Market Overview - The commercial vehicle sector experienced a decline of 0.32% on September 3, with Ankai Bus leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Individual Stock Performance - Hanma Technology saw an increase of 1.77%, closing at 6.90 with a trading volume of 591,100 shares and a turnover of 409 million yuan [1] - Ankai Bus reported a decrease of 3.37%, closing at 5.73 with a trading volume of 240,400 shares and a turnover of 141 million yuan [2] - Other notable declines included Jianghuai Automobile down 2.41% to 51.93 and Foton Motor down 2.51% to 2.72 [2] Capital Flow Analysis - The commercial vehicle sector experienced a net outflow of 210 million yuan from institutional investors, while retail investors saw a net inflow of 215 million yuan [2] - The main capital inflow and outflow for individual stocks showed that Hanma Technology had a net inflow of 44.72 million yuan from institutional investors [3] - Ankai Bus had a minor net inflow of 1.15 million yuan from institutional investors, while retail investors had a net outflow of 397,840 yuan [3]

Company Overview - Zhongtong Bus is located in Liaocheng Economic Development Zone, Shandong Province, and was established on November 7, 1994. The company was listed on January 13, 2000. Its main business involves the manufacturing and sales of buses, with bus sales accounting for 96.28% of its revenue and other businesses contributing 3.72% [1]. Stock Performance - As of September 3, Zhongtong Bus's stock price decreased by 2.06%, trading at 11.41 CNY per share, with a total market capitalization of 6.765 billion CNY. The stock has increased by 4.48% year-to-date, with a slight decline of 0.78% over the last five trading days [1]. - The trading volume on September 3 was 173 million CNY, with a turnover rate of 2.53%. The net outflow of main funds was 14.5822 million CNY, with significant selling pressure observed [1]. Financial Performance - For the first half of 2025, Zhongtong Bus reported a revenue of 3.941 billion CNY, representing a year-on-year growth of 43.02%. The net profit attributable to shareholders was 190 million CNY, marking a 71.61% increase compared to the previous year [2]. - The company has distributed a total of 439 million CNY in dividends since its A-share listing, with 67.265 million CNY distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Zhongtong Bus was 79,500, a decrease of 5.18% from the previous period. The average number of circulating shares per shareholder increased by 5.47% to 7,461 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 9.6876 million shares, a decrease of 3.3692 million shares from the previous period. Additionally, Huatai-PineBridge Advantage Selection Mixed Fund became a new shareholder, holding 2.667 million shares [3].

Group 1 - The automotive sector experienced a downward trend on September 2, with notable declines in stocks such as Jiangling Motors and BAIC Blue Valley, both dropping over 2% [1] - Other companies that followed the downward trend include Qianli Technology, Ankai Bus, Zhongtong Bus, and CIMC Vehicles [1]

Group 1 - The core viewpoint of the article is the progress of Zhongtong Bus's share repurchase plan, which was announced on September 2, 2025, detailing the status as of August 31, 2025 [1] Group 2 - The repurchase plan was approved on April 24, 2025, allowing the company to use its own or raised funds to repurchase A-shares for employee stock ownership plans, with a total repurchase amount not exceeding 200 million yuan (including) and not less than 100 million yuan (including), at a price not exceeding 15 yuan per share, within a 12-month period [2] Group 3 - As of August 31, 2025, the company has repurchased 6,521,000 shares through a special securities account, which represents a certain percentage of the company's total share capital, in compliance with relevant laws and regulations [3] Group 4 - The company has strictly adhered to regulations during the repurchase process, ensuring that no repurchase occurred during significant events that could impact stock prices, and that all trading operations met the required standards [4]

中通客车股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开了第十一届董事会第十一次会议，审议通过了《关于回购部分 A 股股份方案的议案》，同意公司使用自有资金或自筹资金以集中竞 价交易方式回购部分公司股份，用于股权激励或者员工持股计划。本 次回购股份的资金总额不超过人民币2亿元（含）且不低于1亿元（含）； 回购价格不超过人民币 15 元/股；实施期限为自公司董事会审议通过 回购方案之日起 12 个月内。具体内容详见公司于 2025 年 6 月 7 日在 《中国证券报》《证券时报》《证券日报》《上海证券报》及巨潮资讯 网披露的《关于回购部分 A 股股份的回购报告书》(公告编号： 2025-034）。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律 监管指引第 9 号—回购股份》等相关规定，上市公司应当在每个月的 前三个交易日内披露截至上月末的回购进展情况。现将公司回购进展 情况公告如下： 证券代码：000957 证券简称：中通客车 公告编号：2025-047 中通客车股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、 ...

Group 1 - The commercial vehicle sector increased by 0.54% on September 1, with Jiangling Motors leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] - Jiangling Motors' stock price rose by 4.69% to 21.67, with a trading volume of 155,200 shares and a transaction value of 332 million yuan [1] Group 2 - The commercial vehicle sector experienced a net outflow of 260 million yuan from institutional investors, while retail investors saw a net inflow of 154 million yuan [2] - Yutong Bus had a net inflow of 48.89 million yuan from institutional investors, but a net outflow of 6.81 million yuan from speculative funds [3] - Foton Motor saw a net inflow of 8.75 million yuan from institutional investors, while retail investors had a net outflow of 12.02 million yuan [3]

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025 compared to the same period last year, indicating a positive financial performance. Financial Performance - The operating revenue for the first half of 2025 was approximately 3.94 billion yuan, up from 2.76 billion yuan in the same period last year, representing a year-on-year increase of 43.0% [1]. - The net profit attributable to shareholders was about 190.39 million yuan, compared to 110.95 million yuan last year, marking a growth of 71.5% [1]. - The net profit after deducting non-recurring gains and losses was approximately 175.50 million yuan, up from 100.09 million yuan, reflecting a 75.5% increase [1]. - The basic and diluted earnings per share increased to 0.3211 yuan from 0.1871 yuan, a rise of 71.5% [1]. - The weighted average return on equity was 6.26%, up from 3.98% year-on-year, indicating improved profitability [1][26]. Cash Flow and Assets - The net cash flow from operating activities was 81.45 million yuan, a significant decrease of 90.56% compared to the previous year [30]. - Total assets at the end of the reporting period were approximately 9.13 billion yuan, an increase from 8.17 billion yuan at the end of the previous year [1]. - The net assets attributable to shareholders rose to about 3.03 billion yuan from 2.94 billion yuan [1]. Shareholder Structure - The top ten shareholders at the end of the first half of 2025 included new entrants such as Zhang Shouxian and several social security funds, indicating changes in the shareholder composition [57]. - The largest shareholder, China National Heavy Duty Truck Group Co., Ltd., maintained its stake at approximately 21.07% [58]. Valuation Metrics - As of August 26, 2025, the company's price-to-earnings (P/E) ratio was approximately 20.86, the price-to-book (P/B) ratio was about 2.26, and the price-to-sales (P/S) ratio was around 0.99 [1].

Market Overview - The commercial vehicle sector increased by 0.84% on August 28, with Shuguang Co. leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Individual Stock Performance - Shuguang Co. (600303) closed at 3.84, up 3.23% with a trading volume of 633,800 shares and a turnover of 240 million yuan [1] - Jianghuai Automobile (600418) closed at 51.19, up 2.34% with a trading volume of 733,100 shares and a turnover of 3.714 billion yuan [1] - Zhongshun Vehicles (301039) closed at 9.03, up 1.12% with a trading volume of 217,300 shares and a turnover of 19.4 million yuan [1] - Foton Motor (600166) closed at 2.74, up 0.37% with a trading volume of 1,409,800 shares and a turnover of 384 million yuan [1] - Yutong Bus (600066) closed at 27.35, up 0.22% with a trading volume of 118,100 shares and a turnover of 322 million yuan [1] - Other notable performances include FAW Jiefang (000800) at 7.14, up 0.14%, and Ankai Bus (000868) at 5.84, unchanged [1] Fund Flow Analysis - The commercial vehicle sector experienced a net outflow of 270 million yuan from institutional investors, while retail investors saw a net inflow of 247 million yuan [2] - The overall fund flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are more active [2] Detailed Fund Flow by Stock - Jianghuai Automobile saw a net inflow of 29.0692 million yuan from institutional investors, but a net outflow of 47.1443 million yuan from speculative funds [3] - Shuguang Co. experienced a net outflow of 7.9935 million yuan from institutional investors, while speculative funds contributed a net inflow of 17.2662 million yuan [3] - China National Heavy Duty Truck (000951) had a significant net outflow of 36.9903 million yuan from institutional investors, but a net inflow of 38.2937 million yuan from speculative funds [3]

Core Viewpoint - The company reported strong financial performance in the first half of 2025, with significant growth in revenue and net profit, driven by the increasing demand for buses, particularly in the new energy sector [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 3.941 billion yuan, a year-on-year increase of 43.02%, and a net profit attributable to shareholders of 190 million yuan, up 71.61% year-on-year [1]. - The second quarter saw operating revenue of 2.248 billion yuan, with a quarter-on-quarter increase of 52.53% and a year-on-year increase of 32.73%. The net profit attributable to shareholders for Q2 was 114 million yuan, reflecting a quarter-on-quarter increase of 66.09% and a year-on-year increase of 48.84% [1]. Industry Trends - The bus industry is experiencing a growth trend, with sales of buses over 6 meters reaching 56,000 units in the first half of the year, a year-on-year increase of 6.58%. The domestic market benefits from continued subsidies for new energy buses and battery upgrades [1]. - The tourism bus market is adjusting after previous growth, with demand shifting towards high-end, customized, and smaller buses. The overseas bus market is also growing due to enhanced public transport needs [1]. Export Performance - The company sold a total of 5,839 buses in the first half of the year, a 2% increase year-on-year, with domestic sales of 2,281 units, up 8% [2]. - New energy bus exports surged to 1,246 units, a remarkable year-on-year increase of 1,134%, with Q2 exports reaching 873 units, up 2,029% [2]. Product Strategy - The company is actively transforming its product structure and enhancing product performance and after-sales service, leading to significant growth in new energy exports, particularly to Europe and Latin America [2]. - The ongoing optimization of product structure, combined with cost reduction efforts in the supply chain, is expected to continue improving profitability [2]. Profit Forecast - The company anticipates sustained growth in domestic and export demand for buses, with a projected compound annual growth rate of 39.0% for net profit attributable to shareholders from 2025 to 2027 [2].

据证券之星公开数据整理，近期中通客车（000957）发布2025年中报。截至本报告期末，公司营业总收 入39.41亿元，同比上升43.02%，归母净利润1.9亿元，同比上升71.61%。按单季度数据看，第二季度营 业总收入22.48亿元，同比上升52.53%，第二季度归母净利润1.14亿元，同比上升66.09%。本报告期中 通客车公司应收账款体量较大，当期应收账款占最新年报归母净利润比达1266.42%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率15.38%，同比减2.29%，净利率4.83%，同比增 19.98%，销售费用、管理费用、财务费用总计1.9亿元，三费占营收比4.81%，同比减19.73%，每股净资 产5.12元，同比增7.62%，每股经营性现金流0.14元，同比减90.56%，每股收益0.32元，同比增71.62% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 27.55 Z | 39.41 Z | 43.02% | | 归母净利润(元) | 1.11亿 | 261 | 71.61% | ...