二、离任对公司的影响 吴文彬先生的辞任不会对公司正常生产经营活动产生影响，公司将按照内部 管理相关制度做好交接工作。 证券代码：600686 证券简称：金龙汽车 编号：2025-077 厦门金龙汽车集团股份有限公司 关于副总裁辞任的公告 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。 厦门金龙汽车集团股份有限公司（以下简称"公司"）董事会于近日收到副 总裁吴文彬先生的辞任函。 | 吴文彬 | 副总裁 | 2025 年 12 | 2026 年 9 | 退休 | 否 | 否 | | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 离任职务 | 离任时间 月 1 日 | 原定任期 到期日 月 1 日 | 离任原因 | 是否继续在上 市公司及其控 股子公司任职 | 是否存在 未履行完 毕的公开 承诺 | 一、离任情况 吴文彬先生在担任公司副总裁期间恪尽职守、勤勉尽责，公司董事会向吴文 彬先生致以衷心的感谢！ 特此公告。 厦门金龙汽车集团股份有限公司董事会 2025 年 12 月 2 日 ...

Group 1 - The commercial vehicle sector increased by 1.24% on December 1, with Yutong Bus leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] - Key stocks in the commercial vehicle sector showed varied performance, with Yutong Bus closing at 32.00, up 2.86%, and Jianghuai Automobile at 49.86, up 1.76% [1] Group 2 - The commercial vehicle sector experienced a net outflow of 155 million yuan from institutional investors, while retail investors saw a net inflow of 198 million yuan [3][4] - Specific stock performances included China National Heavy Duty Truck with a net outflow of 42.35 million yuan and a retail inflow of 26.78 million yuan [4] - The trading volume for Yutong Bus was 163,800 shares, with a transaction value of 518 million yuan [1]

Core Insights - The commercial vehicle sector experienced a 1.16% increase on November 28, with Jinlong Automobile leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Commercial Vehicle Sector Performance - Jinlong Automobile (600686) closed at 15.97, up 3.77% with a trading volume of 297,800 shares and a transaction value of 475 million yuan [1] - Other notable performers included: - Shuguang Co. (600303) at 3.52, up 2.92% [1] - China National Heavy Duty Truck Group (000951) at 16.70, up 2.20% [1] - FAW Jiefang (000800) at 7.17, up 1.70% [1] - The total net inflow of main funds in the commercial vehicle sector was 92.33 million yuan, while retail investors saw a net outflow of 77.01 million yuan [1] Fund Flow Analysis - Jinlong Automobile had a main fund net inflow of 55.50 million yuan, accounting for 11.69% of its trading volume, while retail investors had a net outflow of 49.44 million yuan [2] - Zhongtong Bus (000957) saw a main fund net inflow of 14.56 million yuan, with retail investors experiencing a net outflow of 11.73 million yuan [2] - Hanma Technology (600375) had a main fund net inflow of 9.38 million yuan, with retail investors showing a net outflow of 30,550 yuan [2]

财通资管科技创新一年定开混合（009447）成立日期2020年7月10日，最新规模6.53亿。今年以来收益 34.93%，同类排名1837/8127；近一年收益30.03%，同类排名2220/8059；成立以来收益60.22%。 财通资管科技创新一年定开混合（009447）基金经理为邓芳程、包斅文。 截至发稿，邓芳程累计任职时间40天，现任基金资产总规模6.53亿元，任职期间最佳基金回报-0.82%， 任职期间最差基金回报-0.82%。 包斅文累计任职时间4年7天，现任基金资产总规模78.88亿元，任职期间最佳基金回报90.66%， 任职期 间最差基金回报8.01%。 11月28日，金龙汽车涨5%，截至发稿，报16.16元/股，成交2.24亿元，换手率1.98%，总市值115.87亿 元。 资料显示，厦门金龙汽车集团股份有限公司位于福建省厦门市湖里区湖里大道69号，成立日期1996年10 月18日，上市日期1993年11月8日，公司主营业务涉及大、中、轻型客车的生产和销售。主营业务收入 构成为：汽车及车身件94.59%，其他(补充)5.41%。 从基金十大重仓股角度 数据显示，财通证券资管旗下1只基金重仓金龙 ...

Core Viewpoint - Jinlong Automobile has shown a significant increase in stock price and financial performance, indicating a positive trend in the company's operations and market position [1][2]. Financial Performance - As of September 30, 2025, Jinlong Automobile achieved a revenue of 16.329 billion yuan, representing a year-on-year growth of 13.40% [2]. - The net profit attributable to shareholders for the same period was 247 million yuan, marking a substantial increase of 223.71% year-on-year [2]. Stock Market Activity - On November 28, Jinlong Automobile's stock price rose by 2.14%, reaching 15.72 yuan per share, with a total market capitalization of 11.272 billion yuan [1]. - The stock has increased by 12.69% year-to-date, with notable gains of 11.57% over the last five trading days and 26.47% over the last 60 days [1]. Shareholder Information - The number of shareholders as of September 30, 2025, was 61,200, a decrease of 5.02% from the previous period [2]. - The average number of circulating shares per shareholder increased by 5.28% to 11,706 shares [2]. Dividend Distribution - Jinlong Automobile has distributed a total of 862 million yuan in dividends since its A-share listing, with 104 million yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the sixth-largest circulating shareholder, holding 2.5903 million shares, a decrease of 1.1504 million shares from the previous period [3].

Core Viewpoint - The commercial vehicle sector experienced a slight increase of 0.01% on November 26, with CIMC Vehicles leading the gains, while the overall market showed mixed results with the Shanghai Composite Index down by 0.15% and the Shenzhen Component Index up by 1.02% [1] Group 1: Market Performance - The closing price for CIMC Vehicles was 9.90, reflecting a rise of 1.96% with a trading volume of 123,100 shares and a transaction value of 121 million yuan [1] - Yutong Bus closed at 31.06, up by 0.55%, with a trading volume of 76,200 shares and a transaction value of 236 million yuan [1] - JAC Motors closed at 49.02, increasing by 0.22%, with a trading volume of 236,500 shares and a transaction value of 1.158 billion yuan [1] - Foton Motor remained unchanged at 2.75, with a trading volume of 840,200 shares and a transaction value of 232 million yuan [1] - Hanma Technology closed at 6.22, unchanged, with a trading volume of 223,800 shares and a transaction value of 139 million yuan [1] - Golden Dragon Bus decreased slightly by 0.13% to 15.34, with a trading volume of 175,000 shares and a transaction value of 270 million yuan [1] Group 2: Fund Flow Analysis - The commercial vehicle sector saw a net outflow of 77.49 million yuan from institutional investors, while retail investors experienced a net outflow of 12.79 million yuan [2] - Conversely, speculative funds recorded a net inflow of 90.28 million yuan [2] - The detailed fund flow for specific stocks indicates that China National Heavy Duty Truck had a net inflow of 6.327 million yuan from institutional investors, while Foton Motor saw a net inflow of 5.674 million yuan [3] - Ankai Bus experienced a significant net outflow of 8.657 million yuan from institutional investors, indicating a negative sentiment towards the stock [3]

Core Insights - The article highlights the launch of the GC15 bus by Xiamen Golden Dragon Bus Co., marking a significant moment for Chinese bus manufacturers in the global market, particularly in the context of new energy and intelligent technology [3][4] - The GC15 is positioned as a high-end, intelligent, and reliable vehicle, showcasing the company's commitment to global expansion and advanced technology [4][5] Group 1: Product Definition and Positioning - The GC15 bus is designed for the next 5-10 years, focusing on premium quality and intelligence, representing a new brand image for Golden Dragon [4] - The core positioning of the GC15 encompasses three dimensions: a balance of intelligence and premium quality, reliability and energy efficiency, and the use of forward-looking technology to define the future [4][5] Group 2: Intelligent and Premium Features - The integration of intelligence and premium features aims to address user pain points, such as reducing dangerous driving actions and enhancing human-machine collaboration [5][6] - The bus includes a multifunctional armrest for the driver, consolidating common operations to reduce labor intensity and improve safety [5][6] Group 3: Reliability and Energy Efficiency - The GC15 adheres to a "super power, super energy-saving, super safety" standard, exceeding international regulations with internal standards for energy consumption and safety [6][7] - The vehicle's electric architecture focuses on optimizing energy efficiency and lifecycle reliability, having undergone extensive testing in various environments [6][7] Group 4: Electronic and Electrical Architecture Innovation - The GC15 introduces a domain controller architecture, replacing numerous independent ECUs, which reduces wiring costs by approximately 30% and improves assembly efficiency by about 25% [7][8] - This simplification in production not only optimizes manufacturing processes but also enhances lifecycle cost efficiency [7][8] Group 5: Data-Driven Intelligent Upgrades - The integration of artificial intelligence in the bus's development and operation signifies a new phase in intelligent competition within the bus sector [8][9] - The vehicle's energy management system utilizes proprietary algorithms to dynamically adjust energy consumption strategies based on real-time conditions [9][10] Group 6: Future Trends in Bus Industry - The global bus market is moving towards integrated and modular electronic architectures, with centralized domain controllers becoming mainstream [10] - The ability to perform OTA updates and software enhancements will be crucial for competitive differentiation in the future [10]

Group 1 - The core viewpoint of the article is that the bus industry represents China's automotive manufacturing sector becoming a global leader in technology output, with overseas market contributions expected to recreate a market equivalent to China in the next 3-5 years [4][12]. - Key driving factors include favorable national policies aligning with the "Belt and Road" initiative, advanced technology and product standards in the bus sector, and the end of domestic price wars leading to a recovery in demand [4][12]. - The article suggests that the current cycle of profitability in the bus industry is not out of reach, citing the absence of price wars, an oligopolistic market structure, and better profit margins in overseas markets compared to domestic ones [5][13]. Group 2 - The market capitalization outlook indicates a small target of challenging the peak market value from 2015-2017 and a larger goal of establishing a new ceiling for the industry, recognizing the emergence of a true global bus leader [6][14]. - Investment recommendations highlight Yutong Bus as a "model student" with high growth and dividend attributes, projecting net profits of 4.63 billion, 5.52 billion, and 6.68 billion yuan for 2025-2027, with year-on-year growth rates of 12%, 19%, and 21% respectively [7][15]. - King Long Automobile is identified as the "fastest improving student," with a significant profit rebound expected, projecting net profits of 440 million, 640 million, and 830 million yuan for 2025-2027, with year-on-year growth rates of 182%, 45%, and 28% respectively [8][15]. Group 3 - The article provides data on the bus industry's performance, indicating a wholesale volume of 50,000 units in October 2025, with a year-on-year increase of 14.96% [19][20]. - The structure of the industry shows a mixed performance among different bus types, with significant increases in the sales of large and medium buses, while exports have seen a decline [19][22]. - The article also notes that the domestic market is characterized by stable market shares for leading companies like Yutong and King Long, with Yutong holding a 50% market share in the large and medium passenger bus segment [37][46].

Investment Rating - The industry investment rating is "Buy" for the recommended companies Yutong and King Long [3][4]. Core Insights - The bus industry is expected to benefit from China's automotive manufacturing becoming a global leader in technology output, with overseas market contributions potentially recreating a market equivalent to China within 3-5 years [2]. - The domestic market has seen a recovery in demand, with expectations for a year-end surge in sales driven by tourism recovery and bus replacement needs [2]. - The absence of price wars in the domestic market is anticipated to support profitability, alongside a favorable oligopoly market structure and decreasing lithium carbonate costs [6]. Summary by Sections Industry Overview - In October 2025, the overall production of the bus industry in China was 50,000 units, with year-on-year growth of 13.2% and month-on-month decline of 8.8% [9][10]. - The wholesale volume for the same month was also 50,000 units, reflecting a year-on-year increase of 14.96% and a month-on-month increase of 3% [9][10]. - The terminal sales for buses reached 47,000 units, with a year-on-year increase of 8.73% but a month-on-month decline of 17.84% [14]. Company Performance - Yutong is recognized as a "model student" with high growth and dividend attributes, with projected net profits of 4.63 billion, 5.52 billion, and 6.68 billion yuan for 2025-2027, representing year-on-year growth of 12%, 19%, and 21% respectively [4]. - King Long is noted for its rapid progress, with projected net profits of 440 million, 640 million, and 830 million yuan for 2025-2027, showing significant year-on-year growth of 182%, 45%, and 28% respectively [4]. Market Dynamics - The domestic bus market is characterized by a stable market share for leading companies, with Yutong and King Long maintaining significant positions [31]. - In October, Yutong's domestic bus sales were 404 units with a market share of 11.5%, while King Long sold 1,111 units with a market share of 31.6% [31]. - The export market for buses saw a total of 3,845 units in October, with a year-on-year increase of 10% but a month-on-month decline of 31% [40].

Market Overview - The commercial vehicle sector increased by 1.56% on November 24, with Jinlong Automobile leading the gains [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Stock Performance - Jinlong Automobile (600686) closed at 15.50, up 10.01% with a trading volume of 267,200 shares and a turnover of 266.6 million [1] - Yutong Bus (600066) closed at 31.42, up 2.71% with a trading volume of 136,100 shares and a turnover of 4.25 billion [1] - Ankai Bus (000868) closed at 5.18, up 1.97% with a trading volume of 107,500 shares and a turnover of 55.29 million [1] - Dongfeng Motor (600006) closed at 7.49, up 1.90% with a trading volume of 345,700 shares and a turnover of 257 million [1] - Other notable performances include: - JAC Motors (600418) at 48.89, up 1.31% [1] - Foton Motor (600166) at 2.77, up 0.73% [1] Capital Flow - The commercial vehicle sector saw a net inflow of 105 million from institutional investors, while retail investors experienced a net outflow of 80.64 million [2] - The main capital flow details include: - JAC Motors had a net inflow of 181.01 million, accounting for 4.95% of the total [3] - Jinlong Automobile had a net inflow of 39.13 million, accounting for 9.81% [3] - Foton Motor experienced a net outflow of 14.29 million, with a net inflow from retail investors of 9.27 million [3]