登录新浪财经APP 搜索【信披】查看更多考评等级 公司代码：600066 公司简称：宇通客车 第一节 重要提示 1、本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到www.sse.com.cn网站仔细阅读半年度报告全文。 2、本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 3、公司全体董事出席董事会会议。 4、本半年度报告未经审计。 5、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 以公司总股本为基数，每10股派发现金股利5元（含税）。 第二节 公司基本情况 一、公司简介 ■ 二、主要财务数据 单位：万元 币种：人民币 ■ 三、前10名股东持股情况表 □适用 √不适用 五、控股股东或实际控制人变更情况 □适用 √不适用 六、在半年度报告批准报出日存续的债券情况 □适用 √不适用 第三节 重要事项 一、公司应当根据重要性原则，说明报告期内公司经营情况的重大变化，以及报告期内发生的对公司经 营情况有重大影响和预计未来会有重大影响的事项。 □适用 √不适 ...

下半年第一个月，客车出口市场表现如何？ 依然可以用"火爆"二字来形容！据中国客车统计信息网数据显示，2025年1-7月，我国大、 中、轻型客车共计出口41721辆，比去年同期多了10238辆，同比增幅为32.52%，相比1-6 月累计增幅提升了3.33个百分点。其中，2025年7月，大、中、轻型客车共计出口6130辆， 同比大涨55.90%，该增幅处于年内最高，这一轮客车出口增长势头扩大至"19连增"。 环比来看，2025年7月客车出口量相比6月所有下滑，这并非今年的特例，2024年7月和 2023年7月亦是如此。然而，2025年7月的同比增幅却接近56%，比去年同期提升了42个百 分点。由此可见，虽然7月是市场淡季，但淡季不淡，在最具吸引力的出口市场，客车企业们 冲劲十足。下面一起来看各家企业客车出口表现及细分市场表现情况吧！ 7月：大客增幅近百 中座出口破千 公交暴涨1.5倍！ 从细分市场来看，从2025年7月，大、中、轻型客车连续三个月同比全部正增长。其中，大型 客车出口3367辆，同比大涨97.94%，增幅处于年内最高；中型客车出口1523辆，同比大涨 42.47%，自2023年10月起至今已经实现" ...

Group 1 - The core viewpoint of the article is the procurement of electric buses by Shanghai Xiantong Rapid Bus Construction Management Co., Ltd., which includes the purchase of 20 units of 18-meter fast-charging electric buses and 15 units of 12-meter fast-charging electric buses, totaling 35 units with a total budget of 63 million yuan [1][3][12] Group 2 - The project for the 18-meter electric bus has a budget of 42 million yuan and requires an 8-year warranty for the vehicles [3][6] - The deadline for submitting bids for the 18-meter bus project is September 8, 2025, at 11:00 AM Beijing time [2][8] - The project for the 12-meter electric bus has a budget of 21 million yuan, with a similar warranty requirement [12][14] - The deadline for submitting bids for the 12-meter bus project is also September 8, 2025, but at 10:30 AM Beijing time [21] Group 3 - The procurement is open to various types of suppliers, including large, medium, small, and micro enterprises, as well as social organizations [6][19] - The procurement process emphasizes compliance with government procurement laws and policies, particularly those promoting energy-saving and environmentally friendly products [6][18] Group 4 - The procurement documents for both projects can be obtained online through specified channels, with a document fee of 2000 yuan [8][20] - The contracts for both projects require delivery and completion of vehicle registration by November 5, 2025 [4][15]

2 ◼ 客车这轮大周期驱动因素是什么？一句话总结：客车代表中国汽车制造业将成为【技术 输出】的世界龙头。这不是梦想而是会真真切切反应到报表层面。海外市场业绩贡献对 客车行业在3-5年会至少再造一个中国市场。背后支撑因素： （ ➢ 1）天时：符合国家【中特估】大方向，客车是【一带一路】的有力践行者，已有10余 年的出海经验，在新的国际形势变化下，将进一步跟紧国家战略，让中国优势制造业 【走出去】。 ➢ 2）地利：客车的技术与产品已经具备世界一流水平。新能源客车产品维度，中国客车 已领先海外竞争对手。传统客车维度，技术已不亚于海外且具备更好性价比及服务。 ➢ 3）人和：国内市场价格战结束不会成为拖累反而会共振。过去6-7年国内客车"高铁冲 击+新能源公交透支+三年疫情"三重因素叠加经历了长期的价格战，2022下半年宇通已 率先提价，且需求本身得益【旅游复苏+公交车更新需求】有望重回2019年水平。 证券研究报告·行业研究·汽车与零部件 客车8月月报： 7月淡季不淡，产批同比提升 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 联系电话：021-6 ...

Core Viewpoint - The procurement results for fuel and electric buses by Shucheng Tongyun Public Transport Co., Ltd. for the year 2025 have been announced, highlighting significant contracts awarded to major automotive companies in the industry [1][2]. Group 1: Procurement Results - Shucheng Tongyun Public Transport Co., Ltd. has completed the evaluation of bids for the 2025 fuel and electric bus procurement project, with the winning bidders now confirmed [2]. - The project includes four vehicle packages, with Anhui Ankai Automobile Co., Ltd. winning two packages: - 9-meter fuel line bus with a bid amount of 8.716 million yuan - 5.9-meter pure electric bus without standing area with a bid amount of 17.7526 million yuan [2]. - Chery Wanda Guizhou Bus Co., Ltd. also won two packages: - 6.5-meter pure electric bus with a bid amount of 6.48765 million yuan - 8.6-meter pure electric bus without standing area with a bid amount of 5.24265 million yuan [2]. Group 2: Industry Context - The announcement of the procurement results is part of a broader trend in the automotive industry, where companies are increasingly focusing on electric and fuel-efficient vehicles to meet market demands and regulatory standards [1][7]. - The competitive landscape is evolving, with companies like Yutong and others securing multiple contracts, indicating a growing market for electric and alternative fuel vehicles [7].

Core Viewpoint - In July 2025, China's sales of new energy buses (over 7 meters) showed a significant year-on-year increase of 81.24%, despite a month-on-month decline of 21.29% [1][2]. Sales Performance Overview - Total sales in July reached 3,701 units, with a cumulative sales figure of 21,851 units from January to July, marking a year-on-year growth of 35.71% [1][2][11]. - The top three companies in July were Yutong Bus, Nanjing King Long Chuangwei, and BYD, with sales of 676, 573, and 559 units respectively [2][4][6]. Company Rankings and Changes - Yutong Bus maintained its leading position with a year-on-year growth of 89.36% [2][4]. - Nanjing King Long Chuangwei experienced a remarkable month-on-month increase of 1,946.43% and a year-on-year increase of 2,765.00%, marking its first entry into the top three [4][6]. - BYD's sales increased by 55.28% month-on-month and 109.36% year-on-year, moving up two positions in the rankings [4][6]. Market Share Analysis - The top three companies accounted for 48.85% of the market share in July, a decrease of 6.64 percentage points from June [8]. - The top five companies held nearly 70% of the market share, while the top ten companies collectively accounted for 87.76%, down 5.05 percentage points from the previous month [8]. Segment Performance - In July, the bus segment saw a year-on-year increase of 123.10%, while the seat bus segment grew by 30.01% [12][13]. - Cumulatively, the bus segment's year-on-year growth reached 52.94%, and the seat bus segment showed a slight increase of 1.91% [12][13]. Cumulative Sales Insights - From January to July, the cumulative sales of new energy buses reached 21,851 units, with eight out of the top ten companies showing growth [11][17]. - Notable performers included King Long, Zhongtong, and Nanjing King Long Chuangwei, all achieving over 100% year-on-year growth [11][17]. Future Outlook - The demand for new energy buses is increasing, leading to intensified competition among companies, including both leading and mid-tier players [23]. - The market is expected to see further innovations and upgrades in products to meet the diverse needs of public transport and passenger services [23].

随着城市化与城乡一体化的深入推进，以及人口结构变化，我国公交车正朝着"大转小"、适老 化的趋势发展，低入口、低地板和更舒适的公交车产品逐渐成为市场主流。 作为客车行业引领者，宇通客车在这一过程中持续投入，为公共交通转型贡献了涵盖技术、产 品、场景等多个层面的解决方案。近期，宇通客车再次先行一步，于行业内率先发布国内首款 9米"0"低地板后悬电动公交客车——宇威E9PRO。下面，小编就带大家详细了解一下这款车 的亮点所在。 品质超群强心脏 宇威E9PRO是宇通客车对市场需求的一种深度洞悉，它的推出补齐了宇通5-18米全系低地板 布局，全米段低地板产品矩阵也同步建立，为行业树立了技术发展的新标杆，有望成为公交运 营企业转型升级的优选。这款新品具有大空间、高舒适、高智能等优势，致力于为民众提供绿 色、舒适、便捷的出行体验。 在动力方面，宇威E9PRO的优势明显。该车的电池系统、驱动系统、高压连接器等关键核心 零部件，均采用行业一流品牌产品。其中，宇通自研高效驱动电机峰值功率达200千瓦，保证 了车辆在起步和爬坡过程中的速度和扭矩。 宇威E9PRO采用宇威"黑金刚"造型，车身外观时尚简约，线条流畅干练，近看更是细腻精 ...

Core Viewpoint - The procurement project for 9-meter pure electric city buses by Shanghai Songjiang Public Transport has awarded the contract to Shanghai Geely Long-distance Commercial Vehicle Co., Ltd. with a bid price of 30.796 million yuan [1]. Group 1: Procurement Details - The winning bid for the 9-meter pure electric city bus project was awarded to Shanghai Geely Long-distance Commercial Vehicle Co., Ltd. [1] - The total bid price is 30,796,000 yuan, which includes the cost of vehicles and batteries [1]. - The unit price for each vehicle (excluding battery) is 899,800 yuan, while the total price for vehicles (excluding battery) is 17,996,000 yuan [1]. - The battery, which comes with an 8-year warranty, has a unit price of 640,000 yuan, totaling 12,800,000 yuan for all batteries [1]. Group 2: Evaluation and Supervision - The evaluation committee used a comprehensive scoring method to analyze and determine the winning bid [1]. - The project is supervised by relevant authorities, although specific details about the supervising department are not provided [2]. Group 3: Contact Information - The contact for the bidding company is Mr. Pan from Shanghai Songjiang Public Transport Co., Ltd., located at 558 Cao Hui Road, Songjiang District, Shanghai [3]. - The bidding agency is Shanghai Zhongzhou Management Consulting Co., Ltd., with contact person Mr. Sun [3].

Core Viewpoint - CRRC Electric has launched eight new pure electric city bus models, showcasing a diverse range of vehicle sizes and designs to enhance urban public transportation solutions [1][5][28]. Group 1: New Models Overview - The new models include a variety of sizes ranging from 5.5 meters to 12 meters, catering to different operational scenarios [3][5]. - The eight models consist of two conventional buses, two low-floor buses, and four low-entry buses, indicating a commitment to accessible public transport [4][5]. Group 2: Specific Model Highlights - The 8.5-meter low-floor bus (C85 model) features a peak power of 200 kW (approximately 272 horsepower) and is designed for urban branch lines and suburban routes, with a capacity of up to 81 passengers [9][11]. - The 5.5-meter low-floor bus is tailored for short-distance micro-circulation scenarios, emphasizing flexibility and efficiency, with a peak power of 140 kW (approximately 190 horsepower) [11][12]. - Four low-entry buses, including two 10.5-meter models, are designed to accommodate the increasing frequency of elderly passengers, with peak powers of 240 kW (approximately 326 horsepower) and 250 kW (approximately 340 horsepower) [12][14][17]. Group 3: Zhejiang CRRC New Models - Two new models from Zhejiang CRRC, identified by CSR codes, feature a maximum range of 550 kilometers, with one model having a peak power of 190 kW (approximately 258 horsepower) and a capacity of 59 passengers [23][25]. - The other model from Zhejiang CRRC has a peak power of 200 kW (approximately 272 horsepower) and can accommodate 95 passengers [27]. Group 4: Industry Positioning - As a leading player in the domestic new energy bus sector, CRRC Electric is actively expanding its product matrix and adapting to industry changes to support the transformation and upgrading of urban public transportation [28].

Macro Strategy - The report analyzes three historical cases of capacity adjustment over a century, highlighting the transition from imbalance to rebalancing in supply and demand [1][13] - It concludes that capacity imbalance can lead to a negative feedback loop lasting 20-30 years if not controlled, emphasizing the need for government intervention rather than relying solely on market forces [1][13] - Effective rebalancing requires simultaneous efforts in controlling capacity, restoring credit, and stabilizing employment, rather than relying on supply or demand policies alone [1][13] Fixed Income - The report discusses the current state of urban investment bonds in Shaanxi Province, noting that the bond market is experiencing a downward trend due to macroeconomic uncertainties, but urban investment bonds still hold strong allocation value [2][14] - Shaanxi's GDP is projected to reach approximately 3.55 trillion yuan in 2024, with a growth rate of 5.30%, indicating a robust economic environment [2][14] - The report suggests a cautious approach to investing in lower-rated bonds due to compressed credit spreads, recommending a focus on higher-rated bonds with good liquidity [2][16] Industry Analysis - The report highlights Scale AI as a leading company in the AI data labeling sector, with significant revenue growth driven by demand from large enterprises and government [4][16] - Scale AI's revenue is projected to reach $20 billion by 2025, with a gross margin of 49%, indicating strong market potential despite current EBITDA losses [4][16] - The report emphasizes the importance of data quality and neutrality in the AI training data market, recommending investment in leading companies in high-quality data sets [4][16] Stock Recommendations - Pony.ai is identified as a leader in the Robotaxi sector, with significant cost reductions and safety improvements expected to drive commercialization [5][18] - Revenue forecasts for Pony.ai are projected at $0.78 billion, $1.05 billion, and $3.42 billion for 2025-2027, with a "buy" rating based on strong growth potential [5][18] - Yutong Bus is expected to maintain revenue growth of 15%-16% from 2025 to 2027, with a "buy" rating supported by a strong market position and recent contract wins [6][19]