Q3 2024 Financial Report: Achieving Revenue of RMB 5,120 Million, Accelerating Breakthroughs in New Quality Productive Forces
On 25 October, CIMC Vehicles, a global leader in sophisticated manufacturing of semi-trailers and specialty vehicles, a pioneer in the high-quality development of China's road transport equipment, and an explorer and innovator in the new energy specialty vehicle sector in China, announced its third quarter results. During the first 9 months of 2024, a total of 94,749 units/sets of vehicles of various types were sold worldwide, achieving a revenue of RMB 15,823 million. The net profit attributable to the Company’s shareholders reached RMB 843 million while the net profit attributable to the Company’s shareholders after deducting non-recurring profit or loss reached RMB 818 million.
Specifically, Star-chained Light Tower Pioneer Group continues to deepen the "Star-chained Manufacturing Network", reshaping the business model and organizational structure for semi-trailer production and sales according to the standards of the new quality productive forces. This aims to maximize the capacity of efficient production lines, enhance product delivery, and capture market share. Against the background of ongoing pressure in the domestic semi-trailer market, the "Starchained Manufacturing Network" has reformed its business organization, upgraded the scope of digital system usage, and actively explored the extension of productive services. It continues to optimize the quality of dealership products and has completed the upgrades of the Star-chained production lines at the Zhumadian and Yangzhou LTP centers, which are now in operation. From July to September 2024, Star-chained Light Tower Pioneer Group achieved a 20.14% increase in sales volume despite adverse conditions, with revenue increasing by 21.18% year-on-year, and a significant improvement in gross margin compared to the previous period. Champion Tanker Business Group has launched the "Champion Rising Plan", which employs a "halfway start" approach by utilizing the tools and methods of the "Star-chained Manufacturing Network" to initiate structural reforms in tanker production. At the same time, the Champion Tanker Business Group is involved in formulating the corporate standards for "Road Transport Edible Oil Tank Vehicles" laying a solid foundation for the healthy and sustainable development of the tanker transportation industry.?
In the North America Business, the Company has resumed operations and deliveries of container chassis vehicles, continuously promoting the iterative upgrade of governance structures and actively exploring new development patterns in the global supply chain for refrigerated semi-trailers. According to the 2024 Global OEM Ranking List published by Global Trailer, the North American business unit, Vanguard Global, ranked eleventh globally with a production volume of nearly 23,500 units, and sixth in the North American market, further showcasing the Company's intercontinental operation advantages.
In Europe and other regions, the Company fully leverages its global supply chain management advantages, continuously improving the layout of LoM manufacturing plants, optimizing product delivery cycles, and actively exploring new markets. The Australian business continues to maintain a growth trend.?
The Truck Bodies for Specialty Vehicles Business is actively implementing the "Midway Plan", restructuring its production system, deepening its?layout in new energy, and continuously innovating its product offerings. In the first three quarters of 2024, the business sales increased significantly by 38.64% year-on-year, with revenue rising by 25.09%, achieving a break-even point.