Core Insights - In October 2025, the company reported a production of 4,608 buses, a year-on-year decrease of 1.26% compared to 4,667 buses produced in October 2024 [2] - The sales volume for October 2025 was 4,121 buses, reflecting a significant year-on-year decline of 14.71% from 4,832 buses sold in October 2024 [2] Production and Sales by Bus Type - For large buses, production in October 2025 was 1,352 units, down 6.95% year-on-year, with sales of 1,262 units, a decrease of 27.84% [2] - Medium buses showed strong performance, with production of 1,472 units, a year-on-year increase of 33.94%, and sales of 1,425 units, a substantial growth of 60.84% [2] - Light buses had a production of 1,784 units, down 15.65% year-on-year, and sales of 1,434 units, a decline of 34.73% [2] Cumulative Data for January to October 2025 - Cumulatively, from January to October 2025, the company produced 40,785 buses, a year-on-year increase of 6.52% from 38,289 buses in the same period of 2024 [2] - Cumulative sales for the same period reached 38,983 buses, reflecting a year-on-year growth of 3.23% from 37,763 buses sold in 2024 [2] - Cumulative data for large buses showed production and sales of 15,450 and 14,632 units respectively, with year-on-year changes of -0.1% and -2.5% [2] - For medium buses, cumulative production and sales were 7,260 and 7,072 units respectively, with year-on-year increases of 10.55% and 5.62% [2] - Light buses had cumulative production and sales of 18,075 and 17,279 units respectively, with year-on-year increases of 11.19% and 7.59% [2]

Core Viewpoint - Xiamen King Long United Automotive Industry Co., Ltd. has released its bus production and sales data for October 2025, indicating the company's operational performance during this period [1]. Group 1 - The announcement confirms that the board of directors guarantees the accuracy and completeness of the disclosed information [1]. - The data provided is preliminary and will be finalized in the company's regular reports [1].

Core Viewpoint - King Long Automobile announced a decline in bus sales for October 2025, with a total of 4,121 units sold, representing a year-on-year decrease of 14.71% [1][2]. Group 1: Sales and Production Data - The company's bus sales for October 2025 were 4,121 units, down 14.71% year-on-year, with large bus sales decreasing by 27.84%, medium bus sales increasing by 60.84%, and light bus sales decreasing by 34.73% [1][2]. - Cumulative bus sales reached 38,983 units, reflecting a year-on-year growth of 3.23% [1][2]. - The production volume for October was 4,608 units, a decrease of 1.26% compared to the previous year, with cumulative production at 40,785 units, up 6.52% year-on-year [1][2]. Group 2: Financial Performance - For the first three quarters of the year, King Long Automobile reported total revenue of 16.329 billion CNY, a year-on-year increase of 13.40%, and a net profit attributable to shareholders of 247 million CNY, up 223.71% [3][4]. - In the third quarter alone, the company achieved revenue of 6 billion CNY, a 29.4% increase year-on-year, and a net profit of 131 million CNY, marking a 1211% increase [3][4]. - The net cash flow from operating activities was 946 million CNY, down 27.31% year-on-year [3][4]. Group 3: Market and Shareholder Information - As of September 30, the company's debt-to-asset ratio stood at 85.2% [5]. - On October 24, the major shareholder, Fujian Investment Group, completed a share reduction plan, which did not involve the planned reduction of up to 1% of shares [5]. - As of November 5, King Long Automobile's stock price was 15.95 CNY per share, with a market capitalization of 11.437 billion CNY, reflecting a 2.44% increase [5][6].

Group 1 - Jia Yuan Technology signed a cooperation framework agreement with CATL to expand their business relationship and establish a long-term partnership for the supply and development of copper foil products for new battery applications [3] - Beizhi Technology's application for issuing shares and cash to acquire 100% equity of Suzhou Suike Intelligent Technology Co., Ltd. has been accepted by the Shanghai Stock Exchange [4] - Haiqi Group's general manager Ma Chao resigned due to personal career planning, and the company will expedite the election and appointment of new directors and a general manager [5] Group 2 - Hengyuan Coal Power plans to use 4.4 billion yuan to acquire 100% equity of two companies and assume 1.137 billion yuan in debts, with the transaction approved by the board [6] - *ST Xingguang's stock price deviated significantly, prompting a warning about delisting risks due to underperformance in 2024 [7] - Jishi Media's main business includes smart broadcasting, data services, and digital innovation services, with a reminder for investors to be cautious [8] Group 3 - Luzhou Laojiao plans to invest approximately 1.478 billion yuan in the construction of a historical culture industrial park and museum [9] - Aerospace Hongtu has been suspended from military procurement activities for three years due to alleged violations in a project [11] - Triangle Defense signed a gas turbine project development agreement with Siemens Energy, which is expected to enhance its international market presence [12] Group 4 - Zhenghong Technology reported a significant decrease in sales revenue from live pigs in October 2025, with a 58.93% month-on-month decline [14] - *ST Tianshan achieved a 354.15% year-on-year increase in live livestock sales in October 2025 [15] - Jindi Group's contract signing amount in October 2025 dropped by 65.78% year-on-year [16] Group 5 - Muyuan Foods reported a 22.28% year-on-year decrease in sales revenue from commodity pigs in October 2025 [17] - King Long Automobile's bus production and sales data for October 2025 showed mixed results, with production down slightly but cumulative production up [18] - Wens Foodstuff Group sold 128 million meat chickens in October 2025, with a revenue of 3.633 billion yuan [19] Group 6 - Yongji Co., Ltd. repurchased 0.1278% of its shares for a total of 5.0856 million yuan [21] - Tianzheng Electric's actual controller reduced their shareholding to 40.55% after a 1.29% decrease [22] - Hualan Co. plans to increase its shareholding by 2% through a buyback plan [23] Group 7 - Xiang Teng New Materials' shareholders terminated their share reduction plan early, having reduced 2.91% of shares [24] - Anbiping's shareholders plan to reduce their holdings by up to 1% starting from November 28, 2025 [25] - Jinshiyuan's controlling shareholder increased their stake to 46% through a buyback of 5.4 billion yuan [26] - Sanjiang Shopping's major shareholder plans to reduce their stake by up to 3% due to business arrangements [27]

Group 1 - Triangle Defense signed a gas turbine project development and framework order agreement with Siemens Energy [1] - The development agreement allows Triangle Defense to qualify for supplying specific items to Siemens Energy, detailing technical prerequisites and standards [1] - Triangle Defense specializes in the research, production, and sales of forged products in aviation, aerospace, and shipping industries [1] Group 2 - Aerospace Hongtu was suspended from military procurement for three years due to alleged violations during a procurement activity [2] - The suspension will last from July 6, 2024, to July 6, 2027, affecting the company's participation in military material procurement [2] - Aerospace Hongtu focuses on satellite operations and data collection [3] Group 3 - Kaili Medical's executives purchased a total of 460,000 shares, investing approximately 13.15 million yuan [4] - The average purchase prices were 28.70 yuan and 28.53 yuan per share [4] - Kaili Medical is engaged in the research, production, and sales of medical diagnostic and treatment equipment [5] Group 4 - Muyuan Foods reported a 22.28% year-on-year decline in sales revenue from live pigs in October, totaling 10.33 billion yuan [6] - The average selling price of live pigs decreased by 32.73% year-on-year to 11.55 yuan per kilogram [6] - Muyuan Foods is involved in pig farming and slaughtering [7] Group 5 - Niuwei Co. plans to acquire 40% of its subsidiary Dongwu Machinery for 139 million yuan, aiming for full ownership [8] - Niuwei Co. specializes in the research, manufacturing, and sales of industrial valves [9] Group 6 - Jinlong Automobile reported a 14.71% year-on-year decline in bus sales in October, with 4,121 units sold [10] - Jinlong Automobile focuses on the production and sales of bus products [10] Group 7 - ST Tianshan reported a 242.54% year-on-year increase in sales revenue from live livestock in October, totaling 13.35 million yuan [11] - The company sold 1,367 head of livestock, marking a significant increase compared to previous periods [11] - ST Tianshan is involved in the breeding and sales of cattle and dairy products [12] Group 8 - Ningbo Port expects a 12.4% year-on-year increase in container throughput in October, reaching 4.56 million TEUs [13] - The total cargo throughput is projected to be 99.6 million tons, a 5.3% increase year-on-year [13] - Ningbo Port engages in port handling and logistics services [13] Group 9 - Amcare Pharma received approval for supplementary drug applications and clinical trials for its products [14] - The company is focused on new drug development and utilizes a MAH model for production [14] Group 10 - Lude Environment plans to change its stock name to "Lude Technology" while keeping its full name and stock code unchanged [15] - The company specializes in waste treatment and resource utilization technologies [15] Group 11 - Hualan Co. plans to increase its stake in the company by investing between 30 million and 60 million yuan [16] - The maximum purchase price is set at 58.08 yuan per share [16] - Hualan Co. focuses on the development and sales of packaging materials for injectable drugs [16] Group 12 - Caina Co. is using 140 million yuan of idle funds to purchase structured deposits from a bank, with expected annual yields between 0.70% and 1.85% [17] - Caina Co. specializes in the research, production, and sales of injection and laboratory consumables [17] Group 13 - Zhenghong Technology reported a 52.80% year-on-year decrease in sales revenue from live pigs in October, totaling 4.32 million yuan [18] - The company sold 400 head of pigs, marking a significant decline compared to previous periods [18] - Zhenghong Technology is involved in feed production and pig farming [18] Group 14 - Caida Securities received approval from the CSRC to issue bonds totaling up to 6 billion yuan [19] - The company is engaged in securities brokerage, investment banking, and asset management [19] Group 15 - Jiayuan Technology signed a copper foil supply framework agreement with CATL, establishing a long-term partnership [20] - The agreement includes collaboration in the supply and production of materials for new battery technologies [20] Group 16 - Haikong Group announced the resignation of its general manager due to personal career planning [21] - The company is involved in automotive passenger transport and related services [21] Group 17 - Beizhi Technology's application to acquire 100% of Suzhou Suike Intelligent Technology has been accepted by the Shanghai Stock Exchange [22] - The company specializes in intelligent logistics systems and equipment [22] Group 18 - Yikang Pharma's subsidiary received approval for clinical trials of a new injection for chronic hepatitis B [23] - The company focuses on the production and sales of raw and formulated pharmaceutical products [23] Group 19 - Hengyuan Coal Power plans to acquire 100% of two coal companies for 440 million yuan [24] - The acquisition includes assuming debts totaling 1.137 billion yuan [24] - Hengyuan Coal Power is involved in coal mining and sales [24] Group 20 - Yangpu Medical announced the cancellation of a production arrangement for a medical device [25] - The company specializes in precision medical and testing services [25] Group 21 - Kailong High-Tech plans to establish a 195 million yuan industry fund focusing on unlisted companies [26] - The company is involved in air pollution control and new energy management systems [26] Group 22 - Yingli Co. received approval for its application to acquire a majority stake in a company [27] - The company specializes in precision electronic components and related manufacturing [27] Group 23 - Tianyi Medical's arterial-venous puncture device received EU MDR certification, valid until January 2028 [28] - The company focuses on medical devices for blood purification and care [28] Group 24 - Chuangyuan Co. appointed a new president, effective until the end of the current board term [29] - The company specializes in the design and production of paper products [29] Group 25 - Shanghai Laishi's new indication for a drug received clinical trial approval [30] - The company focuses on the production and sales of blood products [30] Group 26 - Fengmao Co. plans to issue convertible bonds to raise up to 520 million yuan for expansion and working capital [31] - The company specializes in precision rubber components [31] Group 27 - Yinuo Si's shareholder plans to transfer 3% of the company's shares through an inquiry process [32] - The company provides comprehensive R&D services in the biopharmaceutical sector [32] Group 28 - Phoenix Shipping plans to use up to 50 million yuan of idle funds for cash management [33] - The company is involved in dry bulk shipping and logistics services [33] Group 29 - Xingyuan Zhuomei received a notification to supply magnesium alloy components worth 2.021 billion yuan to a new energy vehicle manufacturer [34] - The project is expected to start mass production in the third quarter of 2026 [34] Group 30 - Landai Technology's subsidiary plans to sell electric drive assembly assets for 110 million yuan [35] - The company specializes in power transmission and display technology [35] Group 31 - Yuexiu Capital plans to distribute a cash dividend of 0.90 yuan per share [36] - The company is involved in asset management and private equity [36] Group 32 - Northeast Securities plans to distribute a cash dividend of 1.00 yuan per share, totaling 234 million yuan [37] - The company focuses on wealth management and investment banking [37] Group 33 - Jinguang Electric won a bid for a project from the State Grid worth 21.7976 million yuan [38] - The company specializes in the research and manufacturing of power distribution equipment [39] Group 34 - Huarong Co. plans to repurchase shares worth between 40 million and 125 million yuan [40] - The company focuses on the production and sales of explosion-proof electrical equipment [40] Group 35 - Baiyang Pharma signed a distribution agreement for a blood product, gaining exclusive rights in specific markets [41] - The company specializes in the development and commercialization of medical innovations [41] Group 36 - Li Qun Co.'s director plans to reduce his stake by up to 71,000 shares due to personal financial needs [42] - The company is involved in retail and logistics services [42] Group 37 - Su Li Co.'s shareholder plans to reduce his stake by up to 0.48% of the company's shares [43] - The company specializes in the production and sales of fine chemical products [43] Group 38 - Shenzhen Ruijie obtained a commitment letter for a stock repurchase loan of up to 15.3 million yuan [44] - The company provides project management and evaluation services [44] Group 39 - Fudan Zhangjiang's shareholder plans to reduce his stake by up to 1% of the company's shares [45] - The company focuses on biopharmaceutical research and development [45] Group 40 - Ningbo Zhongbai's shareholder plans to reduce his stake by up to 1% of the company's shares [46] - The company is involved in retail and wholesale operations [46] Group 41 - Jingyi Co. announced a change in control due to a judicial auction of shares [47] - The company specializes in copper processing and digital carbon services [47] Group 42 - Luoping Zinc Electric's subsidiary obtained a new safety production license for mining operations [48] - The company focuses on hydropower and mining activities [48]

| 项目名称 | 本月数 | 去年同月 | 当月同比 | 本年累计 | 去年同期 | 累计同比 | | --- | --- | --- | --- | --- | --- | --- | | | | | 增减 | | 累计 | 增减 | | 客车生产量 | 4,608 | 4,667 | -1.26% | 40,785 | 38,289 | 6.52% | | 其中：大型客车 | 1,352 | 1,453 | -6.95% | 15,450 | 15,466 | -0.10% | | 中型客车 | 1,472 | 1,099 | 33.94% | 7,260 | 6,567 | 10.55% | | 轻型客车 | 1,784 | 2,115 | -15.65% | 18,075 | 16,256 | 11.19% | | 客车销售量 | 4,121 | 4,832 | -14.71% | 38,983 | 37,763 | 3.23% | | 其中：大型客车 | 1,262 | 1,749 | -27.84% | 14,632 | 15,007 | -2.50% | | 中型客车 | 1,425 | 886 ...

金龙汽车公告称，2025年10月客车生产量4608辆，同比降1.26%，本年累计40785辆，同比增6.52%；销 售量4121辆，同比降14.71%，本年累计38983辆，同比增3.23%。分类型看，大型客车产销量均同比下 降；中型客车产销量同比上升；轻型客车产量同比降15.65%，销量同比降34.73%，但本年累计均有增 长。注：此为快报数据，最终以定期报告为准。 ...

Market Overview - The commercial vehicle sector experienced a decline of 0.51% on November 5, with Hanma Technology leading the drop [1] - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] Stock Performance - Notable gainers in the commercial vehicle sector included: - Zhongshun Vehicles (301039) with a closing price of 9.75, up 4.50% and a trading volume of 237,900 shares [1] - Jinlong Automobile (600686) closed at 15.95, up 2.44% with a trading volume of 385,000 shares [1] - Shuguang Co. (600303) closed at 3.96, up 2.06% with a trading volume of 250,100 shares [1] - Conversely, Hanma Technology (600375) led the decline with a closing price of 7.63, down 3.05% and a trading volume of 768,700 shares [2] - Other notable decliners included: - Jianghuai Automobile (600418) down 2.15% to 47.70 [2] - Zhongtong Bus (000957) down 0.60% to 11.67 [2] Capital Flow - The commercial vehicle sector saw a net outflow of 287 million yuan from institutional investors, while retail investors contributed a net inflow of 286 million yuan [2] - The sector's overall capital flow indicated a mixed sentiment among different investor types [2] Detailed Capital Flow Analysis - Key stocks and their capital flow: - Jinlong Automobile (600686) had a net inflow of 72.80 million yuan from institutional investors, while retail investors saw a net outflow of 74.83 million yuan [3] - Hanma Technology (600375) experienced a net outflow of 22.53 million yuan from institutional investors [3] - Other stocks like Foton Motor (600166) and Dongfeng Motor (600006) also showed significant net outflows from institutional investors [3]

Core Viewpoint - Jinlong Automobile has shown significant stock performance with a year-to-date increase of 13.91% and a notable rise of 40.62% over the past 20 trading days, indicating strong market interest and potential growth in the commercial vehicle sector [1][2]. Financial Performance - For the period from January to September 2025, Jinlong Automobile achieved a revenue of 16.329 billion yuan, reflecting a year-on-year growth of 13.40% [2]. - The net profit attributable to the parent company reached 247 million yuan, marking a substantial increase of 223.71% compared to the previous year [2]. Stock Market Activity - As of November 5, Jinlong Automobile's stock price was 15.89 yuan per share, with a market capitalization of 11.394 billion yuan [1]. - The stock experienced a trading volume of 173 million yuan and a turnover rate of 1.55% on the same day [1]. - The net inflow of main funds was 21.42 million yuan, with significant buying activity from large orders [1]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 5.02% to 61,200, while the average circulating shares per person increased by 5.28% to 11,706 shares [2][3]. - The cumulative cash distribution since the A-share listing amounts to 862 million yuan, with 104 million yuan distributed over the last three years [3]. Company Overview - Jinlong Automobile, established on October 18, 1996, and listed on November 8, 1993, is primarily engaged in the production and sales of large, medium, and light buses [1]. - The company's main business revenue composition is 94.59% from automotive and body parts, with the remaining 5.41% from other sources [1].

Summary of Jinlong Automobile Conference Call Company Overview - **Company**: Jinlong Automobile - **Industry**: Automotive, specifically bus manufacturing Key Financial Performance - **Q3 2025 Revenue**: 780,000 CNY, up 159.25% YoY [2] - **Earnings Per Share (EPS)**: 0.34 CNY, up 209.09% YoY [2] - **Total Bus Sales**: 34,862 units, up 5.86% YoY [2] - **Gross Margin**: Increased by nearly 2 percentage points QoQ due to cost reduction and higher-value orders [2][5] - **Net Profit**: 247 million CNY, up 223.71% YoY [3] Growth Drivers - **Cost Reduction and Efficiency**: Significant improvements in cost management and procurement strategies [2][5] - **Export Business**: Exports accounted for over 60% of total sales, contributing positively to gross margin [2][5] - **High-Value Orders**: Increased proportion of high-value orders has positively impacted profitability [2][5] Future Outlook - **Q4 2025 Expectations**: Continued growth in revenue and profit, but uncertainty in gross margin improvement [6] - **Annual Performance Goals**: Targeting positive net profit after deductions, a 2 percentage point increase in gross margin, and ROE exceeding 6% [7] - **Sales Projections**: Domestic sales may decline by 5%-10% in 2025, but overseas markets are expected to grow by 10%-15% annually [4][27] Export Market Insights - **Key Markets**: Significant growth in Asia, Middle East, Southeast Asia, and Northeast Asia, with Israel as the largest export destination [4][14] - **Demand Drivers**: Increased demand in Southeast Asia due to reduced exports from Japanese manufacturers and electric vehicle projects [4][14] Strategic Initiatives - **Intelligent Driving**: Early investments in smart driving technology, including partnerships with Baidu for autonomous buses [4][9] - **Consolidation of Subsidiaries**: Ongoing integration of three bus manufacturing subsidiaries to enhance operational efficiency [17][22] - **Centralized Procurement**: Achieved over 30% centralized procurement, aiming for 90% by the end of 2027 [10][19] Challenges and Risks - **Domestic Market Volatility**: Anticipated decline in domestic sales due to subsidy changes and market conditions [27] - **Competitive Landscape**: Need to improve market share against competitors like Yutong, which holds a significant portion of the market [29] Additional Insights - **Non-Recurring Gains**: Third-quarter non-recurring gains primarily from government subsidies and reduced financial income [8] - **Future Product Development**: Focus on enhancing vehicle comfort and performance through advanced technologies [29][30] Conclusion Jinlong Automobile is experiencing significant growth driven by export markets and strategic cost management. The company is well-positioned for future growth, although it faces challenges in the domestic market and competition. The focus on intelligent driving and centralized procurement will likely enhance its competitive edge in the coming years.