Core Viewpoint - The company, Zhongtong Bus, has reported that its products have been exported to over 100 countries and regions, with a steady growth in export revenue expected by 2025, particularly in the South American market, where the increase is significant. The gross margin for exported new energy vehicles is slightly higher than that of fuel vehicles [1]. Group 1 - The company has exported products to over 100 countries and regions [1] - Export revenue is expected to grow steadily by 2025, with a notable increase in the South American market [1] - The gross margin for new energy vehicles is slightly higher than that of fuel vehicles [1]

Core Viewpoint - The company is currently in a critical development phase and aims to balance growth with shareholder interests while planning for future dividends to boost investor confidence [1] Group 1: Company Strategy - The company is focusing on expanding into overseas markets, enhancing product quality, and optimizing management to improve competitiveness and profitability [1] - The company emphasizes the importance of considering market conditions, cash flow from operations, and future funding needs in its strategic planning [1] Group 2: Investor Relations - The company plans to arrange for dividends over the next year to enhance investor confidence [1] - The company aims to create greater value for investors through its strategic initiatives and operational improvements [1]

Group 1 - The core viewpoint of the article is that the company has established a mature expense management system aimed at optimizing costs while maintaining normal business operations [1] Group 2 - The company implements strict budget management, adhering to a policy of "no budget, no expenditure" [1] - The company promotes centralized expense management, with specific departments overseeing particular costs, such as travel and dining expenses [1] - The company utilizes travel platforms for centralized procurement to reduce costs [1] - Although the space for cost control is limited, the company plans to make dynamic adjustments to continuously contribute to profits through management optimization [1]

编号：2026-001 | | √特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | 投资者关系活动类别 | □新闻发布会 □路演活动 | | | □现场参观 □其他 （请文字说明其他 | | | 活动内容） | | 参与单位名称及人员姓名 | 天风证券 董振；泓德基金 季宇 | | 时间 2026 | 年 1 月 28 日 | | 地点 | 公司会议室 | | 上市公司接待人员姓名 | 张峰、赵磊 | | | 一、公司 2025 年新能源客车出口情况，盈利情况如 | | 何？ | | | | 公司产品已累计出口 100 多个国家和地区，2025 年 | | | 出口收入实现稳步增长，新能源客车占比提升，其中 | | | 主要以南美地区增量较大。整体上，新能源车出口毛 | | | 利率略高于燃油车。 | | | 二、目前公司在欧洲市场情况如何？ | | 投资者关系活动主要内容 | 欧洲是公司重要的战略市场。2025 年我们在欧洲的 | | 介绍 | 销量也有明显增长，但目前绝对量较小。进入欧洲市 | | | 场需要克服很多困难，特别是产品开发认证等方面， | ...

Group 1 - The commercial vehicle sector experienced a decline of 0.27% on January 28, with Jinlong Automobile leading the drop [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] - Key stocks in the commercial vehicle sector showed varied performance, with China National Heavy Duty Truck rising by 3.71% and Jinlong Automobile falling by 5.29% [2] Group 2 - The net outflow of main funds in the commercial vehicle sector was 73.19 million yuan, while retail investors saw a net inflow of 230 million yuan [2] - The trading volume and turnover for major stocks in the sector varied, with Jianghuai Automobile achieving a turnover of 2.859 billion yuan [1][2] - Detailed fund flow analysis indicated that several companies, including Dongfeng Motor and Ankai Bus, experienced significant net outflows from main funds [3]

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% in the next six months [58]. Core Insights - The bus industry is positioned to become a global leader in technology output, with overseas market contributions expected to replicate the scale of the Chinese market within 3-5 years [2]. - Key drivers for this cycle include favorable national policies, advanced technology and product quality, and a recovering domestic market post-price war [2]. - The report recommends focusing on companies like Yutong and King Long, which are expected to show significant profit growth and resilience [3][4]. Summary by Sections Industry Overview - December exports exceeded expectations, with a notable increase in both wholesale and retail sales [7][10]. - The overall production in December 2025 was 59,000 units, with a year-on-year increase of 3.94% and a month-on-month increase of 8.56% [11]. Company Performance - Yutong is highlighted as a "model student" with high growth and dividend potential, projecting net profits of 4.94 billion, 5.92 billion, and 7.03 billion yuan for 2025-2027, respectively [4]. - King Long is noted for its rapid progress, with expected net profits of 440 million, 640 million, and 830 million yuan for the same period, reflecting significant growth rates [4]. Market Dynamics - The domestic market has seen the end of price wars, which is expected to enhance profitability for leading companies [6]. - The report anticipates a recovery in demand driven by tourism and public transport upgrades, potentially returning to 2019 levels [2]. Export Trends - December 2025 saw a significant increase in bus exports, with a total of 9,073 units exported, marking a year-on-year increase of 81% and a month-on-month increase of 111% [34]. - Yutong and King Long dominate the export market, with Yutong exporting 2,245 units of passenger buses, capturing a 42% market share [43].

Group 1 - China First Automobile Group Co., Ltd. announced the appointment of Zhang Xiaofan as a member of the party committee and deputy general manager [1] - The appointment was made according to the notice from the Central Organization Department regarding the leadership team of the group [1] Group 2 - Zhongtong Bus released a performance forecast for 2025, projecting a net profit of up to 410 million, representing a 64% increase [9] - China National Heavy Duty Truck Corporation (CNHTC) sold over 27,000 vehicles in a year, with over 6,000 vehicles topping the monthly sales chart [9] - New energy heavy trucks are gaining attention, with major brands like Jiefang, CNHTC, Dongfeng, and SANY launching new products [9]

同时预计扣除非经常性损益后的净利润区间为29000万元至38000万元，较上年同期增长35.47%至77.52%。 公告指出，报告期内，公司积极把握市场机遇，全力推进市场开拓战略，在多个区域与业务领域实现重要突破，国内外市场布局进一步优 化。通过持续推动市场结构转型，并加速产品体系升级，促使核心竞争力得到稳步提升。在上述举措的协同带动下，公司全年营业收入与 利润均实现稳健增长，整体经营业绩迈上新台阶。 中通客车于2026年1月27日发布《2025年度业绩预告》，预计2025年度归属于上市公司股东的净利润区间为32000万元至41000万元，较上 年同期增长28.28%至64.36%。 ...

Summary of Key Points Core Viewpoint - Zhongtong Bus Holdings Co., Ltd. forecasts a net profit attributable to shareholders of 320 million to 410 million yuan for the year 2025, representing a year-on-year growth of 28.28% to 64.36% [1][3]. Performance Forecast - The performance forecast period is from January 1, 2025, to December 31, 2025 [3]. - The expected net profit is positive and shows an upward trend [3]. Financial Data - The projected net profit attributable to shareholders is between 320 million and 410 million yuan, compared to 249.45 million yuan in the same period last year [4]. - The growth rate for net profit compared to the previous year is between 28.28% and 64.36% [4]. - The net profit after deducting non-recurring losses is expected to be between 290 million and 380 million yuan, with a growth rate of 35.47% to 77.52% compared to last year [4]. - Basic earnings per share are projected to be between 0.54 yuan and 0.69 yuan, up from 0.42 yuan in the previous year [4]. Reasons for Performance Change - The company has actively seized market opportunities and fully promoted its market expansion strategy, achieving significant breakthroughs in various regions and business areas [3]. - The optimization of domestic and international market layout, along with continuous market structure transformation and accelerated product system upgrades, has steadily enhanced the company's core competitiveness [3]. - These initiatives have collectively driven steady growth in both revenue and profit, elevating overall operational performance to a new level [3].

Group 1 - The core point of the news is the successful export of 212 domestically produced buses to Algeria, which aligns with the Belt and Road Initiative and aims to enhance local public transportation [1] - The buses are manufactured by Zhongtong Bus Holding Co., specifically designed for Algeria's high temperatures, sandy conditions, and complex road situations, contributing to the country's plan to upgrade its public transport system [1] - This shipment is part of a larger order of 1,000 buses, including 900 city buses focused on urban commuting and school transport, and 100 long-distance coaches for key routes [1] Group 2 - The Tianjin Lingang Customs facilitated the smooth customs clearance for this batch of customized buses, ensuring compliance and efficient shipping processes through pre-verified documentation and real-time monitoring [2] - Zhongtong Bus plans to establish service stations in key areas and provide parts supply and maintenance training to ensure stable operation of the vehicles, adopting a "product + service" model [2]