YTCO(SH:600066) Xin Lang Cai Jing·2025-12-23 12:14Core Insights - The sales of new energy buses over 6 meters in China reached a record high in November 2025, with 8,575 units sold, representing a year-on-year increase of 23.74% and a month-on-month increase of 9.06% [1][10] - Cumulatively, from January to November 2025, a total of 52,470 units were sold, marking a year-on-year growth of 33.08% [1][4] Monthly Sales Performance - In November, Yutong Bus sold 1,920 units, setting a new record for the year, while CRRC Electric sold 1,202 units, maintaining strong performance despite a slight month-on-month decline [1][11] - Xiamen Golden Dragon and Zhongtong Bus were the only other companies to sell over 600 and 700 units, respectively, with sales of 768 and 621 units [1][12] - The overall industry saw 8 out of the top 10 companies increase their sales year-on-year, with Dongfeng Special Automobile achieving the highest growth rate of 509.62% [2][12] Cumulative Sales Rankings - For the period from January to November, Yutong Bus led with cumulative sales of 12,878 units, followed by CRRC Electric with 4,383 units and BYD with 4,372 units, showing a close competition among the top three [4][14] - Zhongtong Bus also showed significant growth with a cumulative increase of 142.16% year-on-year [6][16] Market Share Analysis - Yutong Bus holds a market share of 22.39%, the only company exceeding 20%, while CRRC Electric and Xiamen Golden Dragon hold shares of 14.02% and 8.83%, respectively [4][14] - The top 10 companies collectively account for 89.85% of the market share [4][14] Market Trends - The new energy bus market is experiencing a notable "tail effect" as the year-end approaches, with sales consistently rising since September [18] - The competitive landscape is shifting, with CRRC Electric making significant gains in the second half of the year, positioning itself to maintain the second spot in cumulative sales [18]