On August 25, Cimc Vehicles (Group) Co., Ltd. hosted its interim results briefing for the 2026 fiscal year. During the first six months of 2026, the company maintained steady progress, generating RMB 10.737 billion in revenue, a year-on-year increase of 10.09%. Gross profit reached RMB 1.551 billion, accelerating its evolution into a full value-chain operator. As of June 30, 2026, net cash flow from operating activities stood at RMB 778 million.
2026 marks the inaugural year of the "Starlight Project". Unlike the "Star Chain Plan", which addressed the structural restructuring of production organization and the push against internal competition, the Starlight Project represents a major leap forward, positioning the company as a unique full value-chain operator. Building on the spirit of the Star Chain Plan's structural reforms, the company has completed the organizational optimization of the "Starlight LTP segment", enabling unified deployment of operational management resources across the group. Concurrently, the new quality productivity and marketing capabilities cultivated by the Star Chain Plan are being extended to a broader range of product lines and regions. As a result, business quality continues to improve, with domestic market revenue growing 13.57% year-on-year, the Global South market expanding 34.08%, and the European market rising 5.83%, further underscoring the resilience of its global operations.
Global Semi-Trailer Revenue Up 9.79%, with Global South Market Surge of 34.08%
During the first half of 2026, Cimc Vehicles produced approximately 62,900 semi-trailers of various types. Global semi-trailer operations generated RMB 7.602 billion in revenue, contributing RMB 1.042 billion in gross profit. Among these, Star Chain semi-trailers (covering the Chinese market and Global South markets) saw 44,481 units produced. Annual models maintained a stable share of around 40% of total Star Chain semi-trailer sales. Despite intense domestic competition, Star Chain semi-trailers have retained the top market share in China for seven consecutive years, solidifying their fundamentals. The company has established localized entities in Indonesia and Tanzania, deepening its presence in Southeast Asia, Africa, and Australia, while actively exploring emerging markets in Central Asia. Overseas revenue and sales volumes for Star Chain semi-trailers have posted substantial growth.
Star Chain tank trailers and powder tank trailers (for the Chinese market and Global South markets) saw 7,891 units manufactured. The company has fully integrated its powder tank trailer business into the Starlight Project for unified management, enabling integrated operations across both liquid and powder tank trailer segments. Production efficiency has improved markedly, with monthly output of Star Chain liquid tank trailers rising 20% compared to the peak month of 2025, accelerating capacity release. Leveraging strengths in products, technology, and capacity, Star Chain tank and powder trailers continue to widen the competitive gap with industry leaders, reinforcing their dominant position. Deeply tapping into opportunities in the Global South, these products align with the company's localization strategy, focusing on Southeast Asia, Africa, and Australia, achieving steady growth in overseas performance.
In the European semi-trailer business, the company produced 3,530 units of SDC semi-trailers and LAG tank trailers for the European market, up approximately 7.3% from 3,289 units in the same period of 2025. Both subsidiaries continue to optimize production facilities, improve supply chains, and refine product platforms, building capacity for market recovery and operational quality enhancement. The company remains committed to prioritizing operational quality and cash returns, driving the conversion of sales growth into revenue and profit gains.
For the North American semi-trailer business, Vanguard GT Holding manufactured 6,988 semi-trailers of various types during the first half of 2026. The van semi-trailer segment continues to safeguard its core fleet and dealer channel base, while the reefer semi-trailer business focuses on product quality, local manufacturing, and delivery capabilities. Container chassis trailers continue to manage inventory and operational risks in line with market demand. The aftermarket parts and services business, supported by a substantial installed base, provides a degree of counter-cyclical resilience for North American operations.
Steady Growth in DTB Uptruck Sales and Revenue, with Expansion of EV-DTB Production Organizational Restructuring
In the first half of 2026, Cimc Vehicles produced a total of 13,238 DTB uptruck units, with steady growth in sales volume and revenue, and further improvement in market share for core products. Drawing on the successful experience of the Star Chain Plan, the company has begun actively advancing structural reforms in DTB production organization, resulting in steady gains in operating profit. The company continues to expand the development and sales of new energy products, deepening full value-chain collaboration with OEMs in R&D, manufacturing, and sales. Sales of DTB products tailored for new energy heavy trucks, known as EV-DTB uptrucks, have grown significantly, particularly with sustained increases in deliveries of EV-DTB earth-moving uptrucks and EV-DTB mixer uptrucks. The company has expanded the EV-DTB production organizational restructuring by consolidating production capacity in Luoyang and Wuhu, and integrating order management, production planning, and delivery processes into the newly established Cimc Vehicles DTB Mixer Truck Business Group. In the first half of 2026, operational quality has already improved noticeably.
EV-RT New Track Gains Momentum, with "EV-RT Spark" Pure Electric Concrete Mixer Trucks Entering Mass Production
Cimc Vehicles remains resolute in pursuing its EV-RT ambitions. Following the global debut of the EV-RT engineering head-trailer combination in November 2025, the company transitioned from prototype launch to product validation and capability implementation in the first half of 2026. Substantial progress has been made across technology, implementation, and market development within the EV-RT ecosystem. First, the engineering-type EV-RT head-trailer combination has completed testing and validation, with all core technical indicators achieved. Reliability and performance tests have been completed for the engineering EV-RT head-trailer product (originally unveiled at the Wuhan auto show), meeting design targets of stronger power, higher safety, and lower energy consumption: full-load climbing capability exceeds 30%, braking distance is more than 20% shorter than national standards, and overall energy consumption is significantly lower than combinations of electric tractors with non-electric trailers. The integrated head-trailer coordination control and energy recovery system have demonstrated excellent optimization results. Second, the development of the logistics-type EV-RT head-trailer platform and prototype has been completed, extending the product matrix from engineering to logistics applications. Third, the "EV-RT Star Chain" head-trailer combination has achieved scaled sales, with integrated head-trailer technology taking the lead in market adoption. Fourth, the "EV-RT Spark" pure electric concrete mixer truck has entered mass production. Leveraging its technical expertise and lightweight advantages in specialty vehicle uptrucks, combined with the electrification platform capabilities of chassis partners, the company has established a full value-chain operating model for EV-RT specialty vehicles. In the first half of 2026, sales of the "EV-RT Spark" pure electric concrete mixer truck reached 1,482 units. Fifth, the world's first EV-RT experience center has been completed, bringing the ecosystem to "real-world experience".
Guided by the "Starlight Project" Strategy for the Next 3-5 Years, Continuing to Strengthen the Global No.1 Position in Specialty Vehicles
In the face of a complex and evolving global environment, industry competition, and shifting customer demographics, the company will continue to drive bold transformation, targeting superior ROE and shareholder returns across market cycles. Guided by the Starlight Project strategy for the next 3-5 years, and building on the new quality productivity and marketing capabilities established by the Star Chain Plan, the company aims to further consolidate its global leadership in specialty vehicles. Key initiatives include: first, advancing smart manufacturing from point-specific efforts to holistic transformation; second, expanding the boundaries of the full value-chain curve and deepening partnerships with ecosystem players; third, building a "Born-global" development framework, extending production capabilities, supply chains, and production-related services from the domestic market to the Global South; fourth, deepening penetration in cold chain logistics and delivery scenarios, as well as commercial concrete logistics and urban earth-moving scenarios, developing future-oriented "pure electric specialty vehicles"; fifth, leveraging the EV-RT ecosystem to build a "Born-global" full value-chain operating model for EV-RT pure electric head-trailer combinations and EV-RT pure electric specialty vehicles; sixth, deepening the European semi-trailer industrial footprint by refining multi-brand collaborative governance, establishing a cross-brand modular product R&D platform, upgrading localized smart manufacturing and stable supply chain systems, and expanding full lifecycle production-oriented services to create a European semi-trailer operating model spanning R&D, manufacturing, supply, and maintenance value cycles; seventh, focusing on the North American semi-trailer business by deepening the "Polar Bear Plan", implementing local manufacturing and multi-category synergy, enhancing efficiency through digital lean operations, extending full lifecycle services, and strictly managing supply chain and capital risks.
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