CIMC Posts Record-high Overseas Revenue and Profit in H1

On the evening of August 25, CIMC (301039.SZ/01839), a leading global manufacturer of high-end semi-trailers and special purpose vehicles, released its interim results for 2022.

According to the report, in the first half of 2022, CIMC Vehicle achieved operating revenue of RMB11.20 billion and net profit attributable to shareholders of the parent company was RMB370 million; total assets and net assets attributable to shareholders of the listed company reached RMB22.38 billion and RMB11.77 billion respectively, representing an increase of 2.7% and 0.2% respectively compared with the end of 2021; In particular, revenue from overseas markets grew significantly by 59.2% year-on-year, with North America and Europe growing by 115.2% and 6.4% respectively. The global semi-trailer gross margin increased by 0.5 percentage points year-on-year, highlighting the advantages of transoceanic operations and further enhancing its leading position in the world.

Against the backdrop of repeated global epidemics, and an overall downturn in the Chinese commercial vehicle market, CIMC achieved a 1.1 percentage point year-on-year increase in gross profit margin to 11.2%. Meanwhile, the strong performance of CIMC's overseas business compensated to a certain extent for the slowdown in the domestic special purpose vehicle business.

Specifically, in the first half of 2022, Lighthouse Pioneer's revenue reached RMB2,327.1 million, maintaining a solid profitability, and its company "Trailer Bang" successfully completed its Series A financing. In North American, CIMC seized the opportunity to boost sales of its three key products, resulting in a significant increase in overall revenue and profitability, with revenue up 151.6% to RMB4,628.9 million and gross margin up 4 percentage points there. In particular, revenue from refrigerated semi-trailers in North America increased significantly by 189.4% year-on-year and gross profit margin improved by 3.0 percentage points. In Europe, the Group achieved a strategic breakthrough, with revenue increasing by 14.1% to $1,272.0 million. The “Qiangguan” business group continued to improve its "Lighthouse Manufacturing Network" and leveraged the synergies of its three production bases to maintain a leading position in its key products, with revenue reaching $2,142.2 million and gross profit margin improving by 0.8. Revenue from the urban dump truck segment amounted to $478.5 million with the continuous launch of new products. TERABYTE Business achieved revenue of $130.5 million, with production capacity being gradually released at the TERABYTE business group's high-end manufacturing production base upon completion.

In the future,CIMC will use its competitive advantages in the overseas semi-trailer segment in the North American market, European market and emerging markets, to further expand its global presence.

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