On March 25, 2026, CIMC Vehicles (301039.SZ) held its 2025 annual results briefing. CIMC Vehicles, with its bold reforms, has overturned market expectations. Guided by the "Only Starlink" strategy, it has achieved initial success in combating internal competition and is committed to becoming a "top student" among listed companies, driving the industry towards high-quality development.
With the successful conclusion of the three-year "Starlink Plan," CIMC Vehicles' operations have steadily improved, with its three major business segments working synergistically. The "Starlink Plan" has also delivered results exceeding expectations. Annual report data shows that the company achieved revenue of RMB 20.18 billion in 2025, a gross profit margin of 15.9%, net cash flow from operating activities of RMB 1.58 billion, and cash reserves of RMB 6.6 billion. Q4 net profit attributable to shareholders increased by 28.7% quarter-on-quarter.
Meanwhile, the company disclosed its 2025 profit distribution plan of a cash dividend of RMB 0.21 per share (inclusive of tax).
Group photo of management at the earnings conference
The "Starlink Project" Concludes Successfully; All Businesses Achieve Steady Progress
In 2025, CIMC Vehicles produced and manufactured over 110,000 semi-trailers of various types globally, achieving revenue of RMB 14.372 billion and contributing a gross profit of RMB 2.44 billion. According to the 2025 ranking of global semi-trailer manufacturers by sales volume published by *Global Trailer*, CIMC Vehicles ranked first for the thirteenth consecutive year.
The semi-trailer business in China achieved high-quality development. In an external environment where the entire industry still faces overcapacity and rampant homogenized marketing, CIMC Vehicles built new competitive advantages and achieved an initial victory in "anti-involution." The six-month "Sprint 1231" campaign, "Only Starlink," closely integrated new quality production capacity with new quality marketing capabilities, effectively ensuring the successful implementation of the "Sprint 1231" initiative. Sales of Starlink semi-trailers and Starlink tank trucks in the Chinese market increased by 15.00% year-on-year, revenue increased by 14.65% year-on-year, and gross profit margin improved by 3.3% year-on-year.
Starlink semi-trailer products
Starlink tank truck products
The company focuses on its annual model launches, extending its value chain both upstream and downstream—driving innovation in productive services upstream and building barriers to entry for core components downstream. In 2025, it launched several innovative products, including the exclusive Starlink rear-dump semi-trailer (7A), the "UEFA Champions League" series of high-end tank trucks, and the "Starstorm" vehicle transport vehicle. Sales of these annual models accounted for approximately 40% of CIMC Vehicles' Starlink semi-trailer/Tank truck sales in the Chinese market and the global southern market. Despite intensifying competition in the unified domestic market, according to statistics from the Hanyang Special Vehicle Research Institute, the company's semi-trailer market share exceeded 22.2%, maintaining its position as the number one in China for seven consecutive years, and its tank truck market share exceeded 26.5%, achieving industry-leading growth against the trend.
Regarding new production capacity, the Starlink production lines, which were gradually completed and put into operation in the second half of 2024, have fully realized their potential. In 2025, the labor hours for LTP semi-trailers and tank trucks are expected to decrease by approximately 30%-40%. The centralized procurement organization has been fully upgraded, achieving more than 80% centralized procurement, providing replicable operational capabilities to support high business growth.
Starlink production line
In terms of new marketing capabilities, the number of "Three-Good Centers" increased to 24, forming a robust network covering key customer markets together with the 23 delivery service centers to be built by 2025. Pilot projects in productive services flourished, with nine flagship stores exploring business models such as maintenance, used goods repair, used goods trading, and trailer leasing.
The Global Southern Market achieved high-quality growth. CIMC Vehicles optimized its governance structure and force deployment in the Global Southern Market, developing localized market growth strategies for each key market, as well as modular vehicle models adapted to the needs of each market. In 2025, the semi-trailer business revenue in the Global Southern Market reached RMB 3.09 billion, a year-on-year increase of 17.7%; sales volume increased significantly by 29.1% year-on-year. While expanding in scale, profitability improved significantly, with gross profit margin increasing by 1.3 percentage points year-on-year. Traditional strong markets in the Middle East, Africa, and Southeast Asia saw outstanding growth, with key markets such as Vietnam and Thailand experiencing growth exceeding 70%. Breakthroughs were achieved in emerging regions such as Central Asia.
Global Southern Market Bulk Orders
In 2025, the Australian business was upgraded to be directly managed by the Global Southern Business, closely integrated with the Starlink project. Australian operations maintained historically strong profitability. According to registration data from the Australian Road Transport Association, the company's market share in Australia has ranked among the top six for three consecutive years, demonstrating its solid position in the Australian market.
The European semi-trailer business showed a trend of "flat sales volume and revenue growth." In 2025, SDC and LAG's overall sales volume remained flat compared to the same period last year, while revenue increased by 5%. SDC continued to maintain its leading position in the UK market. LAG focused on stabilizing its business throughout the year, advancing regional integration in Poland, product standardization, and facility upgrades to build up capacity for future recovery.
The North American semi-trailer business persevered despite pressure, demonstrating strong resilience. The refrigerated truck business maintained orderly shipments from its North American factory, utilizing pre-assembled inventory accumulated during market downturns to ensure the delivery of urgent orders. The dry van business maintained profitability despite the sluggish market environment, thanks to strong sales capabilities and core customer loyalty, while also achieving a slight increase in market share. The skeleton truck business focused on clearing backlogged inventory, achieving a phased reduction in losses through strict cost control and administrative expenses. The company anticipates a gradual recovery in US semi-trailer demand by mid-2026.
DTB business sales and revenue saw steady growth, with core product market share further increasing
In 2025, CIMC Vehicles provided a total of 29,000 specialized bodywork units to Chinese new energy heavy-duty truck manufacturers and leading fuel/gas heavy-duty truck manufacturers. DTB business sales and revenue saw steady growth, with core product market share further increasing. Simultaneously, drawing on the successful experience of the Starlink project, CIMC Vehicles began actively promoting structural reforms in its DTB production organization, resulting in a significant year-on-year increase in operating profit.
EV-DTB Dump Truck, EV-DTB Mixer Truck, EV-DTB Refrigerated Truck
In 2025, the company began driving structural reforms in the production organization of its DTB/mixer truck business, integrating the resources of two mixer truck manufacturers in Wuhu and Luoyang to establish the CIMC Vehicles DTB/Cement Mixer Truck (including powder tanker) Business Group. This formed a new group-based operational system with optimized capacity and resource synergy, streamlining the order, production, and delivery processes, greatly improving production efficiency and significantly enhancing operational quality.
Furthermore, the company continued 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, resulting in significant sales growth for DTB products Supporting DTB products for new energy heavy trucks. The company's total sales of new energy series products exceeded 11,000 units, representing a year-on-year increase of over 100%, creating greater value for customers through efficient delivery and superior quality.
Upholding its strategic positioning as an "explorer, builder, and promoter of the entire value chain" for pure electric trailer-trailer trains, the company achieved a milestone breakthrough in 2025.
As a core strategy for the company's future, the EV-RT trailer-trailer train business achieved a milestone breakthrough in 2025, marking a solid step forward for the company in becoming a technology standard definer in the era of new energy heavy-duty trucks: the world's first EV-RT ecosystem, defining a new industry paradigm; the world's first engineering-grade electric trailer platform and prototype, achieving a technological breakthrough from 0 to 1; innovative business concepts, building long-term competitive advantages; and deep participation in and promotion of the upgrading of national and industry standards.
In 2025, the company firmly established its strategic positioning as an "explorer, builder, and promoter of the entire value chain" for pure electric trailer-trailers, laying a solid foundation for the future development of its EV-RT business.
Guided by the "Only Starlink" strategy, CIMC Vehicles continuously enhances its long-term competitiveness.
Faced with a complex and ever-changing global economic environment, CIMC Vehicles has boldly disrupted market expectations with its "Only Starlink" strategy, continuously enhancing its long-term competitiveness through strategic planning and business development. This includes: 1) expanding and enriching its "full value chain" operating model, deeply exploring value and building a competitive moat across six key segments; 2) improving and optimizing its global supply chain, solidifying its ability to supply key components; 3) optimizing its business governance structure in the global southern market, unifying sales channels in local markets, and deepening its understanding and control over local end customers; 4) deepening the governance structure of Vanguard Global Trailer Holding; 5) beginning to build the governance structure of the parallel and independent CIMC Vehicles Europe Company (CVEC); 6) deepening the "good horse, good saddle" business model, promoting structural reforms in the production organization of DTB manufacturing enterprises; and 7) building an "EV-RT" ecosystem to accelerate the rapid iteration of EV-RT trailer train products.
EV-RT ecosystem
Looking ahead, CIMC Vehicles is determined to build on the initial success of the "Starlink Plan" and deepen its "bold transformation" development strategy by launching the "Star Plan" (2026-2030), aiming to achieve a significant leap in company value during the 15th Five-Year Plan period. CIMC Vehicles will increase its R&D investment during the Star Plan period.
The Star Plan will build upon the solid foundation laid by the "Starlink Plan" in semi-trailer and tank truck production organization, fully reaping the benefits of the Starlink Plan. The Star Plan will be implemented in three phases: Star Plan 1-2-3. Driven by the Starlink Project, CIMC Vehicles will dedicate itself to expanding the Starlink Project's soft and hard power and industry influence in five directions:
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 Project" to significantly increase incremental business in the North American semi-trailer market; third, launching the "European Semi-Trailer Starlink Project" when the opportunity arises, building a new type of semi-trailer production capacity spanning Asia, Africa, and Europe, and constructing a new type of marketing power spanning Asia, Africa, and Europe; fourth, moving towards becoming the world's only leader in all categories of special-purpose vehicles; and fifth, striving to build the EV-RT ecosystem, becoming a player in this new game, and propelling the EV-RT variable business to take a substantial step forward.
"Full Value Chain" Operation Model under the Star Project
