Core Viewpoint - In 2025, the company aims to navigate the challenges and competition in the commercial vehicle industry through strategic adjustments, innovation, and transformation, achieving dual breakthroughs of outperforming itself and the industry [1]. Market Performance - In 2025, the company sold over 280,000 vehicles, capturing a 22.6% market share in the domestic medium and heavy truck segment, maintaining the industry leader position. The terminal market shares for different vehicle types were 23% for tractors, 28.9% for cargo vehicles, and 27.8% for NG vehicles, all ranking first in the industry. The share of new energy medium and heavy trucks reached 14.8%, a year-on-year increase of 2.8 percentage points, with the company leading in new energy truck sales [4]. - The brand value of "Jiefang" surpassed 145 billion, marking the 14th consecutive year as the industry leader. The company also achieved the highest service satisfaction in the industry, recognized by the China Automotive Maintenance Industry Association in 2025 [4]. Industrial Layout - The company accelerated its strategic layout with a focus on "North-South coordination and comprehensive coverage," establishing multiple vehicle and assembly plants, and new technology companies. The smart manufacturing level is industry-leading, enhancing the industrial ecosystem [6]. - The Wuxi R&D base was completed in September, serving as an innovation center in the Yangtze River Delta, strengthening the global R&D layout and technological innovation system [6]. - A new factory in Foshan was launched in December, featuring intelligent, green, and flexible production capabilities, filling the gap in the southern new energy commercial vehicle production base [6]. Technological Innovation - The product matrix was optimized, with the launch of the J6L and J6G Pro series, providing comprehensive lifecycle solutions to help users reduce costs and increase revenue. The "Eagle Array" product strategy was introduced, offering diverse earning machines for various user needs [8][10]. - The company launched several advanced powertrain products, including GS280, GD300, ER260, and EE270, achieving comprehensive layout in "oil, gas, and electricity." The 10-speed transmission won the "World's Top Ten Transmissions" award, showcasing the company's technological strength and product quality [10]. Strategic Transformation - The company focused on building a "Green Liberation" in the new energy sector, implementing the "15333" new energy strategy, with all five bases obtaining new energy production qualifications. The "Big Three Electric" achieved independent R&D and manufacturing, covering mainstream scenarios [12]. - The "International Liberation" strategy was accelerated, with five brands and new products launched overseas. The company established eight overseas subsidiaries and built 23 KD factories, exporting to 105 countries and maintaining a leading position in overseas sales among Chinese export brands [12]. Conclusion - 2025 was a year of challenges and opportunities, marking a period of self-transcendence and industry leadership for the company. The focus on terminal sales, new energy leadership, smart factory establishment, and global ecosystem expansion reflects the commitment and efforts of the entire team. Moving into 2026, the company aims to continue its journey of "self-reliance and self-improvement," promoting new development and striving for success in the upcoming "15th Five-Year Plan" [14].

Core Viewpoint - FAW Jiefang emphasizes a strategy of "valuing quality over price" in a highly competitive commercial vehicle market, focusing on long-term sustainability rather than short-term sales spikes [6][7]. Group 1: Brand and Market Position - FAW Jiefang has secured eight "industry firsts" in brand value and market share in the first half of the year, reinforcing its leadership position [6]. - The company aims to maintain a balance between channel interests and user benefits through mechanisms like "rebate control and unsold vehicle compensation" [8]. Group 2: Quality and Product Strategy - Quality is deemed the lifeline of the brand, with a target to reduce claims frequency and amounts by 30% annually, achieving a cumulative reduction of over 65% in three years [7]. - FAW Jiefang has not followed industry trends of price cuts, preserving the resale value of over 3 million used vehicles through product upgrades [7]. Group 3: Technological Innovation - The company has reformed its powertrain division to enhance control over core components, establishing a technological barrier that is difficult for competitors to replicate [9]. - FAW Jiefang has launched several new products, including the Eagle series and various smart power domain products, focusing on both hardware and software capabilities [9][10]. Group 4: International Expansion - FAW Jiefang views overseas markets as strategic growth areas, with plans to establish eight wholly-owned subsidiaries abroad, enhancing localized operations [11]. - The company has shifted its approach to international sales, moving from exporting classic domestic models to developing products specifically for global markets [11]. Group 5: Aftermarket and Lifecycle Management - The company has relocated its aftermarket division to focus on remanufacturing for new energy components, aiming to provide comprehensive lifecycle services for its vehicles [11][12]. - FAW Jiefang is committed to ensuring that vehicles remain updated through cloud software systems, extending their operational lifespan [12].