Core Viewpoint - The article highlights the recovery of market demand for Yutong Bus, driven by the implementation of new energy subsidies, leading to significant increases in sales and production figures in June 2025 compared to previous months and the same period last year [3][4]. Sales and Production Data - In June 2025, Yutong Bus achieved total sales of 5,919 units, representing a month-on-month increase of 25% and a year-on-year increase of 94%. The production volume was 5,528 units, with month-on-month growth of 30% and year-on-year growth of 61% [2]. - For the first half of 2025, total sales reached 21,321 units, showing a year-on-year increase of 4%, while production totaled 21,413 units, reflecting a year-on-year increase of 1% [2]. Market Demand Recovery - The article notes that the market demand is gradually recovering as the impact of the off-peak season fades, with June's sales growth significantly higher than in April and May due to the full implementation of new energy subsidy policies [3]. Segment Performance - In June 2025, sales of different vehicle categories showed positive month-on-month growth, with sales of large, medium, and light buses at 3,318, 1,680, and 921 units respectively. Year-on-year growth rates were 21.63%, 17.24%, and 58.25% respectively, with light buses accounting for 15.56% of total sales, an increase of 3.29 percentage points year-on-year [4]. Export Achievements - Yutong Bus marked a significant milestone by exporting its 10,000th vehicle to Central Asia, with total sales in the region exceeding 10,000 units, including over 1,000 new energy vehicles. The company also secured a new order for 1,000 units from Kazakhstan, which will be produced at a local CKD factory, enhancing its localization strategy [5]. Financial Forecast - The company maintains its revenue forecasts for 2025-2027 at 42.9 billion, 49.9 billion, and 56.7 billion yuan, reflecting year-on-year growth rates of 15%, 16%, and 14% respectively. The projected net profit attributable to the parent company for the same period is 4.63 billion, 5.52 billion, and 6.68 billion yuan, with corresponding year-on-year growth rates of 12%, 19%, and 21% [7].

Core Viewpoint - The Ministry of Industry and Information Technology has released a public notice regarding the audit of subsidy funds for the promotion and application of new energy vehicles from 2016 to 2020, indicating a dynamic adjustment of subsidies to prevent companies from becoming overly reliant on them [1][6]. Summary by Sections Subsidy Adjustments and Company Performance - Many car manufacturers received less subsidy than applied for between 2016 and 2020 due to non-compliance with application requirements or failure to upload operational data [1]. - BYD received an average annual subsidy of 3.76 million yuan, with a total reduction of approximately 142 million yuan due to nearly 5,000 fewer vehicles being subsidized than applied for [4]. - Changan Automobile averaged 148,400 yuan in annual subsidies, with a reduction of about 13.27 million yuan due to 438 fewer vehicles being subsidized [4]. - Beijing New Energy Automobile Company received an average of 12.42 million yuan annually, with a total reduction of about 9.7 million yuan due to 2,776 fewer vehicles [4]. Overall Subsidy Trends - From 2017 to 2020, several companies, including GAC Group, FAW Group, Geely, and Dongfeng, received annual subsidies ranging from 910,000 to 13.05 million yuan, with Dongfeng receiving the highest average [5]. - The total subsidy reductions for companies like Dongfeng exceeded 37 million yuan, while BYD and Chery faced reductions of over 140 million yuan [5]. Policy Dynamics - The subsidy policy for new energy vehicles has undergone dynamic adjustments since 2016, influenced by technological advancements and market conditions, to avoid creating dependency among manufacturers [7][8]. - The policy adjustments include raising the entry threshold for subsidies based on vehicle energy consumption, range, and battery performance, as well as cracking down on fraudulent subsidy claims [8]. - By 2024, the penetration rate of new energy passenger vehicles has exceeded 50%, indicating a shift towards market-driven competition beyond subsidies [9].

| -广告 | | --- | 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤储能 资讯~ 2025年5月22日，美国众议院以215票赞成、214票反对的微弱优势通过了特朗普政府力推的"大而美"法案 （One Big Beautiful Bill Act，简称"OBBB法案"）。该法案旨在延长美国总统特朗普上一任期通过的《减税 与就业法案》减税政策，同时大幅削减拜登政府《通胀削减法案》（IRA）中的清洁能源补贴。 根据OBBB法案内容，变化点主要在于： 1)新能源汽车： 对于新能源乘用车及商用车补贴期限提前，全部于2025/12/31到期。 2)再生能源投资补贴（储能）： 主要有三方面变化 ①项目限制：法案颁布后60天内开建并且2028/12/31日前投入运行的项目才可享受抵免。 ②"未使用抵免额可转让"调整为"不可转让税收抵免额度的规定" ③新增限制外国实体获得抵免资格（其中中国企业：宁德时代、比亚迪、远景能源、亿纬锂能、国轩高 科和海辰储能） 3)新能源企业制造补贴： 针对企业制造补贴方面的变化与储能投资补贴的变化类似，其中重点在于针对 非使用关键矿用采用他税收避免比例逐步 ...

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：鑫椤锂电 5月，新能源汽车产销分别完成127万辆和130.7万辆，同比分别增长35%和36.9%，新能源汽车新车销 量达到汽车新车总销量的48.7%。 1-5月，新能源汽车产销分别完成569.9万辆和560.8万辆，同比分别 增长45.2%和44%，新能源汽车新车销量达到汽车新车总销量的44%。 5月，新能源汽车国内销量109.5万辆，环比增长6.8%，同比增长27.9%。其中，新能源乘用车国内销量 103万辆，环比增长7.8%，同比增长26.3%；新能源商用车国内销量6.5万辆，环比下降6.7%，同比增长 58.8%。1-5月，新能源汽车国内销量475.3万辆，同比增长40.8%。其中，新能源乘用车国内销量447 万辆同比增长40%;新能源商用车国内销量28.3万辆，同比增长55.2%。 5月，新能源汽车出口21.2万辆，环比增长6.1%，同比增长1.2倍。其中，新能源乘用车出口20.4万辆， 环比增长7.4%，同比增长1.1倍;新能源商用车出口0.8万辆，环比下降19.5%，同比增长1.5倍。1-5月， ...

-广告- 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：鑫椤锂电 4月中国新能源汽车销量达到122.6万辆,新能源汽车国内销量102.5万辆，环比下降5%，同比增长39.3%。 新能源汽车出口20万辆，环比增长27%，同比增长76%。 美国关税扰动储能出货不及预期，国内抢装、欧洲户储爆单对冲部分下滑。 新能源汽车 | 中汽协： 4 月我国新能源汽车销量12 2.6 万辆 数据来源：中汽协，鑫椤资讯整理 动力电池 | 4 月国内动力电池装车量5 4.1 GWh，同比增长 52.8 % 据中国汽车动力电池产业创新联盟显示，4月，我国动力电池装车量54.1GWh，环比下降4.3%，同比增长 52.8%。其中三元电池装车量9.3GWh，占总装车量17.2%，环比下降7.0%，同比下降6.3%；磷酸铁锂电 池装车量44.8GWh，占总装车量82.8%，环比下降3.8%，同比增长75.9%。 1-4月，我国动力电池累计装车量184.3GWh, 累计同比增长52.8%。其中三元电池累计装车量34.3GWh， 占总装车量18.6%，累计同比下降15.9%；磷酸铁锂电池累 ...

数据来源：中汽协，鑫椤资讯整理 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 2月中国新能源汽车销量达到89.2万辆,主要受到春节假期消费的影响。随着车企推出"保险补贴"、"免息 购车''、"智驾升级"、"兜底保障"等手段，汽车消费市场加快复苏，同时新能源汽车在内卷进一步加剧的 情况销量持续攀升。 新能源汽车|中汽协：2月我国新能源汽车销量89.2万辆 据中国汽车工业协会统计分析，2月，我国新能源汽车产销分别完成88.8万辆和89.2万辆，同比分别增长 91.5%和87.1%。 1-2月份，新能源汽车产销分别完成190.3万辆和183.5万辆，同比均增长52%。 动力电池|2月国内动力电池装车量67.2GWh，同比增长49.7% -广告- 据中国汽车动力电池产业创新联盟显示，2024年12月，我国动力电池装车量75.4GWh，环比增长 12.2%，同比增长57.3%。其中三元电池装车量14.3GWh，占总装车量19.0%，环比增长5.5%，同比下 降13.4%；磷酸铁锂电池装车量61.0GWh，占总装车量80.9%，环比增长14.0%，同比增长95.1%。 1-2 ...