Core Viewpoint - In October 2025, China's bus exports unexpectedly declined, ending a 21-month streak of year-on-year growth, with a total export of 5,105 vehicles, marking a month-on-month decrease of 29.37% and a year-on-year decrease of 22.37% [1][3][10]. Group 1: Export Performance - From January to October 2025, a total of 60,703 buses were exported, an increase of 11,933 vehicles or 24.47% year-on-year [1][12]. - In October 2025, the export volume of large, medium, and light buses all saw year-on-year declines, with large buses at 2,657 units (down 3.94%), medium buses at 1,203 units (down 20.33%), and light buses at 1,245 units (down 45.87%) [5][7][10]. - The export volume of large buses in October was only higher than January and February, indicating a significant drop compared to September's over 7,200 units [3][5]. Group 2: Market Dynamics - The decline in October's bus exports is attributed to three main factors: a high base from the previous year, a noticeable cooling in the bus market, particularly for large buses, and underperformance in light bus exports [10][11][33]. - The market share leaders from January to October 2025 were Yutong with 11,742 units (19.34%), followed by Xiamen King Long and BYD, both showing significant year-on-year growth [12][28]. Group 3: Company Rankings - In the bus export rankings for January to October 2025, Yutong, Xiamen King Long, and Xiamen Jinlv led the market, with notable increases in export volumes for companies like Foton Ouhui and Ankai, which saw growth rates of 76.55% and 182.06% respectively [12][15]. - The top ten companies in bus exports for October 2025 included Yutong (1,000 units), Xiamen King Long (729 units), and Xiamen Jinlv (713 units), with mixed year-on-year performance among these companies [15][28]. Group 4: Segment Analysis - The seat bus segment showed a cumulative export of 34,676 units from January to October 2025, with a year-on-year growth of 26.94%, while the bus segment as a whole saw a cumulative export of 23,562 units, reflecting a 34.49% increase [18][27]. - In the large bus segment, Yutong led with 4,936 units exported, while BYD and Foton Ouhui also performed strongly, indicating a competitive landscape in the large bus market [30][32].

Core Viewpoint - The export performance of China's bus industry in the first four months of 2025 shows significant growth, with a total of 21,447 buses exported, marking a year-on-year increase of 30.81% compared to the same period last year [1][12]. Group 1: Overall Export Performance - In April 2025, a total of 5,736 buses were exported, achieving a year-on-year growth of 26.71% [1][5]. - Since January 2024, China's bus exports have experienced 16 consecutive months of year-on-year growth, indicating a sustained strong market momentum [1][5]. Group 2: Segment Performance - In April 2025, the export figures for different bus types were as follows: large buses 3,218 (down 1.8%), medium buses 965 (up 40.67%), and light buses 1,553 (up 175.35%) [5][6]. - The significant increase in light bus exports is attributed to a low base in the previous year, where only 564 units were exported [5][6]. Group 3: Functional Attributes - In April 2025, the export volumes by function were: seat buses 3,345 (up 18.03%), public buses 1,751 (up 9.44%), school buses 51 (down 30.14%), and other buses 589 (up 2,845%) [7][9]. - The seat bus segment continues to show consistent growth, while public buses have rebounded after a brief decline earlier in the year [7][8]. Group 4: Company Performance - The top five companies in bus exports from January to April 2025 were Xiamen Golden Dragon, Xiamen King Long, Yutong, Zhongtong, and Suzhou King Long Haige, with Xiamen Golden Dragon leading the market [12][13]. - Xiamen Golden Dragon and Xiamen King Long both exported around 3,000 units, with a narrowing gap in their export volumes [12][13]. Group 5: Market Dynamics - The competition among the top companies is intensifying, with notable performances from Ankai and BYD, both of which have shown significant year-on-year growth [12][15]. - The overall bus export market is characterized by a "steady improvement with structural differentiation," indicating varying performance across different segments [10][31].