In the first quarter of 2026, CIMC Vehicles sold a total of 32,512 units/sets of various vehicles globally, a year-on-year increase of 9.0%. The company’s operating revenue reached 4.64 billion yuan, with a gross profit margin of 15.0%. Net profit attributable to shareholders of the listed company reached 157 million yuan, and net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses reached 159 million yuan.
To further enhance shareholders’ “sense of gain,” actively respond to and implement national policies related to promoting high-quality development of the capital market, effectively increase investor returns, further boost investor confidence in the company’s future development, and demonstrate the company’s high regard for shareholder interests, on the basis of implementing the 2025 dividend distribution (cash dividend of 2.1 yuan per 10 shares), the company has decided to further declare a cash dividend for the first quarter of 2026, proposing to distribute a cash dividend of 1.4 yuan per 10 shares to all shareholders. This dividend arrangement fully demonstrates CIMC Vehicles’ firm willingness to continuously and actively reward shareholders, as well as its dividend capacity based on a healthy asset structure and ample cash flow.
Steady Progress in Global South Markets, Deepening “Anti-Involution” Effects in China
In the first quarter of 2026, CIMC Vehicles produced and manufactured 27,000 units of various semi-trailers globally, with operating revenue reaching 3.44 billion yuan, contributing a gross profit of 500 million yuan.
The domestic market, serving as the company’s “ballast stone,” continued its growth trend in the first quarter, with the “anti-involution” effects deepening. Revenue from China’s semi-trailer business increased by 7.5% year-on-year, and the gross profit margin improved by 1.6 percentage points year-on-year. The company newly established the “CIMC Vehicles Semi-Trailer Business Group” to unify the operation of semi-trailer business in the large domestic market. The Semi-Trailer Business Group completed adjustments to its organizational deployment and troop positioning, built mid- and back-office support structures and processes, incubated new business models for productive services, and promoted business transformation and upgrading. CIMC Vehicles’ liquid tanker business group maintained steady sales growth, adhered to a quality-first approach, and retained the top market share.
Leveraging the results of structural reforms in production organization under the “Starlink Plan,” CIMC Vehicles strengthened incentive optimization for frontline blue-collar workers. The resumption of work and production after the Lunar New Year holiday was smooth, with production volumes quickly recovering and surpassing the levels of the “Sprint 1231” phase. In March 2026 specifically, the monthly output of semi-trailer LTP approached 10,000 units, and the monthly output of liquid tanker LTP exceeded 1,200 units, both setting historical records. At the same time, the company actively expanded to both ends of the value chain. In the first quarter of 2026, it completed the “organization-wide chessboard” resource allocation for product research and development personnel within the group, steadily advancing self-developed progress in areas such as intelligent superstructures, European-standard products, and running gear. Meanwhile, in the two major fields of core components and productive services, it expanded win-win cooperation within the ecosystem through equity investments, joint ventures, and strategic partnerships.
The semi-trailer business in Global South markets saw significant growth, with sales volume increasing by 83.2% year-on-year. The company reshaped its troop deployment and governance structure in Global South markets to enhance “soft power”; unified the pricing system for orange-label products in Global South markets, promoted the standardization of components for orange-label products in these markets, effectively reducing delivery cycles and enhancing product competitiveness; and improved the integration of local assembly, territorial sales, and delivery capabilities to boost sales competitiveness. The Australian business enhanced inventory planning and supply assurance capabilities, optimized production resource allocation, and continued to focus on product quality improvement, further consolidating market share.
The European semi-trailer business pursued steady progress. The regular business focused on regional core strategies, continuously leveraged the advantages of the global supply chain to ensure supply, and maintained a stable gross profit margin. Meanwhile, in the first half of 2026, preparations for the establishment of the “European Semi-Trailer Research Institute” were officially initiated. Relying on the “organization-wide chessboard” planning of technical personnel under the “Starlight Plan,” precise alignment between the “talent pool” and the “demand pool” was achieved. Forward-looking product research targeting the European market has been carried out in an orderly manner, with preliminary progress achieved.
The North American semi-trailer business seized the window of opportunity presented by cyclical market adjustments and actively responded to various challenges posed by geopolitics. The company continued to deepen the “Polar Bear Plan,” systematically building a global supply assurance system and local foaming panel production capabilities for North American semi-trailers. Thanks to its forward-looking layout, the company has gained a first-mover advantage in the process of restructuring local supply capabilities for North American semi-trailers, which is expected to further increase its market share in North American refrigerated trucks.
Continuously Advancing Structural Transformation of DTB Production Organization Actively Expanding R&D and Sales of New Energy Products
In the first quarter of 2026, CIMC Vehicles deepened the “Good Horse with Good Saddle” business model, achieving sales of 5,547 units in the DTB superstructure business, with operating revenue reaching 530 million yuan.
Drawing on the successful experience and methodology of the “Starlink Plan,” CIMC Vehicles continuously advanced the structural transformation of DTB production organization. It has largely completed the structural transformation of DTB mixer truck production organization, and the transformation of DTB dump trucks has also been initiated. At the same time, it continued to actively expand the R&D and sales of new energy products, deepening cooperation with OEMs across the entire value chain of product development, manufacturing, and sales.
Establishing the “EV-RT Product Platform Research Institute” Breakthroughs in “Vehicles” and “Stations” within the EV-RT Ecosystem
In the first quarter of 2026, CIMC Vehicles clarified the organizational structure of the “EV-RT Product Platform Research Institute,” transitioning from project-based operations to a permanent, systematic R&D organization.
In terms of R&D for “vehicles” within the EV-RT ecosystem, CIMC Vehicles is steadily advancing the experimental verification of engineering-type pure electric head-truck-trailer combinations and has fully initiated the forward development of logistics-type electric trailer platforms and corresponding pure electric head-truck-trailer models. Regarding “stations,” CIMC Vehicles is simultaneously conducting iterative development of multi-form EV-RT ALFA+ mobile fast-charging vehicles to adapt to diverse scenarios and differentiated customer needs.
At the same time, CIMC Vehicles’ first global EV-RT User Experience Center was inaugurated in Chongzuo. This experience center not only comprehensively showcases the operational model of the EV-RT ecosystem to all sectors of society and end users but also establishes a platform for deep collaborative product co-creation between the company and users, promoting efficient linkage between the demand side and the R&D side.
Strategic Guidance of the “Starlight Plan” Future Anchored on Five Major Directions for Comprehensive Expansion
Standing at the starting year of the “15th Five-Year Plan,” CIMC Vehicles will unswervingly deepen reforms based on the “Starlink Plan,” officially launching the “Starlight Plan” (2026–2030), striving to achieve a leap in corporate value during the “15th Five-Year Plan” period. Guided by the strategic direction of the “Starlight Plan,” the company will focus on continuously expanding in five major directions:
First, expand the boundaries of the “full value chain” curve to become a unique full-value-chain operator, significantly increasing incremental business in productive services;
Second, intensify the “Starlink Plan” to substantially increase incremental business in the North American semi-trailer market;
Third, opportunistically launch the “European Semi-Trailer Starlink Plan,” building new-quality semi-trailer productivity spanning Asia, Africa, and Europe, and establishing new-quality marketing capabilities across these regions;
Fourth, move towards becoming the world’s only leader in full-category specialized vehicles. Expand the niche of existing businesses such as semi-trailers and liquid tankers, develop incremental businesses like powder tankers, DTB mixer trucks, and DTB dump trucks, cultivate variable businesses such as car carriers, curtain-sided trucks, and wing-opening trucks, and construct entirely new business models for EVRT/EVBT/EVHT;
Fifth, strive to build the EV-RT ecosystem, becoming a key player in this new landscape, and push the EV-RT variable business to take substantial steps forward.