On August 25th, CIMC Vehicles (301039.SZ) held its 2026 interim results briefing. In the first half of 2026, CIMC Vehicles maintained steady growth, achieving revenue of RMB 10.737 billion, a year-on-year increase of 10.09%; gross profit reached RMB 1.551 billion, accelerating its evolution into a "full value chain operator." As of June 30, 2026, the company's net cash flow from operating activities reached RMB 778 million.
2026 marks the launch of the "Star Plan." Unlike the "Star Chain Plan," which addressed the issues of "structural restructuring of production organization + anti-involution breakthrough," the "Star Plan" represents a significant leap forward, propelling the company to become a unique full value chain operator. CIMC Vehicles inherited and carried forward the spirit of the Star Chain Plan in productive organizational restructuring, completing the organizational optimization of the "Star LTP segment" and achieving unified allocation of operational management resources across the entire group. Meanwhile, the new productivity and marketing capabilities achieved through the Starlink program were projected onto more product lines and regions, resulting in stable and improved company operations. Domestic market revenue increased by 13.57% year-on-year, global Southern market revenue increased by 34.08% year-on-year, and European market revenue increased by 5.83% year-on-year, further highlighting the resilience of global operations.
Global semi-trailer business revenue increased by 9.79%; global Southern market revenue increased significantly by 34.08%.
In the first half of 2026, CIMC Vehicles produced and manufactured approximately 62,900 semi-trailers of various types. The global semi-trailer business achieved operating revenue of RMB 7.602 billion and contributed a gross profit of RMB 1.042 billion in the first half of 2026. Among them:
Starlink semi-trailers (China market + global Southern market): 44,481 units were produced and manufactured. The annual model's share of total Starlink semi-trailer sales remained stable at around 40%. Facing fierce domestic market competition, Starlink semi-trailers maintained the number one market share in China for seven consecutive years, continuously strengthening its fundamentals. The company has established localized operations in Indonesia and Tanzania, continuously deepening its presence in Southeast Asia, Africa, and Australia, and actively exploring emerging potential markets in Central Asia. Starlink semi-trailers have achieved significant growth in overseas revenue and sales volume.
Starlink tank trucks/powder tank trucks (China market + Global Southern market): 7,891 units were produced and manufactured. CIMC Vehicles has fully integrated its powder tank truck business into the Star Plan for unified management, achieving integrated operation of both liquid and powder tank truck businesses. Production efficiency has significantly improved, with Starlink liquid tank truck monthly output increasing by 20% compared to the highest month in 2025, and the pace of capacity release continuing to accelerate. Leveraging its multiple advantages in products, technology, and production capacity, Starlink liquid and powder tank trucks continue to widen the competitive gap with leading companies in the industry, further strengthening its competitive advantage. Starlink liquid and powder tank trucks deeply rely on development opportunities in the Global Southern market, following the company's localization strategy, and deeply cultivate core regions such as Southeast Asia, Africa, and Australia, achieving steady growth in overseas performance.
European Semi-Trailer Business: The company produced and manufactured 3,530 SDC semi-trailers and LAG tank trucks for the European market, representing a 7.3% increase compared to 3,289 units in the same period of 2025. Both companies continued their efforts in optimizing production facilities, improving the supply chain, and streamlining product platforms to prepare for market recovery and improved operational quality. The company will continue to prioritize operational quality and cash returns, driving sales growth towards revenue and profit growth.
North American Semi-Trailer Business: In the first half of 2026, Vanguard GT Holding produced and manufactured 6,988 semi-trailers of various types for the North American market. The box semi-trailer business continued to maintain its core fleet and distribution channels; the refrigerated semi-trailer business focused on improving product quality, local manufacturing, and delivery capabilities; and the container skeleton truck business continued to control inventory and operational risks based on market demand. The aftermarket parts and services business, leveraging its large market share, provided a degree of counter-cyclical resilience for the North American business.
CIMC Vehicles achieved steady growth in DTB body sales and revenue, and expanded its EV-DTB production organization through structural reforms.
In the first half of 2026, CIMC Vehicles produced and manufactured a total of 13,238 DTB body units, achieving steady growth in sales and revenue, and further increasing its market share of core products. Simultaneously, drawing on the successful experience of the Starlink project, CIMC Vehicles actively promoted structural reforms in its DTB production organization, resulting in a steady increase in operating profit.
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. Sales of DTB products (referred to as EV-DTB bodies) for new energy heavy trucks saw significant growth, especially in EV-DTB dump truck bodies and EV-DTB mixer truck bodies, whose deliveries continued to increase.
CIMC Vehicles expanded its EV-DTB production organization through structural reforms, integrating production capacity in Luoyang and Wuhu, and consolidating orders, production plans, and delivery processes into the newly established CIMC Vehicles DTB/Mixer Truck Business Group. In the first half of 2026, its operating quality had already shown a significant improvement.
EV-RT New Track Unleashes Momentum
"EV-RT Spark" Pure Electric Cement Mixer Truck Enters Mass Production
CIMC Vehicles is steadfastly pursuing its EV-RT dream. Building on the global debut of its EV-RT engineering trailer in November 2025, the company moved from "prototype release" to "product verification and capability implementation" in the first half of 2026. Substantial progress has been made in the technology, implementation, and market of the EV-RT ecosystem.
Firstly, the engineering EV-RT trailer has completed testing and verification, achieving all core technical indicators. The company completed reliability and performance testing of its engineering EV-RT trailer product (prototype released at the Wuhan Auto Show), achieving the design goals of "stronger power, higher safety, and lower energy consumption": a full-load climbing ability of over 30%; braking distance reduced by over 20% compared to national standards; and overall energy consumption significantly lower than the combination of an electric tractor and a non-electric trailer, with significant optimization effects from the integrated tractor-trailer coordinated control and energy recovery system.
Second, the development of the logistics-oriented EV-RT trailer platform and prototype vehicle was completed, extending the product matrix from engineering-oriented to logistics-oriented.
Third, the "EV-RT Starlink" trailer achieved large-scale sales, with integrated trailer technology being implemented first.
Fourth, the "EV-RT Spark" pure electric cement mixer truck entered mass production. Leveraging its technological accumulation and lightweight advantages in the special vehicle superstructure field, and in conjunction with the electrification platform capabilities of its chassis partners, the company constructed a full value chain operation model for the EV-RT special vehicle. In the first half of 2026, the "EV-RT Spark" pure electric cement mixer truck achieved sales of 1,482 units.
Fifth, the world's first EV-RT experience center was completed, moving the ecosystem towards a "real-world experience."
Guided by the "Star Plan" strategy for the next 3-5 years, the company will continue to strengthen its leading position as the world's number one in the special-purpose vehicle industry.
Faced with a complex and ever-changing global environment, industry competition, and evolving customer base, the company will continue to drive bold reforms, aiming for outstanding ROE and shareholder returns that transcend economic cycles. Guided by the "Star Plan" strategy for the next 3-5 years, and leveraging the new productivity and marketing capabilities already built through the Star Chain Plan, the company will continue to strengthen its leading position as the world's number one in the special-purpose vehicle industry.
First, intelligent manufacturing is gradually shifting from isolated efforts to a holistic transformation. Second, it continues to expand the boundaries of the "full value chain" curve, deepening its partnerships with ecosystem partners along the value chain. Third, it is building a "Born-global" new development pattern, extending its production capabilities, supply chain, and productive service system from the domestic market to the global southern market. Fourth, it continues to cultivate cold chain logistics and delivery scenarios, as well as concrete logistics and urban construction waste truck scenarios, developing future-oriented "pure electric special-purpose vehicles." Fifth, based on the EV-RT ecosystem, it is comprehensively building a "Born-global" EV-RT system. The full value chain operation model for pure electric trailer trains and EV-RT pure electric special vehicles; sixth, to deeply cultivate the European semi-trailer industry layout, improve the regional multi-brand collaborative governance system, build a cross-brand modular product R&D platform, upgrade the localized intelligent manufacturing and stable supply chain system, expand the full life cycle productive cycle service of vehicles, and create a European semi-trailer operation model covering R&D, manufacturing, supply, and operation and maintenance cycle value; seventh, to focus on the North American semi-trailer business, deepen the "Great White Bear Plan", implement local manufacturing and multi-category collaboration, improve quality and efficiency through digital lean operation, extend full life cycle service, and strictly control supply chain and capital risks.
