CIMC Vehicles’ 2025 Interim Revenue Reaches RMB 9.75 Billion: Anti-involution' shows results, Electric Tractor-trailer Accelerating Development
(25 August 2025, Shenzhen) — CIMC Vehicles (Group) Co. Ltd. (“CIMC Vehicles” or the “Company”, Stock code: 301039.SZ) released its 2025 interim results. In the first half of 2025, CIMC Vehicles advanced steadily and achieved stage results, recording revenue of RMB 9.75 billion and gross profit of RMB 1.46 billion, accelerating the evolution into an “Entire-Value Chain” operator for StarChained semi-trailer. As of 30 June 2025, the Company’s total assets reached RMB 23.15 billion, up 2.1% year-on-year (“YoY”), with net assets of RMB 14.41 billion and net cash generated from operating activities of RMB 930 million.
Against the backdrop of high-quality development, industry intelligence transformation, and global supply chain restructuring, the Company’s “StarChained Plan” enters IMP2, "Anti-involution" efforts have begun to show results. Chinese semi-trailer business realized “dual improvement in quality and efficiency”, the Global South semi-trailer business achieved a leap in profitability, and the European semi-trailer business demonstrated strong resilience amid a “weak recovery”. The EV·DTB business builds new quality productive (NQP) forces, firmly implementing the "differentiation" strategy, actively transformed into new energy truck supporting bodies, with profitability continuing to improve. Meanwhile, the development of electric tractor-trailers (EV-RT) is accelerating, with the launch of the "Hannover Project" to fully prepare for the Wuhan Auto Show.In the first half of 2025, the global semi-trailer business achieved revenue of RMB 6.924 billion, contributing gross profit of RMB 1.129 billion, with over 53,000 units of semi-trailers manufactured and sold worldwide.
StarChained Plan enters IMP2, "Anti-involution" efforts have begun to show results
During the Reporting Period, sales of Chinese semi-trailer business increased by 10% YoY, with revenue up 11% and gross margin improved by 2.4%. Operating profit of the Star-Chained Semi-trailer business in the Chinese market increased by 74% YoY.
StarChained Semi-trailer LTP Group also implemented its effectiveness-related initiatives from various aspects including design optimization, upgrades on production lines, optimization of production scheduling structure, accompanied by a significant improvement in efficiency of four major production sections as compared to the first half of last year with an increase in overall outputs and per capita output of 21% and 20% respectively, together with a decline of 15% in the direct labour and manufacturing costs of a single semi-trailer.
In terms of StarChained Semi -trailer business, the Group reshaped its domestic market layout, leveraging incremental opportunities along the Yangtze River, and established new sales organizations and models. A breakthrough had achieved in orders from major customers by joint marketing and other methods, achieving the rapid growth of business in key markets and recording a YoY increase of 12% in domestic sales.
In 1H2025, the Big Leap Liquid Tanker Trailers completed the organizational establishment of CIMC Vehicles’ Tanker Business Group and Big Leap LTP Group, comprehensively upgrading core manufacturing capabilities in both “Hard Stuff” and “Soft Stuff”. Core tanker components moved toward intensive production, boosting overall per capita efficiency by 22.5%, with NQP forces in tankers beginning to emerge.
In 1H2025, ith reference to the model of the “StarChained Plan”, CIMC Vehicles Liquid Tanker Trailer Business Group established new sales organization and sales model, focusing on core markets and core products, both achieved growth in quality and scale, with a year-on-year increase in domestic revenue of over 30%.
In June 2025, CIMC Vehicles Liquid Tanker Trailers Business Group officially launched advanced liquid tanker trailer of “Ouguan” series which combine “European technical genes” and “Chinese scenario intelligence”, redefining the new benchmark of liquid tanker trailers industry and reshaping the market landscape of liquid tanker trailers.
In 1H2025, the Global South semi-trailer business maintained high-quality development, achieving a dual structure of a dual-promising landscape of “solid growth and remarkable profits”. Sales rose 13.0% YoY, gross margin rose by 4.6%, and a robust growth in profitability.
The Company deepened strategic layouts in emerging markets such as Southeast Asia and Africa, completed the construction of the Asean Vanguard business cluster and achieved market breakthroughs under the framework of the Global South market. In Thailand, the “Mango” factory aggregated resources to quickly respond to local demand, with trailer sales up 44.0% YoY and revenue surging 63.5%, setting a regional benchmark. In Vietnam, the Company captured rapid economic growth opportunities, with revenue growing significantly by 270% YoY.
Australian business actively expanded its presence in core regional markets, developed the business model of LoD/LoM, explored the dual-brand marketing strategy, and combined the supply chain cost reductions contributed by the “StarChained Plan”, resulting in a YoY increase in sales of 16.4% and an increase in gross margin of 2.3%, fully demonstrating the Company’s advantages in intercontinental supply chain synergies.
Despite a “weak recovery” environment in Europe, the European semi-trailer business focused on operational efficiency and leveraged global supply chain advantages, maintaining steady growth. In 1H2025, SDC in the UK, the subsidiary of the Company achieved revenue growth of 8.7% YoY. Based on the long-term recovery outlook, CIMC Vehicles began building high-end chassis and body component plants in Europe to serve the third venture stage.
Under dual pressure of tariffs policy and severe demand decline in North America, the business still delivered 7,888 units in 1H2025, showing strong resilience. Vanguard GT’s Vanguard Parts maintained robust growth momentum. The North American business is expected to enter a weak recovery phase in 2H2025.
EV·DTB Business Builds NQP forces, Firmly Implementing the "Differentiation" Strategy
As the industry’s sole provider of three categories of DTB products and the only enterprise covering the Yellow River Basin and Yangtze River Basin with six plants, CIMC Vehicles consolidated market share of core products, achieving revenue of RMB 868 million. Sales of all three EV·DTB product lines recorded strong growth: dump trucks up 142.55%, mixer trucks up 86.26%, and refrigerated trucks up 69.8% YoY.
In February 2025, the Company established CIMC Vehicles DTB ∙ Cement Mixer Truck (including Powder Tank Trucks) Business Group, ending the “fragmented expansion” and “operating-in-silo” of six factories, and forming a new group-based operational system with optimized production capacity and resource synergy, eliminating the internal competition in the market relying on the brand strength of CIMC Vehicles, forming effective competitive advantages, and thereby preliminarily build a development pattern of NQP for mixer trucks.
Meanwhile, the Company continued to deepen the “Excellent Horses with Excellent Saddles” business model, working closely with leading OEMs such as Shaanxi Heavy Duty Automobile, advancing the “Sanhao Development” model and the “Royal Nanny Service” strategy, consistently improving product quality, shortening delivery cycles, and creating greater value for customers. In 1H2025, a total of 1,704 sets of products of “excellent horses with excellent saddles” had been delivered, representing a YoY increase of 25%.
The development of electric tractor-trailers is accelerating, with the launch of the "Hannover Project" to fully prepare for the Wuhan Auto Show
Driven by both regulation and technology, the industry is evolving from tractor electrification to “tractor + trailer" zero-emission integration. Electric tractor-trailers (EV-RT) became the key breakthrough, creating a strategic window for first movers. CIMC Vehicles has always believed in the key path of product evolution of “from new energy heavy trucks to new energy tractors and then to electric tractor and trailers”, and has actively participated in the operation of each milestone, actively developing pure electric tractor-trailers, launching the "Hannover Project" in full preparation for the Wuhan Auto Show.
In 2025, CIMC Vehicles has accelerated the development of electric tractor-trailer product portfolio and operational support infrastructure, while launching sales and services for new energy tractor-trailer vehicles. The company has completed the top-level architecture design of the EV-RT2.0 pure electric tractor-trailer. The Company focused first on short-distance, heavy-load engineering scenarios (such as sand, gravel, concrete transportation), completing product development and scenario verification, and released the prototype.
Building NQP , Embarking on a New Chapter of High-quality Development.
Looking ahead, CIMC Vehicles will comprehensively build NQP and open a new chapter of high-quality development:
- Accelerate evolution into an entire-value chain operator of Star-Chained Semi-trailers: Deepen integration of the Star-Chained Plan and Big Leap Plan, reinforce “Star-Chained Only” coordination, sprint towards 1231 targets, sustain profitability growth, and further increase market share.
- Advance “Intercontinental Operations” into a “Borderless Enterprise”: Optimize North American operations and transformation planning, strengthen global supply chain resilience, and enhance resistance to geopolitical risks.
- Pursue “Electric Integrated Tractor-trailer Products”: Following EV-RT development, attempt automation and robotics for EV-Trailer bodies, accelerating the completion of the full-cycle of its own EV-RT products ecosystem, and promote the globalization of EV-RT and EV-Trailer standards.
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