Group 1: Investor Relations Activities - The company participated in multiple broker strategy meetings and one-on-one roadshows in Shanghai from May 22 to May 29, 2025 [2][3] - Key participants included major financial institutions such as BlackRock, Minsheng Securities, and CITIC Securities [2] Group 2: Business Performance and Market Expansion - In Q1 2025, the company achieved a sales volume of 30,000 vehicles, generating revenue of CNY 4.59 billion, with a gross margin of 14.3% [3][5] - The "Starlink Plan" led to a 180% increase in sales revenue in the western market, while the "Xiongqi Plan" resulted in a 120% year-on-year increase in order volume in targeted northern regions [3][4] Group 3: Profitability and Market Trends - Domestic semi-trailer gross margin increased by 2.9 percentage points year-on-year, while the gross margin for the global southern market rose by 7.5 percentage points [5] - The decline in demand in the North American semi-trailer market affected the product mix, leading to a decrease in the sales proportion of high-margin products [3][5] Group 4: Value Creation and Shareholder Returns - The company aims to enhance value creation and strengthen its fundamentals, focusing on core business and technological breakthroughs [5][6] - A shareholder return plan for 2024-2026 includes a cumulative dividend of CNY 1.05 billion in 2024 [5][6] Group 5: Product Development and Future Plans - The company initiated the "Shuxiang Project" in 2018 to explore autonomous electric container transfer vehicles, with significant product development milestones achieved by 2023 [6][7] - Plans for 2025 include launching the "pure electric head and trailer mixer truck" and expanding sales and service networks in the southwestern region [7]

Group 1: Financial Performance - In 2024, the company achieved revenue of 21 billion CNY, a year-on-year decrease of 16.3% [3] - The operating net profit for the year was 1.35 billion CNY, with the first half contributing 560 million CNY and the second half showing a 7.9% increase to 810 million CNY [3] - The operating net profit margin improved from 5.2% in the first half to 7.7% in the second half, indicating a recovery trend [3] Group 2: Strategic Initiatives - The company plans to enhance profit performance in 2025 through initiatives such as the "Starlink Plan" and "雄起计划" (Xiongqi Plan) to optimize the global supply chain and improve governance structures [4] - The focus will be on transforming into a preferred partner for new energy heavy-duty truck chassis manufacturers and expanding in the global southern markets [4] Group 3: Market Outlook - In 2024, the sales of ordinary semi-trailers in China were 264,000 units, down 8.6% year-on-year, while tank trucks sold 58,000 units, down 0.6% [4] - The company expects to see a 12% increase in semi-trailer sales in the Chinese market in 2024, with the "Starlink" semi-trailer business revenue growing by 16.8% and a gross margin of 14.4% [4] Group 4: Global Market Expansion - In 2024, China exported 904,000 commercial vehicles, a year-on-year increase of 17.5%, with approximately 150,000 units exported to global southern markets [6] - The company has entered 50 countries and regions, focusing on Southeast Asia, the Middle East, and Africa, achieving significant performance breakthroughs [6] Group 5: Capital Management and Shareholder Returns - The company plans to strengthen value creation and optimize asset structure, targeting a return on equity (ROE) that covers capital costs [7] - In 2024, the total dividend payout was 1.05 billion CNY, with mid-year and annual dividends of 524 million CNY and 525 million CNY, respectively [8] Group 6: New Energy Vehicle Development - The company initiated the "Shuxiang Project" in 2018 to explore autonomous pure electric container transfer vehicles, completing a pure electric semi-trailer mixer in 2023 [8] - Plans for 2025 include launching pure electric head-mounted dump trucks and mixers, addressing market entry challenges and product development [9]