毛利率同环比大幅提升，集采降本成效加速显现：Q3 公司实现销售毛利率13.6%，同比增长4.3pct、环 比增长1.8pct，预计主要系销售结构优化叠加集采降本效果开始加速显现带动。Q3 公司期间费用率 10.8%，同比增长0.1pct、环比增长1.4pct，各项费用投入保持平稳，带动Q3 公司净利率提升至2.2%， 同比增长2.0pct、环比增长0.9pct，对应Q3 单车净利1.1 万元，同比增长1.0 万元、环比增长0.5 万元；单 车扣非后净利0.6 万元，环比提升0.4 万元。 三龙整合步调提速，盈利有望持续上台阶：自今年起，公司对三龙股权的整合步伐显著加快，于2025 年1 月完成厦门金龙40%股权收购，理顺股权关系；5 月新任董事长陈锋到任，开启集团改革新阶段。 公司集采降本效果已在Q3 显现，后续成本仍具优化空间，有望加速盈利释放。Q3 公司中大客占比提升 至55%，产品结构持续优化，叠加海外拓展深入，预计公司收入增速将迈上新台阶，长期盈利空间进一 步打开。 事件：10 月30 日，公司发布2025 年前三季度业绩公告，实现收入163.3亿元，同比增长13.4%；归母净 利润2.5 亿元，同比 ...

Core Insights - The commercial vehicle sector saw a rise of 0.72% on October 31, with Foton Motor leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Commercial Vehicle Sector Performance - Foton Motor (600166) closed at 3.00, up 4.17% with a trading volume of 3.89 million shares and a transaction value of 1.183 billion [1] - China National Heavy Duty Truck Group (000951) closed at 18.14, up 3.78% with a trading volume of 312,300 shares and a transaction value of 564 million [1] - King Long Motor (600686) closed at 15.14, up 2.64% with a trading volume of 808,000 shares and a transaction value of 1.253 billion [1] - Other notable performances include Shuguang Co. (600303) up 1.86% and FAW Jiefang (000800) up 1.27% [1] Fund Flow Analysis - The commercial vehicle sector experienced a net outflow of 174 million from institutional investors and 167 million from speculative funds, while retail investors saw a net inflow of 342 million [2][3] - Yutong Bus (600066) had a significant net outflow of 91.16 million from institutional investors, while retail investors contributed a net inflow of 89.92 million [3] - Jianghuai Automobile (600418) saw a net inflow of 51.86 million from institutional investors, but a net outflow of 31.11 million from retail investors [3]

Core Viewpoint - China's bus exports have shown significant growth, with a total of 55,598 buses exported from January to September 2025, marking a year-on-year increase of 31.77% [1][10]. Group 1: Export Performance - In September 2025, a total of 7,228 buses were exported, reflecting a month-on-month increase of 8.71% and a year-on-year increase of 37.36% [1][3]. - The overall monthly export volume has exceeded 7,000 units for three consecutive months, indicating a trend towards higher export volumes [3]. - The export of large buses reached 4,744 units in September, a year-on-year increase of 78.61%, setting a new monthly record [5][10]. Group 2: Market Segmentation - The export of large buses has been particularly strong, while the medium bus segment saw a decline, and light buses experienced a slight recovery [5][6]. - In September, the export of seated buses and public transport buses maintained robust growth, with seated buses exporting 3,749 units (up 33.7%) and public transport buses exporting 3,473 units (up 93.16%) [8][9]. - The large public bus segment showed a significant increase, with exports reaching 2,878 units, a year-on-year surge of 124.14% [9]. Group 3: Company Rankings - Yutong led the export rankings with 10,742 units from January to September 2025, a year-on-year increase of 18.17% [10][12]. - The Xiamen Golden Dragon group followed closely with exports of 9,152 units, reflecting a substantial year-on-year growth of 77.99% [10][12]. - Ankai Bus and Foton Ouhui also showed significant growth, with Ankai's exports increasing by 178.21% year-on-year [10][12]. Group 4: Future Outlook - The future of China's bus export market appears promising, with a need for companies to align with overseas demand, optimize product structures, and enhance technology and services to capture broader market opportunities [31].

Group 1 - Fujian local stocks experienced a significant rise, with Pingtan Development achieving 8 consecutive trading limits in 11 days [1] - Fulongma and Fujian Jinsen recorded 2 consecutive trading limits [1] - Other companies such as Zhuoyue New Energy, Luchao Information, Jinlong Automobile, and Sanmu Group also saw increases [1]

Core Viewpoint - The company, Xiamen King Long Motor Group Co., Ltd., has released its third-quarter report for 2025, ensuring the accuracy and completeness of the information provided in the report [7][9]. Financial Data - The third-quarter financial statements have not been audited [3]. - The report includes major accounting data and financial indicators, although specific figures are not detailed in the provided text [3][4]. - The company has confirmed that there were no significant changes in the net profit of merged entities during the reporting period [7]. Corporate Governance - The board of directors and the supervisory board have guaranteed the authenticity and completeness of the quarterly report, taking legal responsibility for any inaccuracies [2][9]. - The board meeting to approve the third-quarter report was held on October 30, 2025, with all seven directors present, and the resolution passed unanimously [8][10]. Investor Communication - An earnings briefing is scheduled for November 12, 2025, to discuss the third-quarter performance and address investor questions [11][12]. - The briefing will be conducted online, allowing investors to submit questions in advance [14].

Core Viewpoint - Jinlong Automobile (600686.SH) reported significant growth in its Q3 2025 financial results, indicating strong operational performance and profitability improvements [1] Financial Performance - The company's operating revenue reached 6.002 billion yuan, representing a year-on-year increase of 29.43% [1] - Net profit attributable to shareholders was 131 million yuan, showing a remarkable year-on-year increase of 1211.04% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 71.448 million yuan, reflecting a year-on-year increase of 260.19% [1]

Financial Performance - The company's operating revenue for the third quarter reached ¥6,001,987,073.84, representing a year-on-year increase of 29.43%[3] - The total profit for the quarter was ¥174,902,948.81, a significant increase of 737.01% compared to the same period last year[3] - The net profit attributable to shareholders was ¥131,056,760.01, reflecting a remarkable growth of 1,211.04% year-on-year[3] - The basic earnings per share for the quarter was ¥0.18, an increase of 800.00% compared to the same period last year[3] - Total operating revenue for the first three quarters of 2025 reached ¥16.33 billion, a 13.5% increase from ¥14.40 billion in the same period of 2024[16] - Operating profit increased significantly to ¥335.13 million, compared to ¥133.75 million in the previous year, marking a growth of 150.5%[16] - Net profit attributable to shareholders of the parent company rose to ¥247.29 million, up 224.5% from ¥76.39 million in the prior year[17] - Basic earnings per share increased to ¥0.34, compared to ¥0.11 in the same period last year[17] - The total comprehensive income for the period was ¥325.17 million, significantly higher than ¥144.02 million in the previous year[17] Cash Flow and Liquidity - The net cash flow from operating activities was negative at -¥573,985,290.70, a decline of 131.37% compared to the previous year[3] - Cash flow from operating activities generated ¥946.26 million, a decrease of 27.4% compared to ¥1.30 billion in the same period last year[20] - Cash and cash equivalents at the end of the period totaled ¥4.97 billion, up from ¥4.63 billion at the end of the previous year[21] - The cash and cash equivalents decreased to CNY 5,833,117,058.19 from CNY 6,233,876,853.55, a decline of approximately 6.43%[12] Assets and Liabilities - The total assets at the end of the reporting period were ¥27,642,561,901.72, showing a slight increase of 1.13% from the end of the previous year[4] - The company's current assets totaled CNY 19,813,929,095.17, compared to CNY 19,147,576,907.41 at the end of 2024, reflecting a growth of approximately 3.47%[12] - Total liabilities reached CNY 23,551,507,407.16, up from CNY 23,027,308,666.76, indicating an increase of approximately 2.27%[13] - The company's short-term borrowings decreased to CNY 450,955,042.84 from CNY 529,855,422.60, a reduction of about 14.8%[13] - The total non-current liabilities decreased to CNY 4,537,264,100.12 from CNY 5,670,488,477.01, reflecting a significant reduction of approximately 19.94%[13] Shareholder Information - The company reported a total of 61,250 common shareholders at the end of the reporting period[9] - The top shareholder, Fujian Automotive Industry Group Co., Ltd., holds 32.25% of the shares, totaling 231,227,846 shares[9] - The equity attributable to shareholders increased to ¥3,269,194,011.45, up by 0.61% from the previous year-end[4] - The total equity attributable to shareholders was CNY 3,269,194,011.45, slightly up from CNY 3,249,462,762.74, showing a marginal increase of around 0.61%[13] Research and Development - Research and development expenses amounted to ¥551.30 million, an increase of 6.7% from ¥516.54 million in 2024[16] Other Financial Metrics - The weighted average return on net assets rose to 3.91%, an increase of 3.59 percentage points year-on-year[3] - The company reported a net cash outflow from investing activities of ¥579.82 million, an improvement from a net outflow of ¥2.08 billion in 2024[20] - The company experienced a foreign exchange gain of ¥37.64 million, compared to a gain of ¥16.74 million in the same period last year[21] - The company's accounts receivable remained relatively stable at CNY 4,536,647,809.04, compared to CNY 4,573,734,490.29, indicating a slight decrease of about 0.81%[12] - The inventory increased significantly to CNY 3,147,420,173.68 from CNY 2,063,288,075.72, representing a growth of about 52.5%[12] - The company reported a net profit margin improvement, with retained earnings increasing to CNY 1,010,478,893.11 from CNY 842,062,131.83, an increase of about 19.98%[13]

证券代码：600686 证券简称：金龙汽车 公告编号：2025-075 厦门金龙汽车集团股份有限公司 关于召开2025年第三季度业绩说明会的公告 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： 一、说明会类型 会议召开时间：2025 年 11 月 12 日（星期三）15:00-16:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 三、参加人员 董事长陈锋先生、独立董事赵蓓女士、副总裁吴文彬先生、财务总监彭晓冬 先生、董事会秘书季晓健先生（如遇特殊情况，参会人员可能进行调整）。 四、投资者参加方式 投 资 者 可 于 2025 年 11 月 12 日 （ 星 期 三 ） 15:00-16:00 通 过 网 址 https://eseb.cn/1sK5kZhBGDu 或使用微信扫描下方小程序码即可进入参与互动交 流。投资者可于 2025 年 11 月 12 日 16:00 前进行提问，公司将通过本次业绩说 明会，在信息披露允许范围内就投资者普遍关注的问题进行回答。 厦门 ...

一、审议通过《监事会对公司 2025 年第三季度报告的书面审核意见》 监事会对公司 2025 年第三季度报告进行了审核，认为公司 2025 年第三季度 报告的编制和审议程序符合法律法规、公司章程和公司信息披露管理制度的规定， 报告的内容和格式符合中国证监会和证券交易所的各项规定，所包含的信息能从 各方面真实、准确、完整地反映出公司 2025 年第三季度的经营管理和财务状况。 在出具本意见前，未发现参与 2025 年第三季度报告编制和审议的人员有违反保 密规定的行为。 （表决情况：3 票同意、0 票反对、0 票弃权） 特此公告。 证券代码：600686 证券简称：金龙汽车 编号：2025-074 厦门金龙汽车集团股份有限公司 第十一届监事会第十六次会议决议公告 本公司监事会及全体监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。 厦门金龙汽车集团股份有限公司（以下简称公司或金龙汽车）第十一届监事 会第十六次会议通知于 2025 年 10 月 27 日以书面形式发出，并于 2025 年 10 月 30 日以通讯方式召开。会议应参会监事 3 人，实际参会 ...

厦门金龙汽车集团股份有限公司 第十一届董事会第十七次会议决议公告 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。 证券代码：600686 证券简称：金龙汽车 编号：2025-073 特此公告。 厦门金龙汽车集团股份有限公司董事会 2025 年 10 月 31 日 厦门金龙汽车集团股份有限公司（以下简称公司或金龙汽车）第十一届董事 会第十七次会议通知于 2025 年 10 月 27 日以书面形式发出，并于 2025 年 10 月 30 日以通讯方式召开。本次会议应参会董事 7 人，实际参会董事 7 人；公司监 事及高级管理人员列席了本次会议。会议的召开符合《中华人民共和国公司法》 《厦门金龙汽车集团股份有限公司章程》的规定，会议合法有效。会议由董事长 陈锋召集并主持，经与会人员认真审议，形成如下决议： 1 一、审议通过《公司 2025 年第三季度报告》 本议案已经公司董事会审计委员会审议通过，并同意提交董事会审议。详见 上海证券交易所网站《金龙汽车 2025 年第三季度报告》。 （表决情况：7 票同意，0 票反对，0 票弃权） ...