中集车辆灯塔工厂产线 公司供图 星链计划重构全价值链竞争力 "内卷的本质是同质化竞争，而反内卷的核心是创造差异化价值。"李贵平说，早在2023年，中集车辆便 率先在行业内提出反内卷战略，宣布公司进行第三次创业。 记者了解到，中集车辆的第一次创业缘起2002年中集集团进入半挂车赛道，并引领国内半挂车产业告别 非标化，逐渐走向正规化、工业化、规模化。中集车辆的第二次创业则以2010年中集车辆开启业务出海 为标志，公司以"跨洋经营，当地制造"为核心战略，构建了覆盖全球25家"灯塔工厂"的网络。 在全球商用车行业持续调整的背景下，中国半挂车龙头中集车辆正通过第三次创业，冲破行业内卷困 局。近日，中集车辆董事长兼CEO李贵平在接受中国证券报记者专访时详细阐述了公司以星链计划为核 心的全价值链运营战略。从半挂车市场的反内卷实践，到全球化供应链的重塑与本土化深耕，再到新能 源重卡与纯电动头挂列车的赛道布局……一幅中国智造高端突围的路线图逐渐清晰。 李贵平表示，公司第三次创业是管理层在全新市场竞争格局下，对公司未来8至10年的发展所制定的战 略决策。第三次创业以新质生产力为战略方向，以星链计划、雄起计划为战略落地，针对半挂车 ...

星链计划重构全价值链竞争力 "内卷的本质是同质化竞争，而反内卷的核心是创造差异化价值。"李贵平说，早在2023年，中集车辆便 率先在行业内提出反内卷战略，宣布公司进行第三次创业。 记者了解到，中集车辆的第一次创业缘起2002年中集集团进入半挂车赛道，并引领国内半挂车产业告别 非标化，逐渐走向正规化、工业化、规模化。中集车辆的第二次创业则以2010年中集车辆开启业务出海 为标志，公司以"跨洋经营，当地制造"为核心战略，构建了覆盖全球25家"灯塔工厂"的网络。 李贵平表示，公司第三次创业是管理层在全新市场竞争格局下，对公司未来8至10年的发展所制定的战 略决策。第三次创业以新质生产力为战略方向，以星链计划、雄起计划为战略落地，针对半挂车、液罐 车在全国统一大市场及全球南方市场布局，旨在重塑行业赛道、引领行业新发展。 在李贵平看来，半挂车产业可以通过三大路径构建新的发展格局：一是创新半挂车的设计与生产技术； 二是推动领先半挂车企业生产组织结构性改革；三是将行业内过剩的产能资源在内循环和外循环下进行 重新配置。 在全球商用车行业持续调整的背景下，中国半挂车龙头中集车辆正通过第三次创业，冲破行业内卷困 局。近日，中集车 ...

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].

Core Viewpoint - The financial performance of CIMC Vehicles (301039) for the first half of 2025 shows a decline in revenue and net profit compared to the previous year, indicating potential challenges in the market and operational efficiency [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 was 9.753 billion yuan, a decrease of 8.85% year-on-year [1]. - Net profit attributable to shareholders was 403 million yuan, down 28.48% year-on-year [1]. - The gross profit margin was 15.01%, an increase of 0.71% year-on-year, while the net profit margin decreased by 21.98% to 4.19% [1]. - The company's accounts receivable reached 35.55 billion yuan, representing 327.51% of the net profit, indicating a significant amount of outstanding payments [1][3]. - The company reported a decrease in operating expenses, with total sales, management, and financial expenses amounting to 621 million yuan, which is 6.37% of revenue, an increase of 5.07% year-on-year [1]. Cash Flow and Investment - The net cash flow from investment activities increased by 226.13%, attributed to the recovery of funds from the sale of equity in Shenzhen special vehicles [2]. - The net increase in cash and cash equivalents surged by 1401.68%, due to the absence of H-share repurchase payments from the previous year and the recovery of funds from equity sales [2]. Strategic Initiatives - The company has launched the "Starlink Plan" and "Xiongqi Plan" to enhance market presence and sales, with projected sales growth in the North American semi-trailer market despite a continuous decline over the past 18 months [5][6]. - The "Zhao Zilong Plan" initiated in 2024 aims to increase order numbers by 50% in specific regions, while the "Zhuge Liang Project" targets market expansion along the Yangtze River [6][7]. - The company anticipates significant growth potential in the global South market, which is expected to contribute to future revenue growth [7]. Market Position and Analyst Expectations - Analysts project that the company's performance for 2025 will reach 1.129 billion yuan, with an average earnings per share of 0.6 yuan [3]. - The company maintains a healthy cash position, with a forecasted dividend yield of 4.22% [3].

Core Viewpoint - The financial performance of CIMC Vehicles (301039) for the first half of 2025 shows a decline in revenue and net profit compared to the previous year, indicating potential challenges in the company's operations and market conditions [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 9.753 billion yuan, a decrease of 8.85% year-on-year [1]. - Net profit attributable to shareholders was 403 million yuan, down 28.48% year-on-year [1]. - In Q2 2025, total revenue was 5.162 billion yuan, a decline of 6.93% year-on-year, with net profit at 224 million yuan, down 24.82% [1]. - The gross margin was 15.01%, an increase of 0.71% year-on-year, while the net margin was 4.19%, a decrease of 21.98% [1]. - Total receivables accounted for 327.51% of the latest annual net profit, indicating a significant amount of outstanding payments [1][5]. Key Financial Metrics - Operating expenses, including sales, management, and financial costs, totaled 621 million yuan, representing 6.37% of revenue, an increase of 5.07% year-on-year [1]. - Earnings per share (EPS) was 0.21 yuan, down 25.00% year-on-year [1]. - Cash flow from operations per share was 0.5 yuan, an increase of 1.54% year-on-year [1]. - The company reported a significant increase in cash and cash equivalents, with a net increase of 1401.68% due to the recovery of funds from the sale of assets [4]. Strategic Initiatives - The company has launched the "Starlink Plan" and "Xiongqi Plan" to enhance market presence and sales, with specific sales targets for semi-trailers and tankers in the coming years [7][8]. - The "Zhao Zilong Plan" initiated in 2024 aims to increase orders and market share in specific regions, achieving a 50% increase in orders and a 100% rise in market share [7]. - The "Zhuge Liang Project" targets growth along the Yangtze River, aiming to establish a unified national market strategy [8]. - The company is focusing on expanding its operations in the global South, which is expected to contribute significantly to future growth [8][9]. Investment and Market Outlook - Analysts project a performance of 1.129 billion yuan for 2025, with an average EPS estimate of 0.6 yuan [5]. - The company has a healthy cash position, with a forecasted dividend yield of 4.22% [4].

Core Viewpoint - The company is evolving into a "full value chain operator" for Starlink semi-trailers, demonstrating significant growth in revenue and profitability in the first half of 2025 [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 9.75 billion yuan and a gross profit of 1.46 billion yuan [1]. - Total assets reached 23.15 billion yuan, a year-on-year increase of 2.1%, while net assets amounted to 14.41 billion yuan [1]. - The net cash flow from operating activities was 930 million yuan [1]. Starlink Plan and Operational Efficiency - The Starlink plan has entered the IMP2 execution phase, with a focus on combating "involution" [2]. - Semi-trailer sales increased by 10% year-on-year, with revenue up by 11% and gross margin improving by 2.4% [2]. - Operating profit for Starlink semi-trailers in the Chinese market surged by 74% [2]. - Overall production efficiency improved, with total output rising by 21% and per capita output increasing by 20% [2]. Global Business Performance - The Southern Hemisphere semi-trailer business saw a 13% increase in sales and a 4.6% rise in gross margin [3]. - The European semi-trailer business demonstrated resilience with an 8.7% revenue growth from the UK subsidiary [3]. - North American semi-trailer sales reached 7,888 units despite challenges from tariffs and declining demand [3]. EV.DTB Product Development - The company is the only industry player providing three categories of DTB products, achieving revenue of 868 million yuan [4]. - Significant growth was noted in EV-DTB products, with increases of 142.55% for dump trucks, 86.26% for mixer trucks, and 69.8% for refrigerated trucks [4]. - A new business group for cement mixer trucks was established to optimize capacity and resources [4]. Future Strategy - The company aims to evolve into a "full value chain" operator for Starlink semi-trailers and enhance its market share [6]. - Plans include optimizing North American operations and strengthening global supply chain resilience [6]. - The company is preparing for the development of pure electric head-trailer combinations (EV-RT) and aims to automate and robotize EV-Trailer installations [6].

Group 1: Strategic Plans and Market Performance - The "Starlink Plan" and "Xiongqi Plan" are expected to significantly enhance performance, with the North American semi-trailer market experiencing a continuous decline for 18 months [2][3] - In 2023, Starlink semi-trailer sales reached 50,000 units, with a target of 70,000 units in 2024 and continued growth in 2025 [3] - The "Zhao Zilong Plan" initiated in 2024 aims to increase orders by 50% and double market share in the Shanhe Four Provinces [3] - The "Zhuge Liang Project" set to launch in 2025 targets new opportunities along the Yangtze River, aiming for a unified national market strategy [4] Group 2: Production Efficiency and Financial Health - The production efficiency of the Starlink LTP Group improved by 30% in 2024, with labor efficiency also increasing by nearly 30% [4] - The company anticipates that the growth potential in global southern markets will surpass domestic market growth, contributing to 30% of future global economic growth [4] Group 3: Electric Vehicle Development - The company is developing three types of new energy heavy-duty vehicles, including pure electric head-mounted trains [5] - The "Hannover Plan" was established in March 2025 to develop a product platform for pure electric head-mounted trains [5] - The design of pure electric engineering semi-trailers allows for interchangeable chassis and superstructures, reducing manufacturing complexity [6][7] - Collaboration with Karl Power aims to create a highly intelligent logistics model integrating electric head-mounted trains and autonomous trailers [7]

Group 1 - The Shenzhen Stock Exchange hosted an event to connect overseas investors with companies in the Guangdong-Hong Kong-Macao Greater Bay Area, showcasing innovative achievements and facilitating in-depth discussions on new productivity and industrial chain upgrades [1] - Over 40 representatives from more than 20 overseas sovereign funds and large asset management institutions participated, indicating strong interest in China's economic vitality and investment opportunities [1] - Investors expressed a positive outlook on A-shares, noting the emergence of remarkable technology products in China that support the optimization of asset valuation [1] Group 2 - International capital is increasingly focused on Chinese assets, with 59% of respondents in a survey prioritizing China as a market for future investment [2] - The stability and predictability of Chinese assets are key attractions, supported by consistent policies and a clear growth logic in technology innovation [2][3] - Companies are enhancing their investment value through cost control and shareholder return mechanisms, alongside significant R&D investments [3] Group 3 - Companies with "specialized, refined, and innovative" characteristics are expected to perform well, focusing on niche markets and building competitive advantages through technology [4] - A balanced approach of "stability" and "progress" is essential for companies to maintain investor trust while planning for long-term competitiveness [5] - Companies are targeting annual revenue growth of 20% to 30%, with a focus on sectors like AIDC power supplies and electric vehicle components [5] Group 4 - CIMC Vehicles is leveraging opportunities in the electric truck market, with a monthly penetration rate of 26.03% for new energy heavy trucks, and is focusing on R&D for electric head trailers [6] - The company is implementing global strategies to mitigate market risks, with over 50% of its revenue coming from overseas markets [7] - CIMC Vehicles is actively promoting its "Starlink" and "Xiongqi" plans to capitalize on the electrification and intelligence trends in commercial vehicles [7]

Core Viewpoint - The event organized by the Shenzhen Stock Exchange aimed to enhance foreign investors' understanding and confidence in Chinese assets, particularly in the context of the Guangdong-Hong Kong-Macao Greater Bay Area's corporate development and technological advancements [1][4]. Group 1: Company Strategies and Developments - Lixun Precision, Magotronic, and CIMC Vehicles showcased their global strategies and local delivery capabilities, which are expected to drive revenue growth and mitigate risks amid increasing geopolitical tensions [1][2]. - Magotronic has established a comprehensive global sales network, covering over 40 countries, with a focus on local delivery in India and production capacity in Thailand [2]. - CIMC Vehicles emphasized its "cross-ocean operation, local manufacturing" model, with plans for overseas revenue to exceed 50% by 2024, covering over 50 countries [2][3]. Group 2: Research and Development Investments - Magotronic maintains a consistent R&D investment of approximately 11% of sales revenue, with a projected R&D expenditure of 984 million yuan in 2024, marking a 27.7% increase year-on-year [2]. - CIMC Vehicles plans to invest 389 million yuan in R&D in 2024, with a focus on electric and intelligent commercial vehicles [3]. Group 3: Investor Engagement and Market Outlook - The Shenzhen Stock Exchange has organized over a hundred roadshow activities to enhance communication between listed companies and foreign investors, fostering mutual understanding and trust [4][5]. - Foreign investors expressed a positive outlook on investing in A-shares, driven by the emergence of significant technological products in China, which supports the optimization of asset valuation [4][5]. - The ongoing focus on high-end manufacturing and innovation in China is attracting foreign capital, with expectations for increased long-term interest in quality listed companies on the Shenzhen Stock Exchange [5].

Market Expansion Strategies - The company is focusing on capturing growth potential in the global South market, which accounts for 24% of global GDP and is expected to contribute 30% of future global economic growth [3] - In Q1 2025, the company is enhancing its operational model and strategic planning in Southeast Asia while targeting growth in Africa, Central Asia, and the Middle East [3] Domestic Market Initiatives - The "Zhao Zilong Plan" launched in 2024 aims to fill strategic gaps in the four provinces, resulting in a 50% increase in order numbers and a 100% rise in market share in these regions [4] - The "Zhuge Liang Project" initiated in 2025 targets the Yangtze River area to create a unified national market strategy, with a focus on joint marketing of semi-trailers and liquid tankers [4] North American Market Adaptations - The North American semi-trailer market has faced an 18-month decline, yet the company's subsidiary, Vanguard GT, maintains stable cash flow and production efficiency [5] - The company is optimizing its North American supply chain and increasing local procurement to enhance resilience against geopolitical challenges [6] Value Management and Shareholder Returns - The company aims to strengthen value creation by focusing on core business and technological breakthroughs, with a target of achieving a return on equity (ROE) that covers capital costs [7] - A shareholder return plan for 2024-2026 includes a cumulative dividend of CNY 1.05 billion, with a focus on balancing short-term and long-term goals [7]