Hong Kong stock exchange data reveals that on January 21st, a shareholder of Sinotruk (03808) deposited shares with Goldman Sachs (Asia) Securities, with a deposited market value of HK$2.485 billion, accounting for 3.00% of the company. Bank of America Securities indicated it held a conference call with Sinotruk, during which management stated that progress towards the full-year sales target of 300,000 units is proceeding smoothly. The company is steadily advancing its 2025 sales and profit margin targets and communicated its intention to maintain a prudent capital expenditure plan from 2025 to 2027, not exceeding RMB 2 billion annually. This capital expenditure will be primarily directed towards the construction of overseas production bases, such as those in Kazakhstan, Brazil, and Indonesia. The bank remains optimistic about the company's long-term export expansion narrative and its solid position in the domestic market.