Financial Projections - The company expects a net profit for 2025 to be between 32,000 and 41,000 thousand yuan, representing a year-on-year growth of 28.28% to 64.36%[4] - The net profit after deducting non-recurring losses is projected to be between 29,000 and 38,000 thousand yuan, indicating a year-on-year increase of 35.47% to 77.52%[4] - Basic earnings per share are anticipated to be between 0.54 and 0.69 yuan, compared to 0.42 yuan in the previous year[4] - The earnings forecast period is from January 1, 2025, to December 31, 2025[3] Operational Performance - Overall operating revenue and profit are expected to achieve steady growth, marking a new level of operational performance[7] - Continuous market structure transformation and accelerated product system upgrades have enhanced the company's core competitiveness[7] - The company has made significant breakthroughs in multiple regions and business areas, optimizing its domestic and international market layout[6] Audit and Risk Disclosure - The financial data in this earnings forecast has not been audited, and specific figures will be detailed in the 2025 Annual Report[8] - The company has communicated with the accounting firm regarding the earnings forecast, and there are no discrepancies in this report period[5] - Investors are advised to be aware of investment risks as the earnings forecast is based on preliminary estimates[8]

Core Viewpoint - The commercial vehicle industry in China is experiencing a paradox of increasing sales but declining profits, driven by intense competition and a shift towards new energy vehicles [8][10][29]. Group 1: Market Overview - In 2025, the commercial vehicle market in China achieved a total sales volume of 4.296 million units, representing a year-on-year growth of 10.9% [8]. - The heavy truck market, often seen as a barometer of economic activity, sold 1.145 million units, up 27% year-on-year, indicating a recovery in demand [13]. - Despite the growth in sales, the profitability of leading companies has declined, with a total net profit of only 25.74 billion yuan for seven major manufacturers, down 40% year-on-year [13][14]. Group 2: Profitability Challenges - The industry faces a "sell more, earn less" scenario, where increased sales do not translate into higher profits due to price wars and compressed margins [9][24]. - The logistics sector is experiencing a supply-demand imbalance, with the average freight rate index at a historical low of 105.1 points, leading to significant drops in transport fees [17][19]. - The cost of traditional fuel vehicles remains high compared to new energy vehicles, which are driving down market prices and squeezing profit margins for traditional operators [20][22]. Group 3: Transition to New Energy - The penetration rate of new energy commercial vehicles exceeded 25% in 2025, with a total of 95.4 million units sold, marking a 63.7% increase year-on-year [42]. - Companies like Foton Motor have successfully adapted to the new energy landscape, achieving a revenue increase of 27.1% and a net profit surge of 157.4% [41]. - The transition to new energy and smart technologies is seen as essential for future profitability, although the initial costs remain high [25][27]. Group 4: Competitive Landscape - The market is increasingly dominated by a few leading companies, with over 70% market share held by top players like Beiqi Foton and China National Heavy Duty Truck [31]. - Successful companies are leveraging strategic positioning, policy alignment, and market responsiveness to navigate the competitive landscape [34][36]. - The focus is shifting from volume growth to refined competition, emphasizing the importance of understanding market dynamics and customer needs [54]. Group 5: Future Outlook - The commercial vehicle industry must transition from a reliance on one-time sales to a focus on long-term value creation through lifecycle services [56][70]. - Companies are setting ambitious sales targets for 2026, with major players like FAW Jiefang and China National Heavy Duty Truck aiming for significant increases in sales volume [56][59]. - The key to success in 2026 will be the ability to harness policy support, technological advancements, and a focus on customer-centric service models [60][73].

Core Viewpoint - In December 2025, China's bus exports reached a record high, with total exports exceeding 10,000 units for the first time, marking a significant year-end surge in the industry [1][4]. Export Performance - In 2025, a total of 78,313 buses were exported, a 26.68% increase from 61,820 units in 2024 [1][11]. - December 2025 saw exports of 11,975 buses, a year-on-year increase of 63.73% and a month-on-month increase of 112.51% [1][4]. Market Segmentation - All segments (large, medium, and light buses) experienced significant growth in December 2025, with large buses exporting 5,070 units (up 35.89%), medium buses 4,028 units (up 214.44%), and light buses 2,877 units (up 24.98%) [3][4]. - The overall export volume in December was nearly double that of November, indicating a strong recovery after two months of decline [4][8]. Company Rankings - Yutong Bus led the export rankings with 17,149 units, a 22.49% increase from 14,000 units in 2024 [10][11]. - Xiamen Jinlong followed with 12,255 units, a remarkable 64.90% increase, while Ankai Bus saw a dramatic rise of 152.84% to 5,034 units [10][12]. Segment Leaders - In the seating bus category, Xiamen Jinlong topped the list with 9,953 units exported, a 57.63% increase, while Yutong followed with 8,392 units [17][18]. - For public buses, Yutong also led with 8,460 units, a 37.61% increase, followed by BYD with 4,173 units [26][27]. Future Outlook - The bus export market is expected to remain strong in 2026, with potential for further growth as the industry recovers from previous declines [8][29].

Core Viewpoint - Zhongtong Bus Co., Ltd. has made significant changes to its board of directors, including the election of new non-independent directors and a worker representative director, which reflects the company's governance structure and commitment to employee representation [1][3][8]. Group 1: Board of Directors Changes - He Wei has been nominated as a non-independent director of the company, with a term starting from the approval date by the shareholders' meeting until the end of the current board's term. The proposal received 6 votes in favor, with no opposition or abstentions [5]. - Tian Jingdong has also been nominated as a non-independent director, with the same term conditions and voting results as He Wei [6][7]. Group 2: Worker Representative Director Election - Zhao Hongqing has been elected as the worker representative director of the board, with a term starting from the date of election approval by the workers' representative assembly until the end of the current board's term. His election complies with relevant laws and regulations, ensuring that the number of directors who are also senior management does not exceed half of the total board members [3][8][12].

Group 1 - The commercial vehicle sector saw a slight increase of 0.14% on January 22, with Jinlong Automobile leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] - Jinlong Automobile's stock price rose by 8.82% to 21.97, with a trading volume of 513,200 shares and a transaction value of 1.087 billion yuan [1] Group 2 - The commercial vehicle sector experienced a net outflow of 5.1958 million yuan from institutional investors, while retail investors saw a net outflow of 24.388 million yuan [3] - Retail investors contributed a net inflow of 29.5837 million yuan, indicating a mixed sentiment among different investor types [3] - The individual stock performance showed varied results, with Jinlong Automobile having a net inflow of 71.1658 million yuan from institutional investors, while Foton Motor and other stocks experienced net outflows [4]

Core Viewpoint - Zhongtong Bus (000957) announced the election of Mr. Zhao Hongqing as the employee representative director of the company's 11th board of directors during the employee representative conference scheduled for January 20, 2026 [1] Group 1 - The company will hold a joint meeting of the employee representative conference on January 20, 2026 [1] - Mr. Zhao Hongqing has been elected as the employee representative director [1]

格隆汇1月21日丨中通客车(000957.SZ)公布，为响应聊城市东昌府区城市规划和产业发展需要，盘活企 业现有资产及优化资产结构，中通客车股份有限公司拟与聊城市安泰城乡投资开发有限责任公司（简 称"安泰公司"）、聊城市嘉明经济开发区管理委员会（简称"嘉明管委会"）签署《合作框架协议》，就 公司部分土地收储、搬迁与新能源项目升级建设事宜展开合作。 1.聊城市东昌府区政府/嘉明管委会拟对中通客车及其全资子公司山东通盛汽车科技有限公司（简称"通 盛汽车"）位于聊位路以东、南环路以南、翡翠城以西、纬一路北侧，实际收储面积为238.86亩的国有 土地使用权及地上附着物（不含职工公寓）进行协商收储。根据政府土地收储单位委托的第三方资产评 估公司出具的土地价值评估报告，预计本次土地收储及搬迁等补偿金约为人民币119,837,564.00元，最 终以相关方签订的具体协议为准。 3. 由土地收储管理部门直接将上述土地收储对应的补偿金支付给安泰公司用于新能源项目升级建设；除 另有约定外，各方无需基于上述土地收储及厂房建设移交及确权事宜向其他方支付任何款项。 2.按照中通客车的相关规划设计需求，由嘉明管委会和安泰公司负责位于纬三 ...

Core Viewpoint - Zhongtong Bus Holdings Co., Ltd. plans to sign a cooperation framework agreement with Liao City Antai Urban Investment Development Co., Ltd. and Liao City Jiaming Economic Development Zone Management Committee to optimize asset structure and respond to urban planning needs in Liaocheng [1] Group 1 - The government of Liaocheng Dongchangfu District and Jiaming Management Committee intends to negotiate the acquisition of 238.86 acres of state-owned land use rights and above-ground attachments (excluding employee apartments) from Zhongtong Bus and its wholly-owned subsidiary Shandong Tongsheng Automotive Technology Co., Ltd. [1] - The estimated compensation for the land acquisition and relocation is approximately RMB 119,837,564.00, based on a third-party asset appraisal report [1] - The Jiaming Management Committee and Antai Company will be responsible for the construction of a new energy project factory on a land area of 482,145 square meters, as per Zhongtong Bus's design requirements [1] Group 2 - The compensation for the land acquisition will be directly paid to Antai Company by the land acquisition management department for the upgrade of the new energy project [2] - Unless otherwise agreed, no additional payments are required from any party regarding the land acquisition and factory construction transfer [2]

证券代码：000957 证券简称：中通客车 公告编号：2026-006 中通客车股份有限公司 关于公司土地收储暨新能源项目升级建设的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、交易概述 为响应聊城市东昌府区城市规划和产业发展需要，盘活企业现有 资产及优化资产结构，中通客车股份有限公司（以下简称"中通客车" 或"公司"）拟与聊城市安泰城乡投资开发有限责任公司（以下简称 "安泰公司"）、聊城市嘉明经济开发区管理委员会（以下简称"嘉 明管委会"）签署《合作框架协议》，就公司部分土地收储、搬迁与 新能源项目升级建设事宜展开合作。 本次交易对方嘉明管委会为政府管理机构，安泰公司为聊城市东 昌府区财政局全资国有企业，与公司及公司控股股东在产权、业务、 资产、债权债务、人员等方面不存在关联关系以及其他可能或已经造 成公司对其利益倾斜的其他关系。 三、交易标的基本情况 1. 聊城市东昌府区政府/嘉明管委会拟对中通客车及其全资子公 司山东通盛汽车科技有限公司（以下简称"通盛汽车"）位于聊位路 以东、南环路以南、翡翠城以西、纬一路北侧，实际收储面积为 238.86 ...

中通客车股份有限公司董事会 2026 年 1 月 22 日 1 证券代码：000957 证券简称：中通客车 公告编号：2026—003 中通客车股份有限公司 关于选举公司第十一届董事会职工代表董事的公告 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、误导性陈述或重大遗漏。 中通客车股份有限公司（以下简称"公司"）于 2025 年 9 月 12 日召开 2025 年第二次临时股东大会，审议通过了《关于变更经营范 围并修订〈公司章程〉的议案》。根据最新的《中通客车股份有限公 司章程》（以下简称"《公司章程》"），公司董事会成员中包括 1 名职工代表董事，职工代表董事由公司职工通过职工代表大会、职工 大会或者其他形式民主选举产生和罢免。 2026 年 1 月 20 日，公司召开职工代表大会联席会议，选举赵洪 清先生为公司第十一届董事会职工代表董事，任期自公司职工代表大 会选举通过之日起至公司第十一届董事会任期届满之日止。赵洪清先 生的任职资格符合《中华人民共和国公司法》《深圳证券交易所上市 公司自律监管指引第 1 号—主板上市公司规范运作》等法律法规及 《公司章程》等规定，赵洪清先生当选 ...