On September 24, 2026, Sinotruk Jinan Truck Co.,Ltd. (000951) announced that Shen Yuliang from Harvest Fund conducted a research visit to the company on the same day.

The main content of the on-site research exchange is as follows:

Question: How is the company's recent production and operation situation?

Answer: According to First Commercial Vehicle Network data, from January to August 2026, China's heavy truck industry recorded cumulative sales of approximately 831,000 units, representing a year-on-year increase of about 16%. In August, China's heavy truck market sold approximately 86,000 units, up 2% month-on-month and down 6% year-on-year. The company's cumulative heavy truck sales from January to August this year still maintained growth compared with the same period last year, and the growth rate exceeded the industry average, demonstrating strong market competitiveness and growth resilience. Meanwhile, the company's product export business is steadily advancing, its market share continues to rank among the top in the heavy truck industry, and the effectiveness of its international layout has been further demonstrated.

Question: Could you briefly introduce the overall operating situation of the company's subsidiaries?

Answer: Jinan Axle Company, as a controlled subsidiary of the company, mainly supplies various types of axle products to the company and other vehicle manufacturers under Sinotruk Group. Leveraging the synergy advantages of Sinotruk Group, axle sales in the first half of this year achieved significant growth compared with the same period last year, and profits also increased notably. At the end of 2025, the company obtained high-tech enterprise certification, and from 2025 to 2027 it can enjoy income tax preferential policies. These factors provided strong support for its performance growth. The Parts Sales Company is a wholly-owned subsidiary of the company, focusing on parts sales and after-sales service, and is committed to enhancing the customer's full lifecycle experience. Last year, the company adjusted its sales strategy, partially conceding on pricing to drive vehicle sales. Relying on solid service capabilities and the group's aftermarket business expansion, its business is gradually extending to various secondary companies under the group, and the overall operating trend continues to improve.

Question: How is the company's new energy heavy truck development progressing?

Answer: According to First Commercial Vehicle Network data, from January to August 2026, the new energy heavy truck market recorded cumulative sales of 193,300 units, a year-on-year increase of 70%. Among them, in August, domestic new energy heavy trucks sold a total of 26,800 units, up slightly by 1% month-on-month and up 51% year-on-year. Since the beginning of this year, the company's new energy heavy truck production and sales have continued to maintain good growth momentum, with a growth rate better than the industry average, demonstrating strong product competitiveness and market responsiveness. Against the backdrop of triple favorable factors — policy guidance, technological empowerment, and market drivers — intelligent driving technology's significant optimization of safety and energy consumption is becoming an important force driving further increases in new energy heavy truck penetration. The company will also continue to deepen its presence in the new energy sector, actively promote product technology innovation and scenario-based applications, and help new energy heavy trucks achieve large-scale promotion and sustainable development.

Question: What is the current export situation of the company's products, and what are the main regions? How do you view the sustainability of exports in the second half of this year?

Answer: The company mainly relies on Sinotruk International Company under Sinotruk Group to achieve product exports. This company has ranked first in the industry for exports for 21 consecutive years. As of now, the company's product export sales account for more than half of total sales. The export regions are focused on Africa, Southeast Asia, Central Asia, and the Middle East as key markets, covering more than 150 countries and regions. In the second half of the year, the company remains optimistic about export markets and will continue to leverage the platform advantages of Sinotruk International Company to further advance localization and customization strategies and actively seize overseas growth opportunities.

Question: What are the company's plans regarding dividends? Will the dividend payout ratio continue to increase?

Answer: In recent years, the company's operating performance has maintained steady growth, and the dividend payout ratio has gradually increased. The company has always attached great importance to shareholder returns and once again raised the dividend payout ratio in the 2026 interim period. In the future, the company will, in light of its actual circumstances, coordinate the dynamic balance between performance growth and shareholder returns, steadily increase the dividend payout ratio within a reasonable and healthy range, and continue to improve a normalized and transparent dividend decision-making mechanism, striving to bring investors reasonable and predictable long-term returns.

Sinotruk Jinan Truck Co.,Ltd. (000951) main business: mainly engaged in the manufacturing and sales of heavy-duty trucks, heavy-duty special vehicle chassis, axles, and other auto parts.

Sinotruk Jinan Truck Co.,Ltd.'s 2026 interim report shows that in the first half of the year, the company's main revenue was 38.41 billion yuan, up 46.82% year-on-year; net profit attributable to parent company was 973 million yuan, up 45.48% year-on-year; non-recurring net profit was 941 million yuan, up 50.22% year-on-year. Among them, in the second quarter of 2026, the company's single-quarter main revenue was 18.751 billion yuan, up 41.48% year-on-year; single-quarter net profit attributable to parent company was 518 million yuan, up 44.59% year-on-year; single-quarter non-recurring net profit was 505 million yuan, up 50.91% year-on-year. The debt ratio was 68.41%, investment income was -14.0098 million yuan, financial expenses were -176 million yuan, and gross profit margin was 6.89%.

In the past 90 days, a total of 16 institutions have given ratings on the stock, with 14 buy ratings and 2 overweight ratings; the average institutional target price over the past 90 days was 27.65.

The following is detailed earnings forecast information: margin trading data shows that in the past 3 months, the stock's margin financing net outflow was 10.0098 million yuan, with the margin financing balance decreasing; securities lending net inflow was 1.543 million yuan, with the securities lending balance increasing.