Core Viewpoint - The Chinese bus export market has shown remarkable growth in June 2025, achieving a record high in exports and marking the 18th consecutive month of growth, with a total of 35,591 buses exported in the first half of the year, representing a 29.18% increase year-on-year [1][3][15]. Group 1: Overall Export Performance - In June 2025, a total of 7,335 buses were exported, a year-on-year increase of 28.17%, setting a new monthly record [1][3]. - The export of large buses exceeded 4,000 units for the first time, reaching 4,057 units, a significant increase of 37.06% year-on-year [5][6]. - The overall export volume for large, medium, and light buses continued to show positive growth, with medium buses exporting 1,700 units (up 15.02%) and light buses exporting 1,578 units (up 22.8%) [5][6]. Group 2: Segment Performance - The export of seat buses, public transport buses, and school buses all experienced year-on-year growth, while other bus categories saw declines [8]. - Public transport buses saw a remarkable increase of 73.99% in June, with 3,518 units exported, marking the highest monthly export volume of the year [8][29]. - The export of light seat buses showed the most significant growth, with a year-on-year increase of 52.95%, while large seat buses also maintained a positive growth trend [21][27]. Group 3: Company Rankings - Yutong Bus regained its position as the top exporter in the first half of 2025, exporting 6,020 units, despite a year-on-year decline of 7.38% [15][16]. - Xiamen King Long and Xiamen King Travel ranked second and third, with significant year-on-year increases of 56.43% and 73.59%, respectively [15][16]. - Ankai Bus made a notable leap in rankings, achieving a year-on-year growth of 129.48% and moving up to sixth place in the export rankings [15][16]. Group 4: Monthly Export Insights - In June 2025, the top ten exporting companies included Yutong (2,154 units), Xiamen King Long (1,279 units), and Ankai (776 units), with Yutong leading significantly [18][32]. - The public transport bus export volume in June reached 3,518 units, the highest of the year, just shy of the previous December's peak [29][32]. - The export performance of various companies in the bus segment indicates a competitive landscape, with several companies showing strong growth and shifting rankings [15][30].

Core Viewpoint - The Chinese passenger travel industry is accelerating its transition towards high-quality development, driven by consumption upgrades and dual carbon goals, with electric light buses becoming a key driver for industry upgrades [1][6]. Group 1: Industry Trends - The demand for travel has shifted from merely being able to travel to a focus on quality travel experiences, necessitating collaboration across the passenger travel industry to achieve high-quality development [6][12]. - The industry is expected to enter a vacation tourism era, with travel becoming more customized, smaller-scale, high-end, and electric [12][14]. Group 2: Product Launch and Features - The launch of the Yutong Tianjun V6E, a new pure electric light bus, showcases Yutong's commitment to green transformation in the passenger travel industry [3][20]. - The Tianjun V6E features a high-capacity battery of 100.46 kWh (with an option for 132.016 kWh), a maximum power of 180 kW, and a range of up to 280 km/380 km, significantly enhancing operational efficiency [17][19]. - The vehicle offers various seating configurations (7, 9, 14, and 15 seats) to meet diverse passenger transport needs, with the 7 and 9-seat versions being easy to drive with a C license [17][19]. Group 3: Industry Collaboration and Case Studies - Industry leaders emphasize the importance of green transformation and service enhancement in the passenger travel sector, with Yutong positioned as a key partner in upgrading transportation equipment [8][10]. - Companies like Shanxi Wutai Mountain Jinyu Transport and Ningxia Tianbao Guguan Transport have successfully integrated Yutong's light buses into their operations, demonstrating high operational efficiency and customer satisfaction [23][25]. Group 4: Future Outlook - Yutong aims to continue innovating and breaking through technological and scenario boundaries, positioning its products as vital components in activating industry potential and supporting a more efficient, low-carbon, and resilient travel ecosystem [27].

Project Overview - The project is for the procurement of 20 new energy buses in Yishui County, with a budget of 10 million yuan [1][2]. - The bidding process is open and follows relevant laws and regulations in China [1]. Supplier Qualification Criteria - Eligible suppliers must be registered manufacturers or authorized agents with the ability to assume civil liability and must possess valid business licenses and tax registration [2][4]. - Manufacturers must have the necessary qualifications for bus production and be listed in the national vehicle announcement directory [2][3]. - Suppliers must have a good commercial reputation and a sound financial accounting system, with no major legal violations in the past three years [4][5]. Bidding Process - The procurement documents can be obtained online, with a deadline for download set for July 30, 2025 [8]. - Electronic response documents must be submitted through the designated procurement platform by August 15, 2025 [9][10]. - The opening of bids will occur on August 15, 2025, at a specified location in Jinan, Shandong Province [11]. Contact Information - The procurement is managed by Yishui County Guoyun Asset Management Co., Ltd., with contact details provided for inquiries [11][13].

| 投资者关系活动类别 | √特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 □其他 （请文字说明其他 | | | 活动内容） | | 参与单位名称及人员姓名 | 中信建投 陶亦然、李粤皖；胤盛资产 杨潇； | | | 国金证券 陆强易 | | 时间 | 2025 年 7 月 24 日 | | 地点 | 公司会议室 | | 上市公司接待人员姓名 | 张峰、赵磊 | | | 6.58%。出口市场表现较佳，国内旅团市场呈现调整 | | | 态势，公交市场在以旧换新补贴政策的支持下增速明 | | | 显。公司于 2025 年 7 月 8 日披露的 6 月份产销快报 | | | 显示，公司 1-6 月累计销售客车 5839 辆，同比增长 | | | 2.38%。预计下半年行业仍将继续保持正增长趋势。 | | | 公司近期发布的半年度业绩预告显示，2025 年上半 | | | 年预计实现归属于上市公司股东的净利润在 16,500 | | | 万元至 万元之间，比上年同期上升 48.72%至 | | | 89.28 ...

Core Viewpoint - The procurement results for the 2025 pure electric bus project by Xianyou County Zhongyi Public Transport Co., Ltd. have been announced, with Xiamen Jinlv and Xiamen Jinlong winning the bids for different vehicle packages [1][6]. Summary by Sections Procurement Results - Xiamen Jinlv won Contract Package 1 with a bid amount of 16.56 million yuan for 20 units of 8.5-meter low-entry pure electric buses [1][2]. - Xiamen Jinlong won Contract Package 2 with a bid amount of 10.81 million yuan for 16 units of 7-meter low-floor pure electric buses [1][6]. Key Information on Contract Package 1 - Contract Package 1 includes: - 20 units of 8.5-meter low-entry pure electric buses from Jinlv, model XML6855JEVY0C3, with a unit price of 82.80 million yuan [2]. - Total bid amount for Package 1 is 16.56 million yuan [1][2]. Key Information on Contract Package 2 - Contract Package 2 includes: - 16 units of 7-meter low-floor pure electric buses from Jinlong, model XMQ6701DGBEVL, with a unit price of 67.58 million yuan [6]. - Total bid amount for Package 2 is 10.81 million yuan [1][6]. Evaluation and Fees - The evaluation scores for the winning bids were 97.643 for Package 1 and 97.500 for Package 2 [2][6]. - The agency service fee for Package 1 is 18,122 yuan, while for Package 2 it is 11,878 yuan [4][7]. Contact Information - For inquiries, the contact for Xianyou County Zhongyi Public Transport Co., Ltd. is Mr. Yu at 15892095451, and for the procurement agency, it is Ms. Huang at 0594-2278989 [5][7].

Group 1 - Several listed companies have announced large orders, leading to significant stock price movements and improved performance expectations [1] - Companies like Juxing Technology have secured substantial orders in the European market, with a projected annual procurement amount of at least $15 million, which exceeds their 2024 revenue from electric tools [1][2] - Aerospace Rainbow reported that its foreign trade orders are at historically high levels, with strong international sales of its drone products [2] Group 2 - Shenghui Integrated disclosed that its order backlog reached 2.813 billion yuan, a year-on-year increase of 69.24%, with significant contributions from the IC semiconductor and precision manufacturing sectors [3] - Donghua Technology reported a total of 49.903 billion yuan in signed but uncompleted orders, with a diverse portfolio across domestic and international markets [4] - Companies are experiencing notable increases in order volumes, which is driving significant profit growth, as seen in the forecasts of Ankai Bus and Zhimi Intelligent [5][6]

Economic Growth - In the first half of the year, China's GDP reached 66,053.6 billion yuan, with a year-on-year growth of 5.3% at constant prices, indicating a stable economic performance despite pressures [1] - The contribution rates to GDP growth were 52% from final consumption expenditure, 16.8% from capital formation, and 31.2% from net exports of goods and services, highlighting consumption as the main driver of growth [1] Manufacturing and Investment - The equipment manufacturing sector showed significant growth, with an increase in value added and investment, reflecting strong resilience and potential for future development [3] - Industrial production grew rapidly, with value added in equipment manufacturing increasing by 10.2% and high-tech manufacturing by 9.5% in the first half of the year [8] Consumer Market - The retail sales of consumer goods totaled 24.55 trillion yuan, marking a 5% year-on-year increase, driven by effective consumption support policies and an upgrade in consumption structure [5] - The "old-for-new" policy has stimulated accelerated growth in commodity consumption [5] Trade Performance - The total import and export value reached 21,787.6 billion yuan, with a year-on-year growth of 2.9%, and exports of electromechanical products increased by 9.5%, accounting for 60% of total exports [10] - The complete and resilient industrial chain has contributed positively to trade performance, supported by fiscal subsidies for durable consumer goods [10] Policy Impact - The implementation of proactive macroeconomic policies has played a crucial role in stabilizing the economy, with further policy measures expected to be introduced in the second half of the year [10]

Core Viewpoint - The delivery of 895 electric buses by Zhongtong Bus, a subsidiary of Shandong Heavy Industry, marks a significant step in the cooperation between China and Chile in the field of new energy transportation, enhancing public transport services and environmental value in Santiago [1][2][10]. Group 1: Delivery and Impact - The delivery ceremony took place in Santiago, attended by Chilean President Gabriel Boric and other officials, highlighting the importance of this event for both countries [1][3]. - The electric buses will be integrated into Santiago's public transport system, representing a new phase in the collaboration between China and Chile in sustainable transportation [2][10]. - The introduction of these buses is expected to significantly improve air quality and enhance the quality of life for residents in the Santiago region [10]. Group 2: Chile's Commitment to Sustainability - Chile has set a goal to achieve carbon neutrality by 2050, with a strong focus on the electrification of public transport as a key initiative [4][7]. - The Chilean government aims to increase the proportion of electric buses to 68% by 2026, demonstrating its commitment to accelerating the green transformation of public transport [7]. Group 3: Zhongtong Bus's Market Position - Zhongtong Bus has been a pioneer in the research and promotion of new energy buses, gaining the trust of the Chilean government and market through reliable products and customized service solutions [7][12]. - Since entering the Chilean market in 2007, Zhongtong Bus has achieved significant breakthroughs, becoming the leading Chinese bus brand in Chile [13][19]. - The company focuses on meeting local needs with tailored solutions that consider local road conditions, regulations, and passenger habits, which has been crucial to its success [16]. Group 4: Future Prospects - Zhongtong Bus plans to continue driving innovation and increasing its efforts in electrification, high-end development, and international expansion to support the global green transformation of transportation [21].

Group 1: Industry and Company Performance - In the first half of 2025, the cumulative sales of buses in China reached approximately 65,000 units, representing a year-on-year growth of 6.58% [1] - The company sold 5,839 buses from January to June 2025, marking a growth of 2.38% compared to the previous year [1] - The projected net profit for the first half of 2025 is estimated to be between 165 million and 210 million yuan, an increase of 48.72% to 89.28% year-on-year [1] Group 2: Overseas Market Expansion - The company's export sales account for nearly 60% of its total sales [2] - In 2025, the company will continue to implement the "Belt and Road" initiative, focusing on markets in the Middle East, Africa, and Asia while actively developing high-end markets in Europe and the United States [2] - The company aims to enhance talent training and improve overseas after-sales service and parts supply systems [2] Group 3: Financial and Strategic Planning - The current debt-to-asset ratio of the company is around 64%, with ongoing optimization of its asset structure [2] - The company plans to balance expansion with risk management to ensure stable development [2] - Long-term strategies will focus on overseas market expansion, product high-endization, and management optimization to gradually improve profit levels [2]

Summary of Conference Call Industry Overview - The focus is on the **new energy vehicle (NEV)** sector, particularly in the context of the **bus manufacturing industry** in China, including companies like **Yutong** and **King Long** [1][2][3][4][5][11]. Key Points and Arguments - **Government Support for Domestic Demand**: The government is emphasizing the importance of stimulating domestic demand, which is expected to positively impact consumption, travel, and tourism [1]. - **NEV Market Performance**: The penetration of new energy vehicles remains low, with only about **10%** market share in the bus segment, indicating underperformance compared to previous years [2][3]. - **Sales Data**: - Yutong sold **2,206** large and medium-sized buses in April, down **36.24%** year-on-year and **25.85%** month-on-month [3]. - King Long's sales were **1,513** units, with a year-on-year decline of **19.82%** and a month-on-month decline of **0.98%** [3]. - **Product Strategy Shift**: Yutong is focusing on light buses to meet the demand for customized and smaller group travel, which may lead to a higher sales volume in this segment [4]. - **Export Trends**: - Yutong's exports decreased by **32.32%** year-on-year, while King Long's exports increased significantly, reflecting a divergence in performance [11]. - The export market is becoming competitive, with companies like **BYD** leading in the NEV export segment [12]. - **Market Dynamics**: The competition among companies is influenced by their respective strategies and market conditions, with some companies focusing on maintaining profitability while others pursue aggressive growth [6][8]. Additional Important Insights - **Internal Competition**: The internal dynamics within companies, such as Yutong and King Long, are evolving, with potential for increased collaboration but also challenges due to historical complexities [7][8]. - **Overseas Market Strategy**: Companies are advised to establish a strong local presence in overseas markets to facilitate smoother operations and avoid complications that arose from previous aggressive order-taking strategies [10]. - **Future Outlook**: The overall trend in the NEV sector is expected to continue evolving, with significant changes anticipated as companies adapt to market demands and government policies [13]. This summary encapsulates the critical insights from the conference call, highlighting the current state and future prospects of the NEV industry in China.