Investment Rating - The investment rating for Yutong Bus (600066.SH) is maintained at a "Buy" level, indicating a positive outlook for the stock performance relative to the benchmark index [2]. Core Views - Yutong Bus reported strong financial performance in Q2 2024, with revenue reaching 16.34 billion yuan, a year-on-year increase of 47.0%, and a net profit attributable to shareholders of 1.67 billion yuan, up 255.8% year-on-year. In Q2 alone, revenue was 9.72 billion yuan, reflecting a 29.0% increase, while net profit was 1.02 billion yuan, a 190.6% rise year-on-year [2][3]. - The growth in sales is attributed to the continuous recovery in domestic tourism and public transport demand, alongside a significant increase in export sales, which has improved the sales structure and contributed positively to the company's performance [2][3]. - The company outperformed the industry in terms of sales growth, with a 35.8% increase in bus sales, compared to the overall industry growth of 35.6% for large and medium-sized buses [2][3]. - The introduction of policies promoting the replacement of old buses with new energy vehicles is expected to further stimulate domestic demand, alongside the ongoing growth in export orders from countries like Greece, Spain, and Chile [2][3]. Financial Summary - For the first half of 2024, Yutong Bus achieved total revenue of 16.34 billion yuan, with a net profit of 1.67 billion yuan. The company expects net profits to reach 3.4 billion yuan, 4.2 billion yuan, and 4.9 billion yuan for the years 2024, 2025, and 2026, respectively, corresponding to P/E ratios of 14, 11, and 9 times [2][3]. - The gross margin for Q2 2024 was reported at 26.1%, an increase of 2.61 percentage points year-on-year, indicating improved profitability [2][3]. - The company's market share in the new energy bus segment reached 25.2%, with sales of 3,948 units, a 75.2% increase year-on-year [2][3].

Investment Rating - The report maintains a "Buy" rating for Yutong Bus (600066.SH) [2][4] Core Views - The company's H1 2024 performance met expectations, with revenue of 16.3 billion yuan, up 47% year-on-year, and a net profit of 1.7 billion yuan, up 256% year-on-year [1] - The strong performance is attributed to robust export demand and recovering domestic sales, particularly in the tourism bus segment [1] - The company achieved a gross margin of 26.10% in Q2 2024, reflecting improvements from both year-on-year and quarter-on-quarter [1] Financial Performance Summary - For H1 2024, the company reported a revenue of 16.3 billion yuan and a net profit of 1.7 billion yuan, with significant year-on-year growth rates of 47% and 256% respectively [1] - In Q2 2024, the company recorded a revenue of 9.72 billion yuan, a 29% increase year-on-year and a 47% increase quarter-on-quarter, with a net profit of 1.02 billion yuan, up 191% year-on-year and 55% quarter-on-quarter [1] - The overall sales volume in Q2 2024 was 12,800 units, representing a 20% increase year-on-year and a 66% increase quarter-on-quarter [1] Profit Forecast and Valuation - The forecasted net profits for 2024, 2025, and 2026 are 3.3 billion yuan, 4.0 billion yuan, and 4.8 billion yuan respectively, with corresponding P/E ratios of 14, 11, and 9 [2] - The report indicates that the company is expected to benefit from ongoing export demand and domestic policy support for bus replacements [1][2]

Investment Rating - The investment rating for Yutong Bus (600066) is "Buy" (maintained) [4] Core Views - The company reported a strong performance in Q2 2024, with a net profit attributable to shareholders of 1.02 billion yuan, representing a year-on-year increase of 190.6% and a quarter-on-quarter increase of 54.7%. The company's profitability is expected to further improve due to the implementation of the vehicle replacement policy and continued growth in exports [2][6] - The domestic tourism market is recovering, and there is strong demand for buses overseas. In H1 2024, the wholesale volume of large and medium buses reached 49,800 units, a year-on-year increase of 35.6%, with significant growth in seat buses [6] - The company is expected to benefit from the new round of subsidies for replacing old buses with new energy buses, which could stimulate demand for 20,000 to 30,000 buses [6] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 16.34 billion yuan, a year-on-year increase of 47.0%, and a net profit of 1.67 billion yuan, a year-on-year increase of 255.8%. Q2 revenue was 9.72 billion yuan, up 29.0% year-on-year and 46.9% quarter-on-quarter [6] - The company’s gross margin in Q2 reached 26.1%, up 2.6 percentage points year-on-year, and the net margin was 10.5%, up 5.9 percentage points year-on-year [6] Sales and Market Share - In H1 2024, the company sold 18,300 large and medium buses, a year-on-year increase of 41.5%, with a market share increase of 1.5 percentage points. Q2 sales were 11,400 units, up 19.8% year-on-year and 63.2% quarter-on-quarter [6] - The export volume in H1 2024 was 21,800 units, a year-on-year increase of 48.5%, accounting for 43.8% of total sales, an increase of 3.8 percentage points year-on-year [6] Future Projections - The company is projected to achieve revenues of 34.36 billion yuan, 40.93 billion yuan, and 44.64 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 27.1%, 19.1%, and 9.1% [6] - The net profit attributable to shareholders is expected to be 3.47 billion yuan, 4.28 billion yuan, and 4.86 billion yuan for the same years, with growth rates of 90.8%, 23.5%, and 13.5% [6]

Investment Rating - The report maintains a "Buy" rating for Yutong Bus (600066) [1] Core Views - Yutong Bus achieved strong performance in 2024Q2, driven by both volume growth and product mix improvement [1] - The company's profitability improved significantly, with gross margin reaching 26.10% (+2.61pct YoY) and net margin at 10.53% (+5.85pct YoY) in 2024Q2 [4] - Export business contributed substantially to performance, with export volume reaching 0.39k units (+42% YoY) and accounting for 30.4% of total sales in 2024Q2 [4] - New energy vehicle exports grew 79% YoY in H1 2024, outperforming industry average, with significant orders from Europe and South America [4] Financial Performance - 2024H1 revenue reached RMB 16.34 billion (+46.99% YoY), with net profit of RMB 1.67 billion (+255.84% YoY) [3] - 2024Q2 revenue was RMB 9.72 billion (+28.95% YoY, +46.91% QoQ), with net profit of RMB 1.02 billion (+190.63% YoY, +54.74% QoQ) [3] - Export revenue per vehicle reached RMB 758k (+7.5% YoY), with gross profit per vehicle at RMB 197.8k (+19.5% YoY) [4] Market Outlook - Domestic market benefited from tourism recovery and new energy bus replacement policy, with potential replacement demand of 36k-55k units [2] - Export market expected to maintain strong growth, especially in new energy vehicle segment [4] - Revenue forecast for 2024-2026: RMB 31.91 billion (+18%), RMB 35.59 billion (+12%), RMB 38.99 billion (+10%) [5] - Net profit forecast for 2024-2026: RMB 3.44 billion (+89%), RMB 3.97 billion (+15%), RMB 4.57 billion (+15%) [5] Valuation Metrics - 2024E P/E: 13.74x, 2025E P/E: 11.90x, 2026E P/E: 10.32x [6] - 2024E P/B: 3.32x, 2025E P/B: 3.13x, 2026E P/B: 2.86x [6] - 2024E ROE: 24%, 2025E ROE: 26%, 2026E ROE: 28% [6]

Investment Rating - The report maintains an "Outperform" rating for Yutong Bus (600066.SH) [1][14]. Core Views - Yutong Bus has demonstrated strong financial performance with a significant increase in net profit driven by both domestic recovery and export growth. The company reported a 55% quarter-on-quarter increase in net profit for Q2, with a total revenue of 9.72 billion yuan, representing a year-on-year growth of 29% [1][5]. - The company is expected to benefit from ongoing domestic market recovery and increasing export volumes, particularly in the new energy vehicle segment. The forecast for 2024 anticipates a revenue of 32.9 billion yuan, reflecting a year-on-year growth of 21.8% [1][14]. Summary by Sections Financial Performance - In H1 2024, Yutong Bus achieved sales of 20,555 buses, a year-on-year increase of 35.82%. The total revenue reached 16.336 billion yuan, up 46.99% year-on-year, and the net profit was 1.674 billion yuan, marking a 255.84% increase [5][12]. - The gross margin for Q2 2024 was reported at 26.1%, an increase of 2.6 percentage points year-on-year, attributed to improved order quality and scale effects [1][10]. Market Dynamics - The domestic bus market is expected to continue its recovery in 2024, supported by policies encouraging the replacement of old buses. The tourism market is also showing signs of stable recovery, contributing to increased demand [12][14]. - Yutong Bus is expanding its export market, with a focus on new energy vehicles, leveraging its competitive advantages in technology and service [12][14]. Future Outlook - The company is positioned to benefit from both cyclical recovery and growth opportunities, with expectations of sustained performance in both domestic and international markets. The forecasted net profits for 2024-2026 are 3.16 billion, 4.03 billion, and 4.75 billion yuan, respectively [1][14].

Investment Rating - The report maintains a "Recommend" rating for Yutong Bus (600066 SH) [1][2] Core Views - Yutong Bus achieved strong Q2 2024 results with revenue of 16 34 billion yuan (+46 99% YoY) and net profit of 1 67 billion yuan (+255 84% YoY) [1] - Overseas market expansion accelerated with 6 500 buses exported in H1 2024 (+58 27% YoY) ranking first in the industry [1] - Domestic new energy bus demand is expected to be stimulated by the new replacement policy offering subsidies of 80 000 yuan per vehicle [1] - The company is projected to achieve revenue of 33 91 39 64 and 46 18 billion yuan in 2024 2025 and 2026 respectively with net profits of 3 30 3 95 and 4 60 billion yuan [1][2] Financial Performance - Q2 2024 revenue reached 9 72 billion yuan (+28 95% YoY +46 91% QoQ) driven by strong overseas sales [1] - Q2 2024 net profit was 1 02 billion yuan (+190 63% YoY +54 74% QoQ) with a net profit margin of 10 53% [1] - Gross margin improved to 26 10% in Q2 2024 (+2 61pct YoY +1 26pct QoQ) [1] - R&D expenses accounted for 4 41% of revenue in Q2 2024 focusing on intelligent and high-end fields [1] Market Position - Yutong Bus is the leader in bus exports with operations in over 40 countries and regions [1] - The company exported over 6 000 new energy buses in H1 2024 [1] Valuation - The stock is trading at 14x 12x and 10x PE for 2024 2025 and 2026 respectively based on the closing price of 21 13 yuan on August 26 2024 [1][2] - The dividend yield is 7 10% based on 2023's dividend payout of 1 5 yuan per share [1] Growth Projections - Revenue is expected to grow at a CAGR of 16 5% from 2024 to 2026 [2][4] - Net profit is projected to grow at a CAGR of 16 5% from 2024 to 2026 [2][4] - EPS is forecasted to increase from 1 49 yuan in 2024 to 2 08 yuan in 2026 [2][4]

公 司 报 告 汽车 2024 年 08 月 27 日 宇通客车(600066.SH) 出口表现超预期，各项费用控制进一步优化 推荐（维持） 股价：21.13 元 主要数据 行业 汽车 公司网址 www.y utong.com 大股东/持股 郑州宇通集团有限公司/37.70% 实际控制人 汤玉祥 总股本(百万股) 2,214 流通 A 股(百万股) 2,214 流通 B/H 股(百万股) 总市值（亿元） 468 流通 A 股市值(亿元) 468 每股净资产(元) 5.51 资产负债率(%) 59.6 行情走势图 证券分析师 王德安 投资咨询资格编号 S1060511010006 BQV509 WANGDEAN002@pingan.com.cn 王跟海 投资咨询资格编号 S1060523080001 WANGGENHAI964@pingan.com.cn 公 司 半 年 报 点 评 证 券 研 究 报 告 事项： 公司发布 2024 年中期财报，2024 年上半年实现营业收入 163 亿元（同比+47%）, 实现归母净利润 17 亿元（同比+256%），扣非归母净利润达 14 亿元（同比 +332%）。 平安观 ...

C o m p a n y U p d a t e m 2024 年 08 月 27 日 沈嘉婕 H70455@capital.com.tw 目标价(元) RMB 27 公司基本资讯 | --- | --- | --- | |---------------------|--------|--------------| | 产业别 | | 汽车 | | A 股价(2024/8/26) | | 21.13 | | 上证指数(2024/8/26) | | 2855.52 | | 股价 12 个月高/低 | | 28.47/11.42 | | 总发行股数(百万) | | 2213.94 | | A 股数(百万) | | 2213.94 | | A 市值(亿元) | | 467.81 | | 主要股东 | | 郑州宇通集团 | | | | 有限公司 | | | | (37.70%) | | 每股净值(元) | | 5.51 | | 股价/账面净值 | | 3.84 | | | 一个月 | 一年 | | 股价涨跌(%) | | | 近期评等 | --- | --- | --- | |-----------|------- ...

证券代码:600066 证券简称：宇通客车 编号：临 2024-037 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"）第十一届董事 会第七次会议于2024年8月14日以邮件等方式发出通知，2024年8 月24日以通讯方式召开，应参会董事9名，实际参会董事9名，符 合《公司章程》及有关法律法规的规定。 会议审议并通过了以下议案： 1、9票同意，0票反对，0票弃权；审议通过了《2024年上半 年主要经营情况和下半年工作计划》。 2、9票同意，0票反对，0票弃权；审议通过了《2024年半年 度报告及摘要》。 具体详见公司于同日披露的2024年半年度报告及摘要。 3、4票同意，0票反对，0票弃权；审议通过了《关于郑州宇 通集团财务有限公司的风险评估报告》。 宇通客车股份有限公司 第十一届董事会第七次会议决议公告 具体详见公司于同日披露的《关于对外捐赠的公告》。 特此公告。 宇通客车股份有限公司董事会 二零二四年八月二十六日 1 本议案所涉及关联董事汤玉祥先生、李盼盼先生、王文韬先 生、董晓坤先 ...

[Definitions](index=4&type=section&id=第一节%20释义) This chapter defines and explains specific terms used in the report, such as "Company," "Yutong Group," and "Reporting Period," to ensure consistent information understanding - This chapter primarily defines and explains specific terms used in the report, such as Company, Yutong Group, and Reporting Period, to ensure consistency in information understanding[8](index=8&type=chunk) [Company Profile and Key Financial Indicators](index=4&type=section&id=第二节%20公司简介和主要财务指标) [Company Basic Information](index=4&type=section&id=一、公司信息) This chapter provides basic information about Yutong Bus Co., Ltd., including its company name, legal representative, contact details, registered address, and information disclosure channels | Item | Information | | :--- | :--- | | **Company Chinese Name** | 宇通客车股份有限公司 | | **Stock Abbreviation** | 宇通客车 | | **Stock Code** | 600066 | | **Listing Exchange** | Shanghai Stock Exchange | | **Legal Representative** | Li Panpan | [Key Accounting Data and Financial Indicators](index=5&type=section&id=六、主要会计数据和财务指标) During the reporting period, the company achieved strong performance growth, with operating revenue increasing by 46.99% year-on-year and net profit attributable to shareholders surging by 255.84%, indicating overall improvement in key financial metrics Key Accounting Data (Unit: RMB Billion) | Key Accounting Data | Current Reporting Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 16.34 | 11.11 | 46.99% | | Net Profit Attributable to Shareholders of the Listed Company | 1.67 | 0.47 | 255.84% | | Net Profit Attributable to Shareholders of the Listed Company (Excluding Non-recurring Gains/Losses) | 1.43 | 0.33 | 332.40% | | Net Cash Flow from Operating Activities | 5.36 | 2.92 | 83.90% | | **Asset Status** | **End of Current Reporting Period** | **End of Prior Year** | **YoY Change (%)** | | Net Assets Attributable to Shareholders of the Listed Company | 12.20 | 13.92 | -12.37% | | Total Assets | 30.57 | 30.86 | -0.94% | Key Financial Indicators | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Prior Year Period | Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.76 | 0.21 | 255.84% | | Weighted Average Return on Net Assets (%) | 11.82% | 3.27% | Increased by 8.54 percentage points | | Weighted Average Return on Net Assets (Excluding Non-recurring Gains/Losses) (%) | 10.11% | 2.30% | Increased by 7.81 percentage points | - During the reporting period, the company's non-recurring gains and losses totaled **RMB 242 million**, primarily from government subsidies (**RMB 147 million**) and fair value changes in financial assets held (**RMB 104 million**)[12](index=12&type=chunk)[13](index=13&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=第三节%20管理层讨论与分析) [Industry and Main Business Operations](index=6&type=section&id=一、报告期内公司所属行业及主营业务情况说明) The company is a large enterprise integrating bus R&D, manufacturing, and sales, with a full product range from 5 to 18 meters, maintaining its industry-leading position; in the first half, domestic tourism boosted road passenger transport, while public transport declined due to fiscal tightening; overseas demand continued to recover, with exports up 48.5% year-on-year, and growth is expected to continue in the second half - The company's main business involves the R&D, manufacturing, and sales of bus products, with a complete product chain covering various segments such as highway, tourism, and public transport[14](index=14&type=chunk) - The domestic market benefited from the booming tourism industry, leading to a significant increase in demand for road passenger transport; however, public transport market demand declined due to local fiscal constraints[14](index=14&type=chunk) - Overseas market demand continued to recover, with a **48.5% year-on-year increase** in the industry's export volume of large and medium-sized buses, and growth is expected to continue in the second half, especially for new energy buses in Europe and Latin America[14](index=14&type=chunk) [Analysis of Core Competencies](index=6&type=section&id=二、报告期内核心竞争力分析) The company's core competencies include strong R&D capabilities, stable industrial support, extensive sales channels, and outstanding brand reputation; in the reporting period, R&D investment reached RMB 740 million, accounting for 4.53% of revenue, achieving breakthroughs in core technologies like electrification and intelligent connectivity; the company maintains stable domestic and international supply chains and has established a global sales and service network, with over 100,000 buses exported, continuously enhancing brand value R&D Investment | Indicator | Amount | Percentage of Operating Revenue | | :--- | :--- | :--- | | R&D Expenditure | RMB 740 million | 4.53% | - The company has achieved breakthroughs in core technologies such as electric drive, electronic control, and batteries, independently mastering key technologies in electrification and intelligent connectivity, and possesses 7 national-level and 14 provincial-level scientific research and innovation platforms, including a national-level enterprise technology center[17](index=17&type=chunk)[29](index=29&type=chunk) - The company has a stable supply chain system, establishing long-term and stable cooperative relationships with leading domestic and international automotive component enterprises such as Cummins, ZF, Bosch, and domestic companies like Inovance and SinoHytec[30](index=30&type=chunk) - The sales network covers the globe, with a cumulative export of over **100,000 buses**, including over **6,000 new energy buses**, sold to more than 40 countries and regions, forming a development layout across six major areas[33](index=33&type=chunk) [Discussion and Analysis of Operations](index=11&type=section&id=三、经营情况的讨论与分析) In the first half of 2024, the company sold 20,555 buses, a 35.82% year-on-year increase; operating revenue reached RMB 16.34 billion, up 46.99%; and net profit attributable to shareholders was RMB 1.67 billion, with significant performance growth primarily driven by a substantial increase in overseas market export sales and the continued recovery of the domestic tourism passenger transport market 2024 First Half Operating Performance | Indicator | Quantity/Amount | Year-on-Year Growth | | :--- | :--- | :--- | | Bus Sales | 20,555 units | +35.82% | | Operating Revenue | RMB 16.34 billion | +46.99% | | Net Profit Attributable to Shareholders | RMB 1.67 billion | +255.84% | - The significant increase in net profit is primarily due to two reasons: first, a substantial increase in overseas market export sales and a higher proportion of high-margin export business; second, the recovery of the domestic tourism industry, which boosted domestic sales[35](index=35&type=chunk) [Analysis of Key Operating Conditions](index=11&type=section&id=四、报告期内主要经营情况) This chapter details the changes in major financial statement items; operating revenue and cost increased with sales volume; regarding cash flow, net operating cash flow significantly increased by 83.90% due to higher sales, net cash outflow from investing activities increased mainly due to purchases of wealth management products, and net cash outflow from financing activities increased primarily due to higher dividends; concerning assets and liabilities, trading financial assets surged by 3892.30% mainly due to increased wealth management investments, and accounts payable increased by 49.75% primarily due to increased material purchases Financial Statement Major Item Variation Analysis (Unit: RMB Billion) | Item | Current Period Amount | Prior Year Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 16.34 | 11.11 | 46.99 | | Operating Cost | 12.16 | 8.57 | 41.75 | | Net Cash Flow from Operating Activities | 5.36 | 2.92 | 83.90 | Balance Sheet Major Item Variation Analysis (Unit: RMB Billion) | Item Name | End of Current Period Amount | End of Prior Year Amount | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 3.997 | 0.100 | 3,892.30 | Increased investment in wealth management products | | Accounts Payable | 5.747 | 3.838 | 49.75 | Increased material purchases | | Taxes Payable | 0.456 | 0.219 | 108.26 | Increased income tax payable | [Potential Risks](index=13&type=section&id=(一)%20可能面对的风险) The company faces multiple risks, including insufficient domestic public transport market demand, intensified industry competition, payment risks in some overseas markets, competitive pressure from international brands in new energy vehicles, and increased transportation costs due to geopolitical factors; the company has formulated corresponding measures, such as assisting customers with policy utilization, enhancing product competitiveness, strengthening foreign exchange risk management, and coordinating sea freight resources in advance, to address these challenges - Domestic risks: Local fiscal constraints lead to insufficient demand in the public transport market; industry overcapacity and product homogenization intensify competition[43](index=43&type=chunk)[44](index=44&type=chunk) - Overseas risks: Currency depreciation and declining foreign exchange reserves in some emerging countries pose payment difficulties; international brands' competitiveness in new energy commercial vehicles is increasing; geopolitical tensions in areas like the Red Sea significantly increase transportation costs[44](index=44&type=chunk) [Corporate Governance](index=14&type=section&id=第四节%20公司治理) [Shareholders' Meetings and Executive Changes](index=14&type=section&id=一、股东大会情况) During the reporting period, the company held two shareholders' meetings, approving proposals such as revising the Articles of Association, annual report, and profit distribution; significant changes occurred in the company's senior management and board of directors, including the appointment of a new general manager, deputy general manager, and CFO, and the election of new directors - The 2024 First Extraordinary Shareholders' Meeting and the 2023 Annual Shareholders' Meeting were held during the reporting period, with all proposals reviewed and approved[47](index=47&type=chunk)[48](index=48&type=chunk) - Company senior personnel changes: - Li Panpan appointed as General Manager - Dong Xiaokun appointed as Deputy General Manager and elected as a Director - Wu Yilun appointed as Chief Financial Officer - Zhang Tongqiu elected as a Director[49](index=49&type=chunk)[50](index=50&type=chunk) - The company has no profit distribution or capital reserve capitalization plan for the half-year period[50](index=50&type=chunk) [Environmental and Social Responsibility](index=15&type=section&id=第五节%20环境与社会责任) [Environmental Information](index=15&type=section&id=一、环境信息情况) As a key pollutant-discharging unit, the company disclosed detailed pollutant discharge information and the construction and operation of pollution prevention facilities for its four plants; the company strictly adheres to environmental regulations, investing over RMB 250 million in environmental upgrades and establishing a comprehensive environmental management system; in the first half of 2024, carbon emissions were reduced by approximately 3,760 tons through energy saving and clean energy utilization - All four of the company's plants (Shibalihe, New Energy, Special Vehicle, Jingyida) are disclosed as key pollutant-discharging units, with major pollutant emissions meeting standards and within permitted total limits[51](index=51&type=chunk)[53](index=53&type=chunk) - Since 2018, the company has cumulatively invested over **RMB 250 million** in environmental upgrades, introducing industry-leading VOCs treatment facilities and welding fume treatment facilities to ensure continuous and stable compliance of pollutant emissions[55](index=55&type=chunk) - In the first half of 2024, the company reduced carbon dioxide emissions by approximately **3,760 tons** through management innovation, energy saving improvements, photovoltaic power generation, and waste heat utilization[69](index=69&type=chunk)[70](index=70&type=chunk)[72](index=72&type=chunk) - All of the company's plants have been rated as A-level environmental performance enterprises and were among the first to be designated as "Waste-Free Factories"[69](index=69&type=chunk) [Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=22&type=section&id=二、巩固拓展脱贫攻坚成果、乡村振兴等工作具体情况) The company actively fulfills its social responsibilities, contributing to society in the first half of 2024 through projects such as industrial poverty alleviation, child road safety public welfare, critical illness assistance, and "Winter Warmth"; industrial poverty alleviation procurement amounted to RMB 42.27 million, child road safety public welfare donated RMB 2 million, critical illness assistance supported 366 employees with RMB 2.3437 million - Industrial Poverty Alleviation: Continued procurement of components from less developed areas in Henan, with procurement exceeding **RMB 42.27 million** in the first half[72](index=72&type=chunk) - Public Welfare Activities: Donated **RMB 2 million** for the "Child Road Safety Public Welfare Campaign"; provided critical illness assistance totaling **RMB 2.3437 million** to 366 employees in need; donated materials and funds to people in impoverished mountainous areas and Xinjiang and Tibet regions[72](index=72&type=chunk) [Significant Matters](index=24&type=section&id=第六节%20重要事项) [Fulfillment of Commitments](index=24&type=section&id=一、承诺事项履行情况) During the reporting period, the company's controlling shareholder Yutong Group, Mengshi Bus, and actual controller Tang Yuxiang strictly fulfilled their commitments made in the acquisition report regarding ensuring the independence of the listed company, avoiding horizontal competition, and regulating related party transactions - The controlling shareholder and actual controller continued to fulfill their commitments to ensure the independence of the listed company in terms of personnel, finance, organization, assets, and business[75](index=75&type=chunk) - Relevant parties strictly adhered to commitments to avoid horizontal competition and regulate related party transactions, with all commitments being continuously and effectively fulfilled[76](index=76&type=chunk) [Significant Related Party Transactions](index=27&type=section&id=十、重大关联交易) The company's significant related party transactions primarily involve financial services with its affiliated finance company, Zhengzhou Yutong Group Finance Co., Ltd.; at the end of the reporting period, the company's deposit balance with this finance company was RMB 2.802 billion, and it also obtained a comprehensive credit line of RMB 2 billion, with RMB 412 million utilized at period-end Financial Business with Related Party Finance Company (Unit: RMB Billion) | Business Type | Related Party | Total Amount/Limit | Period-End Balance/Utilized Amount | | :--- | :--- | :--- | :--- | | Deposit Business | Zhengzhou Yutong Group Finance Co., Ltd. | 3.00 | 2.802 | | Comprehensive Credit Line | Zhengzhou Yutong Group Finance Co., Ltd. | 2.00 | 0.412 | [Significant Contracts and Guarantees](index=29&type=section&id=十一、重大合同及其履行情况) During the reporting period, the company had no significant entrustment, contracting, or leasing matters; regarding guarantees, the company primarily provided guarantees for its subsidiaries, with a total guarantee balance of RMB 964 million for subsidiaries at the end of the reporting period; additionally, the company provided phased guarantees for mortgage loans of homebuyers for its employee housing project subsidiary, with a balance of RMB 550 million Company Guarantee Total Amount (Unit: RMB) | Item | Amount | | :--- | :--- | | Total Guarantee Balance for Subsidiaries at Period-End | 963,738,963.39 | | Proportion of Total Guarantees to Company's Net Assets | 7.90% | | Debt Guarantees Provided for Guaranteed Parties with Asset-Liability Ratio Exceeding 70% | 953,742,963.39 | - The company provided mortgage loan guarantees for its employee housing project subsidiary to banks, with a balance of **RMB 550 million**[85](index=85&type=chunk) [Share Changes and Shareholder Information](index=30&type=section&id=第七节%20股份变动及股东情况) [Shareholder Information](index=30&type=section&id=二、股东情况) During the reporting period, the company's total share capital and share structure remained unchanged; as of the end of the reporting period, the total number of common shareholders was 55,836; the top two shareholders were Zhengzhou Yutong Group Co., Ltd. (37.70% stake) and Hong Kong Securities Clearing Company Limited (16.57% stake) - As of the end of the reporting period, the total number of common shareholders was **55,836**[86](index=86&type=chunk) Top Five Shareholders' Shareholding | Shareholder Name | Shares Held at Period-End (shares) | Proportion (%) | | :--- | :--- | :--- | | Zhengzhou Yutong Group Co., Ltd. | 834,755,347 | 37.70 | | Hong Kong Securities Clearing Company Limited | 366,858,326 | 16.57 | | Mengshi Bus Co., Ltd. | 87,428,292 | 3.95 | | National Social Security Fund 101 Portfolio | 42,253,782 | 1.91 | | China Highway Vehicle & Machinery Co., Ltd. | 40,885,192 | 1.85 | [Financial Report](index=33&type=section&id=第十节%20财务报告) [Audit Opinion](index=33&type=section&id=一、审计报告) This semi-annual financial report is unaudited - This semi-annual report is unaudited[3](index=3&type=chunk)[91](index=91&type=chunk) [Financial Statements](index=33&type=section&id=二、财务报表) This chapter includes the company's main financial statements for the first half of 2024, comprising the consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity - Provides consolidated and parent company balance sheets as of June 30, 2024[91](index=91&type=chunk)[93](index=93&type=chunk) - Provides consolidated and parent company income statements for January-June 2024[95](index=95&type=chunk)[96](index=96&type=chunk) - Provides consolidated and parent company cash flow statements for January-June 2024[97](index=97&type=chunk)[98](index=98&type=chunk) - Provides consolidated and parent company statements of changes in owners' equity for January-June 2024[99](index=99&type=chunk)[101](index=101&type=chunk) [Notes to Financial Statements](index=45&type=section&id=三、公司基本情况) This chapter serves as the notes to the financial statements, detailing the company's basic information, basis of financial statement preparation, significant accounting policies and estimates, and providing detailed explanations and analyses of major financial statement items - These financial statements are prepared on a going concern basis, in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance[105](index=105&type=chunk)[106](index=106&type=chunk) - Revenue Recognition Policy: The company recognizes revenue when the customer obtains control of the related goods or services; domestic sales are generally recognized upon customer receipt, while export sales are recognized when goods pass the ship's rail and customs declaration is completed, according to FOB or CIF terms[182](index=182&type=chunk) - R&D Expenditure Policy: Expenditures in the research phase are expensed, while expenditures in the development phase are capitalized when specific conditions are met, such as technical feasibility and commercial intent[164](index=164&type=chunk)[165](index=165&type=chunk)