In the first half of 2008, Foton Motors performed better than expected. The company realized operating revenue of 18.451 billion yuan, an increase of 29.46% over the same period of last year; operating profit of 390 million yuan, an increase of 10.36% over the same period last year. The major reason for the significant increase in net profit over the same period of last year was the steady growth of the company's main business and non-operating income (of which government subsidies of 78,126,600 yuan were included in the current profit or loss). The growth rate of the main products of Foton Motor and the industry average kept pace, and the profit of medium and heavy trucks surpassed that of light trucks for the first time. In the first half of 2008, the company achieved a total vehicle sales of 250,000 vehicles, an increase of 18.80% over the same period of the previous year, exceeding the industry's average growth rate of 0.28 percentage points. Among them, sales of light truck products reached 200,000 units, an increase of 18.00% over the same period of last year, and the industry rankings continued to remain first with a market share of 29.3%; sales of medium and heavy truck products reached 38,400 units, an increase of 18.78% over the same period last year. The ranking continues to remain fifth, with a market share of 7.5%. In the profit structure, the medium- and heavy-duty truck products surpassed light-duty truck products for the first time, accounting for 48.68% of the main business profits, and light-card products accounted for 46.30% of the main business profits. Raising the profitability of medium- and heavy-duty truck products is the key to improving the performance of Foton Motor. Although the company's total profit target this year has been achieved ahead of schedule, due to the lack of key technologies and high proportion of outsourcing of core components, it is difficult for the company's profitability to achieve substantial breakthroughs in the short term. Among them, the gap between the gross profit margin of medium and heavy truck products and the industry leading level has further expanded. According to reports, with the commissioning of the Foton Cummins project and the establishment of a joint venture with Daimler, the gross profit margin of Foton Motor's core products will enter an accelerated rise from the second half of 2009, which will drive the company's profitability to a substantial increase. According to forecasts from Foton Motor insiders, the company will achieve sales of 480,000 vehicles in 2008, and its main product sales margin will decrease from 8.50% in 2007 to 8.23%.
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