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。 重要内容提示： 证券代码：600066 证券简称：宇通客车 编号：临2026-009 宇通客车股份有限公司 关于2025年度利润分配方案及2026年中期分红授权的公告 每股分配比例：2025 年度每股派发现金股利 2 元（含税）。 2025 年度利润分配以实施权益分派股权登记日登记的总 股本为基数，具体日期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的， 拟维持每股分配金额不变，相应调整分配总额，并将另行公告具 体调整情况。 公司不触及《上海证券交易所股票上市规则》（以下简称 《股票上市规则》）规定的可能被实施其他风险警示的情形。 一、2025 年度利润分配方案 （一）利润分配方案内容 经大华会计师事务所（特殊普通合伙）审计，截至 2025 年 12 月 31 日，公司（母公司报表）期末可供分配利润为人民币 7,282,185,541.88 元。经董事会决议，公司 2025 年年度拟以实施 权益分派股权登记日登记的总股本为基数分配利润。本次利润分 ...

宇通客车股份有限公司2025 年年度报告 1/139 宇通客车股份有限公司2025 年年度报告 重要提示 公司代码：600066 公司简称：宇通客车 宇通客车股份有限公司 2025 年年度报告 一、本公司董事会及董事、高级管理人员保证年度报告内容的真实性、准确性、完整性，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、公司全体董事出席董事会会议。 三、大华会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、公司负责人李盼盼、主管会计工作负责人李盼盼及会计机构负责人（会计主管人员）王学民声明： 保证年度报告中财务报告的真实、准确、完整。 五、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 拟以公司总股本为基数，每10股派发现金股利20元（含税）。 截至报告期末，母公司存在未弥补亏损的相关情况及其对公司分红等事项的影响 □适用 √不适用 六、前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请投资者 注意投资风险。 七、是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、是否存在违 ...

Domestic News - A series of group standards for intelligent connected vehicles have been released, including 12 standards that fill gaps in collaborative driving testing and complex road decision-making [3] - Beijing has initiated the development and application of commercial insurance products for intelligent connected new energy vehicles, providing risk coverage for specific intelligent driving scenarios and hardware losses [4] - Geely has launched the "Cornerstone Plan - Chain Star Project" and a 1 billion yuan supply chain emergency reserve fund plan to support small and medium-sized suppliers in technology investment and cash flow needs [5] - Changan Automobile has obtained a self-developed L4-level Robotaxi testing license in Chongqing, enhancing its presence in the autonomous taxi sector with advanced technology [6] - Tesla has established 55 supercharging stations in Chongqing, covering 10 national highways, with a high availability rate of 99.95% and efficient charging capabilities [7] - GAC has commenced production of the AION UT at Magna's factory in Austria, marking a deepening of their localized production cooperation in Europe [8] - NIO has opened its first center in Costa Rica, marking its entry into the Latin American market with a multi-brand store [9] - In the first two months of this year, the Horgos port exported 54,000 vehicles, a year-on-year increase of 13.9%, with new energy vehicles being particularly popular in Central Asia and Russia [10] International News - The EU and Australia have reached a trade agreement that will eliminate a 5% import tariff on EU cars, enhancing the competitive position of German car manufacturers [11] - Tesla plans to double the number of its service centers in Japan to over 30, aiming to improve customer service and market share [12] - Lyft has introduced a temporary driver subsidy plan in response to rising gas prices due to geopolitical tensions, providing cash rewards for drivers using Lyft Direct debit cards [13] - Infiniti has launched a new model, the QX65, in North America, marking the brand's first new vehicle release in five years [14][15] Commercial Vehicles - Yutong Heavy Truck has launched a new generation of integrated intelligent electric platforms, enhancing logistics solutions across various transportation needs [16] - The Ministry of Industry and Information Technology has released a draft for public consultation regarding GB1589, proposing modifications to several standards related to vehicle dimensions and weight limits [17] - BYD's pure electric small truck T35 has officially launched in Singapore, priced at approximately 143,000 Singapore dollars, designed for urban logistics [18] - The all-new Jiangling Avenue has been officially launched, with prices ranging from 112,800 to 174,800 yuan, setting a new value benchmark in the mid-to-high-end pickup market [20]

1. Report Industry Investment Rating There is no information provided in the content about the report industry investment rating. 2. Core Viewpoints of the Report - The automotive market is showing a seasonal recovery. The recovery of the fuel - vehicle market is hindered by reduced terminal discounts and oil - price fluctuations, while the new - energy vehicle penetration rate has recovered to over 50%. The vehicle market may not recover growth until the second half of the year. Domestic sales will decline year - on - year, exports will increase year - on - year, and the annual wholesale sales of the vehicle market will remain flat year - on - year [1][114]. - High oil prices stimulate the demand for alternative energy, which is beneficial to the recovery of the domestic market and the increase in overseas exports of Chinese new - energy vehicles. Emerging fields such as low - altitude economy are brewing new opportunities, and the energy - using scenarios are undergoing a systematic reconstruction [1][114]. - The penetration rate of the Chinese new - energy vehicle market has rapidly increased in the past few years, reaching over 50% in 2025. Since the second half of 2025, exports have gradually become a new growth point. The trade environment in Europe and the United States is challenging, while countries along the Belt and Road and the Middle East have good development prospects. Non - American regions' new - energy vehicle markets have good development potential, and self - owned brands' market share continues to expand [2][115]. 3. Summaries According to Relevant Catalogs 3.1 Financial Market Tracking - The report presents the weekly price - change percentages of relevant sectors and listed companies. For example, BYD's weekly price - change percentage is 2.20%, and Seres' is - 4.35% [10][14]. 3.2产业链数据跟踪 3.2.1 China New - Energy Vehicle Market Tracking - **Sales**: In the first 22 days of March, the retail sales of new - energy passenger vehicles were 495,000, a year - on - year decrease of 17%. Since the beginning of the year, the cumulative retail sales of new - energy passenger vehicles were 1.556 million, a year - on - year decrease of 23%. The report also shows data on China's new - energy vehicle sales, including internal sales, exports, and sales of EVs and PHVs [109][15]. - **Inventory Changes**: The report provides data on the monthly new additions to the channel inventory and manufacturer inventory of new - energy passenger vehicles [25][26]. - **Delivery Volumes of Chinese New - Energy Vehicle Manufacturers**: It shows the monthly delivery volumes of manufacturers such as Leapmotor, Li Auto, XPeng, NIO, Zeekr, Aion, Voyah, and Deepal [28][29]. 3.2.2 Global and Overseas New - Energy Vehicle Market Tracking - **Global Market**: The report shows data on global new - energy vehicle sales, penetration rate, and sales of EVs and PHVs [37][38]. - **European Market**: It presents data on European new - energy vehicle sales, penetration rate, and sales of EVs and PHVs in countries like the UK, Germany, and France [44][45]. - **North American Market**: Data on North American new - energy vehicle sales, penetration rate, and sales of EVs and PHVs are provided [58][59]. - **Other Regions**: The report shows new - energy vehicle sales, penetration rate, and sales of EVs and PHVs in regions such as Japan, South Korea, and Thailand. In January, the new - energy vehicle sales in Europe, North America, and other regions were 290,000 (year - on - year + 20%), 85,000 (year - on - year - 32%), and 130,000 (year - on - year + 130%) respectively. The sales in the Thai market in January were 44,000, a year - on - year increase of 229% and a month - on - month increase of 187% [62][63]. 3.2.3 Power - Battery Industry Chain - The report provides data on power - battery loading volume (by material), export volume (by material), weekly average price of power - battery cells, cell material cost, and the operating rates and prices of various battery materials such as ternary materials, phosphoric acid iron lithium, and negative electrode materials [78][80]. 3.2.4 Other Upstream Raw Materials - It shows the daily prices of rubber, glass, steel, and aluminum [102][103]. 3.3 Hot News Summaries 3.3.1 Industry Dynamics: China - In the first 22 days of March, the retail sales of the national passenger - vehicle market were 920,000, a year - on - year decrease of 16% and a month - on - month increase of 19%. The wholesale sales of national passenger - vehicle manufacturers were 1.084 million, a year - on - year decrease of 14% and a month - on - month increase of 62%. The retail sales of the national new - energy passenger - vehicle market were 495,000, a year - on - year decrease of 17% and a month - on - month increase of 66%. The wholesale sales of national new - energy passenger - vehicle manufacturers were 543,000, a year - on - year decrease of 15% and a month - on - month increase of 71% [109]. 3.3.2 Enterprise Dynamics - On March 25, the core power system of XPeng HT Aero's X3 - F (Land Aircraft Carrier) flying car was officially mass - produced at the CALB Chengdu factory. - On March 26, Leapmotor launched its new global model A10, which will be sold in nearly 40 countries and regions. - On March 27, BYD released its 2025 annual report. Its revenue in 2025 was about 803.964 billion yuan, a year - on - year increase of 3.46%. The overseas turnover was 310.7 billion yuan, accounting for about 38.6% of the total revenue [111][112][113]. 3.4 Industry Views - As reported by the Passenger Car Association, from March 1 - 22, the national passenger - vehicle retail sales decreased by 16% year - on - year, and the national new - energy passenger - vehicle retail sales decreased by 17% year - on - year. Since the beginning of the year, they have decreased by 18% and 23% respectively. The structural growth factors include high oil prices stimulating the demand for alternative energy and emerging fields like low - altitude economy bringing new opportunities [114]. 3.5 Summary and Outlook - The penetration rate of the Chinese new - energy vehicle market has rapidly increased in the past few years, reaching over 50% in 2025. Since the second half of 2025, exports have become a new growth point. The trade environment in Europe and the United States is challenging, while countries along the Belt and Road and the Middle East have good development prospects. Self - owned brands' market share continues to expand, and companies with strong product strength, smooth overseas expansion, and high supply stability will be the core beneficiaries [2][115].

Investment Rating - The report maintains a "Recommended" rating for the automotive industry, indicating a positive outlook for the sector's fundamentals and expectations for the industry index to outperform the benchmark index [4][29]. Core Insights - The automotive industry experienced a slight decline of -0.2% during the week of March 23 to March 29, with various segments showing mixed performance. Notably, commercial and passenger vehicle segments saw slight increases of +0.6% and +0.1%, respectively [2][10]. - The report highlights significant developments in the industry, including the launch of multiple new models by Hongmeng Zhixing and the establishment of a Robotaxi division by Xiaopeng Motors, indicating a shift towards advanced mobility solutions [22][23]. - Analysts have adjusted Tesla's sales forecast for the year to 1.69 million units, reflecting a slight increase compared to the previous year's expectations [26]. Market Performance Overview - The overall automotive sector saw a decline of -0.2%, with most secondary segments experiencing downturns, while commercial and passenger vehicle segments showed slight gains [2][10]. - Individual stock performances varied, with notable gainers including Hunan Tianyan (+23.6%) and Jian She Industrial (+19.9%), while significant losers included Huada Technology (-32.3%) and Xuelong Group (-19.1%) [3][13]. Recent Industry Developments - Xiaopeng Motors has launched a three-year strategy for the Latin American market, aiming for comprehensive coverage by 2028, starting with Mexico [25]. - The report notes the expansion of Amazon's Zoox Robotaxi services and strategic partnerships formed by Xiaoma Zhixing with Uber and Verne to enhance commercial Robotaxi services [24][22]. - The introduction of new models, such as the AION UT by GAC Group, signifies ongoing innovation and competition in the electric vehicle market [25].

Core Viewpoint - The article highlights the launch of Yutong's intelligent electric commercial vehicle technology platform, "Rui Control E+", which aims to integrate smart and electric solutions for commercial vehicles, addressing the industry's transition towards a more intelligent and efficient future [1][4]. Group 1: Launch Event and Product Overview - The "Commercial Intelligence, Value Leadership" event in Zhengzhou saw the unveiling of the Rui Control E+ platform, featuring over 30 new vehicles and 20 components across various sectors including passenger transport, logistics, and municipal services [1]. - The platform is designed to support the transition from electric to intelligent vehicles, emphasizing a systematic upgrade towards platformization, intelligence, and scenario-based applications [4]. Group 2: Technical Features of Rui Control E+ - The Rui Control E+ platform consists of a robust electric chassis, an intelligent brain for decision-making, and efficient service management, aimed at enhancing operational efficiency and cost control [7]. - Key features include a high-safety battery, an electric control chassis, and advanced driving assistance systems that improve vehicle handling and safety, with braking response times reduced by 35% [9][10]. Group 3: Intelligent Services and Operational Efficiency - The platform utilizes big data and AI to optimize energy distribution, achieving a 2% reduction in overall energy consumption, while also enhancing safety through real-time monitoring and risk identification [10][11]. - AI-driven tools have demonstrated significant improvements, such as a 60% reduction in dangerous driving behaviors and a 90% increase in inspection efficiency [11]. Group 4: Market Applications and Innovations - Yutong's innovations include the 2026 T400 tractor and T6 electric refrigerated truck, which are designed for efficient logistics and reduced operational costs, adapting to various delivery scenarios [15]. - The S6 autonomous cleaning vehicle has been deployed in multiple cities, showcasing the practical application of autonomous technology in urban environments [17]. Group 5: Collaborative Ecosystem and Future Vision - Yutong is committed to building a vibrant industrial ecosystem through partnerships, focusing on collaborative innovation across production, academia, and research to advance smart commercial vehicles [19]. - The company aims to enhance customer value throughout the vehicle lifecycle, positioning the Rui Control E+ platform as a reliable partner in the smart commercial vehicle sector [25].

Investment Rating - The report maintains an "Overweight" rating for the automotive industry, indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [42]. Core Insights - The automotive sector has faced a decline, with the Shenwan Automotive Index dropping 6.57% over the past two weeks, underperforming the CSI 300 Index by 2.09 percentage points. Year-to-date, the index has decreased by 7.27%, ranking 28th among 31 industries [11][18]. - In February, China's automotive production was 1.672 million units, a year-on-year decrease of 20.5%, while sales were 1.805 million units, down 15.2% year-on-year. Exports, however, increased by 52.4% year-on-year to 672,000 units [20][21]. - The report highlights a strong performance from domestic brands, with Geely and Chery achieving revenue and profit growth through their new energy and overseas business initiatives. New entrants like NIO and Leap Motor have also reached profitability [38]. Industry Data Tracking - In February, the automotive dealer inventory warning index was at 56.20%, showing a year-on-year decrease of 0.70 percentage points and a month-on-month decrease of 3.20 percentage points [20]. - The report notes fluctuations in raw material prices, with steel prices rising by 2.22% and lithium carbonate prices dropping by 9.28% as of March 26, 2026 [21]. Industry News - The report mentions that from March 1 to 22, retail sales of passenger vehicles in China totaled 920,000 units, a year-on-year decline of 16% [25]. - The Hunan provincial government held discussions with BYD to enhance the local manufacturing and innovation landscape for electric vehicles [26]. - Shenzhen is exploring the commercialization of autonomous driving technology in various transportation scenarios [27]. Corporate News - SUTENG Juchuang achieved its first quarterly profit in Q4 2025, with a net profit of 104 million yuan, reflecting a 46.1% year-on-year revenue growth [32]. - Huawei's Hongmeng Zhixing launched the Whale Battery Platform 3.0, enhancing battery safety and monitoring capabilities [33]. - XPeng Motors established a Robotaxi division to oversee the development and operation of autonomous taxi services [34]. Investment Recommendations - The report suggests focusing on leading automotive manufacturers with global capabilities, particularly those expanding into overseas markets, such as BYD and Seres [38]. - It also highlights the potential growth in the intelligent driving sector, recommending companies like Fuyao Glass and Joyson Electronics, which are expected to benefit from increased penetration of smart driving technologies [39].

Group 1 - The automotive ETF Guotai (516110) opened down 0.47%, priced at 1.284 yuan [1][2] - Major holdings in the ETF include BYD, which opened up 0.82%, and several other companies such as Fuyao Glass down 0.85%, and SAIC Group down 0.49% [1][2] - The performance benchmark for the automotive ETF is the CSI 800 Automotive and Parts Index return, managed by Guotai Fund Management Co., Ltd., with a fund manager named Huang Yue [1][2] Group 2 - Since its establishment on April 7, 2021, the automotive ETF has achieved a return of 29.00%, while the return over the past month has been -6.13% [1][2]

Core Viewpoint - The bus industry represents China's automotive manufacturing sector becoming a global leader in technology output, with overseas market contributions expected to recreate a market equivalent to China within 3-5 years [4][12]. Group 1: Driving Factors for the Bus Industry - **Timing**: Aligns with the national strategy of "China's Special Valuation," with buses being key practitioners of the "Belt and Road" initiative, leveraging over a decade of international experience [4][12]. - **Geographical Advantage**: The technology and products of Chinese buses are at a world-class level, leading in new energy bus products and competitive in traditional buses regarding cost-effectiveness and service [4][12]. - **Human Factors**: The end of the domestic price war is expected to resonate positively, with demand recovering due to tourism and public transport renewal needs, potentially returning to 2019 levels [4][12]. Group 2: Profitability Outlook - The current lack of price wars domestically, the oligopolistic market structure, and higher profit margins in overseas markets for both new energy and traditional buses suggest that achieving new profitability highs is feasible [5][13]. Group 3: Market Valuation Potential - The short-term goal is to challenge the market valuation peak from the last industry boom (2015-2017), while the long-term goal is to establish a new ceiling, marking the true emergence of a world-class bus leader [6][14]. Group 4: Investment Recommendations - **Yutong Bus**: Identified as a "model student" with high growth and dividend attributes, projected net profits for 2025-2027 are estimated at 4.94 billion, 5.92 billion, and 7.03 billion yuan, with year-on-year growth rates of 20%, 20%, and 19% respectively, maintaining a "buy" rating [7][15]. - **King Long Automobile**: Recognized as the "fastest improving student," with significant profit elasticity expected, projected net profits for 2025-2027 are estimated at 440 million, 640 million, and 830 million yuan, with year-on-year growth rates of 182%, 45%, and 28% respectively, also maintaining a "buy" rating [8][15]. Group 5: Industry Data Summary - In February 2026, the overall production of the bus industry in China was 28,000 units, with year-on-year and month-on-month declines of 23.49% and 26.00% respectively [19][20]. - The wholesale volume for February 2026 was 29,000 units, with year-on-year and month-on-month declines of 14.92% and 17.50% respectively [19][20]. - The terminal sales volume for buses in February 2026 was 19,000 units, with year-on-year and month-on-month declines of 43.27% and 38.21% respectively [23].

Investment Rating - The industry investment rating is "Overweight," indicating that the industry is expected to outperform the overall market [10]. Core Insights - High oil prices are driving a shift in automotive consumption towards energy-efficient and environmentally friendly vehicles, creating opportunities for Chinese electric vehicles (EVs) to expand internationally [5][2]. - The current high oil prices are expected to have a clear positive impact on the export of Chinese EVs, as they reduce the relative cost of using these vehicles compared to traditional fuel vehicles [5]. - The transition to EVs is constrained by the availability of charging infrastructure, with hybrid and fast-charging technologies providing feasible pathways for market entry [5]. - The impact of oil prices on corporate profitability is not linear; while rising oil prices can enhance demand for EVs, they also increase costs related to raw materials and shipping [5]. - Investment recommendations include focusing on companies that leverage AI and are positioned for international growth, such as Xpeng, NIO, and BYD, as well as traditional automakers undergoing reforms [5]. Summary by Sections High Oil Prices and EV Demand - The report highlights that historical oil crises have led to increased market shares for fuel-efficient vehicles, suggesting a similar trend for Chinese EVs in the current context of rising oil prices [5]. - The report quantifies the relationship between rising oil prices and the market share of Japanese brands during past oil crises, indicating a stable substitution effect [5]. Infrastructure Constraints - The report notes that the current export of EVs faces challenges due to inadequate charging infrastructure abroad, with hybrid vehicles serving as a transitional solution [5]. - Technologies such as BYD's fast-charging solutions are mentioned as ways to alleviate reliance on existing grid capacities [5]. Segment Effects of Oil Prices - The report discusses the segmented effects of oil prices on demand and profitability, emphasizing that while moderate increases can boost EV demand, excessively high prices may lead to cost pressures that could negatively impact profits [5]. Investment Analysis - The report recommends focusing on companies with strong international business support, such as BYD and Geely, and highlights the potential of companies involved in robotics and data centers [5]. - Specific companies are identified for investment based on their growth potential and market positioning, including both large-cap and small-cap firms [5].