Core Viewpoint - Zhongtong Bus announced a plan to repurchase its A-shares with an amount ranging from 100 million to 200 million yuan, aimed at implementing equity incentives or employee stock ownership plans [1] Summary by Categories Repurchase Plan - The company intends to use its own funds and/or self-raised funds for the repurchase [1] - The repurchase will be conducted through centralized bidding transactions [1] - The total repurchase amount will not be less than 100 million yuan and not exceed 200 million yuan [1] Price and Duration - The repurchase price will not exceed 15 yuan per share [1] - The duration for the repurchase will be within 12 months from the date of the board's approval [1] Purpose of Repurchase - The repurchased shares will be used for implementing equity incentives or employee stock ownership plans [1]

Financial Performance - The company's operating revenue for 2024 reached ¥5,733,880,675.11, representing a 35.11% increase compared to ¥4,243,856,259.91 in 2023[19] - Net profit attributable to shareholders for 2024 was ¥249,446,610.83, a significant increase of 258.12% from ¥69,654,053.83 in 2023[19] - The net profit after deducting non-recurring gains and losses was ¥214,065,025.23, up 181.04% from ¥76,167,661.45 in the previous year[19] - The net cash flow from operating activities for 2024 was ¥1,430,547,679.53, marking a 228.01% increase from ¥436,132,397.85 in 2023[19] - Basic earnings per share for 2024 were ¥0.4207, a 258.04% increase compared to ¥0.1175 in 2023[19] - Total revenue reached 5.73 billion yuan, an increase of 35.11% compared to the previous year[44] - Net profit surged to 249 million yuan, marking a significant year-on-year growth of 258.12%[41] - The company’s operating cash flow improved to 1.43 billion yuan, indicating enhanced operational quality and profitability[41] Assets and Liabilities - Total assets at the end of 2024 were ¥8,167,340,369.16, a decrease of 3.99% from ¥8,506,453,313.50 at the end of 2023[19] - The net assets attributable to shareholders increased by 7.89% to ¥2,943,842,050.84 from ¥2,728,662,795.32 in 2023[19] - Cash and cash equivalents increased by ¥952,915,513.77 in 2024, reversing a decrease of ¥209,453,913.48 in 2023[60] - The company's total assets included cash of ¥2,825,220,841.54, representing 34.59% of total assets, up from 23.07% in 2023[64] - The proportion of accounts receivable decreased by 9.72% to 28.46% of total assets in 2024, down from 38.18% in 2023[64] Market Performance - In 2024, the Chinese bus industry saw a significant recovery, with sales of buses over 6 meters reaching 126,064 units, a year-on-year increase of 33.4%[28] - Sales of large buses increased by 44.43% year-on-year, while medium buses saw a 64.38% increase, indicating strong demand in both domestic and international markets[31] - The company achieved a total sales volume of 11,409 units, representing a year-on-year increase of 51.5%[41] - The overseas sales volume increased by 64.78% year-on-year, driven by strong demand in key international markets[31] - The export sales volume increased by 35.94%, with notable performance in the Middle East markets such as Saudi Arabia and the UAE[42] Research and Development - R&D investment for the reporting period was CNY 236 million, accounting for 4.12% of total revenue, focusing on new product development and advanced technology research[35] - The company holds 488 valid patents, including 141 invention patents, and has published 158 papers in core industry journals[38] - The company participated in the completion of 96 national and industry standards, with 66 already published, contributing to the advancement of the bus industry[37] - The number of R&D personnel increased by 3.32% to 591 in 2024, with a higher proportion of master's degree holders rising by 15.57%[58] Governance and Management - The governance structure of the company is aligned with the requirements set by the China Securities Regulatory Commission, ensuring compliance with relevant laws and regulations[85] - The company maintains complete independence in personnel management, with senior management exclusively working for the company and not holding any positions or receiving compensation from the controlling shareholder[87] - The company has established an independent financial accounting department and a financial management system, ensuring that financial decisions are made independently[87] - The company has a performance evaluation system for determining the compensation of executives based on annual target responsibility assessment results[103] - The company is focused on enhancing its supply chain management and digital transformation initiatives[100] Environmental Compliance - The company has complied with various environmental protection laws and regulations, ensuring adherence to local emission standards[123] - The company has successfully completed the application for a new pollution discharge permit, valid from November 13, 2024, to November 12, 2029[124] - The company reported a total volatile organic compounds (VOCs) emission of 1.19 tons, which is compliant with the automotive manufacturing emission standards[125] - The company operates 6 organized discharge outlets for VOCs and 23 for particulate matter, with no instances of exceeding discharge limits reported[125] - The company has established a series of internal regulations to effectively fulfill its environmental protection responsibilities[123] Shareholder Information - The company plans to distribute a cash dividend of ¥0.5 per 10 shares, based on a total of 592,903,936 shares[4] - The company distributed a cash dividend of 29,645,196.80 CNY, which represents 100% of the total profit distribution amount[115] - The largest shareholder, Zhongtong Automobile Industry Group Co., Ltd., holds 21.07% of the shares, totaling 124,941,288 shares[170] - The second largest shareholder, Shandong State-owned Assets Investment Holdings Co., Ltd., holds 11.97% of the shares, totaling 70,981,592 shares[170] - The total number of shareholders at the end of the reporting period was 86,168[170] Leadership Changes - The company announced the resignation of Chairman Hu Haihua effective January 17, 2025, due to job relocation[92] - Wang Xingfu, the General Manager, will also resign on January 17, 2025, for the same reason[92] - Independent Director Liu Bing passed away on September 29, 2024, due to illness[92] - The company appointed Li Pengcheng as the new General Manager on January 17, 2025[94] - The company is undergoing a leadership transition with new appointments aimed at enhancing operational efficiency[94] Internal Controls and Audit - The company has no significant internal control deficiencies reported during the period[118] - The internal control audit report concluded that the company maintained effective internal controls over financial reporting as of December 31, 2024[121] - The audit opinion for the financial statements was a standard unqualified opinion, issued on April 24, 2025[184] - The audit process involves assessing risks of material misstatement due to fraud or error and designing appropriate audit procedures[196] - The auditor's goal is to obtain reasonable assurance that the financial statements are free from material misstatement[195]

Financial Performance - The company's operating revenue for Q1 2025 was ¥1,693,306,629.88, representing a 32.10% increase compared to ¥1,281,848,549.35 in the same period last year[5] - Net profit attributable to shareholders was ¥76,512,275.11, an increase of 80.52% from ¥42,384,500.90 year-on-year[5] - The total profit for the period was ¥84,337,310.01, an increase of 86.68% from ¥45,178,159.17 in the previous year[11] - Net profit for the current period was ¥76,512,275.11, representing an increase of 80.5% compared to ¥42,384,500.90 from the previous period[26] - Basic and diluted earnings per share were both ¥0.1290, compared to ¥0.0715 in the previous period[27] - The company reported a total comprehensive income of ¥76,799,979.84, compared to ¥42,384,500.90 in the previous period[27] Assets and Liabilities - The company's total assets increased by 4.48% to ¥8,533,048,570.45 from ¥8,167,340,369.16 at the end of the previous year[5] - The company's total liabilities increased to CNY 5,513,023,222.18 from CNY 5,223,498,318.32, indicating a rise in financial obligations[20] - The total equity attributable to the owners of the parent company reached CNY 3,020,025,348.27, up from CNY 2,943,842,050.84[22] - Cash and cash equivalents decreased to CNY 2,759,844,977.64 from CNY 2,825,220,841.54, reflecting a reduction in liquidity[19] - Accounts receivable increased to CNY 2,488,365,240.06 from CNY 2,324,103,222.94, showing a growth in credit sales[19] - The company's short-term borrowings and other current liabilities were not detailed, but the total current liabilities amounted to CNY 5,081,139,578.64, up from CNY 4,789,669,748.54[20] Cash Flow - Cash flow from operating activities showed a significant decline, with a net cash flow of ¥461,445.55 compared to ¥470,090,569.07 in the previous year, a decrease of 99.90%[5] - Cash flow from operating activities generated a net amount of ¥461,445.55, a decrease from ¥470,090,569.07 in the prior period[28] - Cash and cash equivalents at the end of the period totaled ¥2,072,743,308.70, down from ¥1,609,441,845.13 in the previous period[28] Research and Development - Research and development expenses increased by 50.04% to ¥55,445,700.81, compared to ¥36,953,618.90 in the same period last year[11] - Research and development expenses increased to ¥55,445,700.81, up from ¥36,953,618.90 in the previous period, indicating a focus on innovation[24] Inventory and Shareholder Information - The company reported a substantial increase in inventory, which rose by 34.09% to ¥1,069,978,788.45, attributed to a high number of undelivered orders[9] - The number of ordinary shareholders at the end of the reporting period was 83,800, with no preferred shareholders[14] - There were no significant changes in the top ten shareholders' equity stakes, maintaining stability in ownership structure[19] Financial Challenges - The company experienced a credit impairment loss of ¥24,043,338.03, worsening from ¥9,127,491.23 in the prior period[26] - The company’s financial expenses showed a significant improvement, with a net income of -¥13,245,799.31 compared to -¥4,535,440.09 in the previous period[24] Future Outlook - The net profit for the first quarter of 2025 will be reported in the upcoming earnings call, with expectations of growth based on previous performance trends[21] - The company is focusing on expanding its market presence and enhancing product offerings, although specific new products or technologies were not detailed in the current report[21]

Market Overview - The Shanghai Composite Index closed at 3299.76 points, above the annual line, with a change of 0.25% [1] - The total trading volume of A-shares reached 1,121.207 billion yuan [1] Stocks Breaking Annual Line - A total of 106 A-shares have broken above the annual line today [1] - Notable stocks with significant deviation rates include: - Youbuxun: 17.49% deviation, closing price at 15.18 yuan, with a daily increase of 20.00% and turnover rate of 6.57% [1] - Fujilai: 14.53% deviation, closing price at 29.09 yuan, with a daily increase of 20.01% and turnover rate of 30.40% [1] - Chongqing Construction: 8.33% deviation, closing price at 3.01 yuan, with a daily increase of 9.85% and turnover rate of 2.93% [1] Additional Stocks with Minor Deviations - Jiangxi Copper, Meirya, and Laimu Co. have just crossed the annual line with smaller deviation rates [1] - Other stocks with notable performance include: - Changjiang Investment: 7.98% deviation, closing price at 8.01 yuan, with a daily increase of 10.03% [1] - Qingtang City: 7.70% deviation, closing price at 3.78 yuan, with a daily increase of 9.88% [1] - Shenchuan A: 7.45% deviation, closing price at 6.75 yuan, with a daily increase of 9.93% [1] Summary of Stocks with Deviation Rates - A detailed table lists various stocks, their daily change percentages, turnover rates, annual line prices, latest prices, and deviation rates, highlighting the performance of stocks like: - Dongjiang Environmental: 3.70% deviation, closing price at 4.28 yuan, with a daily increase of 10.03% [1] - Feinan Resources: 3.56% deviation, closing price at 19.88 yuan, with a daily increase of 3.92% [1] - The table provides a comprehensive view of the market dynamics and stock performances on the day [2]

Group 1 - The "2025 Liaocheng New Energy Vehicle Parts Industry Cooperation Conference" was held, attracting over 90 representatives from the new energy vehicle supply chain and resulting in 13 key cooperation projects with a total investment of 8 billion yuan [1][2] - The conference featured speeches from industry experts discussing trends and market opportunities in new energy vehicle parts technology, highlighting the region's strong manufacturing base and favorable policies for industry development [2] - The signed projects include a 3.5 billion yuan investment in a core component industrial park for new energy commercial and passenger vehicles, aimed at addressing current R&D gaps in the region [3] Group 2 - Liaocheng High-tech Zone showcased its industrial support, logistics, and talent advantages through various promotional activities, receiving positive feedback from industry representatives [4] - The conference is seen as a key initiative for Liaocheng to seize the explosive growth opportunities in the new energy vehicle sector, laying a solid foundation for building a parts industry cluster [4] - Future plans include optimizing the business environment and enhancing collaborative innovation within the industry chain to create a more competitive ecosystem for new energy [4]

Group 1: Market Overview - The domestic bus market has been rapidly activated due to a series of favorable policies, with cumulative sales reaching 511,000 units in 2024, a year-on-year increase of 3.9% [2] - Sales of buses over 6 meters have seen a significant increase, with cumulative sales of 126,000 units in 2024, marking a year-on-year growth of 33.4%, the highest in 20 years [2] - The "old-for-new" policy is expected to continue driving growth in 2025, with first-quarter sales reaching 125,000 units, a year-on-year increase of 9.8% [2] Group 2: Company Performance - In 2024, major bus manufacturers reported positive growth in both sales and revenue, with King Long Automobile achieving over 50,000 units sold, a 19.07% increase; Yutong Bus with approximately 46,900 units, a 28.48% increase; Zhongtong Bus with 11,400 units, a 51.49% increase; and Ankai Bus with about 5,837 units, a 34.87% increase [3] - Yutong Bus reported revenue of 37.218 billion yuan in 2024, a year-on-year increase of 37.63%, with net profit rising by 126.53% to 4.116 billion yuan [3] - Ankai Bus achieved revenue of 2.735 billion yuan, a 27.43% increase, and turned a profit with a net profit of 839,200 yuan [3] Group 3: Policy Impact - The National Development and Reform Commission and the Ministry of Finance have introduced measures to support the replacement of buses over 8 years old, with subsidies of 60,000 yuan per vehicle [4] - The implementation of these policies has led to a significant increase in sales, with the total sales of 24 key companies in the new energy bus sector doubling in October and December 2024 [4] - The average subsidy for replacing old buses has been increased to 80,000 yuan, with some provinces offering even higher subsidies, such as Jiangsu's 120,000 yuan for old buses replaced with new energy buses [5] Group 4: Future Growth Drivers - The continuation of the "old-for-new" policy is expected to stimulate a new round of updates in the bus market, with a longer implementation period and stronger effects anticipated in 2025 [7] - The export market is projected to become a new growth driver, with domestic bus exports reaching a record high of 44,500 units in 2024, a 38% increase [8] - The recovery of the tourism economy is expected to significantly boost demand for tourist buses, with sales of tour buses increasing by 24.34% in 2024 [8]

中通客车（000957）在互动平台上表示，公司客车出口主销全球100多个国家和地区，但对美出口产品 极少，关税政策对公司影响有限。 ...

撰 文 / 牛跟尚 设 计 / 琚 佳 当外界质疑造车新势力创维汽车何以存活下来时，创维创始人、开沃汽车创始人、创维汽车创始人 黄宏生在3月18日的创维汽车15周年小型媒体沟通会上说，商乘并举，开沃商用车能够为创维汽车 输血，他强调"别忘了客车企业这两年都不错，很赚钱"。 正如这位家电大王所说，2024年及2025年一季度，中国客车厂的小日子的确过得不错。 客车十强全面增长 据中国汽车工业协会（简称中汽协）数据显示，2025年一季度全国客车(6米以上大客车)销量为2.5 万辆，同比增长13.5%。 中国客车企业销量前十排名（6米以上大客车）为：宇通客车，销量7611辆，市场占有率30.2%，仍 是一家独大；中通客车，销量2766辆；金旅客车，销量2474辆；厦门金龙，销量2209辆；苏州金 龙，销量2097辆；福田欧辉，销量1586辆；安凯客车，销量1348辆；比亚迪客车，销量1127辆；亚 星客车，销量889辆；中车电动，销量601辆。 一是宇通客车依然是老大，销量46918辆，同比增长28.48%。2024年实现营业收入372.18亿元，同 比增长37.63%；归母净利润41.16亿元，同比增长126.5 ...

自2004年起，中通客车便开启了国际化战略布局，积极融入"一带一路"倡议，其产品已远销新加坡、葡 萄牙、保加利亚、德国、以色列、沙特阿拉伯、智利、多米尼加、墨西哥等100多个国家和地区。目 前，中通客车的海外销量占比已超过总销量的50%。 齐洪磊表示，公司针对不同国家实行"一国一策"策略。每款产品进入一个国家之前，公司都会先对该国 的文化契合点以及运营场景进行充分分析，然后根据分析结果对产品进行针对性改进，使其更好地适应 当地市场。例如，公司为新加坡市场开发窄体转弯车型，为中东市场强化底盘防护，为丹麦市场提升车 身防腐性能。 据中通客车提供的数据，2024年该公司7米以上客车出口量同比上涨65.22%，达到6070辆，市场份额提 升至13.65%，占山东客车出口总量及总值的九成。截至目前，中通客车已累计产销客车30余万辆，其 中新能源客车超过10万辆。 4月11日至17日，"行走黄河"行进式主题采访活动走进聊城、德州、滨州、东营、青岛、烟台，对这6个 城市的科技创新、绿色转型、乡村振兴、生态保护、文旅融合等项目进行观摩。中通客车是聊城的第一 站。 中通客车官网显示，该公司成立于1958年，1971年开始正式专 ...

近年来，随着全球客车产业及供应链重塑，我国自主客车品牌纷纷将重点瞄准海外。作为国内知名客车制造企业，中通客车（000957） 积极布局海外市场，中亚、中东、非洲、美洲、欧洲……都留下了中通客车的足迹。 "在海外出口这方面，我们针对不同国家、不同区域实行一国一策。我们首先会派驻专业团队对当地的文化、气候、路况、运营场景进行 充分分析，根据这些情况有针对性地改进。中通客车海外市场份额正在不断上升。"中通客车客车研究院院长齐洪磊介绍道。数据显示， 2024年，中通客车出口量同比上涨63.51%，达到6220辆，市场份额提升至10.06%，占山东客车出口总量及总值的九成。目前，随着海外 市场的不断开拓，中通客车海外市场占有率持续提升，已成为全球客车行业代表品牌之一。 齐鲁晚报.齐鲁壹点刘宗智 宽敞的生产车间里，机器轰鸣声不绝于耳，一辆辆形制各异的大客车或整齐停放在两侧，或在加速带上等待进一步加工检验。不久后， 这些崭新的"大家伙们"将漂洋过海，驶向全球。 "此前，在汽车制动器方面我们多使用进口芯片。2019年后，攻破了'卡脖子'技术，自主研发了国产芯片的整车自动控制系统，包括现在 我们又开发了预控制系统。近两年来，我 ...