12月3日，宇通客车股份有限公司发布2025年11月份产销数据快报。快报显示，2025年 11月份，宇通客车销售各类车型4058辆，同比增长8.62%。其中，大型客车销售1838 辆，同比增长23.19%；中型客车销售1613辆，同比增长28.83%；轻型客车销售607辆， 同比下降38.81%。 | 产 | 品 | 2025 年 | 去年同期 | 单月数量 | 本年 | 去年同期 | 累计数量 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 11月份 | | 同比变动 | 累计 | 累计 | 同比变动 | | 销售量 | | 4,058 | 3.736 | 8.62% | 40.654 | 38,303 | 6.14% | | 其中:大型 | | 1,838 | 1.492 | 23.19% | 20.837 | 20,630 | 1.00% | | 中型 | | 1,613 | 1,252 | 28.83% | 12,589 | 12,574 | 0.12% | | 轻型 | | 607 | 992 | -38.81% | 7,228 | ...

Core Insights - The China Automobile Circulation Association reported that the wholesale bus sales in September 2025 reached 55,800 units, representing a year-on-year increase of 33.70% and a month-on-month increase of 24.96% [1][5] - Cumulative wholesale bus sales from January to September 2025 totaled 407,300 units, showing a year-on-year growth of 9.54% [5] Sales Breakdown - In September 2025, the sales of different bus categories were as follows: - Large buses: 7,500 units sold, cumulative sales of 50,600 units - Medium buses: 4,700 units sold, cumulative sales of 32,400 units - Light buses: 43,600 units sold, cumulative sales of 324,300 units [5] Market Share - For large buses in September, the top five companies accounted for 73.99% of the market share, including Yutong, Suzhou Jinlong, Zhongtong Bus, Xiamen Jinlong, and Ankai Bus [16] - For medium buses, the top five companies held 56.86% of the market share, with Yutong, Shenwo Bus, Dongfeng Group, Geely Commercial Vehicles, and Suzhou Jinlong leading [20] - In the light bus segment, the top five companies captured 87.86% of the market share, led by Changan Automobile, SAIC Maxus, Jiangling Motors, Foton Motor, and Iveco [23]

Core Insights - In August 2025, the wholesale sales of buses reached 44,700 units, representing a year-on-year increase of 11.63% and a month-on-month increase of 7.43% [1][3] - Cumulative wholesale sales from January to August 2025 totaled 351,500 units, showing a year-on-year growth of 6.48% [1][3] Sales Breakdown - In August 2025, the sales figures for different bus categories were as follows: - Large buses: 5,800 units sold, cumulative sales of 43,100 units - Medium buses: 4,200 units sold, cumulative sales of 27,700 units - Light buses: 34,700 units sold, cumulative sales of 280,700 units [3] Market Share - In August 2025, the top five companies in large bus sales accounted for 73.54% of the market share, with Yutong, Zhongtong Bus, Suzhou Jinlong, Xiamen Jinlong, and Jintai Bus leading [13] - For medium buses, the top five companies held 65.83% of the market share, including Yutong, Foton Motor, Xiamen Jinlong, Suzhou Jinlong, and Zhongtong Bus [17] - In the light bus segment, the top five companies captured 84.16% of the market share, led by Changan Automobile, SAIC Maxus, Jiangling Motors, Foton Motor, and JAC Motors [20]

Group 1 - The core viewpoint of the report is a "buy" rating for Yutong Bus (600066.SH) with a latest price of 26.08 yuan, based on several factors [2] - July sales showed a month-on-month decline, indicating a seasonal slowdown but potentially preparing for future inventory buildup [2] - The sales in various segments decreased month-on-month, but the proportion of light commercial vehicle sales increased year-on-year [2] - Yutong's market share in Europe is steadily increasing, supported by a significant order for new energy buses from Pakistan, which is expected to boost sales in the second half of the year [2]

Core Viewpoint - Ankai Bus (000868) reported a total sales volume of 964 units as of June 2025, with a cumulative sales volume of 3,742 units for the year, representing a year-on-year increase of 37.88% [1] Group 1: Sales Performance - In June, the sales volume of large buses reached 613 units, with a cumulative total of 1,857 units for the year, showing a significant year-on-year growth of 121.33% [1] - The sales volume of medium buses in June was 258 units, with a cumulative total of 1,261 units for the year, reflecting a year-on-year increase of 25.60% [1] - The sales volume of light buses in June was 93 units, with a cumulative total of 624 units for the year, indicating a year-on-year decline of 28.36% [1]