每经记者｜段思瑶 每经编辑｜余婷婷 出口方面，上半年宇通客车在欧洲、非洲、中亚、中东等多地实现了批量交付。其中，大中型客车出口 量为2103辆，同比增长33.19%，环比增长129.33%。新能源汽车方面，宇通国内大中型新能源客车销量 为3701辆，同比增长57.8%；国内大中型新能源公交车销量为1578辆。 对于今年下半年客车市场的预判，宇通客车方面表示，在多重利好因素的推动下，预计下半年客车行业 需求将实现同比略增。一方面，新能源公交"以旧换新"政策持续实施，为市场注入稳定动力；另一方 面，"十四五"第二批"公交都市"、城乡交通一体化等示范项目建设的推进，也将进一步刺激市场需求。 封面图片来源：宇通客车官方微博 8月25日，宇通客车（600066.SH）发布的2025年半年度报告显示，报告期内，公司实现营业收入161.29 亿元，同比微跌1.26%；实现归属于上市公司股东的净利润（以下简称"归母净利润"）19.36亿元，同比 增加15.64%。同时，拟每10股派息5元（含税）。 宇通客车归母净利润实现同比增长，与其在大中型公交客车市场和出口、新能源三大市场销量的增长有 关。官方数据显示，今年上半年宇通客车 ...

Core Viewpoint - The company reported a decline in revenue for Q1 2025, but an increase in net profit year-on-year, indicating a mixed performance driven by changes in sales structure and cost management [1][3]. Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 6.42 billion yuan, a year-on-year decrease of 3% and a quarter-on-quarter decrease of 51% [1][2]. - The net profit attributable to shareholders was 760 million yuan, reflecting a year-on-year increase of 15% but a quarter-on-quarter decrease of 55% [1][3]. - The gross profit margin was 18.9%, down 6.0 percentage points year-on-year and 7.0 percentage points quarter-on-quarter [3]. Group 2: Sales and Market Dynamics - The company sold 9,011 buses in Q1, a year-on-year increase of 16.6%, with significant growth in light buses, which saw a 129.1% increase [2]. - The average revenue per vehicle was 712,000 yuan, down 16.8% year-on-year and 15.6% quarter-on-quarter, primarily due to a decrease in the proportion of large and medium buses sold [2]. Group 3: Cost Management and Profitability - The company improved its expense management, with a net profit margin of 12.0%, up 2.0 percentage points year-on-year [3]. - The total impairment for credit and assets was 280 million yuan, an increase of 250 million yuan year-on-year, mainly due to the reversal of receivable impairments [3]. Group 4: Future Outlook - The new energy bus replacement subsidy policy is expected to boost domestic demand, with an average subsidy of 80,000 yuan for buses over eight years old [4]. - The company is projected to maintain revenue growth in 2025, with expected revenues of 42.7 billion yuan, a year-on-year increase of 14.8% [5].