KLM(SH:600686) Chang Jiang Shang Bao·2025-09-09 23:32Core Viewpoint - King Long Automobile (600686.SH), the first listed company in China's bus industry, reported positive sales and performance for August 2025, with significant growth in both domestic and export markets [2][3][9]. Sales Performance - In August 2025, King Long's bus sales reached 4,074 units, a year-on-year increase of 23.6%. For the first eight months of 2025, total bus sales amounted to 30,000 units, reflecting a 3.3% year-on-year growth [2][3]. - The sales of light buses in August reached 1,977 units, marking a 51.15% increase year-on-year, while the total sales for the first eight months were 13,900 units, up 13.03% year-on-year [4]. Export Growth - In the first half of 2025, King Long sold a total of 22,500 buses, with exports accounting for 14,100 units, representing a 52.4% year-on-year increase. The export of new energy buses reached 2,047 units, up 48.1% year-on-year [7][9]. - King Long's overseas sales network spans over 170 countries and regions, maintaining good relationships with nearly 200 overseas automotive dealers or customers [9]. Financial Performance - For the first half of 2025, King Long reported an operating income of 10.327 billion yuan, a year-on-year increase of 5.78%, and a net profit of 116 million yuan, reflecting a significant year-on-year increase of 75.06% [9]. - The growth in profit is attributed to the steady growth in overseas markets, which boosted export revenue and its proportion in total income [9]. R&D and Innovation - In the first half of 2025, King Long's R&D expenses amounted to 349 million yuan, a year-on-year increase of 5.02%. The company employed 1,806 R&D personnel, accounting for 14.52% of its total workforce [10][11]. - King Long holds 1,518 valid authorized patents, including 334 invention patents and 301 software copyrights, and has upgraded several bus models to enhance product intelligence, high-end features, and energy efficiency [12]. Management Changes - In April 2025, King Long announced a management transition, with Chen Feng elected as the new chairman of the board following the resignation of previous executives [13][14].