ZTBH(SZ:000957) Xin Lang Cai Jing·2025-08-28 06:40Core 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].