YTCO(SH:600066) 第一商用车网·2025-07-02 15:56Core Viewpoint - The bus industry, particularly in the context of passenger travel, is experiencing an irreversible trend towards high-end offerings, with Yutong's new high-end S series model, the Tianyu S12, exemplifying this shift [1][4][20]. Industry Trends - In 2024, domestic travel in China is expected to reach 5.615 billion trips, with total tourism revenue projected at 5.75 trillion yuan, reflecting a 1.9% year-on-year increase in per trip spending [5]. - The demand for diverse, personalized, and high-quality travel experiences is on the rise, driven by new tourism models such as small group tours and customized travel [5][7]. Company Strategy - Yutong has proactively anticipated the market's demand for high-end products and has strategically positioned itself in the high-end segment since the early 2000s, breaking the monopoly of joint venture brands in this market [8][9]. - The company has launched several high-end models, including the ZK6120 series, Shenyingjian, Xiaoyaojian, and others, rapidly capturing market share and establishing a strong presence in the high-end bus market [9][19]. Product Features - The Tianyu S12 features the highest vehicle height in the industry at 3.815 meters, the largest window area at 18.4 square meters, and a spacious storage capacity of 12 cubic meters, providing a luxury experience comparable to high-end passenger vehicles [15][18]. - The bus includes wide seating arrangements and sofa-style airline seats, enhancing passenger comfort and privacy, along with seamless dining services [15][18]. Market Position - Yutong currently holds a market share of approximately 55% in the medium and large bus market, and over 80% in the high-end bus market, demonstrating its commitment to user-centered design and market penetration [19].