中车电动携多款产品亮相比利时客车展，展现出在全球电动化领域的核心竞争力。 比利时布鲁塞尔2025年10月4日，2025世界客车博览会（Busworld 2025）盛大启幕。 作为全球客车领域规模最大、历史最悠久的专业展会，本次客车展共有来自40多个国家和 地区的560余家品牌参展。以中车电动为代表的"中国智造"新能源客车品牌的参展，更是吸 引了广泛关注。 作为新能源和绿色交通的引领者，中车电动致力于推动新能源商用车行业可持续发展。第一 商用车网现场发现，此次展会上，中车电动不仅重磅发布了EU12C豪华纯电旅游车与E12D 纯电动双层公交巴士2款全新产品，而且还展出了多功能移动售卖车和多款零部件等产品， 为客户全生命周期高价值运营提供了更加多样化的解决方案。 电动化客车组团来袭 覆盖微循环/城际/旅游多场景 现场，中车电动共展出4款电动化客车产品。 我们先来看中车电动此次全球首发的2款新品。其中，针对高端旅游场景，中车电动打造了 EU12C豪华纯电动旅游客车。该车搭载中车自研高性能驱动电机，峰值功率高达480千 瓦，最大扭矩为5100牛米，山区道路爬坡能力超30%，动力表现媲美传统柴油客车；宁德 时代440.4 ...

2025年10月4日，两年一届的比利时世界客车展如约举行。展会期间，中通客车隆重发布 H12E-Plus、N12D（欧洲版）纯电动客车。为纯电而生、为欧洲而来，两款新品的发布吸引 了世界各国用户及媒体的广泛关注。 绿色军团亮相 "中通造"逐鹿欧洲竞技场 纯电动车在环保、节能、智能、舒适等方面具有显著优势，成为世界各国绿色交通转型的重要 选择。据统计，2025年仅在欧盟市场，纯电动车市场份额同比提升24.8%。 中通H12E-Plus、N12D两款客车集设计、体验、运营等优势于一体，真正打造面向国际市场 的中国智造精品。 中通H12E-Plus以灵动的前脸，海洋之韵的腰线，兼具了美感与低风阻造型。同时，独家打 造的"主被动安全+电气安全"的立体安全架构，全方位守护驾乘人员安全。 以欧洲GDPR法规要求为基准，中通H12E-PLus全面提升主动安全性能。AEB60km/h 刹 停，驾驶员嗜睡和注意力警告系统（DDAW）准确率达99%，前碰撞预警系统（FCW）可实 现碰撞前3-4S预警提示…… 同时，中通H12E-Plus采用100%的球笼结构，整车87%的高强钢占比，最大35°的侧倾角， 前碰撞及侧翻防护设计，筑 ...

Core Viewpoint - Zhongtong Bus has achieved significant growth in both performance and sales through continuous expansion into overseas markets, with notable increases in revenue and profit margins [3][4][10]. Sales Performance - In August 2025, Zhongtong Bus sold 1,052 vehicles, a year-on-year increase of 10.5%, while total sales for the first eight months reached 7,904 vehicles, up 2.21% [3][6]. - Large vehicle sales in August reached 666 units, a 61.26% increase year-on-year, while medium and light vehicle sales saw declines [4][6]. - The company reported a total of 4,976 large vehicles sold in the first eight months, reflecting a 7.1% increase [4][6]. Financial Performance - For the first half of 2025, Zhongtong Bus achieved revenue of 3.941 billion yuan, a 43.02% increase year-on-year, and a net profit of 190 million yuan, up 71.61% [4][10]. - Domestic revenue was 1.184 billion yuan, a 29.16% increase, while international revenue reached 2.757 billion yuan, growing by 49.94% [10][11]. - The proportion of international revenue in total revenue rose to 69.96%, an increase of 3.23 percentage points from the previous year [5][11]. Market Strategy - The company is focusing on optimizing its market structure and has made significant strides in exporting new energy buses, which are becoming a key driver of growth [7][9]. - A recent shipment of 250 buses to Burkina Faso marks a significant milestone in Zhongtong's overseas expansion efforts [7][8]. Research and Development - Zhongtong Bus increased its R&D expenditure to 125 million yuan, a 44.68% rise year-on-year, focusing on new product development and advanced technology research [14]. - The company holds 502 valid patents, including 152 invention patents, and has received 22 new patent authorizations in the first half of 2025 [14]. Share Buyback - The company announced a share buyback plan with a total amount not less than 600 million yuan and not exceeding 1.2 billion yuan, with approximately 70 million yuan already spent by the end of August [14][15]. - Since the initiation of the buyback, the company's stock price has increased by approximately 9.3% [16].

Group 1 - The company reported a significant increase in bus sales for August 2023, achieving 4,260 units sold, which represents a year-on-year growth of 16.8% and a month-on-month increase of 32.3% [1] - The production for August was 4,165 units, showing a slight decline of 0.6% year-on-year but an increase of 8.2% month-on-month [1] - Cumulative sales from January to August reached 29,000 units, reflecting a year-on-year growth of 4.5%, indicating a continuous expansion in sales momentum [1] Group 2 - The company has successfully tested its new generation pure electric intercity bus IC12E in Italy, marking its entry into the European electric intercity bus market [2] - The IC12E has been delivered to the V.I.T.A. transport company in Italy and is now in operation, contributing to the company's comprehensive electric product matrix [2] - The company signed four cooperation agreements in Chile, totaling over 300 million RMB, further solidifying its presence in the Latin American market [2] Group 3 - Revenue forecasts for the company from 2025 to 2027 are projected to be 43.04 billion, 52.74 billion, and 61.94 billion RMB, respectively, with net profits expected to be 4.90 billion, 6.22 billion, and 7.62 billion RMB [3]

Core Viewpoint - The article highlights the launch of the CRRC Electric Whale R11, a new high-end electric tourist bus, which has gained popularity in the Central China region, particularly in Wuhan, due to its advanced features and operational efficiency [1][16]. Group 1: Product Features - The Whale R11 is designed for high-end tourism and suburban commuting, featuring a large design that meets diverse operational needs [3]. - The bus includes an intelligent cockpit with a user-friendly layout, integrating a liquid crystal dashboard and central control screen for easier vehicle management [3]. - The passenger area is designed as an experiential cabin with luxurious seating and ample space, accommodating 24-48 seats, and featuring high-transparency panoramic glass for a spacious feel [5]. - The bus has a luggage compartment with a volume of 3.8 cubic meters, capable of holding 64 pieces of 20-inch luggage, enhancing convenience for travelers [7]. Group 2: Performance and Efficiency - The Whale R11 is equipped with a central direct drive power system, featuring a peak power of 240 kW (approximately 326 horsepower) and a peak torque of 2900 Nm, making it suitable for urban traffic conditions [10]. - The vehicle's battery allows for a range exceeding 300 kilometers, with a maximum of 588 kilometers, catering to short-distance and tourist shuttle services [10]. - The overall energy consumption of the bus has been reduced by 7%-12% due to lightweight design and optimized control algorithms [12]. - The bus's structural integrity is enhanced with a high-strength steel frame, improving safety and stability by 30% [12]. Group 3: Technological Integration - The Whale R11 features a cloud control system that allows drivers to remotely diagnose and control the vehicle via a WeChat mini-program, utilizing 5G technology for real-time data access [14]. - This integration of technology aims to improve operational efficiency and reliability for various service scenarios, including corporate commuting and event transportation [9][14]. Group 4: Market Positioning - The launch of the Whale R11 reflects CRRC Electric's commitment to addressing market demands and enhancing the quality of travel in Central China [16]. - The vehicle is positioned to serve diverse operational scenarios, including industrial park commuting and event shuttle services, showcasing its versatility [9].

Core Viewpoint - Yutong Bus has demonstrated resilience in the commercial vehicle market, achieving notable sales and profit growth despite industry challenges, particularly in the bus segment [1][2]. Financial Performance - In the first half of 2025, Yutong Bus reported a total revenue of 16.129 billion yuan, a slight decrease of 1.26% year-on-year [4] - The net profit attributable to shareholders was 1.936 billion yuan, reflecting a year-on-year increase of 15.64% [4] - The company’s total profit reached 2.234 billion yuan, up 22.49% from the previous year [4] Sales Performance - Yutong Bus sold 21,321 buses in the first half of 2025, marking a 3.73% increase year-on-year [4] - The overall bus market in China saw a 4.4% growth, with Yutong's growth slightly below the market average, yet it outperformed the large and medium bus segment [4][5] - Yutong maintained a dominant market share of 34.81% in the large bus segment and 31.62% in the medium bus segment [5] New Energy and Export Markets - The sales of new energy buses reached 4,774 units, a 36% increase, capturing a market share of 26.30% [10] - Yutong exported over 60,200 buses in the first half of 2025, achieving a market share of 16.91% in the export market [14] - The company has established a significant presence in overseas markets, with over 400 authorized service outlets globally [19] Research and Development - Yutong invested 746 million yuan in R&D, accounting for 4.63% of its revenue, focusing on smart connectivity and electric vehicle technologies [15] - The company launched new electric bus models tailored for various operational scenarios, enhancing its product offerings [15] Service and Customer Experience - Yutong introduced a direct service model with user centers in major cities, aiming to improve customer service and satisfaction [16] - The company plans to establish over 60 direct service centers and 90 mobile service teams to enhance service accessibility [16] Future Outlook - The implementation of "old-for-new" policies and ongoing urban transportation projects are expected to boost demand for buses, particularly in the new energy segment [20] - Yutong is well-positioned for growth in the upcoming periods, leveraging its strong market presence and product innovation [20]

Core Viewpoint - The company reported its 2025 mid-year results, showing a mixed performance with a decline in revenue but significant profit growth, indicating a potential recovery phase driven by export sales and cost optimization [3][4][5]. Financial Performance - In Q2 2025, the company achieved revenue of 5.405 billion yuan, a year-on-year decrease of 6.5% but a quarter-on-quarter increase of 9.8%. The net profit attributable to shareholders was 69 million yuan, up 42.5% year-on-year and 48.6% quarter-on-quarter, marking the first quarterly profit in five years [3]. - The company reported a gross margin of 11.8% in Q2 2025, an increase of 2.7 percentage points year-on-year and 0.5 percentage points quarter-on-quarter, primarily due to internal cost optimization [5]. Sales and Export Growth - The company's sales in Q1 and Q2 2025 were 11,000 and 11,500 units respectively, with a year-on-year change of +11.19% and -12.20%. The net profit per vehicle in Q2 2025 was 6,000 yuan, reflecting a quarter-on-quarter increase of 62% [4]. - Export sales in the first half of 2025 reached 14,000 units, a year-on-year increase of 52.4%, with new energy vehicle exports accounting for 2,028 units. In Q2 2025, exports were 7,000 units, up 24.2% quarter-on-quarter [4]. Cost Control and Efficiency - The company achieved a period expense ratio of 9.3% in Q2 2025, a decrease of 0.8 percentage points year-on-year and 0.1 percentage points quarter-on-quarter, attributed to internal cost reduction and efficiency improvements [5]. Strategic Developments - The company completed the acquisition of a 40% stake in Jinlong Bus Company, marking the end of the "Three Dragons" integration. New management appointments are expected to focus on internal efficiency, potentially accelerating profit release [6]. Profit Forecast and Investment Rating - The company maintains revenue projections of 25 billion, 26.8 billion, and 28.5 billion yuan for 2025-2027, with net profit estimates of 440 million, 640 million, and 830 million yuan, reflecting significant growth rates [7].

Investment Rating - The report maintains a "Buy" rating for Jinlong Automobile (600686) [1] Core Views - The company's performance in Q2 2025 met expectations, with a revenue of 5.405 billion yuan, a year-on-year decrease of 6.5% but a quarter-on-quarter increase of 9.8% [7] - The net profit attributable to shareholders for Q2 2025 was 69 million yuan, representing a year-on-year increase of 42.5% and a quarter-on-quarter increase of 48.6% [7] - The company achieved a gross margin of 11.8% in Q2 2025, an increase of 2.7 percentage points year-on-year and 0.5 percentage points quarter-on-quarter, driven by internal cost optimization [7] - The integration of three subsidiaries and a management reshuffle are expected to usher in a new development phase for the company [7] - The report forecasts revenue growth for 2025-2027 at 25 billion, 26.8 billion, and 28.5 billion yuan, respectively, with net profit attributable to shareholders projected at 4.4 billion, 6.4 billion, and 8.3 billion yuan [7] Summary by Sections Financial Performance - Q2 2025 revenue was 5.405 billion yuan, down 6.5% year-on-year but up 9.8% quarter-on-quarter [7] - Q2 2025 net profit attributable to shareholders was 69 million yuan, up 42.5% year-on-year and 48.6% quarter-on-quarter [7] - The gross margin for Q2 2025 was 11.8%, reflecting a year-on-year increase of 2.7 percentage points [7] Sales and Market Dynamics - The company sold 11,500 units in Q2 2025, with a year-on-year increase of 11.19% in Q1 but a decrease of 12.20% in Q2 [7] - Export sales in H1 2025 reached 14,000 units, a year-on-year increase of 52.4% [7] Management and Strategic Developments - The completion of the integration of three subsidiaries is expected to enhance operational efficiency [7] - A new management team is anticipated to focus on internal efficiency improvements [7] Earnings Forecast - Revenue projections for 2025-2027 are 25 billion, 26.8 billion, and 28.5 billion yuan, with corresponding net profits of 4.4 billion, 6.4 billion, and 8.3 billion yuan [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2025 was driven by export growth, with expectations for high demand in the second half of 2025 [1] - The company achieved a total sales volume of 21,000 units in the first half of 2025, representing a year-on-year increase of 3.7%, outperforming the industry average [1] - The gross margin improved to 22.9% in Q2 2025, benefiting from an optimized sales structure [1] - The company maintains a strong cash position, with a net operating cash flow of 300 million yuan in Q2 2025 [1] Financial Forecasts - Total revenue is projected to reach 42.92 billion yuan in 2025, with a year-on-year growth of 15.32% [1] - The net profit attributable to the parent company is expected to be 4.63 billion yuan in 2025, reflecting a year-on-year increase of 12.39% [1] - The earnings per share (EPS) is forecasted to be 2.09 yuan in 2025, with a price-to-earnings (P/E) ratio of 13.36 times [1][8]

Core Viewpoint - Yutong Bus Co., Ltd. demonstrates strong performance in the first half of 2025, maintaining its leading position in the bus industry despite market challenges, with significant sales and profit growth [1][2]. Financial Performance - In the first half of 2025, Yutong sold 21,321 buses, a year-on-year increase of 3.73% - The company achieved operating revenue of 16.129 billion yuan and a net profit attributable to shareholders of 1.936 billion yuan, up 15.64% year-on-year [1]. Market Position - Yutong remains the industry leader in the production and sales of large and medium-sized buses, with a market share of 55.4%, an increase of nearly 7 percentage points year-on-year [2]. - In the public transport sector, Yutong's sales of new energy buses reached 1,647 units, a year-on-year increase of 127.5%, capturing a market share of 22.2% [2]. Product Innovation and Strategy - Yutong focuses on high-end, customized, and new energy buses, launching models like the Tianyu S12, which features the highest bus height in the industry and extensive window views [4]. - The company has developed over ten low-floor, elderly-friendly bus products, with sales of these models increasing from 13% in 2021 to 60% in the first half of 2025 [5]. International Expansion - Yutong's overseas sales have seen significant growth, with exports of 2,103 buses in June 2025, a year-on-year increase of 33.19% [7]. - The company has secured major contracts in various regions, including 400 electric buses in Pakistan and 287 electric buses in Norway, indicating strong international demand [8][9]. Research and Development - Yutong invested 746 million yuan in R&D in the first half of 2025, accounting for 4.63% of its operating revenue, focusing on key areas like intelligent networking and battery technology [10]. - The company has made breakthroughs in battery longevity and smart technology, including the development of a 15-year pre-lithiation long-life battery [10][11]. Future Outlook - The demand for buses is expected to see slight growth in the second half of 2025, driven by policies promoting new energy buses and urban transportation integration projects [11]. - Yutong is well-positioned to benefit from expanding domestic and international markets, leveraging its product, channel, and brand advantages [11].