宇通客车股份有限公司 累积投票制实施细则 第一条 为完善公司法人治理结构，规范采用累积投票制选举董 事的行为，维护公司中小股东的利益，切实保障中小股东选举董事的 权利，根据《公司法》《证券法》《上市公司治理准则》及《公司章 程》等有关规定制定本细则。 第二条 本细则所称累积投票制，是指股东会选举董事时，每一 股份拥有与应选董事人数相同的表决权，股东拥有的表决权可以集中 使用。 第三条 股东会在董事的选举中应当采用累积投票制： （一）公司选举 2 名以上董事的； （二）公司单一股东及其一致行动人拥有权益的股份比例在 30% 以上。 在股东会选举两名以上的董事时，董事会应当在召开股东会通知 中，表明该次董事选举采用累积投票制。 第四条 本细则所称董事是指非由职工代表担任的董事，包括独 立董事和非独立董事。由职工代表担任的董事由公司职工民主选举产 生或者更换，不适用于本实施细则的相关规定。 如选票上该股东实际使用的表决权数累计小于或者等于其拥有 的对该议案组的最大表决权数，该选票有效，差额部分视为放弃表决 权。 第五条 公司控股股东、实际控制人和董事会不得阻碍股东依法 推荐董事候选人。 第六条 股东会对董事候选人进 ...

第二条 本制度适用于公司全体董事。 宇通客车股份有限公司 董事任职薪酬、津贴管理制度 第一条 为客观反映宇通客车股份有限公司（以下简称"公司"） 董事所付出的劳动，在公司决策过程中所承担的风险与责任，切实激 励公司董事积极参与决策、管理与监督，公司实行董事任职薪酬、津 贴管理制度。根据《公司法》《上市公司治理准则》《上市公司独立董 事管理办法》等法律、行政法规及《公司章程》的有关规定，结合公 司实际情况，制定本制度。 独立董事津贴为每年人民币 20 万元，非独立董事津贴为每年人 民币 5 万元，董事长薪酬标准为每年人民币 160 万元。非独立董事兼 任公司其他职务或者以职工身份领取相关福利时，根据公司薪酬管理 规定及绩效管理规定等制度另外发放。 公司董事会薪酬与考核委员会可以根据实际履职情况对董事长 薪酬和董事会成员的实发津贴进行调整。 第三条 公司发放的薪酬和津贴为税前金额，由公司统一代扣并 代缴个人所得税。 第四条 董事在 15 日前（含 15 日）经批准聘任的，薪酬和津贴 自批准任职当月起计算；在 15 日后经批准聘任的，薪酬和津贴自批 准任职次月起计算。 董事辞职或者离任的，按照实际工作时间计算薪酬和 ...

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 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 3、股权登记日 二、增加临时提案的情况说明 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《20 ...

宇通客车股份有限公司 董事会议事规则 第一条 为更好地发挥董事会的作用，建立完善的法人治理结构， 以确保董事会的工作效率和科学决策，明确相应的责任，保证董事会 议程和决议的合法性，根据《中华人民共和国公司法》《公司章程》 的有关规定，特制定本规则。 第二条 董事会是公司常设的执行机构，行使法律、法规、规章、 《公司章程》和股东会赋予的职权。 第三条 董事会秘书负责董事会会议的组织和协调工作，包括安 排会议议程、准备会议文件、组织安排会议召开、负责会议记录及会 议决议、决议公告的起草工作。 第四条 董事会会议由董事长主持。董事长不能主持时，由副董 事长(公司有两位或者两位以上副董事长的，由过半数以上董事共同 推举的副董事长主持)主持；副董事长不能主持、不主持或者未设副 董事长的，由过半数的董事共同推举的一名董事主持。 董事会会议应当由过半数的董事出席方可举行。 第五条 董事会会议分为定期会议和临时会议，定期会议每年至 少召开两次。董事会秘书应按照《公司章程》规定的时间、方式，在 会议召开前将会议通知送达全体董事和总经理。 第六条 董事会会议在保障董事充分表达意见的前提下，可以通 过联签、传真、电话会议、视频会议 ...

目录 | 2024 年年度股东大会会议须知 | 1 | | --- | --- | | 2024 年年度股东大会议程 | 2 | | 审议事项： | | | 议案一：2024 年度董事会工作报告 | 3 | | 议案二：2024 年度监事会工作报告 | 25 | | 议案三：2024 年度财务决算报告 | 28 | | 议案四：2024 年度利润分配预案 | 30 | | 议案五：2024 年年度报告 | 31 | | 议案六：关于支付 2024 年度审计费用并续聘审计机构的议案 | 32 | | 议案七：关于 2025 年日常关联交易预计的议案 | 33 | | 议案八：关于续签《2025 年-2028 年关联交易框架协议》的议 | | | 案 | 37 | | 议案九：关于续签《2025 年-2028 年金融服务框架协议》的议 | | | 案 | 44 | | 议案十：关于 2025 年对外担保预计的议案 | 52 | | 议案十一：关于修订《公司章程》及附件的议案 | 55 | | 议案十二：关于修订《董事、监事任职津贴管理制度》的议案56 | | | 议案十三：关于修订《对外投资管理制度》的议案 | ...

Core Viewpoint - The automotive sector, as represented by the CSI Automotive Index, has experienced a significant decline over the past month, quarter, and year-to-date, indicating potential challenges in the industry [2]. Group 1: Index Performance - The CSI Automotive Index opened lower but closed higher, increasing by 1.14% to 10,738.18 points, with a trading volume of 40.968 billion [1]. - Over the past month, the CSI Automotive Index has decreased by 10.37%, by 4.59% over the last three months, and by 9.38% year-to-date [2]. Group 2: Index Composition - The CSI Automotive Index is composed of listed companies in the automotive sector, selected from the broader CSI All Share Index, with a base date of December 31, 2004, set at 1,000 points [2]. - The top ten weighted companies in the index are BYD (18.26%), Seres (14.77%), SAIC Motor (10.92%), Changan Automobile (9.18%), JAC Motors (8.31%), Yutong Bus (5.81%), Great Wall Motors (5.11%), BAIC BluePark (4.4%), GAC Group (3.08%), and China National Heavy Duty Truck Group (2.07%) [2]. Group 3: Market Segmentation - The index's holdings are primarily in the consumer discretionary sector, accounting for 74.93%, while the industrial sector makes up 25.07% [3]. - The index undergoes semi-annual adjustments, with changes implemented on the next trading day following the second Friday of June and December [3]. Group 4: Investment Products - Public funds tracking the automotive index include GF CSI Automotive A, GF CSI Automotive C, and GF CSI Automotive ETF [4].

Core Viewpoint - The company reported significant growth in both revenue and net profit for 2024, driven by strong domestic and export demand in the bus industry [1][2][4]. Financial Performance - The company achieved a total revenue of 37.22 billion yuan in 2024, representing a year-on-year increase of 37.6%, and a net profit attributable to shareholders of 4.12 billion yuan, up 126.5% year-on-year [1]. - In Q4 2024, revenue reached 13.14 billion yuan, a year-on-year increase of 62.4% and a quarter-on-quarter increase of 69.8%, with net profit of 1.68 billion yuan, up 119.7% year-on-year and 122.2% quarter-on-quarter [1]. Industry Trends - The industry saw a total of 115,000 medium and large buses sold in 2024, a year-on-year increase of 31.33%, with domestic sales of 71,000 units (up 61.5%) and overseas sales of 44,000 units (up 38.5%) [2]. - The company’s bus sales reached 47,000 units in 2024, a year-on-year increase of 28.5%, with 40,000 medium and large buses sold, reflecting a 27.0% increase [2]. Sales and Profitability - In Q4 2024, the company exported 4,000 medium and large buses, a year-on-year increase of 48.3%, with export sales accounting for 34.7% of total sales [3]. - The average revenue per vehicle in Q4 was 844,000 yuan, up 6.8% year-on-year, while the profit per vehicle was 108,000 yuan, reflecting a year-on-year increase of 44.5% [3]. Future Outlook - The company expects continued growth in domestic demand for buses, supported by government subsidies for replacing older vehicles, which will likely enhance average selling prices [4]. - The company has initiated a mid-term dividend distribution of 1.107 billion yuan, with a payout ratio of 45.5%, marking the first mid-term dividend in nearly 20 years [4]. Investment Projections - Revenue projections for 2025-2027 are 42.7 billion, 47.2 billion, and 51.1 billion yuan, with year-on-year growth rates of 14.8%, 10.5%, and 8.3% respectively [5]. - Net profit forecasts for the same period are 4.49 billion, 5.11 billion, and 5.72 billion yuan, with corresponding growth rates of 9.1%, 13.8%, and 11.9% [5].

Investment Rating - The report maintains a "Positive" investment rating for the automotive industry [14] Core Insights - The impact of the recent tariffs imposed by the U.S. on China is relatively limited for the automotive sector, primarily affecting parts exports. Strong parts manufacturers have established global production capabilities, particularly in Mexico, which benefits from zero tariffs under the USMCA agreement [2][10] - The overall automotive sales for the week of March 24-30 reached 482,500 units, a 12.3% increase compared to the previous week. New energy vehicle sales were 241,900 units, reflecting an 8.0% increase, with a penetration rate of 50%, down 2.0 percentage points from the previous week [9][10] - The A-share automotive sector experienced a decline of 3.60%, underperforming the CSI 300 index, which fell by 1.37% [9] Summary by Sections Tariff Impact - The U.S. tariffs on Chinese imports have a limited short-term impact on the automotive sector, with parts exports being the primary concern. Companies can potentially shift production to Mexico or other low-tariff regions to mitigate costs [10][23] Market Performance - The automotive sector's performance in the A-share market has been weak, with various sub-sectors showing declines, particularly in commercial vehicle parts and tires [9][11] Sales Data - Total automotive sales for March 2025 reached 1.685 million units, a 23.4% increase year-on-year, with new energy vehicles accounting for 890,000 units, up 27.7% [9][10] Investment Recommendations - The report recommends focusing on the complete vehicle segment and parts manufacturers with strong overseas layouts, particularly those involved in smart driving technologies and robotics [11][12] - Specific companies highlighted for investment include BYD, XPeng Motors, and Geely for smart driving vehicles, and Top Group and Fulin Precision for robotics [11][12] Parts Manufacturing - Some parts manufacturers may face pressure due to declining Tesla sales, but recovery is expected with new vehicle launches in Q2. Companies with operations in Mexico are less affected by the tariffs [12][40]

Summary of Zhengzhou Yutong Bus Co Earnings Conference Call Company Overview - **Company**: Zhengzhou Yutong Bus Co - **Industry**: China Autos & Shared Mobility - **Market Cap**: Rmb58,692 million - **Stock Rating**: Equal-weight - **Price Target**: Rmb26.60 - **Current Price (as of March 31, 2025)**: Rmb26.51 - **52-Week Range**: Rmb30.05 - Rmb18.77 Key Points from the Earnings Conference Call 2025 Outlook - The company anticipates continuous export growth and market share gains, with domestic sales potentially boosted by policy stimulus on bus sales [1][3] - Specific targets for 2025 include: - Domestic sales: 36.5k units, representing an 11% year-over-year (YoY) increase - Exports: 16.5k units, representing an 18% YoY increase [1][3] - Total revenue guidance for 2025 is Rmb42.1 billion, indicating a 13% YoY growth, with largely flattened average selling price (ASP) compared to previous years [1][3] ASP Trends - The flattening of ASP is attributed to a decline in domestic ASP due to smaller bus demand, while higher overseas ASP is expected [1][3] 1Q25 Outlook - The company expects approximately 9k units in total sales for 1Q25, primarily driven by domestic sales, with exports facing a high comparable base from 1Q24 [2] - Profit growth in 1Q25 is anticipated to be muted [2] Dividends - The company proposed another round of interim dividends in 2025, which may be viewed positively by the market [2] - Despite a strong cash position, the company may not sustain its previous payout ratio of over 100% [2] Financial Metrics - Projected EPS for 2025: Rmb1.82 - Projected revenue for 2025: Rmb39,757 million - Projected EBITDA for 2025: Rmb5,313 million - Projected P/E ratio for 2025: 14.5 - Projected ROE for 2025: 28.7% [4] Risks - **Upside Risks**: - Better-than-expected export performance - Stronger-than-expected domestic demand recovery - Transition to new energy buses globally [8] - **Downside Risks**: - Macroeconomic uncertainties affecting private sector demand - Increased competition both domestically and internationally - Slower overseas growth due to protectionism [8] Valuation Methodology - The valuation is based on a discounted cash flow model with a WACC of 11.8% and a terminal growth rate of 2% [6] Additional Insights - The company is positioned to benefit from policy changes aimed at stimulating bus sales domestically, which could enhance its market share [1][3] - The focus on exports and new energy buses aligns with global trends towards sustainability and electrification in the transportation sector [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a significant recovery in production and sales in March, indicating the end of the off-season. The total sales in March reached 4,890 units, with a month-on-month increase of 38% and a year-on-year increase of 211% [8] - The company is expected to continue its growth trajectory, with revenue forecasts for 2025 to 2027 set at 429 billion, 499 billion, and 567 billion RMB, respectively, reflecting year-on-year growth rates of 15%, 16%, and 14% [8] - The company is well-positioned to capture both domestic and international market demands, having secured significant orders for electric buses in China and high-end new energy buses in Norway [8] Financial Projections - Total revenue for 2023 is projected at 27,042 million RMB, with a year-on-year growth of 24.05%. By 2024, revenue is expected to reach 37,218 million RMB, growing by 37.63% [1] - The net profit attributable to the parent company is forecasted to be 1,817 million RMB in 2023, with a remarkable year-on-year increase of 139.36%. This is expected to rise to 4,116 million RMB in 2024, reflecting a growth of 126.53% [1] - The earnings per share (EPS) is projected to increase from 0.82 RMB in 2023 to 1.86 RMB in 2024, with a corresponding P/E ratio decreasing from 30.13 to 13.30 [1]