发挥e-BUS平台优势全新12米、18米车型带来更多选择比亚迪全新12米高地板纯电动大 巴B12.b HF，面向通勤、城际和旅游等用车场景，基于e-BUS平台整体架构，该车最大行 李舱空间5.7m³，容纳多达121个20英寸的行李箱；同时，配备智能驾驶辅助系统，搭载 自主研发的刀片电池，容量495kWh，最高续航可达650公里；不仅为客户带来高安全、高 性能的出行保障，也为乘客带来更舒适的乘坐体验。 10月4日-9日，2025年比利时世界客车博览会(Busworld Europe 2025)在布鲁塞尔举 行。比亚迪携三款基于e-BUS平台3.0重磅打造的新品全球首秀：高地板纯电动大巴B12.b HF、低入口纯电动大巴B12.b LE和18米纯电动铰接车B18.b；及主流车型纯电动大巴 B12.b、B13.b在内的共五款车型和一款12米高地板大巴底盘一同震撼亮相，为欧洲公共交 通绿色出行带来更安全、更高效的整体性解决方案。 同步亮相的纯电动铰接车B18.b，作为18米电动大巴领域的新标杆，充分利用比亚迪电池 底盘一体化技术（CTC）优势，配备746kWh电池，续航里程可达630公里；也使得车辆整 体载客空间增加 ...

2025年10月4日，全球客车行业目光再次聚焦比利时世界客车博览会（BusWorld Brussels）。MG以"Find your more"为主题首次 参展，并正式发布全新商用车品牌MG COMMERCIAL，旗下首款纯电动城市客车iEV12与首款纯电动城市客车底盘B12E也正式亮相。 作为全球规模最大、最具影响力的专业客车展览会之一，BusWorld自1971年创办以来，已经走过了50余年的辉煌历程，成为全球客车 产业发展的重要风向标。 新发布的MG COMMERCIAL品牌定位于旗下大中型客车产品线，专注于新能源商用车市场高端细分领域，通过提供高科技、高附加值 的解决方案，致力于为欧洲市场目标用户群体提供全面的出行选择。MG COMMERCIAL的推出，彰显了MG更宏大的品牌愿景，即加 速构建覆盖个人与公共出行的完整生态系统，实现交通方式的无缝衔接。 buswdett 2028 \ DN 3,3,5,20 D FF I we (B :412 0 16 exceec 4 e 0 @ MG for YOU Y 9 (1 0 ase 0 : -il eve e o e e Ma l n LUT 1 n We ...

Core Viewpoint - The article highlights the rapid growth and market penetration of new energy commercial vehicles, particularly in the cold chain transportation sector, driven by policy support and technological advancements. Policy and Regulations - The State Administration for Market Regulation has revised and published two national standards to enhance vehicle safety, effective from November 1, 2025 [6][12] - The National Energy Administration and other departments are promoting high-quality development of energy equipment, focusing on technological innovation and upgrading product quality in key industries [11][13] Market Insights - Light trucks and small trucks are the main models in the new energy cold chain transportation market, with significant sales growth observed in 2025 [15][16] - From January to August 2025, sales of new energy light cold chain trucks reached 12,000 units, a year-on-year increase of 118.7%, with a penetration rate of 46.4% [16] - Sales of new energy small cold chain trucks reached 4,447 units, a year-on-year increase of 223.9%, with a penetration rate of 56.0% [22] - The penetration rates for new energy medium and heavy trucks are significantly lower at 0.4% and 7.4%, respectively, due to various factors [24][26] Company Monitoring - New models launched include: - Remote Automotive's Star Intelligence F3E, designed for urban logistics with advanced smart features [31][32] - Foton's Aoling Zhiluan EL-plus, tailored for mountainous regions [35] - Shaanxi Automobile's Zhiyun Kunshi light truck, featuring advanced energy efficiency technologies [39] - Changan Automobile's strategic plans for electric and intelligent pickup trucks, focusing on user needs and market expansion [46]

Core Viewpoint - The launch of the Yuanchen Xingzhi F3E aims to address key pain points in urban logistics, such as limited cargo space, low operational efficiency, and short driving range, positioning itself as a competitive product in the new energy commercial vehicle market [1][16]. Design and Aesthetics - The Yuanchen Xingzhi F3E features a trendy and high-end exterior design with three color options, significantly reducing wind resistance to improve vehicle range [3][5]. - The vehicle's wedge-shaped front design and LED lighting enhance its modern aesthetic while ensuring energy efficiency [5]. Cargo Capacity and Structure - The cargo compartment dimensions are 3820mm × 1900mm × 1800mm, with a volume of 13 cubic meters, allowing for substantial cargo capacity [5]. - The body is designed to be lightweight and durable, preventing deformation and leakage, with advanced manufacturing techniques ensuring longevity [5][15]. Interior and Comfort - The interior is designed for comfort, featuring a spacious cabin with multiple storage options and a 12.3-inch HD central display for enhanced user experience [7][9]. - The vehicle includes smart connectivity features, allowing for remote control of various functions, thus improving safety and convenience for drivers [9][11]. Powertrain and Performance - The F3E is equipped with the Xuanwu 11-in-1 power system, featuring a 65kWh battery that provides a CLTC range of up to 360 km, suitable for intercity transport [10][11]. - The vehicle boasts a low energy consumption rate of 16.8 kWh per 100 km, outperforming competitors by 10% [11][15]. Structural Integrity and Load Capacity - The F3E utilizes a 1.5-ton front axle and a 3-ton rear axle, achieving a lightweight design while maintaining a load capacity superior to similar models [15]. - The vehicle's construction incorporates high-strength materials, resulting in a weight reduction of 100 kg compared to competitors, enhancing load efficiency [15]. Market Positioning - The combination of advanced interior design, intelligent features, robust range, and lightweight advantages positions the Yuanchen Xingzhi F3E as a leading product in the small truck market, expected to become a star in the new energy commercial vehicle sector [16].

Core Viewpoint - In August 2025, domestic tractor truck terminal sales experienced a significant year-on-year increase of 83%, marking a "five consecutive months of growth" trend. Cumulatively, tractor truck sales from January to August 2025 increased by nearly 30% compared to the same period last year, with a net increase of over 56,000 units [1][30]. Group 1: Sales Performance - In August 2025, the actual sales of domestic tractor trucks reached 39,600 units, representing a month-on-month increase of 13% and a year-on-year increase of 83%. This growth rate is significantly higher than the overall heavy truck market's growth of 66% [3][6]. - The market share of tractor trucks in the overall heavy truck market reached approximately 59.30% in August, up from 54.41% in July and 53.10% for the entire year of 2024 [5][12]. - The cumulative sales of tractor trucks from January to August 2025 reached 266,700 units, with a year-on-year growth of 27%, an increase of 7 percentage points compared to the growth rate after July [18][22]. Group 2: Brand Performance - In August 2025, the top-selling brand, Jiefang, sold 9,174 units, achieving a year-on-year growth of 72%. Other brands such as China National Heavy Duty Truck and Foton also saw significant increases, with sales of 7,222 units (88% growth) and 5,866 units (90% growth) respectively [9][12][14]. - The top 12 companies in the tractor truck market all achieved sales growth in August, with companies like Xugong, Sany, and United Heavy Truck experiencing more than double growth rates of 156%, 212%, and 216% respectively [14][19]. - The top ten companies accounted for 95.99% of the market share in August, with the top five companies each holding over 10% market share. Jiefang led with a market share of 23.17% [17][22]. Group 3: Market Trends - The market for tractor trucks is experiencing a shift in fuel types, with the share of gas-powered trucks declining by over 20 percentage points compared to the previous year, while the share of pure electric trucks increased by 20.74 percentage points [24][26]. - From January to August 2025, the share of new energy vehicles in tractor truck sales reached 31.93%, significantly higher than the 17.43% share in 2024 [26][28]. - The competition in the tractor truck market remains intense, with the performance of new energy vehicles continuing to be a key factor influencing market dynamics [30].

Core Viewpoint - The company has entered into a repurchase agreement to enhance its sales of new energy commercial vehicles through a leasing model, responding to national policies and market demands [1][2] Group 1: Repurchase Agreement Details - The repurchase agreement involves a total of 51 new energy vehicles leased by a dealer from a financing leasing company [1] - The agreement includes leasing rights and obligations, covering unpaid and due rental payments, but excludes other fees and penalties [1] Group 2: Market Strategy and Trends - The company is actively exploring technological innovation and business model transformation in the new energy commercial vehicle sector [1] - There is a notable shift from purchasing to leasing models among customers, driven by the high initial costs of new energy commercial vehicles [1] - The leasing model is becoming a significant driver for increasing sales in the new energy commercial vehicle market [1][2] Group 3: Financial Collaboration - The company is strengthening partnerships with commercial banks and financial leasing companies to provide financing for customers and dealers purchasing its new energy vehicles [2] - The repurchase obligation serves as a performance guarantee for the company's product sales rather than a pure financing guarantee for third parties [2]

为响应国家政策及政府要求，公司积极探索新能源商用车技术创新和商业模式变革，促进新能源智慧网 联汽车产业链、创新链与资金链深度融合，培育壮大新能源商用车产业及市场。目前，虽然公司的新能 源商用车销量在轻型商用车行业中有较快的增速，但总体销量仍偏低。基于新能源商用车一般购车成本 较高，客户使用新能源商用车的方式从过往的买车模式陆续转变为租车模式。故此，租赁模式已成为拉 动新能源商用车销量的重要途径。 为此，公司借鉴国内汽车企业普遍所采用的融资租赁模式，加强与商业银行及金融租赁公司等金融机构 合作，为客户或经销商购买集团新能源汽车的融资业务提供回购义务。就此，回购协议项下的回购义务 实质上是公司为自身产品销售提供履约增信保证，不属于纯粹为第三方提供融资担保。 智通财经APP讯，庆铃汽车股份(01122)发布公告，于2025年9月19日，公司、融资租赁公司重庆市交通 设备融资租赁有限公司及经销商遵义兴骏铃汽车销售有限公司订立了一份回购协议。 回购标的物为(i)租赁物，为融资租赁合同项下经销商向融资租赁公司租用的一批新能源车辆，车辆总数 为51 辆;及(ii)租赁债权，为融资租赁公司在融资租赁合同项下对经销商享有的与租 ...

Core Viewpoint - The company is facing challenges in maintaining its stock price and profitability, with ongoing discussions about potential mergers and acquisitions, as well as the impact of regulatory changes on its operations [2][3][4]. Financial Performance - As of September 18, 2025, the company's stock closed at 7.11 yuan, down 0.7%, with a turnover rate of 0.5% and a trading volume of 244,000 hands, resulting in a transaction amount of 175 million yuan [1]. - The company reported a net profit of 6.2 million yuan for 2024, with a non-recurring net profit of -57 million yuan, raising questions about the impact of a 4.357 billion yuan financial asset sale on its financial statements [15][17]. Market Position and Competition - The company is perceived to be lagging behind competitors like China National Heavy Duty Truck Group, which has seen significant growth in sales and market capitalization, raising concerns about the company's management and strategic direction [3][21]. - The company is focusing on the new energy vehicle sector, with plans to enhance its product offerings and market presence, but faces skepticism regarding its ability to execute these plans effectively [14][22]. Regulatory and Strategic Developments - The company is preparing for mandatory installation of Advanced Emergency Braking Systems (AEBS) in commercial vehicles by January 2026, indicating compliance with regulatory requirements [2]. - There are ongoing discussions about potential mergers, particularly with China National Heavy Duty Truck Group, although no definitive plans have been confirmed [2][10]. Investor Relations and Management Response - The management has emphasized that stock price performance is influenced by macroeconomic factors, industry cycles, and market sentiment, while also committing to long-term value creation and operational improvements [5][9][12]. - Investors have expressed concerns about the alignment of management interests with shareholder value, particularly in light of the company's declining stock price and profitability [5][21].

Core Viewpoint - The electric bus market is nearing full electrification, but the electric rate for passenger buses remains below 30%, prompting BYD to launch the new e-BUS platform 3.0 and the C11 model to enhance competitiveness and redefine the market landscape [1][2][3] Group 1: Development of BYD's Electric Bus Technology - BYD's electric bus journey began in 2009 with the acquisition of a bus manufacturing license, facing initial challenges such as lack of infrastructure and technology [2] - The first-generation e-BUS platform (1.0) was launched in 2010 with the K9 model, marking a significant breakthrough in electric bus technology [2] - By 2017, Shenzhen became the first city to fully electrify its public transport, with BYD promoting over 16,500 electric buses globally [2] Group 2: Challenges in the Industry - The electric passenger bus sector faces issues such as low electrification rates, insufficient charging infrastructure, and range anxiety among consumers [3] - BYD's new e-BUS platform 3.0 aims to address these challenges by enhancing safety, efficiency, and overall user experience [3] Group 3: Innovations in e-BUS Platform 3.0 - The platform introduces the CTC (Cell to Chassis) technology, integrating the battery with the vehicle's chassis to improve safety and structural integrity [4][5] - The CTC technology allows for a higher center of gravity and improved torsional rigidity, significantly enhancing safety during operation [4] - The platform also features the TBC (Tire Blowout Control) system, which maintains vehicle stability in the event of a tire blowout at high speeds [5] Group 4: C11 Model Features - The C11 model, as the first vehicle on the e-BUS platform 3.0, aims to surpass traditional fuel buses in aesthetics, safety, comfort, and intelligence [5][6] - The C11 offers a spacious luggage compartment and low step height for easier access, along with a variety of safety features including advanced monitoring systems [6] - The model provides multiple battery options, with the highest capacity version offering a range of up to 730 kilometers [6][7] Group 5: Strategic Vision - BYD's advancements in electric bus technology reflect a broader commitment to leading the electric vehicle revolution, positioning itself as a key player in the global market [7] - The company emphasizes the importance of strategic foresight in product development and market positioning to maintain its competitive edge [7]

Core Viewpoint - The lithium battery industry chain is evolving alongside the competition among automotive companies, leading to a reshuffling of market shares and opportunities for both established and emerging players in the electric vehicle (EV) sector [6][7]. Group 1: Market Performance and Trends - From January to August, the top fifteen groups in the new energy vehicle (NEV) sector sold a total of 9.146 million units, representing a year-on-year growth of 39% and accounting for 95.1% of total NEV sales, an increase of 1.5 percentage points compared to the previous year [3]. - The market concentration among the top three NEV companies has increased, but there is a warning sign as their market share peaked at 54.9% in February and has been declining monthly since then [7][8]. - The market concentration of the top five NEV companies decreased from 66% last year to 63.7%, while the top ten's concentration fell from 85.6% to 83.3% [9]. Group 2: Battery Industry Dynamics - The cumulative installed capacity of power batteries in China reached 417.9 GWh from January to August, with a year-on-year growth of 43.1%. The top two, five, and ten battery manufacturers accounted for 65.4%, 81.8%, and 94.4% of the total installed capacity, respectively, with a slight decrease in market share compared to the previous year [5]. - BYD's sales from January to August reached 2.864 million units, a year-on-year increase of 23.1%, with significant export growth of 81,000 units, a 150% increase [8]. - The battery supplier to Geely, Jiyao Tongxing, entered the top ten in power battery installed capacity with 8.21 GWh, representing 1.97% of the market, an increase of 0.66 percentage points year-on-year [8]. Group 3: Emerging Competitors and Opportunities - New entrants like Leap Motor and Xiaopeng have shown remarkable growth, with sales increasing by 140.4% and 251.8% year-on-year, respectively [11]. - Leap Motor's cumulative deliveries reached 328,900 units, with a revenue of 24.249 billion yuan in the first half of the year, a 174% increase year-on-year, marking its first half-year profit [12]. - Non-leading battery manufacturers are finding opportunities in their ability to respond quickly and provide customized services, as seen with Guoxuan High-Tech's collaboration with Volkswagen [17]. Group 4: Commercial Vehicle Market Potential - The domestic sales of new energy commercial vehicles accounted for 23% of total commercial vehicle sales, a significant increase from 15.1% the previous year, indicating substantial growth potential in this segment [18][19]. - Companies like Yuanhang Jinkui and Ruipu Lanjun are capitalizing on the trend of electrification in commercial vehicles, with significant market shares in the heavy-duty truck battery sector [18].