中国汽车流通协会发布2025年9月客车销量(批发)月度形势分析报告。2025年9月全国客车销量(批发)为5.58万辆，同比增长33.70%，环比增长24.96%。1-9 月累计销量(批发)为40.73万辆，同比增长9.54%。 2025年9月客车销量(批发)为5.58万辆，同比增长33.70%，环比增长24.96%;1-9月累计销量(批发)为40.73万辆，同比增长9.54%。其中大型客车当月销量0.75 万辆，累计销量5.06万辆;中型客车当月销量0.47万辆，累计销量3.24万辆;轻型客车当月销量4.36万辆，累计销量32.43万辆。 连续12个月客车销量变化趋势 销量(万辆) 环比增长率(%) 7.00 80.00 6.00 60.00 5.00 40.00 4.00 20.00 3.00 0.00 2.00 -20.00 1.00 -40.00 0.00 -60.00 202410 202411 202412 202501 202502 202503 202504 202505 202506 202507 202508 202509 2.83 4.08 4.36 轻客 3.24 3.56 3.98 3 ...

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]