Summary of Conference Call Records Industry Overview - The conference call primarily discusses the commercial vehicle industry, focusing on the performance and outlook of various companies within this sector, particularly regarding sales trends and policy impacts. Key Points and Arguments Market Cycle and Outlook - The current market cycle is viewed as being in a neutral position, with expectations of an upward trend lasting approximately 20 years, potentially extending to 2028 or beyond [1] - The overall sentiment in the commercial vehicle sector is cautiously optimistic, with a recommendation for stakeholders to remain actively engaged [1] Sales Data Analysis - The wholesale sales for January and February showed a year-on-year decline of about 2%, influenced by the timing of the Spring Festival, which affected comparability with previous years [2] - Inventory levels increased, with 25,000 units added in the current year compared to 47,000 units in the previous year, indicating a significant change in market dynamics [2] Export Performance - The export market has shown resilience despite challenges, with structural impacts from geopolitical events, particularly the conflict in Russia affecting supply chains [3] - The growth in the export of new energy vehicles was highlighted, with a notable increase of over 50% year-on-year in February [13] Policy Impact - The implementation of state-owned enterprise policies is expected to gradually take effect from mid-March, with potential sales boosts estimated between 400,000 to 700,000 units [6] - The current policy environment is described as a "policy window," with many provinces yet to fully implement new regulations [8] Company-Specific Insights - Yutong's sales in January and February were impacted by seasonal factors, but there are signs of recovery in March, with expectations of over 20% growth in exports [15] - Jinlong's sales performance was exceptionally strong, particularly in exports, with a threefold increase year-on-year in January and February due to backlog orders from the previous year [17] - The financial performance of companies like Zhongtong is projected to improve significantly, with expectations of turning profits in the coming months [19] Investment Recommendations - The conference emphasized the potential for investment in companies like Yutong and Jinlong, which are expected to benefit from domestic demand recovery and export growth [21] - The overall sentiment suggests a favorable outlook for the commercial vehicle sector, with specific companies identified as key investment opportunities based on their performance and market positioning [21] Additional Important Content - The discussion included insights into the cyclical nature of the market, with expectations of a return to mid-cycle levels before potentially breaking through to higher growth [9] - The importance of understanding structural and seasonal factors in sales data was reiterated, emphasizing the need for careful analysis when interpreting market trends [5] - The call concluded with an invitation for further engagement and inquiries regarding detailed company models and market analyses [21]

Core Points - The A-share market's three major indices closed mixed, with the Shanghai 380 Index down 0.25% at 5304.0 points and a trading volume of 88.591 billion yuan [1] - The Shanghai 380 Index has decreased by 6.15% over the past month, increased by 1.25% over the past three months, and has fallen by 1.15% year-to-date [1] - The index is composed of 380 securities selected from the Shanghai Stock Exchange based on criteria such as revenue growth rate, return on equity, trading volume, and total market capitalization [1] Index Composition - The top ten weighted stocks in the Shanghai 380 Index include: Hu Nong Commercial Bank (1.28%), Chifeng Gold (1.21%), Chengdu Bank (1.14%), Yunnan Agricultural Commercial Bank (1.02%), Yutong Bus (0.94%), Rockchip (0.87%), Hengtong Optic-Electric (0.80%), China Software (0.78%), Shengyi Technology (0.74%), and Hongfa Technology (0.72%) [1] - The index is entirely composed of stocks listed on the Shanghai Stock Exchange, with a 100% allocation [1] Industry Breakdown - The industry composition of the Shanghai 380 Index includes: Industrial (26.66%), Information Technology (14.56%), Materials (12.26%), Financials (10.34%), Healthcare (10.20%), Consumer Discretionary (8.46%), Communication Services (4.72%), Energy (3.72%), Consumer Staples (3.55%), Utilities (3.37%), and Real Estate (2.15%) [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December, with a sample adjustment limit of 10% [2] - Special adjustments may occur under certain circumstances, such as when a sample is delisted or undergoes mergers, acquisitions, or splits [2]

Investment Rating - The report maintains a neutral investment rating for the automotive and parts industry [5] Core Insights - The automotive market is benefiting from policies supporting vehicle scrappage and replacement, as well as advancements in intelligent driving technology, leading to strong growth in both overall and new energy vehicle sales [12][30] - The new tariff policies announced by Trump are expected to benefit companies that establish factories in North America, particularly those in the parts sector [13] - The report suggests continued focus on humanoid robotics and competitive domestic brands in the automotive sector, with expectations for market share expansion among leading new energy vehicle companies [3][14] Summary by Sections Investment Recommendations and Targets - The report recommends focusing on humanoid robotics and companies within the Huawei, Xiaomi, T chain, and intelligent driving sectors, anticipating profit and valuation increases [3][14] - Suggested companies for investment include SAIC Motor, JAC Motors, BYD, Changan Automobile, China National Heavy Duty Truck Group, GAC Group, Yutong Bus, and several parts manufacturers such as Newquay, Silver Wheel, and Top Group [3][15] Market Performance - The automotive sector's performance this week showed a decline of 5.4%, underperforming compared to the CSI 300 index, which fell by 2.9% [16] - The parts sector experienced a significant drop of 8.30%, while the automotive sales and service sector fell by 8.73% [16] Sales Tracking - In March, the wholesale sales of narrow-sense passenger vehicles reached 2.412 million units, a year-on-year increase of 8.9% and a month-on-month increase of 36.4% [12][24] - New energy passenger vehicle sales in March were particularly strong, with wholesale sales of 1.128 million units, reflecting a year-on-year growth of 35.5% [28][30] Industry News - The report highlights the launch of new models such as the BYD Han L and BYD Tang L, which are expected to enhance sales performance [33][34] - The report also notes the anticipated performance of companies like Changan Automobile and BYD in the upcoming quarters, with significant profit growth expected [39][42]

撰 文 / 牛跟尚 设 计 / 琚 佳 当外界质疑造车新势力创维汽车何以存活下来时，创维创始人、开沃汽车创始人、创维汽车创始人 黄宏生在3月18日的创维汽车15周年小型媒体沟通会上说，商乘并举，开沃商用车能够为创维汽车 输血，他强调"别忘了客车企业这两年都不错，很赚钱"。 正如这位家电大王所说，2024年及2025年一季度，中国客车厂的小日子的确过得不错。 客车十强全面增长 据中国汽车工业协会（简称中汽协）数据显示，2025年一季度全国客车(6米以上大客车)销量为2.5 万辆，同比增长13.5%。 中国客车企业销量前十排名（6米以上大客车）为：宇通客车，销量7611辆，市场占有率30.2%，仍 是一家独大；中通客车，销量2766辆；金旅客车，销量2474辆；厦门金龙，销量2209辆；苏州金 龙，销量2097辆；福田欧辉，销量1586辆；安凯客车，销量1348辆；比亚迪客车，销量1127辆；亚 星客车，销量889辆；中车电动，销量601辆。 一是宇通客车依然是老大，销量46918辆，同比增长28.48%。2024年实现营业收入372.18亿元，同 比增长37.63%；归母净利润41.16亿元，同比增长126.5 ...

证券代码：600066 证券简称：宇通客车 编号：临2025-029 宇通客车股份有限公司 3、股权登记日 ■ 二、增加临时提案的情况说明 关于2024年年度股东大会增加临时提案的公告 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。 一、股东大会有关情况 1、股东大会的类型和届次： 2024年年度股东大会。 2、股东大会召开日期： 2025年4月25日 (一)现场会议召开的日期、时间和地点 1、提案人：猛狮客车有限公司 2、提案程序说明 公司已于2025年4月1日披露了股东大会召开通知，单独持有3.95%股份的股东猛狮客车有限公司，在 2025年4月11日提出临时提案并书面提交公司董事会。董事会按照《上市公司股东会规则》有关规定， 现予以公告。 3、临时提案的具体内容 为提高决策效率，猛狮客车有限公司提议将《关于修订〈公司章程〉及附件的议案》《关于修订〈董 事、监事任职津贴管理制度〉的议案》《关于修订〈对外投资管理制度〉的议案》作为临时提案提交公 司2024年年度股东大会审议。 临时提案内容详见公司于同日披露的《2024年年度 ...

Group 1 - The board of directors of Yutong Bus Co., Ltd. received a proposal from a shareholder, Lion Bus Co., Ltd., to add a temporary proposal regarding the amendment of the company's articles of association for the 2024 annual general meeting [1][2] - The proposed amendments include the removal of references to "supervisors" and "supervisory board," replacing them with "audit committee," and changing "shareholders' meeting" to "shareholders' assembly" [1][2] - Other amendments are non-substantive, such as changing "or" to "或者," "stock" to "股份," and "type" to "类别," along with adjustments to clause numbering and punctuation [1][2] Group 2 - The revised articles of association will be submitted for review at the 2024 annual general meeting [2]

证券代码:600066 证券简称：宇通客车 编号：临 2025-030 宇通客车股份有限公司 关于修订公司章程的公告 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。 宇通客车股份有限公司（以下简称"公司"）董事会于2025 年4月11日收到单独持有公司3.95%股份的股东猛狮客车有限公 司（以下简称"猛狮客车"）《关于提请宇通客车股份有限公司2024 年年度股东大会增加临时提案的函》：鉴于中国证监会2025年3 月28日集中修改了《上市公司章程指引》等规章制度，为提高决 策效率，猛狮客车提议将《关于修订<公司章程>及附件的议案》 等作为临时提案提交公司2024年年度股东大会审议。《公司章程》 修订情况如下： 1、删除"监事""监事会"相关描述，部分描述由"审计委 员会"代替； 2、将"股东大会"改为"股东会"； 1 3、除前述两类修订外，其他主要修订情况对比如下： 序号 修订前 修订后 1 第三条 公司于1997年4月11日经 中国证券监督管理委员会(以下简 称"中国证监会")批准，首次向社 会公众发行人民币普通股3,500万 ...

宇通客车股份有限公司 章 程 （修订稿） 二零二五年四月 1 | 第一章 | 总则 | | 1 | | --- | --- | --- | --- | | 第二章 | | 经营宗旨和范围 | 2 | | 第三章 | 股份 | | 4 | | | 第一节 | 股份发行 | 4 | | | 第二节 | 股份增减和回购 | 5 | | | 第三节 | 股份转让 | 6 | | 第四章 | 股东和股东会 | | 8 | | | 第一节 | 股东的一般规定 | 8 | | | 第二节 | 控股股东和实际控制人 | 11 | | | 第三节 | 股东会的一般规定 | 12 | | | 第四节 | 股东会的召集 | 14 | | | 第五节 | 股东会的提案与通知 | 16 | | | 第六节 | 股东会的召开 | 17 | | | 第七节 | 股东会的表决和决议 | 20 | | 第五章 | 董事会 | | 25 | | | 第一节 | 董事 | 25 | | | 第二节 | 董事会 | 28 | | | 第三节 | 独立董事 | 33 | | | 第四节 | 董事会专门委员会 | 36 | | 第六章 | 高级管理人员 ...

宇通客车股份有限公司 股东会议事规则 第一章 总则 第一条 为规范宇通客车股份有限公司(以下简称"公司")行为， 保证股东会依法行使职权，根据《中华人民共和国公司法》(以下简 称《公司法》)《中华人民共和国证券法》(以下简称《证券法》)《上 市公司股东会规则》以及公司章程的规定，制定本规则。 第二条 公司应当严格按照法律、行政法规、公司章程及本规则 的相关规定召开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全 体董事应当勤勉尽责，确保股东会正常召开和依法行使职权。 第三条 股东会应当在《公司法》和公司章程规定的范围内行使 职权。 第四条 股东会分为年度股东会和临时股东会。年度股东会每年 召开一次，应当于上一会计年度结束后的六个月内举行。临时股东会 不定期召开，出现《公司法》第一百一十三条规定的应当召开临时股 东会的情形时，临时股东会应当在两个月内召开。 公司在上述期限内不能召开股东会的，应当报告中国证券监督管 理委员会河南监管局(以下简称"河南证监局")和上海证券交易所， 说明原因并公告。 第五条 公司召开股东会，应当聘请律师对以下问题出具法律意 见并公告： (一 ...

第一章 总则 第一条 为加强宇通客车股份有限公司（以下简称"公司"）对外 投资的管理，规范公司对外投资行为，建立科学的投资管理机制，防 范投资风险，提高投资效益，维护公司和股东的利益，依照《中华人 民共和国公司法》(以下简称"《公司法》"）、《中华人民共和国证券法》 《上海证券交易所股票上市规则》（以下简称"《上市规则》"）等法律、 法规、规范性文件和《公司章程》的相关规定，结合公司实际情况， 特制定本制度。 宇通客车股份有限公司 对外投资管理制度 第二条 本制度适用于公司及全资子公司、控股子公司（以下简 称"子公司"）的对外投资行为。 第三条 本制度所称对外投资，指公司在境内外进行的下列以盈 利为目的的投资行为，具体包括以下类型： （一）独资或者与他人合资新设企业的股权投资； （二）部分或者全部收购其他境内外与公司业务关联的经济实体； （三）对现有或者新增投资企业的增资扩股、股权收购投资； （四）股票投资、债券投资、基金投资以及其他金融衍生产品的 投资； （五）委托理财； （六）其他投资。 第四条 对外投资应遵循以下基本原则： （一）遵循国家法律、法规、部门规章等制度监管要求，符合国 家相关产业政策及《公司 ...