On the evening of April 24, 2026, CIMC Vehicles (301039.SZ) released its first quarter report for 2026. As the launch year for its new strategic "Star Plan," the company started strong, leveraging the solid foundation laid by the "Star Chain Plan" in semi-trailer and tank truck production organization. It actively expanded the boundaries of its "full value chain," maintaining its leading position in the Chinese and global southern markets. Further breakthroughs were achieved in the "vehicle" and "station" aspects of its EV-RT ecosystem, laying a solid foundation for high-quality development throughout the year.
In the first quarter of 2026, CIMC Vehicles sold a total of 32,512 vehicles globally, representing a year-on-year increase of 9.0%. The company's operating revenue reached RMB 4.64 billion, with a gross profit margin of 15.0%. Net profit attributable to shareholders of the listed company reached RMB 157 million, and net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses reached RMB 159 million.
To further enhance shareholders' sense of gain, actively respond to and implement national policies on promoting high-quality development of the capital market, effectively enhance investor returns, further boost investor confidence in the company's future development, and demonstrate the company's high regard for shareholder interests, in addition to the 2025 dividend (RMB 2.1 per 10 shares), the company has decided to further announce a cash dividend for the first quarter of 2026, proposing to distribute RMB 1.4 per 10 shares to all shareholders. This dividend arrangement fully demonstrates CIMC Vehicles' firm commitment to continuously and actively rewarding shareholders, as well as its dividend-paying capacity based on a healthy asset structure and ample cash flow.
Global Southern Market Prosperous and Steady; China Market's "Anti-Involution" Effect Continues to Deepen
In the first quarter of 2026, CIMC Vehicles produced and manufactured 27,000 semi-trailers of various types globally, generating revenue of RMB 3.44 billion and contributing a gross profit of RMB 500 million.
The domestic market, as the company's "ballast," continued its growth trend in the first quarter, with the "anti-involution" effect continuing to deepen. Revenue from CIMC's semi-trailer business in China increased by 7.5% year-on-year, and gross profit margin improved by 1.6 percentage points year-on-year. The company established a new "CIMC Vehicles Semi-Trailer Business Group" to unify the management of its semi-trailer business in the domestic market. The Semi-Trailer Business Group completed adjustments to its operational structure and personnel deployment, built a mid- and back-office support organization and processes, incubated new business models for productive services, and promoted business transformation and upgrading. CIMC Vehicles' tank truck business group maintained steady sales growth, adhering to a quality-driven approach and maintaining its leading market share.
Leveraging the results of the Starlink project's structural reforms to production organization, CIMC Vehicles strengthened incentives and optimization for frontline blue-collar workers. Post-Lunar New Year resumption of work and production proceeded smoothly, with output rapidly recovering and surpassing the levels seen during the "1231" target period. In March 2026 alone, monthly LTP production of semi-trailers approached 10,000 units, and monthly LTP production of tank trucks exceeded 1,200 units, both setting new historical records. Meanwhile, the company actively expanded towards both ends of the value chain. In the first quarter of 2026, it completed the unified resource allocation of product research and development personnel within the group, steadily advancing self-developed technologies in areas such as intelligent superstructures, European standard products, and walking mechanisms. Simultaneously, it expanded win-win cooperation within the ecosystem through equity investment, joint ventures, and strategic partnerships in the core components and production services sectors.
The semi-trailer business in the global southern market saw significant growth, with sales increasing by 83.2% year-on-year. The company restructured its global southern market deployment and governance structure to enhance its "soft power"; unified the pricing system for single-product orange trucks in the global southern market; promoted the standardization of components for single-product orange trucks in the global southern market; effectively reduced delivery cycles and enhanced product competitiveness; and improved its integrated capabilities in local assembly, sales, and delivery, thereby enhancing sales competitiveness. In Australia, the business improved inventory planning and supply guarantee capabilities, optimized production resource allocation, and continued to focus on product quality improvement, further consolidating its market share.
The European semi-trailer business maintained steady progress. Regular business focused on core regional strategies, continued to leverage the advantages of the global supply chain, and maintained a stable gross profit margin. Meanwhile, in the first half of 2026, the preparatory work for the "European Semi-Trailer Research Institute" was officially launched. Leveraging the "unified planning" of technical personnel under the Star Project, the company achieved precise matching between its talent pool and demand pool, and has been systematically conducting forward research on products for the European market, achieving initial progress.
The North American semi-trailer business seized the window of opportunity presented by cyclical market adjustments and actively responded to various challenges brought about by geopolitics. The company continued to deepen the "Great White Bear Plan," systematically building a global supply guarantee system and local foam board manufacturing capabilities for North American semi-trailers. With its forward-looking layout, the company seized the initiative in the restructuring of local supply capacity for North American semi-trailers, and is expected to further increase its market share in the North American refrigerated truck market.
Continuing to promote structural changes in DTB production organization and actively expanding the R&D and sales of new energy products.
In the first quarter of 2026, CIMC Vehicles deepened its "good horse, good saddle" business model, achieving sales of 5,547 DTB body units and revenue of RMB 530 million.
CIMC Vehicles, drawing on the successful experience and methodology of the Starlink project, continues to promote structural reforms in its DTB production organization. It has essentially completed the structural reform of its DTB mixer truck production organization, and the reform of its DTB dump trucks has also been initiated. Simultaneously, it continues to actively expand the R&D and sales of new energy products, deepening cooperation with OEMs across the entire value chain of product R&D, manufacturing, and sales.
Building the "EV-RT Product Platform Research Institute": Breakthroughs in the "Vehicle" and "Station" of the EV-RT Ecosystem
In the first quarter of 2026, CIMC Vehicles clarified the organizational structure of the "EV-RT Product Platform Research Institute," transforming from project-based operation to a permanent, systematic R&D organization.
Regarding the R&D of the "vehicle" within the EV-RT ecosystem, CIMC Vehicles is steadily advancing the testing and verification of engineering-grade pure electric trailer-trailers and has fully launched the forward development of logistics-grade electric trailer platforms and corresponding pure electric trailer-trailer models. On the "station" side, 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.
Meanwhile, CIMC Vehicles' first global EV-RT user experience center was established in Chongzuo. This center not only comprehensively showcases the operational model of the EV-RT ecosystem to the public and end-users, but also builds a platform for deep collaboration between the company and users in product co-creation, promoting efficient linkage between demand and R&D.
“Star Plan” Strategy Guides Future Development in Five Key Directions
Based on the first year of the 15th Five-Year Plan, CIMC Vehicles will build upon the “Star Chain Plan” and steadfastly deepen its transformation, officially launching the “Star Plan” (2026-2030), striving to achieve a leapfrog improvement in the company's value during the 15th Five-Year Plan period. Guided by the "Starry Sky Plan" strategy, the company will focus on expanding and extending its reach in five key areas:
First, expanding the boundaries of the "full value chain" curve to become a unique full value chain operator, significantly increasing incremental business in productive services;
Second, intensifying the "Starlink Plan" to significantly increase incremental business in the North American semi-trailer market;
Third, launching the "European Semi-Trailer Starlink Plan" when the opportunity arises, building new-quality semi-trailer production capacity and marketing capabilities spanning Asia, Africa, and Europe;
Fourth, striving to become the world's only leader in all categories of special-purpose vehicles. Expanding the niche of existing businesses such as semi-trailers and tank trucks, developing incremental businesses such as powder tank trucks, DTB mixer trucks, and DTB dump trucks, cultivating variable businesses such as car carriers, curtain side trucks, and wing trucks, and building a new business model for EVRT/EVBT/EVHT;
Fifth, striving to build the EV-RT ecosystem, becoming a player in this new game, and propelling EV-RT variable businesses to take a substantial step forward.
