CIMC Vehicles' 2025 revenue reaches 20.18 billion yuan: "Starlink Project" successfully completed, "Starry Sky Project" sets sail

On March 25, 2026, CIMC Vehicles (301039.SZ) held its 2025 annual performance briefing. CIMC Vehicles overturned market expectations with bold change. Guided by “Only Starlink,” it achieved an initial victory against involution, aims to become a “top student” among listed companies, and promotes high-quality development across the industry.

With the “Starlink Program” spanning three years successfully coming to a close, CIMC Vehicles’ operations have improved steadily in terms of both stability and quality, with its three business segments coordinating and driving momentum together. The “Starlink Program” has also delivered a results sheet that exceeded expectations. According to the annual report, in 2025 the company achieved revenue of RMB 20.18 billion (the same below, in RMB), a gross margin of 15.9%, net cash flow from operating activities of RMB 1.58 billion, cash reserves on hand of RMB 6.60 billion, and Q4 attributable net profit up 28.7% quarter-on-quarter.

At the same time, the company disclosed a profit distribution proposal for 2025 of a cash dividend of RMB 0.21 per share (inclusive of tax).

Perfect close of the “Starlink Program” — Steady and refined progress across the entire business

In 2025, CIMC Vehicles produced and manufactured more than 110k units of various semi-trailers worldwide. Its global semi-trailer business recorded operating revenue of RMB 110k, contributing gross profit of RMB 14.37B. According to the 2025 ranking by sales volume of global semi-trailer manufacturers released by Global Trailer, CIMC Vehicles has ranked No. 1 for 13 consecutive years.

China’s semi-trailer business achieved high-quality development. In the external environment where industry capacity remains over-supplied and homogeneous marketing is widespread, CIMC Vehicles built new competitive advantages and achieved an initial victory in its fight against involution. “Only Starlink,” the six-month “Sprint 1231,” tightly integrates new productive forces with new marketing capabilities, effectively ensuring that “Sprint 1231” work pinned at the top is implemented on the ground. In China, sales volume of Starlink semi-trailers and Starlink liquid tank trucks increased year-on-year by 15.00%, operating revenue increased year-on-year by 14.65%, and gross margin increased year-on-year by 3.3%.

Picture of the Starlink semi-trailer product

Picture of the Starlink liquid tank truck product

With annual model releases as the core lever, the company extends and lays out the value chain at both the front and back ends: it advances innovation in productive services at the front end, and builds barriers in core components at the back end. In 2025, it launched several innovative products, including the Only Starlink rear-dump semi-trailer (7A), the “Champions League” series of high-end liquid tank trucks, and the “Starfall Storm” vehicle transporters. The proportion of annual model sales reached about 40% of CIMC Vehicles’ Starlink semi-trailer/Starlink liquid tank truck sales in China market and in the Southern market globally. Against the backdrop of intensifying competition in the unified domestic big market, according to statistics from the Hanyang Institute of Special Automobile Research, the company’s semi-trailer market share exceeded 22.2%, maintaining the No. 1 position nationwide for seven consecutive years. Its liquid tank truck market share exceeded 26.5%, growing against the trend to become the industry’s No. 1.

In terms of new productive forces, the Starlink production lines that were gradually built and implemented in the second half of 2024 fully released their effect. In 2025, LTP semi-trailer and liquid tank truck labor hours saw reductions of about 30%-40%. The centralized procurement organization was comprehensively upgraded, achieving centralized procurement of more than 80%, providing replicable operational capability to support high business growth.

Picture of the Starlink production lines

In terms of new marketing capabilities, the Good Three Centers increased to 24, and together with 23 delivery service centers built during 2025, they formed a “hard fort” network covering major customer markets. The pilot rollout of productive services has blossomed in many ways, creating nine flagship stores to trial business models such as repair and maintenance, second-hand preparation, second-hand trading, and trailer leasing.

High-quality growth was achieved in the global Southern market business. CIMC Vehicles optimized its governance structure and troop deployment for the global Southern markets, and for each important market it制定了 localized market growth strategies, as well as modular vehicle models that adapt to the needs of each market. In 2025, operating revenue of the semi-trailer business in the global Southern markets reached RMB 3.09 billion, up 17.7% year-on-year. Sales volume surged by 29.1% year-on-year; while scaling expanded, profitability improved significantly, with gross margin up 1.3 percentage points year-on-year. Growth was particularly strong in traditional advantage markets such as the Middle East, Africa, and Southeast Asia, with key markets like Vietnam and Thailand seeing increases of more than 70%. Breakthroughs were achieved in emerging regions such as Central Asia.

Picture of batch orders in the global Southern market

In 2025, the Australia business was upgraded to be directly managed as the global Southern business, closely integrating with the Starlink Program. The Australia business’ profitability has remained at historically strong levels. According to the vehicle registration data statistics of the Australian Road Transport Association, the company’s market share in Australia has ranked within the top six in the industry for three consecutive years, highlighting its solid position in the Australian market.

The Europe semi-trailer business overall showed a trend of “sales volume flat, revenue growing.” In 2025, SDC and LAG’s overall sales volume remained the same as the same period last year, while revenue increased by 5%. SDC continued to maintain a leading position in the UK market. LAG focused on stabilizing its business throughout the year. By advancing the integration of the Poland region, product standardization, and facility upgrades, it reserved capabilities for subsequent recovery.

The North America semi-trailer business moved forward under pressure, demonstrating hard-core resilience. In the refrigerated truck business, the North American factory maintained orderly shipments. By using pre-assembled inventory vehicles stored during a market downturn, it ensured the delivery capability for urgent orders. In the dry van business, despite the sluggish market environment, it still maintained profitability by leveraging strong sales capabilities and customer stickiness, while also achieving a modest increase in market share. For the skeletal trailer business, it mainly focused on absorbing backlog inventory, achieving stage-by-stage reduction in losses by strictly controlling costs and administrative expenses. The company expects semi-trailer demand in the United States to gradually recover by mid-2026.

DTB business achieved steady growth in sales volume and revenue, and further提升 core product market share

In 2025, CIMC Vehicles provided various types of professional truck bodies totaling 29k units to China’s new-energy heavy truck manufacturing companies and leading fuel/gas heavy truck manufacturers. The DTB business achieved steady growth in sales volume and revenue, and further提升 core product market share. At the same time, drawing on successful experience from the Starlink Program, CIMC Vehicles began actively推进 structural changes in DTB production organization, with operating profit rising significantly year-on-year.

Picture of EV-DTB·dumping/earth haul truck, EV-DTB·mixer truck, EV-DTB·refrigerated truck

In 2025, the company began to推进 structural reforms in the production organization of the DTB·mixer truck business. It integrated resources from two mixer truck manufacturers in Wuhu and Luoyang, formed the CIMC Vehicles DTB·cement mixer truck business group (including powder tank trucks), and set up a new group-based battle system for optimized capacity and resource synergy. This system connects orders, production, and delivery processes, greatly improving production efficiency and significantly enhancing operating quality.

In addition, the company has continued to actively expand R&D and sales of new-energy products, deepening cooperation with original equipment manufacturers across the entire value chain of product R&D, manufacturing, and sales. This has driven a significant increase in DTB product sales for new-energy heavy trucks. The total sales volume of the company’s new-energy series exceeded 11k units, growing by more than 100% year-on-year, creating higher value for customers through efficient delivery and outstanding quality.

A firm strategic positioning for pure-electric head-hinged trailer “Explorers, Builders, and Promoters across the full value chain,” achieving a milestone breakthrough

As the company’s core strategy for the future, the EV-RT head-hinged trailer business achieved a milestone breakthrough in 2025. This marks that the company has taken a solid step on the path to becoming the定义者 of technical standards in the new-energy heavy truck era: the global first release of the EV-RT ecosystem circle, defining a new industry paradigm; the world’s first engineering-type electric trailer platform and prototype vehicles, achieving a breakthrough in technology from 0 to 1; innovative business ideas to build long-term competitive advantage; and deep participation in and推动 the upgrade of national and industry standards.

Picture of the EV-RT ecosystem circle

In 2025, the company firmly upheld the strategic positioning of pure-electric head-hinged trailers as “Explorers, Builders, and Promoters across the full value chain,” laying a solid foundation for the further development of the EV-RT business.

Guided by the “Only Starlink” strategy, continuously enhancing long-term competitiveness

Against the backdrop of a complex and ever-changing global economic environment, CIMC Vehicles used bold change to overturn market expectations. Guided by the “Only Starlink” strategy, it continuously提升 long-term competitiveness around strategic deployment and business advancement: first, expand and enrich the operating models of “the full value chain,” deeply mining value and building capability moats across six key links; second, improve and optimize the global supply chain and strengthen the capability to ensure the supply of critical parts and components; third, optimize the governance structure of the global Southern market business, unify sales channels across local markets, and deepen understanding and grasp of local end customers; fourth, deepen the governance structure of Vanguard Global Trailer Holding; fifth, begin building the governance structure of a parallel, independent CIMC Vehicles Europe Company (CVEC); sixth, deepen the business model of “a good horse matching good saddles,”推动 structural reforms in the production organization of DTB manufacturing enterprises; seventh, build the “EV-RT” ecosystem circle to accelerate rapid iteration of EV-RT head-hinged trailer products.

Looking ahead, CIMC Vehicles has made up its mind that, on the basis of a small win in the “Starlink Program,” it will deepen the development framework of “bold change,” launch the “Starry Chain Program” (2026-2030), and strive to achieve a “major leap” in company value during the “15th Five-Year Plan period.” CIMC Vehicles will increase R&D investment during the Starry Chain Program.

The Starry Chain Program will build on the solid foundation of the production organization for semi-trailers and liquid tank trucks established by the Starlink Program, and fully harvest the results of the Starlink Program. The Starry Chain Program will be rolled out in three steps: Starry Chain 1-2-3. Under the promotion of the Starry Chain Program, CIMC Vehicles will aim to expand the soft and hard strength and industry influence built by the Starlink Program in five directions:

First, expand the boundaries of the “full value chain” curve, becoming a unique operator of the full value chain and significantly increasing the incremental business of productive services; second, intensify the “Starlink Program” to significantly increase incremental business in the North American semi-trailer market; third, when the timing is right, launch the “Starlink Program for European semi-trailers,” building new productive forces of semi-trailer production spanning Asia, Africa, and Europe, and constructing new marketing capabilities spanning Asia, Africa, and Europe; fourth, move toward becoming the world’s only leader in full-category special vehicles; fifth, strive to fight for the EV-RT ecosystem circle, becoming a player in this new game board and pushing EV-RT variable businesses to take a substantive step forward.

Picture of the “full value chain” operating model under the Starry Chain Program

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责任编辑：江钰涵