YTCO(SH:600066) Zhong Guo Jing Ying Bao·2025-09-03 23:08Core Viewpoint - Yutong Bus (600066.SH) reported a strong performance in the first half of 2025, with a 3.73% increase in bus sales and a 15.64% rise in net profit, indicating resilience in the face of industry challenges [2][5]. Group 1: Financial Performance - In the first half of 2025, Yutong Bus achieved total bus sales of 21,321 units, a year-on-year increase of 3.73% [2][4]. - The company reported operating revenue of 16.129 billion yuan and a net profit attributable to shareholders of 1.936 billion yuan, reflecting a 15.64% increase year-on-year [2]. Group 2: Market Trends and Demand - Domestic tourism saw 3.285 billion trips in the first half of the year, a 20.6% increase, leading to a shift towards customized and high-end travel experiences, which is driving demand for specialized buses [4]. - Despite a 27% year-on-year decline in the overall demand for large and medium-sized buses, Yutong's market share increased by nearly 7 percentage points, selling 8,662 large and medium-sized buses [6]. Group 3: Product Strategy and Innovation - Yutong Bus is focusing on high-end, new energy, and intelligent connected vehicles, launching customized models like the Tianyu S12 to meet the evolving needs of travelers [7]. - The company has significantly increased its sales of low-floor, age-friendly buses, with their sales proportion rising from 13% in 2021 to 60% in the first half of 2025 [7]. Group 4: Export Performance - In the first half of the year, Yutong Bus exported 2,103 units in June alone, marking a 33.19% year-on-year increase, and significantly outpacing the industry growth rate [8]. - The company has established a strong presence in international markets, including Europe and Central Asia, with substantial orders from countries like Norway and Greece [8]. Group 5: Future Outlook - The demand for new energy buses is expected to grow steadily due to low-carbon policies and economic recovery, positioning Yutong Bus to benefit from expanding domestic and international markets [10].