Core Viewpoint - Ankai Bus has shown fluctuations in stock performance, with a recent increase of 2.06% in share price, while the company has experienced a significant year-on-year revenue growth but a decline in net profit [1][2]. Group 1: Stock Performance - As of November 3, Ankai Bus's stock price reached 5.44 CNY per share, with a market capitalization of 5.11 billion CNY [1]. - The stock has increased by 6.67% year-to-date, but has seen a decline of 2.33% over the last five trading days and a drop of 6.69% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Ankai Bus reported a revenue of 2.446 billion CNY, reflecting a year-on-year growth of 44.37% [2]. - The company recorded a net profit attributable to shareholders of -8.658 million CNY, which is a decrease of 61.56% compared to the previous year [2]. Group 3: Shareholder Information - As of October 20, the number of shareholders for Ankai Bus was 48,400, a decrease of 1.29% from the previous period [2]. - The average number of circulating shares per shareholder increased by 1.30% to 15,140 shares [2]. - The company has distributed a total of 154 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3].

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 - The commercial vehicle sector increased by 0.98% on October 30, with Yutong Bus leading the gains [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] - Key stocks in the commercial vehicle sector showed varied performance, with Yutong Bus rising by 5.54% to a closing price of 32.20 [1] Group 2 - The main capital inflow in the commercial vehicle sector was 186 million yuan, while retail investors saw a net outflow of 50.39 million yuan [3][4] - The stock performance of major companies included: - Yutong Bus: 32.20, +5.54%, 309,400 shares traded - Zhongjun Vehicles: 9.53, +2.58%, 204,800 shares traded - China National Heavy Duty Truck: 17.48, +1.81%, 206,700 shares traded [1][3] Group 3 - The main capital inflow for key stocks included Jinlong Automobile with 71.62 million yuan and Jianghuai Automobile with 59.01 million yuan [4] - Yutong Bus experienced a net inflow of 45.81 million yuan from main capital, while retail investors had a net outflow of 11.08 million yuan [4]

Group 1 - The core viewpoint of the news is that Ankai Bus has experienced a decline in stock price and trading activity, with a current market value of 5.45 yuan per share and a total market capitalization of 5.12 billion yuan [1][2] - As of October 20, 2023, Ankai Bus reported a year-to-date stock price increase of 6.86%, but has seen a decline of 3.71% in the last five trading days, 2.33% in the last 20 days, and 7.63% in the last 60 days [2] - The company’s main business involves the production and sales of large and medium-sized buses, with 93.19% of revenue coming from complete vehicles, while other segments contribute 5.67% and 1.14% respectively [2] Group 2 - As of September 30, 2025, Ankai Bus had a total of 48,400 shareholders, a decrease of 1.29% from the previous period, with an average of 15,140 circulating shares per shareholder, an increase of 1.30% [2] - For the period from January to September 2025, Ankai Bus achieved operating revenue of 2.446 billion yuan, representing a year-on-year growth of 44.37%, while the net profit attributable to the parent company was a loss of 8.658 million yuan, a decrease of 61.56% year-on-year [2] - The company has cumulatively distributed 154 million yuan since its A-share listing, with no distributions made in the last three years [3]

Core Insights - Ankai Bus reported a significant increase in revenue for Q3 2025, achieving 853,520,426.05 yuan, a growth of 56.21% year-on-year, while net profit attributable to shareholders was -27,053,744.71 yuan, a decline of 114.43% [2][3] - For the first nine months of 2025, the company recorded total revenue of 2,445,974,904.30 yuan, up 44.37% year-on-year, but net profit attributable to shareholders was -8,657,978.80 yuan, down 61.56% [2][3] Financial Performance - Revenue growth was primarily driven by an increase in sales volume, while net profit losses were constrained by costs and asset impairment [4] - Basic and diluted earnings per share for Q3 were both -0.03 yuan, a decrease of 192.15% year-on-year [2][3] - The weighted average return on equity was -3.13%, down 111.71 percentage points compared to the same period last year [2][3] Asset and Equity Changes - As of September 30, 2025, total assets amounted to 4,252,962,268.31 yuan, reflecting a growth of 17.55% from the end of the previous year [4] - Shareholders' equity decreased by 0.80% to 851,318,057.96 yuan compared to the end of the previous year [4] Cash Flow and Other Financial Metrics - Cash flow from operating activities showed a significant increase, with sales of goods and services generating cash up by 66.51% year-on-year [9] - The company experienced a 361.96% increase in asset impairment losses, primarily due to higher inventory write-downs [9] - Financial expenses decreased by 94.42%, attributed to increased interest income [9] Changes in Assets and Liabilities - Prepayments increased by 47.69% due to higher material payments, while other receivables decreased by 53.64% due to reduced national subsidies for new energy [5] - Inventory rose by 63.22% due to an increase in stock, and short-term borrowings increased by 62.48% due to more credit borrowings [5]

Core Points - The company reported a revenue of 8.54 billion CNY in Q3, a year-on-year increase of 56.2%, but the net profit loss expanded from 12.62 million CNY to 27.05 million CNY [1] - The main business of the company includes the research, development, manufacturing, sales, and service of buses and automotive parts, focusing on various types of buses including public transport and new energy buses [1] - The financial report indicates that while revenue increased, the net profit continued to show losses, attributed to rising operating costs and significant asset impairment losses [1][2] Financial Summary - For the first three quarters of 2025, the company reported a revenue of 24.46 billion CNY, a 44.37% increase compared to the same period in 2024 [4] - Operating costs rose to 22.50 billion CNY, an increase of 46.22%, primarily due to increased sales volume [2] - Asset impairment losses surged by 361.96% to 24.67 million CNY, mainly due to increased inventory write-downs [2] Market Performance - As of October 24, the company's stock price was 5.75 CNY per share, with a total market capitalization of 54.02 billion CNY [3] - The stock experienced a slight increase of 0.52% on the same day [3] - Key financial metrics include a P/E ratio of 146.83 and a market-to-book ratio of 6.15 [5]

证券代码：000868 证券简称：安凯客车 公告编号：2025-048 安徽安凯汽车股份有限公司 2025 年第一次临时股东会决议公告 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个别及连带责任。 特别提示 1、本次股东会未出现否决议案的情形； 2、本次股东会未涉及变更前次股东会决议的情形。 一、会议召开和出席情况 （一）会议召开情况： 1、现场会议时间：2025 年 10 月 24 日（星期五）下午 15：00 2、网络投票时间：2025 年 10 月 24 日 其中，通过深圳证券交易所交易系统进行网络投票的时间为：2025 年 10 月 24 日 9:15—9:25,9:30—11:30 和 13:00—15:00； 通过深圳证券交易所互联网投票系统进行网络投票的时间为：2025 年 10 月 24 日上午 9:15—下午 15:00 期间的任意时间。 3、现场会议召开地点：合肥市花园大道 568 号公司管理大楼三楼 313 会议 室 4、会议召集人：公司董事会 5、召开方式：现场投票和网络投票相结合 1 6、主持人：公司董事长黄 ...

上海锦天城（合肥）律师事务所 关于 安徽安凯汽车股份有限公司 2025 年第一次临时股东会 律师见证法律意见书 地址：中国安徽省合肥市蜀山区潜山路 111 号华润大厦 B 座 1901-1905、24 层 电话：0551-65790988 传真：0551-65790908 邮编：230601 上海锦天城（合肥）律师事务所 法律意见书 致：安徽安凯汽车股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下 简称"《股东会规则》"）以及《深圳证券交易所上市公司股东会网络投票实施 细则》和《安徽安凯汽车股份有限公司公司章程》（下称"《公司章程》"）的 有关规定，上海锦天城（合肥）律师事务所（以下简称"本所"）接受安徽安凯 汽车股份有限公司（以下简称"公司"）委托，指派本所李静、肖婉婷律师（以 下简称"本所律师"）出席公司 2025 年第一次临时股东会会议，并就本次股东 会的召集和召开程序、出席会议人员及会议召集人资格、审议事项以及表决方式、 表决程序、表决结果等相关事项依法进行见证。 本所律师已审查了公司提供的召开本次 ...

Revenue and Profitability - Revenue for Q3 2025 reached ¥853,520,426.05, an increase of 56.21% compared to the same period last year[5] - The company reported a 44.37% increase in total revenue for the first nine months of 2025, amounting to ¥2,445,974,904.30[9] - Total operating revenue for the current period reached ¥2,445,974,904.30, a significant increase of 44.4% compared to ¥1,694,235,739.09 in the previous period[17] - Net profit attributable to shareholders was -¥27,053,744.71, a decrease of 114.43% year-on-year[5] - Net profit for the current period was -¥19,933,740.41, compared to -¥12,513,070.56 in the previous period, indicating a deeper loss[19] - The total comprehensive income for the current period was -¥20,139,265.58, compared to -¥12,664,525.80 in the previous period, indicating a worsening financial position[19] Cash Flow and Financial Position - Cash flow from operating activities showed a net outflow of -¥34,433,072.54, a decline of 83.47% compared to the previous year[5] - The net cash flow from operating activities was -¥34,433,072.54, an improvement from -¥208,354,615.36 in the previous period[20] - Net cash flow from investment activities was -$37.95 million, a decrease from $105.15 million in the previous period[21] - Total cash inflow from financing activities increased to $62.50 million, up from $22.00 million[21] - The net cash flow from financing activities was $22.00 million, significantly higher than $6.69 million in the prior period[21] - The ending balance of cash and cash equivalents was $371.57 million, compared to $178.64 million at the end of the previous period[21] Assets and Liabilities - Total assets increased to ¥4,252,962,268.31, reflecting a growth of 17.55% from the end of the previous year[5] - The total liabilities increased to ¥3,366,124,518.07, up from ¥2,712,936,633.58, reflecting a growth of 24.1%[16] - The total equity attributable to shareholders of the parent company decreased to ¥851,318,057.96 from ¥858,223,948.47, a decline of 0.9%[16] - Current assets total CNY 3,196,344,872.47, up from CNY 2,545,783,307.54[15] - Accounts receivable increased to CNY 1,269,422,119.46 from CNY 1,012,369,827.51[15] - Accounts payable rose to CNY 1,452,443,769.39 from CNY 1,234,086,409.89[15] Inventory and Borrowings - Inventory levels rose by 63.22% to ¥373,969,334.95, primarily due to an increase in stock[8] - Short-term borrowings increased by 62.48% to ¥162,605,999.99, attributed to an increase in credit borrowings[8] - Inventory has risen to CNY 373,969,334.95, compared to CNY 229,123,518.29 previously[15] - Short-term borrowings increased to CNY 162,605,999.99 from CNY 100,076,388.89[15] Shareholder Information - The total number of common shareholders at the end of the reporting period is 48,894[11] - Anhui Jianghuai Automobile Group holds 41.61% of shares, totaling 390,949,132 shares[11] - The company has no preferred shareholders as of the reporting period[13] - The top ten shareholders do not have any related party relationships or concerted actions[12] Expenses and Impairments - Total operating costs amounted to ¥2,505,414,780.50, up 39.9% from ¥1,788,290,642.62 in the prior period[18] - The company experienced a 361.96% increase in asset impairment losses, totaling ¥24,666,022.25, mainly due to increased inventory write-downs[9] - Research and development expenses for the current period were ¥77,297,650.65, slightly up from ¥75,411,836.58 in the previous period[18] Earnings Per Share - The company reported a basic and diluted earnings per share of -¥0.01, consistent with the previous period[19]