中汽协副总工程师许海东以2023年12月中汽协预测的数据做对比。 一年前，这家协会预测，2024年汽车总销量为3100万辆左右，其中乘用车预计为2680万辆，商用车 为420万辆，新能源汽车为1150万辆，出口为550万辆。 撰 文 / 牛跟尚 设 计 / 赵昊然 一份有关中国汽车行业2228万名从业者的考卷，让人五味杂陈。 2025年1月13日，中国汽车工业协会(简称中汽协)发布，2024年，中国汽车产销累计完成3128.2万辆 和3143.6万辆，同比分别增长3.7%和4.5%，产销量再创新高，连续第二年保持在3000万辆以上规 模。 中汽协副秘书长陈士华在当天表示，中国汽车产销总量"连续16年稳居全球第一"，中国新能源汽车 产销量"连续10年名列全球第一"，"完成全年预期目标"。 结果是，除商用车预测有逆向偏差外——比预测少了近33万辆，2024年总体销量、乘用车、新能源 汽车、出口销量均超出预期；特别是，乘用车销量2756.3万辆，新能源汽车销量1286万辆，出口销 量585.9万辆。 汽车商业评论通过数据发现，2024年，中国车市有八大变量值得掘金。 一是眼睛向"新"要增量。 新能源汽车产销分别完成 ...

证券代码:600066 证券简称：宇通客车 编号：临 2024-054 宇通客车股份有限公司 关于对外担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 2024 年 10 月发生担保事项（以下简称"本次担保"）的被 担保人为宇通客车股份有限公司（以下简称"公司"）全资子公 司香港宇通国际有限公司（以下简称"香港宇通"）、控股子公司 宇威顺通（西安）汽车销售服务有限公司（以下简称"西安宇威 顺通"）等。 2024 年 10 月新增对子公司担保发生额为 4,466.18 万元； 为购房人申请按揭贷款提供阶段性担保发生额为 3,182.50 万元； 为购车客户等销售业务链相关企业提供担保/回购责任发生额为 7,509.37 万元。（外币金额根据 2024 年 10 月 31 日即期汇率折 算为人民币，如无特别说明，本公告中金额币种均为人民币） 1、对控股子公司及控股子公司之间相互提供的担保； 2、为购房客户提供阶段性担保； 截至本公告披露日，公司无逾期担保。 一、担保情况概述 （一）担保事项审议程序 本 ...

证券代码：600066 证券简称：宇通客车 编号：临2024-052 宇通客车股份有限公司 2024 年 10 月份产销数据快报 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 宇通客车股份有限公司2024年10月份产销数据快报如下： 注：本表为销售快报数据，最终数据以公司定期报告数据为 准。 特此公告。 宇通客车股份有限公司董事会 二零二四年十一月五日 1 单位：辆 产 品 2024 年 10 月份 去年同期 单月数量 同比变动 本年 累计 去年同期 累计 累计数量 同比变动 生产量 3,558 2,577 38.07% 35,485 29,582 19.95% 其中：大型 1,558 1,435 8.57% 19,844 15,761 25.91% 中型 1,549 889 74.24% 11,516 9,931 15.96% 轻型 451 253 78.26% 4,125 3,890 6.04% 销售量 3,221 2,249 43.22% 34,567 28,524 21.19% 其中：大型 1,321 1,192 1 ...

二、请出席现场会议的股东或股东授权代表携带相关身份证 明（股票账户卡、身份证或公司营业执照等）及相关授权文件于 2024 年 11 月 18 日 8:00-8:20 在本公司行政南楼六楼大会议室 办理签到手续。 三、为保证本次会议的正常秩序，除已办理参会登记或出席 会议的股东或股东授权代表、公司董事、监事、高级管理人员及 相关工作人员外，公司有权拒绝其他无关人员进入会场。 四、股东需要发言或就有关问题进行提问的，应在会议登记 期间将相关问题向公司董事会办公室进行登记。为提高会议召开 质量和效率，每名股东发言时间原则上不超过 5 分钟。 目录 | 2024 | 年第二次临时股东大会会议须知 | 1 | | --- | --- | --- | | 2024 | 年第二次临时股东大会议程 | 2 | | 审议事项： | | | | 2024 | 年前三季度利润分配预案 | 3 | 宇通客车股份有限公司 2024年第二次临时股东大会会议须知 为维护投资者合法权益，确保公司 2024 年第二次临时股东 大会的正常秩序和顺利召开，根据《公司法》《上市公司股东大 会规则》以及《公司章程》的有关规定，特制定本会议须知，请 出 ...

Financial Performance - Operating revenue for Q3 2024 was CNY 7,739,059,215.83, a decrease of 1.25% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 reached CNY 758,088,973.72, an increase of 30.67% year-on-year[2]. - Net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 639,085,193.95, up 41.08% from the previous year[2]. - Basic earnings per share for Q3 2024 were CNY 0.34, reflecting a 30.67% increase year-on-year[2]. - Total operating revenue for the first three quarters of 2024 reached ¥24,074,847,816.60, a 27.5% increase from ¥18,950,415,903.37 in the same period of 2023[13]. - Net profit for the first three quarters of 2024 was ¥2,458,685,247.87, up 131.7% from ¥1,062,802,397.31 in 2023[13]. - The company's operating profit increased to ¥2,639,357,761.52, compared to ¥1,208,132,313.55 in the previous year, representing a growth of 118.5%[13]. - The company reported a diluted earnings per share of ¥1.10 for 2024, compared to ¥0.47 in 2023[14]. - Total comprehensive income for the first three quarters of 2024 was ¥2,407,399,340.75, significantly higher than ¥1,065,115,572.00 in 2023[14]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -829,193,267.23, a decline of 136.69% compared to the same period last year[2]. - Cash flow from operating activities was ¥4,535,301,627.15, down from ¥5,177,048,474.89 in the same period last year[15]. - Cash and cash equivalents as of September 30, 2024, were RMB 4,905,491,257.62, down from RMB 6,433,808,650.59, indicating a decrease of about 23.7%[10]. - Cash and cash equivalents at the end of the period were ¥4,643,655,060.31, down from ¥6,664,030,781.92 at the end of 2023[15]. - The company experienced a net cash outflow from investing activities of ¥2,859,126,461.07, an improvement from a net outflow of ¥3,284,757,323.20 in the previous year[15]. Assets and Liabilities - Total assets at the end of Q3 2024 were CNY 30,420,038,372.17, a decrease of 1.42% from the end of the previous year[3]. - The company's total liabilities increased to RMB 17,264,170,744.90 from RMB 16,800,336,311.87, representing an increase of about 2.8%[11]. - The total equity attributable to shareholders decreased from RMB 13,918,970,733.22 to RMB 12,982,805,727.99, a decline of approximately 6.7%[11]. - The company's inventory decreased from RMB 4,513,287,997.28 to RMB 4,054,326,757.60, a reduction of approximately 10.2%[10]. - The accounts receivable decreased from RMB 3,968,792,894.26 to RMB 3,434,511,125.76, reflecting a decline of about 13.4%[10]. - The company's long-term equity investments increased from RMB 649,545,124.13 to RMB 674,537,550.24, an increase of approximately 3.8%[10]. - The total current liabilities as of September 30, 2024, were RMB 13,713,338,597.91, slightly up from RMB 13,684,210,448.16, indicating a marginal increase of about 0.2%[11]. - The company's total non-current assets decreased from RMB 11,242,664,117.16 to RMB 10,802,501,824.48, reflecting a decline of about 3.9%[10]. Other Financial Metrics - The weighted average return on equity increased by 1.58 percentage points to 6.02% for Q3 2024[2]. - The company reported a significant increase in sales volume in the first three quarters, contributing to the rise in net profit[5]. - The company received government subsidies amounting to CNY 63,433,551.49 during the reporting period[4]. - Research and development expenses for the first three quarters of 2024 were ¥1,114,623,796.68, slightly up from ¥1,084,908,836.57 in 2023[13]. - The total operating costs for the first three quarters of 2024 were ¥21,763,007,665.35, an increase from ¥17,887,469,548.91 in 2023, reflecting a growth of 21.5%[13]. - The company's other comprehensive income decreased significantly from RMB 81,783,135.23 to RMB 14,581,252.41, a decline of approximately 82.2%[11].

证券代码:600066 证券简称：宇通客车 编号：临 2024-045 宇通客车股份有限公司 关于对外担保的进展公告 2024 年 9 月新增对子公司担保发生额为 98.26 万元；为购 房人申请按揭贷款提供阶段性担保发生额为 2,474.70 万元；为 购车客户等销售业务链相关企业提供担保/回购责任发生额为 48,531.78 万元。（外币金额根据 2024 年 9 月 30 日即期汇率折 算为人民币，如无特别说明，本公告中金额币种均为人民币） 截至本公告披露日，公司无逾期担保。 一、担保情况概述 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 2024 年 9 月发生担保事项（以下简称"本次担保"）的被 担保人为宇通客车股份有限公司（以下简称"公司"）控股子公 司郑州科林车用空调有限公司（以下简称"科林空调"）等。 （一）担保事项审议程序 本次担保事项已经公司于 2024 年 4 月 25 日召开的 2023 年 年度股东大会审议通过，同意公司 2024 年继续提供以下三类担 保： 1、对控股子公司及控股子 ...

证券代码:600066 证券简称：宇通客车 编号：临 2024-037 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 宇通客车股份有限公司（以下简称"公司"）第十一届董事 会第七次会议于2024年8月14日以邮件等方式发出通知，2024年8 月24日以通讯方式召开，应参会董事9名，实际参会董事9名，符 合《公司章程》及有关法律法规的规定。 会议审议并通过了以下议案： 1、9票同意，0票反对，0票弃权；审议通过了《2024年上半 年主要经营情况和下半年工作计划》。 2、9票同意，0票反对，0票弃权；审议通过了《2024年半年 度报告及摘要》。 具体详见公司于同日披露的2024年半年度报告及摘要。 3、4票同意，0票反对，0票弃权；审议通过了《关于郑州宇 通集团财务有限公司的风险评估报告》。 宇通客车股份有限公司 第十一届董事会第七次会议决议公告 具体详见公司于同日披露的《关于对外捐赠的公告》。 特此公告。 宇通客车股份有限公司董事会 二零二四年八月二十六日 1 本议案所涉及关联董事汤玉祥先生、李盼盼先生、王文韬先 生、董晓坤先 ...

[Definitions](index=4&type=section&id=第一节%20释义) This chapter defines and explains specific terms used in the report, such as "Company," "Yutong Group," and "Reporting Period," to ensure consistent information understanding - This chapter primarily defines and explains specific terms used in the report, such as Company, Yutong Group, and Reporting Period, to ensure consistency in information understanding[8](index=8&type=chunk) [Company Profile and Key Financial Indicators](index=4&type=section&id=第二节%20公司简介和主要财务指标) [Company Basic Information](index=4&type=section&id=一、公司信息) This chapter provides basic information about Yutong Bus Co., Ltd., including its company name, legal representative, contact details, registered address, and information disclosure channels | Item | Information | | :--- | :--- | | **Company Chinese Name** | 宇通客车股份有限公司 | | **Stock Abbreviation** | 宇通客车 | | **Stock Code** | 600066 | | **Listing Exchange** | Shanghai Stock Exchange | | **Legal Representative** | Li Panpan | [Key Accounting Data and Financial Indicators](index=5&type=section&id=六、主要会计数据和财务指标) During the reporting period, the company achieved strong performance growth, with operating revenue increasing by 46.99% year-on-year and net profit attributable to shareholders surging by 255.84%, indicating overall improvement in key financial metrics Key Accounting Data (Unit: RMB Billion) | Key Accounting Data | Current Reporting Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 16.34 | 11.11 | 46.99% | | Net Profit Attributable to Shareholders of the Listed Company | 1.67 | 0.47 | 255.84% | | Net Profit Attributable to Shareholders of the Listed Company (Excluding Non-recurring Gains/Losses) | 1.43 | 0.33 | 332.40% | | Net Cash Flow from Operating Activities | 5.36 | 2.92 | 83.90% | | **Asset Status** | **End of Current Reporting Period** | **End of Prior Year** | **YoY Change (%)** | | Net Assets Attributable to Shareholders of the Listed Company | 12.20 | 13.92 | -12.37% | | Total Assets | 30.57 | 30.86 | -0.94% | Key Financial Indicators | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Prior Year Period | Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.76 | 0.21 | 255.84% | | Weighted Average Return on Net Assets (%) | 11.82% | 3.27% | Increased by 8.54 percentage points | | Weighted Average Return on Net Assets (Excluding Non-recurring Gains/Losses) (%) | 10.11% | 2.30% | Increased by 7.81 percentage points | - During the reporting period, the company's non-recurring gains and losses totaled **RMB 242 million**, primarily from government subsidies (**RMB 147 million**) and fair value changes in financial assets held (**RMB 104 million**)[12](index=12&type=chunk)[13](index=13&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=第三节%20管理层讨论与分析) [Industry and Main Business Operations](index=6&type=section&id=一、报告期内公司所属行业及主营业务情况说明) The company is a large enterprise integrating bus R&D, manufacturing, and sales, with a full product range from 5 to 18 meters, maintaining its industry-leading position; in the first half, domestic tourism boosted road passenger transport, while public transport declined due to fiscal tightening; overseas demand continued to recover, with exports up 48.5% year-on-year, and growth is expected to continue in the second half - The company's main business involves the R&D, manufacturing, and sales of bus products, with a complete product chain covering various segments such as highway, tourism, and public transport[14](index=14&type=chunk) - The domestic market benefited from the booming tourism industry, leading to a significant increase in demand for road passenger transport; however, public transport market demand declined due to local fiscal constraints[14](index=14&type=chunk) - Overseas market demand continued to recover, with a **48.5% year-on-year increase** in the industry's export volume of large and medium-sized buses, and growth is expected to continue in the second half, especially for new energy buses in Europe and Latin America[14](index=14&type=chunk) [Analysis of Core Competencies](index=6&type=section&id=二、报告期内核心竞争力分析) The company's core competencies include strong R&D capabilities, stable industrial support, extensive sales channels, and outstanding brand reputation; in the reporting period, R&D investment reached RMB 740 million, accounting for 4.53% of revenue, achieving breakthroughs in core technologies like electrification and intelligent connectivity; the company maintains stable domestic and international supply chains and has established a global sales and service network, with over 100,000 buses exported, continuously enhancing brand value R&D Investment | Indicator | Amount | Percentage of Operating Revenue | | :--- | :--- | :--- | | R&D Expenditure | RMB 740 million | 4.53% | - The company has achieved breakthroughs in core technologies such as electric drive, electronic control, and batteries, independently mastering key technologies in electrification and intelligent connectivity, and possesses 7 national-level and 14 provincial-level scientific research and innovation platforms, including a national-level enterprise technology center[17](index=17&type=chunk)[29](index=29&type=chunk) - The company has a stable supply chain system, establishing long-term and stable cooperative relationships with leading domestic and international automotive component enterprises such as Cummins, ZF, Bosch, and domestic companies like Inovance and SinoHytec[30](index=30&type=chunk) - The sales network covers the globe, with a cumulative export of over **100,000 buses**, including over **6,000 new energy buses**, sold to more than 40 countries and regions, forming a development layout across six major areas[33](index=33&type=chunk) [Discussion and Analysis of Operations](index=11&type=section&id=三、经营情况的讨论与分析) In the first half of 2024, the company sold 20,555 buses, a 35.82% year-on-year increase; operating revenue reached RMB 16.34 billion, up 46.99%; and net profit attributable to shareholders was RMB 1.67 billion, with significant performance growth primarily driven by a substantial increase in overseas market export sales and the continued recovery of the domestic tourism passenger transport market 2024 First Half Operating Performance | Indicator | Quantity/Amount | Year-on-Year Growth | | :--- | :--- | :--- | | Bus Sales | 20,555 units | +35.82% | | Operating Revenue | RMB 16.34 billion | +46.99% | | Net Profit Attributable to Shareholders | RMB 1.67 billion | +255.84% | - The significant increase in net profit is primarily due to two reasons: first, a substantial increase in overseas market export sales and a higher proportion of high-margin export business; second, the recovery of the domestic tourism industry, which boosted domestic sales[35](index=35&type=chunk) [Analysis of Key Operating Conditions](index=11&type=section&id=四、报告期内主要经营情况) This chapter details the changes in major financial statement items; operating revenue and cost increased with sales volume; regarding cash flow, net operating cash flow significantly increased by 83.90% due to higher sales, net cash outflow from investing activities increased mainly due to purchases of wealth management products, and net cash outflow from financing activities increased primarily due to higher dividends; concerning assets and liabilities, trading financial assets surged by 3892.30% mainly due to increased wealth management investments, and accounts payable increased by 49.75% primarily due to increased material purchases Financial Statement Major Item Variation Analysis (Unit: RMB Billion) | Item | Current Period Amount | Prior Year Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 16.34 | 11.11 | 46.99 | | Operating Cost | 12.16 | 8.57 | 41.75 | | Net Cash Flow from Operating Activities | 5.36 | 2.92 | 83.90 | Balance Sheet Major Item Variation Analysis (Unit: RMB Billion) | Item Name | End of Current Period Amount | End of Prior Year Amount | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 3.997 | 0.100 | 3,892.30 | Increased investment in wealth management products | | Accounts Payable | 5.747 | 3.838 | 49.75 | Increased material purchases | | Taxes Payable | 0.456 | 0.219 | 108.26 | Increased income tax payable | [Potential Risks](index=13&type=section&id=(一)%20可能面对的风险) The company faces multiple risks, including insufficient domestic public transport market demand, intensified industry competition, payment risks in some overseas markets, competitive pressure from international brands in new energy vehicles, and increased transportation costs due to geopolitical factors; the company has formulated corresponding measures, such as assisting customers with policy utilization, enhancing product competitiveness, strengthening foreign exchange risk management, and coordinating sea freight resources in advance, to address these challenges - Domestic risks: Local fiscal constraints lead to insufficient demand in the public transport market; industry overcapacity and product homogenization intensify competition[43](index=43&type=chunk)[44](index=44&type=chunk) - Overseas risks: Currency depreciation and declining foreign exchange reserves in some emerging countries pose payment difficulties; international brands' competitiveness in new energy commercial vehicles is increasing; geopolitical tensions in areas like the Red Sea significantly increase transportation costs[44](index=44&type=chunk) [Corporate Governance](index=14&type=section&id=第四节%20公司治理) [Shareholders' Meetings and Executive Changes](index=14&type=section&id=一、股东大会情况) During the reporting period, the company held two shareholders' meetings, approving proposals such as revising the Articles of Association, annual report, and profit distribution; significant changes occurred in the company's senior management and board of directors, including the appointment of a new general manager, deputy general manager, and CFO, and the election of new directors - The 2024 First Extraordinary Shareholders' Meeting and the 2023 Annual Shareholders' Meeting were held during the reporting period, with all proposals reviewed and approved[47](index=47&type=chunk)[48](index=48&type=chunk) - Company senior personnel changes: - Li Panpan appointed as General Manager - Dong Xiaokun appointed as Deputy General Manager and elected as a Director - Wu Yilun appointed as Chief Financial Officer - Zhang Tongqiu elected as a Director[49](index=49&type=chunk)[50](index=50&type=chunk) - The company has no profit distribution or capital reserve capitalization plan for the half-year period[50](index=50&type=chunk) [Environmental and Social Responsibility](index=15&type=section&id=第五节%20环境与社会责任) [Environmental Information](index=15&type=section&id=一、环境信息情况) As a key pollutant-discharging unit, the company disclosed detailed pollutant discharge information and the construction and operation of pollution prevention facilities for its four plants; the company strictly adheres to environmental regulations, investing over RMB 250 million in environmental upgrades and establishing a comprehensive environmental management system; in the first half of 2024, carbon emissions were reduced by approximately 3,760 tons through energy saving and clean energy utilization - All four of the company's plants (Shibalihe, New Energy, Special Vehicle, Jingyida) are disclosed as key pollutant-discharging units, with major pollutant emissions meeting standards and within permitted total limits[51](index=51&type=chunk)[53](index=53&type=chunk) - Since 2018, the company has cumulatively invested over **RMB 250 million** in environmental upgrades, introducing industry-leading VOCs treatment facilities and welding fume treatment facilities to ensure continuous and stable compliance of pollutant emissions[55](index=55&type=chunk) - In the first half of 2024, the company reduced carbon dioxide emissions by approximately **3,760 tons** through management innovation, energy saving improvements, photovoltaic power generation, and waste heat utilization[69](index=69&type=chunk)[70](index=70&type=chunk)[72](index=72&type=chunk) - All of the company's plants have been rated as A-level environmental performance enterprises and were among the first to be designated as "Waste-Free Factories"[69](index=69&type=chunk) [Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=22&type=section&id=二、巩固拓展脱贫攻坚成果、乡村振兴等工作具体情况) The company actively fulfills its social responsibilities, contributing to society in the first half of 2024 through projects such as industrial poverty alleviation, child road safety public welfare, critical illness assistance, and "Winter Warmth"; industrial poverty alleviation procurement amounted to RMB 42.27 million, child road safety public welfare donated RMB 2 million, critical illness assistance supported 366 employees with RMB 2.3437 million - Industrial Poverty Alleviation: Continued procurement of components from less developed areas in Henan, with procurement exceeding **RMB 42.27 million** in the first half[72](index=72&type=chunk) - Public Welfare Activities: Donated **RMB 2 million** for the "Child Road Safety Public Welfare Campaign"; provided critical illness assistance totaling **RMB 2.3437 million** to 366 employees in need; donated materials and funds to people in impoverished mountainous areas and Xinjiang and Tibet regions[72](index=72&type=chunk) [Significant Matters](index=24&type=section&id=第六节%20重要事项) [Fulfillment of Commitments](index=24&type=section&id=一、承诺事项履行情况) During the reporting period, the company's controlling shareholder Yutong Group, Mengshi Bus, and actual controller Tang Yuxiang strictly fulfilled their commitments made in the acquisition report regarding ensuring the independence of the listed company, avoiding horizontal competition, and regulating related party transactions - The controlling shareholder and actual controller continued to fulfill their commitments to ensure the independence of the listed company in terms of personnel, finance, organization, assets, and business[75](index=75&type=chunk) - Relevant parties strictly adhered to commitments to avoid horizontal competition and regulate related party transactions, with all commitments being continuously and effectively fulfilled[76](index=76&type=chunk) [Significant Related Party Transactions](index=27&type=section&id=十、重大关联交易) The company's significant related party transactions primarily involve financial services with its affiliated finance company, Zhengzhou Yutong Group Finance Co., Ltd.; at the end of the reporting period, the company's deposit balance with this finance company was RMB 2.802 billion, and it also obtained a comprehensive credit line of RMB 2 billion, with RMB 412 million utilized at period-end Financial Business with Related Party Finance Company (Unit: RMB Billion) | Business Type | Related Party | Total Amount/Limit | Period-End Balance/Utilized Amount | | :--- | :--- | :--- | :--- | | Deposit Business | Zhengzhou Yutong Group Finance Co., Ltd. | 3.00 | 2.802 | | Comprehensive Credit Line | Zhengzhou Yutong Group Finance Co., Ltd. | 2.00 | 0.412 | [Significant Contracts and Guarantees](index=29&type=section&id=十一、重大合同及其履行情况) During the reporting period, the company had no significant entrustment, contracting, or leasing matters; regarding guarantees, the company primarily provided guarantees for its subsidiaries, with a total guarantee balance of RMB 964 million for subsidiaries at the end of the reporting period; additionally, the company provided phased guarantees for mortgage loans of homebuyers for its employee housing project subsidiary, with a balance of RMB 550 million Company Guarantee Total Amount (Unit: RMB) | Item | Amount | | :--- | :--- | | Total Guarantee Balance for Subsidiaries at Period-End | 963,738,963.39 | | Proportion of Total Guarantees to Company's Net Assets | 7.90% | | Debt Guarantees Provided for Guaranteed Parties with Asset-Liability Ratio Exceeding 70% | 953,742,963.39 | - The company provided mortgage loan guarantees for its employee housing project subsidiary to banks, with a balance of **RMB 550 million**[85](index=85&type=chunk) [Share Changes and Shareholder Information](index=30&type=section&id=第七节%20股份变动及股东情况) [Shareholder Information](index=30&type=section&id=二、股东情况) During the reporting period, the company's total share capital and share structure remained unchanged; as of the end of the reporting period, the total number of common shareholders was 55,836; the top two shareholders were Zhengzhou Yutong Group Co., Ltd. (37.70% stake) and Hong Kong Securities Clearing Company Limited (16.57% stake) - As of the end of the reporting period, the total number of common shareholders was **55,836**[86](index=86&type=chunk) Top Five Shareholders' Shareholding | Shareholder Name | Shares Held at Period-End (shares) | Proportion (%) | | :--- | :--- | :--- | | Zhengzhou Yutong Group Co., Ltd. | 834,755,347 | 37.70 | | Hong Kong Securities Clearing Company Limited | 366,858,326 | 16.57 | | Mengshi Bus Co., Ltd. | 87,428,292 | 3.95 | | National Social Security Fund 101 Portfolio | 42,253,782 | 1.91 | | China Highway Vehicle & Machinery Co., Ltd. | 40,885,192 | 1.85 | [Financial Report](index=33&type=section&id=第十节%20财务报告) [Audit Opinion](index=33&type=section&id=一、审计报告) This semi-annual financial report is unaudited - This semi-annual report is unaudited[3](index=3&type=chunk)[91](index=91&type=chunk) [Financial Statements](index=33&type=section&id=二、财务报表) This chapter includes the company's main financial statements for the first half of 2024, comprising the consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity - Provides consolidated and parent company balance sheets as of June 30, 2024[91](index=91&type=chunk)[93](index=93&type=chunk) - Provides consolidated and parent company income statements for January-June 2024[95](index=95&type=chunk)[96](index=96&type=chunk) - Provides consolidated and parent company cash flow statements for January-June 2024[97](index=97&type=chunk)[98](index=98&type=chunk) - Provides consolidated and parent company statements of changes in owners' equity for January-June 2024[99](index=99&type=chunk)[101](index=101&type=chunk) [Notes to Financial Statements](index=45&type=section&id=三、公司基本情况) This chapter serves as the notes to the financial statements, detailing the company's basic information, basis of financial statement preparation, significant accounting policies and estimates, and providing detailed explanations and analyses of major financial statement items - These financial statements are prepared on a going concern basis, in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance[105](index=105&type=chunk)[106](index=106&type=chunk) - Revenue Recognition Policy: The company recognizes revenue when the customer obtains control of the related goods or services; domestic sales are generally recognized upon customer receipt, while export sales are recognized when goods pass the ship's rail and customs declaration is completed, according to FOB or CIF terms[182](index=182&type=chunk) - R&D Expenditure Policy: Expenditures in the research phase are expensed, while expenditures in the development phase are capitalized when specific conditions are met, such as technical feasibility and commercial intent[164](index=164&type=chunk)[165](index=165&type=chunk)

Financial Data and Key Metrics Changes - The company expects net profit attributable to shareholders for the first half of 2024 to be between 1.55 billion and 1.79 billion yuan, representing a year-on-year increase of 230% to 280% [2] - The net profit for the second quarter is projected to be around 1.01 billion yuan, a year-on-year growth of 190% and a quarter-on-quarter increase of 54% [2] - The single vehicle net profit for the second quarter reached 79,000 yuan, a significant year-on-year increase of 141% [6] Business Line Data and Key Metrics Changes - In June, the company sold 4,743 vehicles, a slight increase from 4,726 vehicles in the same period last year, with a month-on-month growth of 6% [3] - The export volume in June was 1,580 units, showing a year-on-year increase of 42% and a month-on-month increase of 14% [4] - The company achieved a total sales volume of 12,280 units in the second quarter, a year-on-year increase of 20% and a quarter-on-quarter increase of 66% [5] Market Data and Key Metrics Changes - The company’s export of new energy vehicles in June was 240 units, a year-on-year increase of 35% [4] - The market share of Chinese large and medium buses in overseas markets has increased from 13% in 2017 to approximately 19% in 2023 [15] - The export volume of new energy buses from China reached 8,000 units in 2022, representing a year-on-year growth of 24% [16] Company Strategy and Development Direction - The company aims to maintain a growth trajectory of over 20% annually, targeting a long-term profit level of 5 billion yuan by 2026 [8] - The company is focusing on high-end models and increasing the proportion of new energy vehicles in its product lineup [11] - The company is positioned as a leading player in the industry, benefiting from the continuous growth of exports and structural optimization driven by new energy vehicles [35] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the company’s ability to maintain upward momentum in sales and profitability, driven by strong domestic demand and export growth [11] - The management noted that the domestic market is recovering, particularly in the tourism sector, which is expected to boost demand for buses [29] - The company anticipates a significant recovery in domestic bus demand due to ongoing government support for electric vehicle adoption [32] Other Important Information - The company has maintained a high dividend payout ratio, with a total dividend distribution of 33.2 billion yuan since its listing, significantly exceeding the total capital raised [34] - The company’s cash flow management has been effective, with cash reserves reaching 6.4 billion yuan and free cash flow at 2.05 billion yuan [33] Q&A Session Summary Question: What is the outlook for the company's export business? - Management indicated that the export business is expected to continue its strong growth trajectory, with significant orders already in place for the upcoming months [12] Question: How does the company plan to address domestic market challenges? - The company is focusing on new energy vehicle sales and leveraging government policies to stimulate demand in the domestic market [32] Question: What are the expectations for future profitability? - Management remains optimistic about achieving a profit target of 3.2 billion yuan this year, with potential for further growth in subsequent years [8]

宇通客车 20240709_原文 2024年07月10日 11:21 发言人 00:03 各位投资人，大家下午好，我是博联汽车的陈思竹。今天下午的话，我将和我的同事一块儿跟 跟大家跟大家去汇报一下我们最新出的关于通客车的这样的一些深度。其实大家也能看到，宇 通从二三年以来，整个股价的表现，包括公司业绩的表现，其实是非常不错的。我们其实想在 从这样的一篇报告，我们不光从公司的一个基本面出发，我们可能更多的还是想说从这个公司 的一个定价的一个角度去看，究竟如何给这家公司定价。因为我们其实确实会发现，除了他的 自身的成长性之外的话，其实我们能够从这个是公司身上，其实是能看到它的一个非常稀缺的 一个特征的。我这边的话可能先给大家去做一下前期的一些回顾。 发言人 01:02 首先的话其实我们能够看到，因为随着整个客车行业的销量的恢复，其实重点还是来自于出口 这边的一个超预期。其实国内的话在去年其实依然是在下滑的。但是我们看到宇通大的无论是 收入端还是利润端，在二三年表现都非常都还是非常不错的。而且尤其是盈利端，它的展现了 一个非常强的一个利润的弹性。我们觉得这个其实重点来说，确实是由它的出口来带动的。 发言人 01:3 ...