年 11 月 6 日期间，参与的券商 | | | 策略会： | | | 第一场：国泰海通 2026 年度策略会 | | | 国泰海通、华泰保险、幸福人寿、东方基金 | | | 第二场：华泰证券 2026 | | | 华泰证券、中国人寿资管、上海慎知资管、泓德基金 | | | 第三场：东吴证券上海策略会 | | | 东吴证券、华泰资产、平安养老保险、招商基金、中庚基 | | | ...

证券代码：301039 证券简称：中集车辆 中集车辆（集团）股份有限公司 投资者关系活动记录表 编号：2025-18 | 投资者关系活 | □特定对象调研 √分析师会议 | | | --- | --- | --- | | 动类别 | □媒体采访 √业绩说明会 | | | | □新闻发布会 □路演活动 | | | | □现场参观 □其他 | | | 参与单位名称 | 大成基金、中信证券、中金公司、华泰证券、东吴证券、东 | | | 及人员姓名 | 方证券、山西证券、西南证券、阳光资产、长江证券、宁银 | | | | 理财、中邮证券、富国基金、华西证券、华福证券、兴业证 | | | | 券、浙商证券、国泰海通证券、中泰证券、中银国际证券、 | | | | 银河基金、博时基金等共计 59 家机构和个人投资者 | | | 时间 | 2025 年 10 月 27 日 15:00-16:00 | | | 地点 | 线上电话会议 | | | 上市公司接待 | 中集车辆投资者关系总监 陈婉婞女士 | | | 人员姓名 | 中集车辆高级投资者关系经理 闫 维先生 | | | | 中集车辆投资者关系部 朱乐瑶女士 | | | | ...

Core Viewpoint - The company, CIMC Vehicles (Group) Co., Ltd., has been awarded the highest rating of A (Excellent) for its information disclosure work by the Shenzhen Stock Exchange for the third consecutive year, reflecting its strong governance and commitment to investor relations [1][4]. Group 1: Company Performance - CIMC Vehicles achieved global sales of 101,583 vehicles and generated revenue of 15.012 billion yuan with a gross margin of 15.2% in the first three quarters of 2025 [3]. - The net profit attributable to shareholders was 622 million yuan during the same period [3]. Group 2: Information Disclosure and Governance - The company has established a high-quality information disclosure system that aligns with its business characteristics, ensuring compliance with regulatory requirements and enhancing the readability and relevance of disclosed information [4]. - CIMC Vehicles emphasizes the importance of timely and accurate information disclosure, integrating compliance principles into all operational aspects, from strategic decision-making to business execution [4]. Group 3: Future Outlook - The company plans to continue improving its governance and information disclosure quality, aiming to enhance investor relations management efficiency and uphold its responsibilities as an excellent listed company [5].

Core Insights - The company reported a revenue of 117.06 billion yuan and a net profit attributable to shareholders of 1.566 billion yuan for the first three quarters of 2025, with a basic earnings per share of 0.2803 yuan [1] Group 1: Vehicle Business - The vehicle segment, under CIMC Vehicles (Group) Co., Ltd., sold a total of 101,600 vehicles globally, achieving a year-on-year growth of 7.21% and a revenue of 15.012 billion yuan [2] - The domestic semi-trailer business saw a revenue increase of 16.3% year-on-year, with a gross margin improvement of 2.6 percentage points [2] - The overseas semi-trailer business maintained profitability despite market disruptions, with a revenue growth of 15.79% and a sales volume increase of 21.39% year-on-year [2] Group 2: Airport and Logistics Equipment - CIMC Tianda Holdings Co., Ltd. experienced rapid growth in revenue and profit across its business lines, driven by optimized delivery schedules and the release of high-quality orders [3] - The logistics equipment segment benefited from significant international orders, including a large-scale automated warehouse project for the domestic chemical industry [3] - The firefighting and rescue equipment business expanded globally while focusing on domestic market growth, with advancements in product development and participation in national-level projects [3] Group 3: Logistics Services - CIMC Shilian Logistics Technology (Group) Co., Ltd. faced operational challenges due to declining global shipping rates and changing market demands but improved cash flow significantly through effective management strategies [4] - The company initiated a "second entrepreneurship" strategy to adjust its business structure and enhance global operational capabilities, including the establishment of new offices in the Middle East and Africa [4] - CIMC Shilian ranked among the top four in the latest comprehensive ranking of freight forwarding companies in China, indicating a solidified industry position [4] Group 4: Circular Transport Equipment - The circular transport equipment segment achieved year-on-year revenue and net profit growth, successfully turning a profit due to significant market order breakthroughs and cost-reduction measures [5] - The manufacturing business benefited from orders from new energy clients, leading to notable revenue and gross margin increases [5] - The service business saw a substantial improvement in gross margin, attributed to focused investments in the automotive engine market and enhanced asset management capabilities [5]

Core Viewpoint - CIMC Vehicles is undergoing a third entrepreneurial phase to break through the industry's homogenization challenges, focusing on a comprehensive value chain operation strategy centered around the Starlink Plan [1][4]. Group 1: Third Entrepreneurial Phase - The third entrepreneurial phase is a strategic decision for the next 8 to 10 years, aiming to reshape the industry landscape and lead new developments [4][5]. - The company has identified three paths to build a new development pattern in the semi-trailer industry: innovating design and production technology, promoting structural reforms in leading companies, and reallocating excess capacity resources [4][5]. Group 2: Starlink Plan - The Starlink Plan aims to reform the production organization structure of semi-trailer manufacturing, linking previously independent business units to create a complementary whole [5][6]. - The plan redefines five core links of the semi-trailer business value chain, facilitating a closed-loop value flow and extending operations upstream and downstream [6][9]. - By mid-2025, the Starlink semi-trailer and the Xiongqi liquid tank vehicle sales in the Chinese market increased by 10% year-on-year, with operating profit for Starlink semi-trailers rising by 74% [6]. Group 3: Global Expansion - CIMC Vehicles is transitioning from "going out" to "going in," enhancing its global supply chain resilience while establishing a regional business group for global southern markets [7][8]. - The company has built a global manufacturing and sales network, emphasizing local manufacturing and procurement to strengthen its supply chain [8][9]. Group 4: Focus on New Energy and Intelligentization - In response to the challenges faced by traditional fuel semi-trailers, CIMC Vehicles is investing in new energy and intelligentization, with R&D spending increasing by 30.39% year-on-year [9][10]. - The company has initiated the Hannover Plan, focusing on pure electric head trailers and developing a product ecosystem for electric engineering head trailers [10].

Core Viewpoint - CIMC Vehicles is undergoing a third entrepreneurial phase to break through the industry's homogenization challenges, focusing on the Starlink plan as the core of its full value chain operational strategy [1][2][3] Group 1: Third Entrepreneurial Phase - The third entrepreneurial phase is a strategic decision for the next 8 to 10 years, aiming to reshape the industry and lead new developments through the Starlink and Xiongqi plans [2][3] - The first entrepreneurial phase began in 2002, transitioning the industry towards standardization and industrialization, while the second phase in 2010 focused on global expansion with a network of 25 "lighthouse factories" [2] Group 2: Starlink Plan - The Starlink plan aims to reform the production organization structure of semi-trailers, linking previously independent business units to create a cohesive whole [3][4] - The plan redefines five core segments of the semi-trailer value chain, extending from production to design, procurement, and marketing, thus transforming CIMC Vehicles into a full value chain operator [3][4] Group 3: Performance Metrics - By mid-2025, the Starlink semi-trailer and Xiongqi liquid tank sales in the Chinese market increased by 10% year-on-year, with revenue up by 11% and operating profit for Starlink semi-trailers rising by 74% [4] Group 4: Global Expansion - CIMC Vehicles is transitioning from "going out" to "going in," enhancing its global supply chain resilience while establishing a regional business group for global southern markets [6][7] - The company emphasizes a differentiated approach in product design, marketing, and after-sales service, aiming to reshape the global supply chain with a focus on local procurement [7] Group 5: Focus on New Energy and Smart Technology - In response to the traditional fuel semi-trailer market, CIMC Vehicles is investing in new energy and smart technology, with a 30.39% increase in R&D investment in the first half of 2025 [8][9] - The company has initiated the Hannover project, focusing on pure electric head trailers and developing a closed-loop ecosystem for product commercialization [8][9]

Core Viewpoint - CIMC Vehicles is undergoing a third entrepreneurial phase to break through the industry's homogenization challenges, focusing on the Starlink Plan as the core of its full value chain operational strategy [1][2][3] Group 1: Third Entrepreneurial Phase - The third entrepreneurial phase is a strategic decision by management aimed at the company's development over the next 8 to 10 years, focusing on new productive forces and the Starlink and Xiongqi plans [2] - The Starlink Plan aims to reform the production organization structure of semi-trailers, linking previously independent business units into a cohesive whole to enhance competitiveness [2][3] - The company has identified three paths to reshape the semi-trailer industry: innovating design and production technology, promoting structural reforms in leading companies, and reallocating excess capacity resources [2] Group 2: Starlink Plan and Performance - The Starlink Plan redefines five core segments of the semi-trailer business, creating a closed-loop value flow and extending operations from production to design, procurement, and marketing [3] - In the first half of 2025, the Starlink semi-trailer and Xiongqi liquid tank vehicle sales in China increased by 10%, with revenue up by 11%, and operating profit for Starlink semi-trailers rising by 74% [3] Group 3: Global Expansion Strategy - CIMC Vehicles is transitioning from "going out" to "going in," enhancing its global supply chain resilience while establishing a regional business group for global southern markets [4][5] - The company has developed a global manufacturing and sales network, emphasizing local manufacturing and supply chain resilience [5][6] Group 4: Focus on New Energy and Intelligentization - The company is shifting focus to new energy and intelligentization, with a 30.39% increase in R&D investment in the first half of 2025, the highest growth in recent years [6][7] - The Hannover Plan was established to focus on pure electric head trailers, aiming for rapid product iteration and market integration [7] Group 5: Future Aspirations - CIMC Vehicles aims to evolve into a full value chain operator for Starlink semi-trailers and pursue integrated products for pure electric head trailers [8]

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 - The core viewpoint of the news is that CIMC Vehicles is actively adapting to market challenges and opportunities through strategic initiatives like the "Starlink Plan" and "Big White Bear Plan" to enhance production efficiency and market share [2] - CIMC Vehicles held an investor relations event on August 26, 2025, with participation from 77 institutions, including CITIC Securities and CICC, to discuss the company's development strategy and business progress [1] - The "Starlink Plan" has entered the IMP2 phase in the first half of 2025, contributing nearly 30% to total revenue, with improvements in profit and sales profit margin [2] Group 2 - In the North American market, CIMC Vehicles sold 7,888 units in the first half of 2025 despite a 24.3% year-on-year decline in semi-trailer production, indicating resilience in a challenging environment [2] - The company is planning to build a super center in Luzhou and has established a marketing service company and a delivery warehouse in the first half of 2025 to support its EV·DTB business [2] - CIMC Vehicles is launching the "Hannover Plan" to expand its pure electric head trailer product lineup and is actively participating in the formulation of national standards to accelerate product commercialization [2]