On August 26, 2025, Cimc Vehicles(Group)Co.,Ltd. (301039.SZ) held its interim results presentation for 2025. In the first half of 2025, Cimc Vehicles maintained steady progress, achieving revenue of 9.75 billion yuan and gross profit of 1.46 billion yuan, accelerating its evolution into a "full value chain operator" for Star Chain semi-trailers. As of June 30, 2025, the company's total assets reached 23.15 billion yuan, up 2.1% year-on-year, with net assets of 14.41 billion yuan and net cash flow from operating activities of 930 million yuan.
Against the backdrop of high-quality development, industrial intelligence, and global supply chain restructuring, Cimc Vehicles' "Star Chain Plan" entered IMP2 phase, with "anti-involution" strategies achieving initial success and China's semi-trailer business showing improved quality and efficiency. The Global South semi-trailer business achieved a leap in profitability levels, European semi-trailer business demonstrated strong resilience in a "weak recovery" market environment, and North American semi-trailer business actively pursued breakthrough and regeneration. The EV·DTB business constructed new quality productive forces, firmly implementing "differentiation" strategies, actively transforming into new energy heavy truck supporting equipment, with continued profit improvements. Meanwhile, driven by both regulations and technology, pure electric tractor-trailer combinations (EV-RT) accelerated construction, launching the "Hannover Plan" and preparing for the Wuhan Auto Show.
In the first half of 2025, the global semi-trailer business achieved operating revenue of 6.924 billion yuan, contributing gross profit of 1.129 billion yuan, with total production of 53,000 various semi-trailers.
**"Star Chain Plan" Enters IMP2, "Anti-Involution" Achieves Initial Success**
In the first half of 2025, China's semi-trailer business sales volume increased 10% year-on-year, operating revenue grew 11% year-on-year, and gross margin improved 2.4% year-on-year. Among these, Star Chain semi-trailers' operating profit in the Chinese market increased 74% year-on-year.
Star Chain Semi-trailer LTP Group further promoted iterations of organizational operating models and business transformation planning, implementing efficiency measures through design optimization, production line upgrades, and production structure optimization. Compared to the first half of 2024, efficiency in four major workshops significantly improved, with overall output increasing 21%, per capita output rising 20%, and direct labor and manufacturing costs per semi-trailer decreasing 15%.
Star Chain semi-trailer business group targeted new incremental opportunities along the Yangtze River belt, reshaping domestic market regional layout and constructing new sales organizations and models. Through joint marketing and other methods, they achieved breakthroughs in major customer orders, realizing rapid business growth in key markets, with domestic sales growing 12% year-on-year.
In the first half of 2025, Xiongqi Tank Trucks completed organizational construction of Cimc Vehicles' tank truck business group and Xiongqi LTP Group, comprehensively upgrading core production and manufacturing capabilities around both hard and soft strengths. Tank truck core component production transformed toward intensification, with Xiongqi LTP Group's overall labor efficiency improving 22.5% year-on-year, as tank truck new quality productive forces began to emerge.
In the first half of 2025, Cimc Vehicles' tank truck business group, following the Star Chain Plan model, constructed new sales organizations and models, focusing on core markets and core products to achieve dual growth in quality and scale, with domestic revenue growing over 30% year-on-year.
In June 2025, Cimc Vehicles' tank truck business group officially launched the "Champions League" series high-end tank trucks carrying "European technical genes" and "Chinese scenario wisdom," redefining new industry benchmarks and reshaping tank truck market patterns.
In the first half of 2025, Global South semi-trailer business continued high-quality development momentum, achieving profitability level leaps while maintaining scale expansion, forming a dual-excellence pattern of "steady growth and significant benefits." Regional sales volume increased 13.0% year-on-year, gross margin improved 4.6% year-on-year, with strong profit growth.
Additionally, the company continued deepening strategic layouts in emerging markets such as Southeast Asia and Africa, completing Asean Vanguard business cluster construction under the Global South market framework and achieving market breakthroughs. The Thailand market, through the "Mango" factory's resource aggregation effect, achieved rapid response to local demand, with semi-trailer sales growing 44.0% year-on-year and revenue surging 63.5% year-on-year, becoming a regional business benchmark. The Vietnam market actively captured opportunities from rapid regional economic growth, with revenue growing dramatically 270% year-on-year.
Australian business actively deployed in core regional markets, constructed LoD/LoM business models, explored dual-brand marketing strategies, and combined with cost reductions from the "Star Chain Plan" supply chain, achieved 16.4% year-on-year sales growth and 2.3% gross margin improvement, fully demonstrating the company's cross-ocean supply chain synergy advantages.
European semi-trailer business demonstrated strong resilience in a "weak recovery" market environment, focusing on operational efficiency improvements and leveraging global semi-trailer supply chain advantages while maintaining steady growth. In the first half of 2025, subsidiary UK SDC achieved 8.7% year-on-year revenue growth. Based on assessments of European market medium-to-long-term demand recovery trends, the company began constructing European semi-trailer high-end chassis component factories and European semi-trailer high-end body component factories for the third entrepreneurship phase in the first half of 2025.
North American semi-trailer business achieved sales of 7,888 units in the first half of 2025 despite dual impacts of tariff policies and severe demand decline, demonstrating strong resilience under adversity. Vanguard Parts business under Vanguard GT continued maintaining good development momentum. In the second half of 2025, North American semi-trailer business has opportunities to enter weak recovery status.
**EV·DTB Business Constructs New Quality Productive Forces, Firmly Implementing "Differentiation"**
As the only industry player capable of providing three major DTB product categories and the only DTB leading enterprise that can comprehensively cover major core market regions in the Yellow River and middle-to-lower Yangtze River basins with six factories, Cimc Vehicles further consolidated core product market share, achieving revenue of 868 million yuan and actively expanding new energy product sales. All three major EV·DTB product categories achieved significant growth, with EV-DTB dump trucks growing 142.55%, EV-DTB mixer trucks growing 86.26%, and EV-DTB refrigerated trucks growing 69.8% year-on-year.
In February 2025, Cimc Vehicles established the DTB·Concrete Mixer Truck (including powder tank truck) Business Group, ending six factories' "scattered expansion" and "isolated operations," forming a new group-based combat system with optimized capacity and resource synergy. Leveraging Cimc Vehicles' brand advantages, they eliminated internal competition in the market, formed effective competitive advantages, and initially constructed a new quality productive force development pattern for mixer trucks.
Meanwhile, Cimc Vehicles continued deepening the "good horse with good saddle" business model, closely collaborating with core OEMs like Shaanxi Heavy Duty Automobile around market application scenarios, continuing to deepen the "three goods development" model, advancing the "royal nanny" strategy, continuously improving product quality, shortening delivery cycles, and creating higher value for customers. In the first half of 2025, they delivered 1,704 "good horse with good saddle" products, up 25% year-on-year.
**Pure Electric Tractor-Trailer Combinations Accelerate Construction, Launch "Hannover Plan," Prepare for Wuhan Auto Show**
Driven by both regulations and technology, the industry will evolve from tractor electrification toward "tractor + trailer" coordinated zero-emission development. Pure electric tractor-trailer combinations (EV-RT) have become industry breakthrough keys, creating strategic window periods for pioneers. Cimc Vehicles firmly believes in the key product evolution path "from new energy heavy trucks to new energy tractors, then to pure electric tractor-trailer combinations," actively participating in each milestone operation, actively constructing pure electric tractor-trailer combinations, launching the "Hannover Plan," and preparing for the Wuhan Auto Show.
Entering 2025, Cimc Vehicles accelerated development of "pure electric tractor-trailer combination" product portfolios and "pure electric tractor-trailer combination" operational support base stations, launching new energy tractor-trailer sales and services. The company has completed EV-RT2.0 pure electric tractor-trailer top-level architecture, simultaneously planning product spectrum and conducting forward product development. In 2025, they will first focus on short-distance, heavy-load engineering scenarios, completing product development and scenario validation for pure electric engineering tractor-trailer combinations suitable for these scenarios, and releasing prototype products.
**Three Strategic "Combination Punches" to Restart High-Quality Development**
Looking forward, Cimc Vehicles will comprehensively construct new quality productive forces and restart high-quality development chapters.
First, accelerate evolution into Star Chain semi-trailer "full value chain" operators: promote integration of "Star Chain Plan" and "Xiongqi Plan," further strengthen "Only Star Chain" organizational coordination, comprehensively sprint toward "1231," maintain profit growth momentum, and further increase market share.
Second, through third entrepreneurship, evolve "cross-ocean operations" into "borderless enterprises": continue optimizing North American organizational operating models and business transformation planning, further strengthen global supply chain resilience, and enhance business resistance to geopolitical risks.
Third, pursue dreams of "pure electric tractor-trailer integrated products," becoming explorers, constructors, and full value chain promoters: after completing EV-RT construction, attempt EV-Trailer body automation and robotization, implement pure electric tractor-trailer product ecological closed-loop in six steps, and promote EV-RT and EV-Trailer standard globalization.
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