中国重汽2025年报

CONTENTS 2Financial Figures3Definitions11Corporate Information15The Group17Shareholder Information20Chairman’s Statement26Management Discussion and Analysis69Directors and Senior Management76Corporate Governance Report103Report of the Directors145Independent Auditor’s Report158Consolidated Statement of Profit or Loss159Consolidated Statement of Comprehensive Income161Consolidated Statement of Financial Position164Consolidated Statement of Changes in Equity166Consolidated Statement of Cash Flows170Notes to the Consolidated Financial Statements323Five Years Financial Summary Financial Figures In this annual report, the following expressions shall have the followingmeanings unless the context indicates otherwise: the total balances of the net trade receivables, net bills receivable and acceptancebills which are received from the customers to settle their trade debts the annual general meeting of the Company or any adjournment thereof Definitions “China” or “PRC”or “Chinese Mainland”“China Spacesat Co., Ltd.” the People’s Republic of China, and for the purpose of this annual report, excludesHong Kong, the Macao Special Administrative Region of the PRC and Taiwan , a company listed on the Shanghai Stock Exchange(stock code: 600118)600118 “China Transinfo Technology Co., Ltd.” , a company listed on the Shenzhen Stock Exchange(stock code: 002373)002373 “CNHTC” (China National Heavy Duty Truck Group CompanyLimited), a state-owned enterprise organized under the laws of the PRC withlimited liability, being the immediate holding company of the Company “CNHTC Group”“Commercial Lending Services” CNHTC and its subsidiaries other than the Group the provision of loans to the borrowers, bill discounting services for bank billspresented by the borrowers and issue of bills (off-balance sheet credit business) “Companies Ordinance”“Company”or “Sinotruk” the Companies Ordinance (Chapter 622 of the Laws of Hong Kong)622 a company listed on the Main Board of the Stock Exchange (stock code: 00182)00182 “Concord New Energy Group Limited” the director(s) of the Company the executive Director(s) heavy duty truck(s) and medium-heavy duty truck(s) Definitions “Ji’nan Truck Company” a company listed on the Main Board of the Stock Exchange (stock code: 03888)03888 24 April 2026, being the latest practicable date before the bulk print of this annualreport2026424 Definitions “SDHi” (Shandong Heavy Industry Group Co., Ltd.), a state-ownedenterprise organized under the laws of the PRC with limited liability, being theultimate holding company of the Company and the controlling shareholder (asdefined in the Listing Rules) of the Company the securities management department of the Company the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong)571 , a company listed on the Shanghai StockExchange (stock code: 600303)600303 the State-owned Assets Supervision and Administration Commission ofShandong Provincial Government , a company listed on the Shanghai StockExchange (stock code: 603197)603197 Shanghai Stock Exchange in the PRC the ordinary share(s) in the share capital of the Company a restricted share award scheme adopted by the Company on 17 March 20242024317 holder(s) of the Share(s) from time to time Shenzhen Stock Exchange in the PRC (SDHi Finance Co., Ltd.), a company established inthe PRC with limited liability “SDHi Finance Co” SDHi Finance Co and its subsidiaries (Sinotruk Finance Co., Ltd.*), a company established inthe PRC with limited liability and a non-wholly owned subsidiary of the Company The Stock Exchange of Hong Kong Limited the strategy and investment committee of the Company “Subsidiary” has the meaning ascribed thereto under the Listing Rules a company listed on the Main Board of the Stock Exchange (stock code: 00580) 00580 “TRATON SE” a Societas Europaea (SE), incorporated and operating under the laws of theEuropean Union and the Federal Republic of Germany, being a non-whollyowned subsidiary of FPFPS and the shares of which are listed on the FrankfurtStock Exchange in Germany and NASDAQ STOCKHOLM (stock code: ISINDE000TRAT0N7, WKN TRAT0N and symbol 8TRA) TRATON SE FPFPSNASDAQ STOCKHOLMISIN DE000TRAT0N7WKN TRAT0N8TRA United States dollars, the lawful currency of the United States of America Definitions a company incorporated under the laws of Germany with limited liability, beinga non-wholly owned subsidiary of FPFPS and an intermediate holding companyof TRATON SE and the ordinary and preference shares of which are listed onFrankfurt Stock Exchange in Germany (for ordinary shares: stock code: ISINDE0007664005, WKN 766400 and symbol VOW; for preference shares: stockcode: ISIN DE0007664039 , WKN 766403 and symbol VOW3) “Volkswagen AG” FPFPSTRATON SEISIN DE0007664005, WKN 766400VOWISIN DE0007664039, WKN 766403VOW3 Volkswagen AG and its subsidiaries, including TRATON SETRATON SE , a company listed on the Shenzhen Stock Exchange (stockcode: 000880)0