On October 24, 2025, CIMC Vehicles (301039.SZ) released its third-quarter report for 2025. Faced with a complex and volatile global economic environment, CIMC Vehicles responded to the uncertainty of external changes with the certainty of high-quality development. Through strategic focus and operational optimization, CIMC Vehicles maintained steady development in its core business areas and continued to increase its investment in the pure electric vehicle sector, demonstrating its risk resilience and long-term growth potential.
In the first three quarters of 2025, CIMC Vehicles sold a total of 101,583 vehicles of various types worldwide, achieving operating revenue of RMB 15.012 billion, a gross profit margin of 15.2%, and net profit attributable to shareholders of the listed company of RMB 622 million. Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses reached RMB 598 million.
Guided by the "Only Starlink" strategy, the company's anti-involution efforts have achieved initial success.
From January to September 2025, CIMC Vehicles' global semi-trailer business achieved sales of over 82,000 units, generating revenue of 10.692 billion yuan and contributing a gross profit of 1.797 billion yuan. Amidst the industry's involuted competition, CIMC Vehicles, guided by its "Only Starlink" strategy, has achieved initial success in its anti-involution efforts.
In the first three quarters of 2025, Starlink's semi-trailer and tanker truck revenue in the Chinese market increased by 16.3% year-on-year, and its gross profit margin increased by 2.6 percentage points. Driven by the vision of a "Starlink LTP Group," the company chose Yangzhou as its starting point and completed the construction and acceptance of the main building of the Yangzhou Starlink LTP Center. Focusing on reshaping production scheduling and internal delivery rules, the company has systematically improved order delivery efficiency by focusing on both the macro and micro cycles of production scheduling and delivery, resulting in a 22% increase in efficiency in the third quarter. At the same time, the company further strengthened its centralized procurement and supply guarantee capabilities, prioritizing supply integration, integrating with various LTP centers, and refining the process layout of work islands, thereby improving the quality and efficiency of centralized procurement and supply guarantee work.
The foundation for a unified national market has been further consolidated: the "Xiangxi Daying" integrated marketing and service company for semi-trailers and liquid tank trucks has been established to anchor the northwest and address the pain points of internal competition. Luzhou LoD construction is essentially complete, with the first batch of semi-trailers shipped from Yangzhou to Luzhou via the Yangtze River, completing the internal and external delivery process and ushering in a new phase in the Yangtze River warehouse construction. The "Three Goods" development center and delivery service center are being constructed in phases to achieve wider coverage, faster response, and more precise service, promoting efficient resource coordination and rapid response to customer needs.
At the same time, leveraging the successful experience of the Starlink Project, the company is further deepening its strategic presence in the Global South. The company continues to deepen its presence in the Southern China semi-trailer business, increasing resource allocation and advancing the LoM and LoD development plans in regions such as Vietnam, Indonesia, and Tanzania. It is strengthening joint and integrated marketing in incremental and value-added markets such as Africa, Southeast Asia, and Australia, building a collaborative operations system, and improving operational efficiency. In the first three quarters of 2025, revenue from the Southern China semi-trailer business increased by 15.79% year-on-year, sales increased by 21.39%, and gross profit margin increased by 2.6 percentage points year-on-year.
In its European semi-trailer business, CIMC Vehicles is proactively responding to the challenging European semi-trailer market. On the supply chain front, the company is actively developing its European high-end underframe component plants (DS11) and European high-end superstructure component plants (DS10), ensuring a stable supply of high-end components and ensuring product and delivery reliability. In terms of sales, the company is focusing on the express and retail customer segments, which are more resilient to cyclical conditions, and has achieved key breakthroughs, securing significant orders from several key KA customers. These strategic initiatives are not only mitigating current pressures, but are also reshaping the company's core strengths in the new landscape.
In its North American semi-trailer business, CIMC Vehicles has maintained strategic focus amid the complex and multi-faceted "adaptation zone" of the North American semi-trailer market. CIMC Vehicles has resolutely implemented the "Great White Bear Plan" as a key initiative to enhance the resilience of its global supply chain. By eliminating external interference, strengthening rapid response mechanisms, and deepening its presence in key regional markets, CIMC partners with customers to build a deep understanding of value.
The EV/DTB bodywork business continues to leverage new energy, with group operations demonstrating success.
In the first three quarters of 2025, CIMC Vehicles' DTB business achieved revenue of RMB 2.333 billion through its group operations, expanding and promoting the continued development of new energy products. Sales of EV-DTB dump trucks reached 3,898 units, EV-DTB mixer trucks reached 1,500 units, and EV-DTB refrigerated trucks reached 1,948 units, totaling 7,346 units.
Across various business segments, the EV-DTB dump truck business continues to deepen its "Starlink" business model, achieving integrated product development and high-quality delivery capabilities. The EV-DTB mixer truck business, through a three-step closed loop of "smooth start - rapid collaboration - orderly integration," achieved smooth transition, rapid resource integration, and orderly restructuring of business processes. The EV-DTB refrigerated truck business focuses on four key areas: improving production efficiency, innovating new energy products, building resilience in overseas markets, and collaborating internal resources, ensuring steady progress towards its high-quality development goals throughout the year.
Key Breakthroughs Build Barriers: All-Electric Lead-Trailer Business Accelerates Progress
Following the key product evolution path of "new energy heavy-duty trucks, new energy tractors, and finally all-electric lead-railer trains," the all-electric lead-railer train business has achieved multiple key breakthroughs, centered on key operational milestones:
The company has completed the development of both hard and soft capabilities for the all-electric lead-railer train (EV-RT2.0) product development and operations system (DE, LTS, prototype manufacturing and testing), product delivery, and marketing promotion (product portfolio, product assembly, exhibitions, and the EV-T Center);
Through forward-thinking R&D, the company is focusing on heavy-duty short-haul transportation applications. The company has completed the technical platform definition for its short-wheelbase all-electric trolley trains and completed prototype verification for two models: a EV-RT2.0-7A and a EV-RT2.0-MIX.
Concurrently, a pilot sales program for new energy trolley trains has been launched in the southwest region through four EV-T centers, resulting in orders for 321 units.
Adapting Offensively and Defensively to Embrace Change and Strive for a New Stage of High-Quality Development
The unsettling waves of the VUCA world are compounded by the tsunami of the BANI era, accelerating the world's unprecedented transformation at an unprecedented pace. Old approaches are failing, while new ones are constantly emerging. Faced with an unfamiliar "adaptation zone," the company needs to adapt to the new external environment and explore new development opportunities.
CIMC Vehicles consistently addresses challenges with a strategic mindset of "offensive and defensive," continuously building differentiated core competitiveness and deeply exploring the value of every link in the Starlink semi-trailer "full value chain."
CIMC Vehicles will continue to optimize its North American organizational operating model and business transformation plan, further strengthening the resilience of its global supply chain and enhancing its business's resilience to geopolitical risks. With a "20-mile-a-day" mindset, CIMC Vehicles will forge ahead in the face of adversity.
CIMC Vehicles will firmly pursue its dream of developing a "pure electric head-and-trailer integrated product," meeting user needs throughout the entire lifecycle through "cross-lifecycle products." Along this journey, the company will address the three dimensions of "business model," "technology," and "application scenarios," collaborating with like-minded individuals to jointly advance the development and closure of the pure electric head-and-trailer ecosystem.
