Jing Ji Guan Cha Wang·2026-02-06 11:54Core Viewpoint - The A-share listed bus companies have shown significant performance divergence for the year 2025, with some companies experiencing nearly double net profit growth while others face profit declines [2][4]. Group 1: Company Performance - King Long Automobile (600686.SH) expects a net profit of approximately 463 million yuan for 2025, a year-on-year increase of 193.68% [4]. - Zhongtong Bus (000957.SZ) anticipates a net profit between 320 million and 410 million yuan for 2025, reflecting a growth of 28.28% to 64.36% [5]. - Yutong Bus (600066.SH) has not released a full-year forecast but reported a net profit of 3.292 billion yuan for the first three quarters of 2025, a 35.38% increase year-on-year [5]. - Ankai Bus (000868.SZ) is projected to incur a net loss of 50 million to 60 million yuan in 2025, a decline from a profit of 839,200 yuan in the previous year [6]. Group 2: Market Trends - The bus industry is experiencing a small growth peak in 2025, with sales of buses over 6 meters reaching 137,212 units, an increase of 8.84% year-on-year [2]. - The export share of domestic buses has risen to 41.01% in 2025, indicating a growing reliance on international markets for growth [2]. - The market is expected to stabilize in 2026, with industry experts suggesting that maintaining sales levels would be a positive outcome [3]. Group 3: Export Performance - King Long's export volume for 2025 is projected at 12,255 units, a 64.90% increase, securing a market share of 15.65% [4]. - Ankai Bus achieved an export volume of 5,034 units in 2025, marking a 152.84% increase, with exports constituting 58.75% of its total sales [8]. - Yutong Bus exported 17,149 units in 2025, a year-on-year growth of 22.49% [5]. Group 4: Industry Challenges - The competitive landscape is intensifying, with some companies struggling to maintain profitability due to market pressures and declining margins [6][7]. - The shift towards international markets is becoming essential, as domestic competition limits growth opportunities [9]. - Companies like King Long and BYD are adjusting their product strategies, focusing on higher-margin products rather than volume [9].