宇通客车股份有限公司 关于担保计划范围内担保进展的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：600066 证券简称：宇通客车 编号：临2026-004 重要内容提示： 根据上海证券交易所相关披露要求，公司对担保计划范围 内的担保进展情况进行月度汇总披露。 公司全资子公司： 1、香港宇通国际有限公司（以下简称"香港宇通"） 2、宇威顺通（南京）汽车销售服务有限公司（以下简称"南京宇威顺通"） 3、YUTONG FRANCE S.A.S.（以下简称"法国宇通"） 累计担保情况 | 对外担保逾期的累计金额（万元） | / | 截至 | 2026 | 年 | 1 | 月 | 31 | 日，公司对控股 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 子公司及控股子公司之间相互提供的 | 27.93 | 担保和对销售业务链相关企业提供的 | | | | | | | | 担保余额为（亿元） | 上述对外担保余额占上市公司最近一 | | | | | ...

宇通客车公告称，2026年1月，公司对控股子公司及相互间担保发生额3.17亿元，员工住房项目子公司 为购房人提供阶段性担保发生额404.20万元。本次担保在2025年预计额度内，无需其他审批。截至1月 31日，公司相关担保余额27.93亿元，占最近一期经审计净资产的20.81%，无逾期担保。本次对资产负 债率超70%的单位提供了担保。 ...

Group 1: Economic Growth and Industrial Performance - The industrial added value of Zhengzhou is projected to grow by 9% year-on-year by 2025, with over 70% of industries experiencing growth [1][2] - Among the 38 major industrial categories, 27 are expected to maintain growth, increasing the growth rate by 8.9 percentage points compared to 2024 [2] - Key industries such as electronics and automotive manufacturing are expected to see added value growth of 16.2% and 11.9% respectively, contributing 6.4 percentage points to the overall industrial growth [2] Group 2: Leading Enterprises and Their Contributions - Leading companies like Yutong Bus, Antu Bio, and Super Fusion are driving industrial transformation in Zhengzhou [3] - Yutong Group is expected to sell 63,798 commercial vehicles in 2025, achieving a revenue of 49.38 billion yuan, a year-on-year increase of 11.4% [3] - Yutong's sales of new energy buses are projected to grow by 22.94%, with exports reaching 17,149 units, a 22.49% increase [3][4] Group 3: Research and Development Investments - Antu Bio's R&D investment reached 545 million yuan in the first three quarters of 2025, accounting for 17.42% of its revenue, with over 1,000 medical device registrations [4] - Super Fusion, established in Zhengzhou in 2021, aims for a revenue target of 50 billion yuan in 2025, with rapid growth in its server business [4] Group 4: Systemic Competitiveness and Future Outlook - Zhengzhou's economic total is expected to exceed 1.5 trillion yuan by 2025, reflecting both quantitative and qualitative transformations [5] - The city has become a pilot for comprehensive market-oriented reform, enhancing its development potential [6] - Zhengzhou's talent pool has surpassed 3.2 million, supported by initiatives like the "Zheng Gathering Talent Plan" [6]

1 月国内拖累销量增速表现，出口预计保持稳健增长：1 月公司实现客车销量1,728 辆，同比下降32%， 环比下降81%，环比符合过往行业季节性波动，同比表观增速承压预计主要受国内市场拖累，出口则保 持稳健增长，新能源出口在同期低基数下预计同比增速强劲。回顾2025 年，公司客车出口总量超1.7 万 辆，同比增长22.5%，位居行业第一；新能源出口达4,011 辆，同比增长48.6%，位列行业第二。展望未 来，随着海外渠道与服务网络持续完善，公司对海外客户吸引力与复购黏性有望增强，出口正成为中长 期增长的核心驱动力。 事件：2 月3 日，公司发布2026 年1 月产销快报，实现客车销量1,728 辆，同比下降32.2%、环比下降 80.5%；实现客车产量2,167 辆，同比下降15.4%、环比下降69.3%。 盈利预测：2025-2027 年公司有望实现营业收入423.1、496.8、570.5 亿元，归母净利润50.3、62.3、73.7 亿元，维持"推荐"评级。 风险提示：行业竞争加剧；原材料价格波动；关税等贸易壁垒风险。 再获荷兰电动客车大单，持续验证新能源出口成长逻辑：近日，荷兰公共交通运营商Arri ...

- The report introduces a quantitative model framework for market trend analysis, focusing on five asset style stages: external growth, quality growth, quality dividend, value dividend, and bankruptcy value. The model evaluates assets based on their intrinsic attributes and prioritizes them using the sequence of g > ROE > D, analyzing whether there are "good assets" and whether they are "expensive" [5][8][9] - The model incorporates key factors such as expected growth (gf), actual growth (g), profitability (ROE), high dividend (D), and bankruptcy value (B/P). Each factor is associated with specific market phases, e.g., expected growth is relevant across all phases, while profitability is emphasized during maturity phases [9][12] - The quantitative model has demonstrated strong historical performance, achieving an annualized return of 27.67% since 2009. It has shown consistent excess returns in most years, particularly post-2017, with limited effectiveness in years like 2011, 2012, and 2016 [19][22] - The model's backtesting results for specific years include notable excess returns, such as 51% in 2009, 36% in 2013, and 62% in 2022. However, it also recorded underperformance in years like 2011 (-11%) and 2014 (-4%) [22] - The report details six specific strategies derived from the model, each focusing on different factors: - **Expected Growth Strategy**: Selects industries with the highest analyst-forecasted growth rates. Recent recommendations include sectors like automotive sales, lithium equipment, and tungsten [38][39] - **Actual Growth Strategy**: Focuses on industries with the highest unexpected growth (△g). Current recommendations include photovoltaic equipment, insurance, and coal chemical sectors [40][41] - **Profitability Strategy**: Targets high-ROE industries with low valuations under the PB-ROE framework. Recommended sectors include copper, liquor, and non-dairy beverages [43][44] - **Quality Dividend Strategy**: Utilizes a DP+ROE scoring system to identify industries. Current recommendations include forestry, lithium equipment, and fiberglass [46][47] - **Value Dividend Strategy**: Employs a DP+BP scoring system. Recommended sectors include security, daily chemicals, and buses [49][50] - **Bankruptcy Value Strategy**: Focuses on industries with the lowest PB+SIZE scores. Current recommendations include automotive sales, ceramics, and cotton textiles [53][54]

【中信汽车】宇通客车：1月销量系正常季节波动，持续看好出口成长 1月宇通客车销量1728台（同比-32%，环比-81%），其中大中客销量1324台（同比-35%，环比-82%） 内销销量约1200台（同比-42%，环比-73%），出口销量约500台（同比+17%，环比-88%），其中，出口新能源销 量约66台（同比+120%，环比-95%） 我们认为宇通客车的1月销量波动为正常季节性影响，特别是国内新能源受政策切换期影响较大，但出口依然实现 了同比的增长。 【中信汽车】宇通客车：1月销量系正常季节波动，持续看好出口成长 1月宇通客车销量1728台（同比-32%，环比-81%），其中大中客销量1324台（同比-35%，环比-82%） 内销销量约1200台（同比-42%，环比-73%），出口销量约500台（同比+17%，环比-88%），其中，出口新能源销 量约66台（同比+120%，环比-95%） 我们认为宇通客车的1月销量波动为正常季节性影响，特别是国内新能源 ...

【宇通客车】1月淡季销量偏弱，全年持续看好出海和出海新能源增长 季节因素影响，1月淡季整体销量偏弱，海外具备较大增长空间，全年持续看好出海和出海新能源增长。 总销量：宇通1月销售客车1728辆，同比-32.2%，环比-80.5%，其中大中客车销量1324辆，同比-34.9%，环比- 82.3%。 海外：1月出口总量和出口新能源同比增长，环比12月旺季下滑较多，出口销量500+辆，新能源出口66辆。 展望2026年：出口和出口新能源销量预期增长10%+。 全球客车龙头，长期成长性较好+持续高分红能力，凸显投资价值。 海外：1月出口总量和出口新能源同比增长，环比12月旺季下滑较多，出口销量500 【宇通客车】1月淡季销量偏弱，全年持续看好出海和出海新能源增长 季节因素影响，1月淡季整体销量偏弱，海外具备较大增长空间，全年持续看好出海和出海新能源增长。 国内市场，以旧换新政策支撑，促进新能源公交需求；海外市场，全球化+高端化战略推进，出口凸显盈利水平， 支撑公司业绩持续提升。 高分红：公司资本开支放缓，现金流充足保障高分红，2024年全年每股分红1.5元（含税），共派发33.2亿，分红 率80.7%，股息率5%。 ...

Core Viewpoint - Yutong Bus Co., Ltd. has released its production and sales data for January 2026, indicating the company's performance in the bus manufacturing sector [1]. Group 1: Production and Sales Data - The report provides preliminary sales data for January 2026, with final figures to be confirmed in the company's regular reports [1].

Buybacks and Shareholder Actions - Guizhou Moutai has repurchased a total of 416,900 shares, accounting for 0.0333% of its total share capital, with a total payment of 571 million yuan [1] - Contemporary Amperex Technology Co., Ltd. has repurchased 15,990,800 shares, representing 0.3628% of its total A-share capital, with a total transaction amount of 4.386 billion yuan [2] - SF Holding has repurchased 5,095,850 shares, which is 1.01% of its total share capital, with a total amount of approximately 2 billion yuan [10] - Wireless Media has seen its major shareholders reduce their stakes, with Wensheng Fund and its concerted parties reducing 4% of the total share capital [12] Corporate Actions and Financial Updates - Tai Ling Microelectronics announced that its second-largest shareholder, the National Integrated Circuit Industry Investment Fund, has reduced its stake from 6.95% to 5.97% by selling 2,321,300 shares [3] - Nape Mining has terminated its investment in Swiss Veritas Resources AG due to changes in delivery conditions, with no breach of contract [4] - Huangshan Tourism plans to invest approximately 530 million yuan in the construction of a hotel project, with a total building area of 79,178.15 square meters [8][9] - *ST Jinling's restructuring plan has been approved by the court, allowing the company to enter the execution phase of the plan [7] Performance and Sales - Country Garden reported a contract sales amount of approximately 2.21 billion yuan for January 2026, with a sales area of about 280,000 square meters [11] - Industrial Fulian has accumulated a total buyback fund of 247 million yuan as of January 31, 2026 [17] - Yutong Bus produced 2,167 vehicles in January 2026, a decrease of 15.35% year-on-year [17]

Group 1 - Fulin Precision's subsidiary Jiangxi Shenghua invested 270 million yuan to establish a joint venture for a 500,000-ton ferrous oxalate project, with a total investment of 1.5 billion yuan expected to be completed by September 30, 2026 [1] - Xuguang Electronics plans to raise up to 1 billion yuan through a private placement to fund high-voltage vacuum arc extinguishing chamber expansion and other projects [2] - Minexplosion Optoelectronics intends to acquire 100% equity of Xiazhi Precision, with the transaction subject to shareholder and regulatory approvals [3] Group 2 - Shangluo Electronics' controlling shareholder plans to reduce his stake by up to 3% due to personal financial needs [4] - Babi Food reported a 1.3% decline in net profit for 2025, despite an 11.22% increase in revenue [5] - Pengding Holdings' subsidiary acquired industrial land in Huai'an for 66.14 million yuan [6] Group 3 - Zhuoyue New Energy's net profit for 2025 increased by 14.16%, despite a 17.43% decline in revenue [7] - Zhongyuan Media's net profit grew by 30.99% in 2025, with revenue decreasing by 5.13% [8] - Huangshan Tourism plans to invest approximately 530 million yuan in a hotel project with a 24-month construction period [9] Group 4 - *ST Jinling's restructuring plan was approved by the court, which may improve the company's financial situation [11] - Jichuan Pharmaceutical's subsidiary paid 80 million yuan for exclusive commercialization rights of a drug [12] - Pilin Bio's subsidiary received a notice for the acceptance of a drug supplement application [13] Group 5 - Nepe Mining terminated its investment in Swiss Veritas Resources AG due to changes in conditions [14] - Jinhui Wine announced a cash dividend of 0.20 yuan per share for the first three quarters of 2025 [15] - Hualan Biological's clinical trial for a new drug received approval for an additional indication [16] Group 6 - Industrial Fulian reported a total of 247 million yuan spent on share buybacks as of January 31, 2026 [17] - Yitong Century was pre-selected for a 107 million yuan project with China Tower [18] - Wanfeng Co. noted uncertainty in future price changes for disperse dyes [19] Group 7 - Bibet's clinical trial application for a new drug was approved by the National Medical Products Administration [21] - Chengbang Co. signed new project contracts worth 40.03 million yuan in Q4 2025 [22] - *ST Hengji received a court ruling for a performance compensation of 175 million yuan [23] Group 8 - Jihua Group is planning a change in control, leading to continued stock suspension [24] - Ningbo Port expects a container throughput of 5.03 million TEUs in January 2026, a 9.5% increase [25] - Hengli Petrochemical's actual controller increased his stake by 3.3 million shares [26] Group 9 - Hongfuhan signed a sales contract worth 480 million yuan with Guangdong Quanxiang [27] - All New Good's shareholder lifted a judicial freeze on 4.36% of the company's shares [28] - Changchun High-tech's subsidiary's clinical trial application for a new drug was accepted [29] Group 10 - Xingqi Eye Medicine's clinical trial for a new drug entered the first/second phase [31] - Hanma Technology reported a 140.04% increase in new energy heavy truck production in January 2026 [32] - Hengfeng Paper plans to invest 349 million yuan in a new green printing project [33] Group 11 - Zhifei Biological's mRNA vaccine for shingles received clinical trial approval [34] - Yutong Bus reported a 15.35% decrease in production in January 2026 [35] - StarNet Ruijie plans to sign a lease contract with an affiliate for a total rent of up to 110 million yuan [36] Group 12 - Hacheng Bonda's director completed a 0.97% share reduction [37] - Hendi Pharmaceutical's application for a new drug was approved [38] - Xinhua Medical's subsidiary received a medical device registration certificate [40] Group 13 - Yaokang Bio reported a 31.49% increase in net profit for 2025 [41] - Gaotie Electric reported a 14.02% increase in net profit for 2025 [42]