Summary of Yutong Bus Conference Call Company Overview - **Company**: Yutong Bus - **Industry**: Bus Manufacturing Key Points and Arguments - **Sales Performance**: In early 2025, Yutong Bus experienced a year-on-year sales decline, with domestic market sales dropping by 33%. However, the bus industry is characterized by significant monthly fluctuations, making annual data more relevant. A rebound in export volume is expected in June, maintaining an optimistic outlook for the full year [2][4][5]. - **Long-term Goals**: The company has raised its long-term sales target to 30,000 units, with an overseas shipment target of 16,500 units. Profit margins are expected to remain stable or improve, with a projected bottom line of 4.5-4.6 billion yuan for the year. The current valuation is considered low, and the stable dividend policy presents a buying opportunity amid short-term volatility [2][5][7]. - **Domestic Market Dynamics**: The domestic bus market is anticipated to accelerate due to the "old-for-new" policy, although contributions in the first half of the year may be limited, with deliveries expected to concentrate in the second half. The tourism bus market may see slower growth compared to 2024, with an overall delivery pattern expected to be front-loaded and back-loaded [2][6][9]. - **Valuation Metrics**: Yutong Bus is currently valued at approximately 13 times earnings, with a dividend yield of about 6-7%. The company has ample cash reserves, and the potential for limited downside during market corrections is noted. Profit forecasts for 2025 range from 4 to 4.7 billion yuan, with dividends likely to match or exceed last year's figures, maintaining a yield of at least 5% [2][7]. - **Market Trends**: Since 2023, Yutong Bus has outperformed its peers, with positive effects extending to other companies like King Long and Zhongtong. There remains significant growth potential for Chinese buses in overseas markets and in the penetration of new energy vehicles, supporting a long-term optimistic outlook [2][7]. Additional Important Considerations - **Monitoring Factors**: Future attention should be given to the company's annual sales targets, mid-term export goals, the global penetration of new energy vehicles, internal team efficiency, order scheduling, and the impact of government policies on bus replacements [3][8][9]. - **Sales Fluctuations**: Concerns regarding short-term sales fluctuations are mitigated by the historical context of the bus industry, which has shown recovery patterns in previous years. The company remains confident in achieving its long-term targets despite current challenges [4][5]. - **Government Policies**: The role of local government policies in promoting bus replacements is crucial, as is the recovery of the tourism sector, which will influence sales of tourism vehicles [9].

国内外在手订单饱满，Q2 有望走出"前低后高"态势：展望后续，我们认为，1）出口方面，当前在手订 单饱满，海外批量订单持续流入，预计季末将迎来集中交付，有望走出销量环比上行的较好表现，同期 Q3 为公司全年出口交付低点，往后同环比改善趋势明确。长期来看，以公司为代表的中国客车企业出 海大势所趋，有望借助新能源实现份额端的加速提升。2）国内方面，报废更新政策再加码，各地方政 策加速落地中，公交替换需求有望持续释放，带动公司国内销量向上。 海外客车需求持续复苏，新能源转型加速推进：2024 年海外客车需求恢复至约28 万辆，已基本修复至 2019 年疫情前水平。其中，海外新能源市场呈现加速渗透态势，2024 年需求达2.4 万辆，同比 +17.6%，渗透率提升至8.5%。分区域看，欧洲、亚洲等市场新能源渗透率持续领先。展望未来，在政 策端低碳转型持续推进、充电等配套基础设施逐步完善的背景下，预计新能源客车将呈现两大发展趋 势：1）公交领域渗透率持续提升；2）欧洲等领先市场有望在中长途城际客运场景实现突破，进一步打 开行业增长空间。 盈利预测：2025-2027 年公司有望实现营收429.7、484.3、529.7 ...

证券代码:600066 证券简称：宇通客车 编号：临 2025-036 宇通客车股份有限公司 关于年度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。 重要内容提示： 根据上海证券交易所相关披露要求，公司对年度担保计划 范围内的担保进展情况进行月度汇总披露。 2025 年 4 月发生担保事项（以下简称"本次担保"）的被 担保人为宇通客车股份有限公司（以下简称"公司"）全资子公 司香港宇通国际有限公司（以下简称"香港宇通"）、YUTONG FRANCE S.A.S.（以下简称"法国宇通"）等。 2025 年 4 月新增对子公司担保发生额为 29,828.52 万元； 为购房人申请按揭贷款提供阶段性担保发生额为 1,356.00 万元。 （如无特别说明，本公告中金额币种均为人民币） 截至本公告披露日，公司无逾期担保。 一、担保情况概述 （一）担保事项审议程序 本次担保事项已经公司于 2025 年 4 月 25 日召开的 2024 年 年度股东大会审议通过，同意公司继续提供以下担保：对控股子 公司及控股子 ...

Core Viewpoint - Yutong Bus Co., Ltd. has announced a cash dividend distribution plan for the fiscal year 2024, with a distribution of 1 RMB per share, totaling approximately 2.21 billion RMB [2][3]. Dividend Distribution Plan - The cash dividend of 1 RMB per share (including tax) was approved at the annual shareholders' meeting held on April 25, 2025 [2]. - The total number of shares for the distribution is 2,213,939,223, resulting in a total cash dividend payout of 2,213,939,223 RMB [3]. Implementation Method - The dividends for unrestricted circulating shares will be distributed through the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to shareholders registered after the market close on the record date [4]. - Shareholders who have completed designated transactions can receive their cash dividends at their designated securities business departments on the payment date [4]. Taxation Details - For individual shareholders holding unrestricted circulating shares, the tax treatment varies based on the holding period, with a maximum tax rate of 20% applicable [7]. - For Qualified Foreign Institutional Investors (QFIIs), a 10% withholding tax will be applied, resulting in a net cash dividend of 0.9 RMB per share [8]. - Other institutional investors will receive a cash dividend of 1 RMB per share, responsible for their own tax obligations [8]. Contact Information - For inquiries regarding the annual profit distribution, shareholders can contact the company at the provided address and phone number [9].

Group 1 - The Trump administration plans to lift AI chip export restrictions established during the Biden era, which has faced strong opposition from major tech companies and foreign governments [2] - The new policy will categorize countries into three groups to regulate chip exports from companies like Nvidia [2] - The U.S. Department of Commerce criticized Biden's AI rules as overly complex and bureaucratic, stating that a simpler rule will be introduced to enhance U.S. innovation in AI [2] Group 2 - The Federal Reserve has maintained the benchmark interest rate for the third consecutive time, highlighting rising risks of inflation and unemployment [3] - Fed Chairman Powell noted that the impact of tariffs has been greater than expected, but he denied any plans for preemptive rate cuts [3] - The Fed aims for a long-term inflation target of 2% while acknowledging increased uncertainty in the economic outlook [3] Group 3 - The China Securities Regulatory Commission has announced a comprehensive reform plan for the public fund industry, which is valued at over 30 trillion yuan [4] - The plan focuses on optimizing fee structures for actively managed equity funds and improving industry assessment mechanisms [4] - The reform aims to shift the focus of public funds from "scale" to "returns," marking a pivotal moment for high-quality development in the industry [4] Group 4 - Zeekr plans to delist from the U.S. stock market, becoming the first Chinese concept stock to do so amid ongoing U.S.-China tariff tensions [5] - The potential delisting has reignited discussions about the return of Chinese companies to domestic markets, with estimates suggesting that 27 Chinese concept stocks could meet the criteria for listing in Hong Kong [5] Group 5 - China's foreign exchange reserves increased for the fourth consecutive month, reaching $32,817 billion, with a month-on-month rise of $41 billion [6] - The increase is attributed to factors such as macroeconomic policies and expectations of economic growth in major economies [6] - The resilience and vitality of China's economy are seen as beneficial for maintaining stable foreign exchange reserves [6] Group 6 - Insurance companies have increased their stake in listed companies to 13 instances this year, reflecting a growing commitment from long-term capital [7] - Recent financial policies aim to enhance the investment capacity of insurance funds, potentially stabilizing and invigorating the capital market [7] - The implementation of new accounting standards is expected to influence the investment strategies of insurance companies [7] Group 7 - The ongoing military conflict between India and Pakistan has escalated, with significant casualties reported on both sides [8] - Experts warn that the current tensions could lead to severe consequences, urging both nations to pursue diplomatic solutions [8] Group 8 - The A-share market showed a rebound with all three major indices closing in the green, driven by strong performances in defense and agriculture sectors [9] - The Hong Kong stock market experienced mixed results, with the Hang Seng Index slightly up while the technology index fell [10] - U.S. stock markets closed higher, with notable gains in semiconductor stocks, while major tech companies like Google and Apple faced declines [9][10]

宇通客车股份有限公司 2025年4月份产销数据快报 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2025年4月份产销数据快报如下： 单位：辆 ■ 注：本表为销售快报数据，最终数据以公司定期报告数据为准。 证券代码：600066 证券简称：宇通客车 编号：临2025-035 特此公告。 宇通客车股份有限公司董事会 二零二五年五月七日 证券代码：600066 证券简称：宇通客车 编号：临2025-034 宇通客车股份有限公司 2024年年度利润分配实施公告 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。 重要内容提示： ● 每股分配比例 A股每股现金红利1元（含税） 本次利润分配方案经公司2025年4月25日召开的2024年年度股东大会审议通过。 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分公司（以下简 称"中国结算上海分公司"）登记在册的本公司全体股东。 二、分配方案 1、发放年度：2024 ...

证券代码：600066 证券简称：宇通客车 编号：临 2025-035 单位：辆 宇通客车股份有限公司 2025 年 4 月份产销数据快报 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2025年4月份产销数据快报如下： 1 宇通客车股份有限公司董事会 二零二五年五月七日 2 | 产 | 品 | 2025 年 | 去年同期 | 单月数量 | 本年 | 去年同期 | 累计数量 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 4 月份 | | 同比变动 | 累计 | 累计 | 同比变动 | | 生产量 | | 3,517 | 4,977 | -29.33% | 12,451 | 13,338 | -6.65% | | 其中：大型 | | 1,774 | 2,785 | -36.30% | 5,967 | 7,989 | -25.31% | | 中型 | | 1,042 | 1,683 | -38.09% | 3,778 | 4,095 | - ...

证券代码：600066 证券简称：宇通客车 编号：临 2025-034 宇通客车股份有限公司 2024年年度利润分配实施公告 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。 重要内容提示： 本次利润分配方案经公司2025 年 4 月 25 日召开的2024年年 度股东大会审议通过。 二、分配方案 1、发放年度：2024年年度 2、分派对象： 每股分配比例 A 股每股现金红利1元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/13 | － | 2025/5/14 | 2025/5/14 | 差异化分红送转：否 一、通过分配方案的股东大会届次和日期 截至股权登记日下午上海证券交易所收市后，在中国证券登 记结算有限责任公司上海分公司（以下简称"中国结算上海分公 司"）登记在册的本公司全体股东。 3、分配方案： 本次利润分配以方案实施前的公司总股本2,213,939,223股 为基数， ...

Group 1 - The core point of the article indicates that Yutong Bus (600066) reported a significant decline in sales volume for April 2025, with a total of 3,338 units sold, representing a year-on-year decrease of 27.40% [1] - Cumulative sales for the year reached 12,349 units, showing a slight year-on-year increase of 0.16% [1] - The sales breakdown reveals that large bus sales were 1,685 units, down 33.92% year-on-year; medium bus sales were 1,009 units, down 36.30%; while light bus sales increased to 644 units, up 38.79% [1] Group 2 - Production figures for April 2025 totaled 3,517 units, reflecting a year-on-year decline of 29.33% [1] - The production breakdown indicates that large bus production was 1,774 units, down 36.30% year-on-year; medium bus production was 1,042 units, down 38.09%; and light bus production increased to 701 units, up 37.72% [1]

Core Viewpoint - The development of intelligent driving technology in China is rapidly advancing, with significant breakthroughs and increasing affordability, but safety concerns and misconceptions about the technology persist [6][7][19]. Group 1: Current State of Intelligent Driving - Intelligent driving has transitioned from science fiction to reality, with major automotive companies like BYD, Geely, and Chery launching significant intelligent driving initiatives [6]. - The current level of intelligent driving technology in China is primarily classified as L2, which is still considered "driver assistance" rather than full automation [9][10]. - Consumers are increasingly prioritizing vehicles with intelligent driving features, often confusing "assisted driving" with "autonomous driving" [9][10]. Group 2: Safety and Regulatory Concerns - A recent tragic accident involving an intelligent driving vehicle has raised questions about the pace of development in the industry and the safety of these technologies [7]. - The Chinese government has initiated pilot programs for intelligent connected vehicles, with Yutong being the only bus manufacturer included in the first batch of approved companies [11]. Group 3: Technological Advancements and Applications - Intelligent driving applications are expanding beyond personal vehicles to include commercial transportation, public services, and agricultural machinery, such as autonomous tractors [12][13]. - The integration of intelligent connected vehicles with advanced technologies like V2X (Vehicle-to-Everything) is crucial for enhancing safety and operational efficiency [10][14]. Group 4: Future Development and Challenges - The concept of "vehicle-road-cloud integration" is emerging as a key pathway for achieving higher levels of autonomous driving, with ongoing trials and infrastructure development in regions like Zhengzhou [16][18]. - The establishment of research centers focused on network resilience and safety for intelligent connected vehicles is underway, aiming to address potential cybersecurity risks [14][15].