宇通客车 20250826 摘要 2025 年上半年宇通客车大中型客车销量 1.75 万辆，同比减少 5%，其 中座位车销量同比减少 11%，公交车销量同比持平，新能源车辆同比增 长 36%。 宇通客车预计全年国内客车销量约 3.65 万辆，同比增长 10%左右；出 口约 1.65 万辆，同比增长 18%；新能源出口约 3,300 辆，同比增长 22%；全年总销量预计约 5.3 万辆，同比增长 13%。 国内旅游客运需求下降，宇通通过提升产品质量、售后服务及推出高端 产品等措施，提高了竞争力，座椅和公交细分市场占有率分别提升了七 个点和九个点。 宇通客车在欧洲市场的主要竞争对手是奔驰、戴姆勒和沃尔沃等当地品 牌，但在电机集成度、功率、能量利用效率、整车轻量化、电池寿命和 充电速度等方面仍具有明显优势。 宇通客车海外新能源市场需求稳定且增速加快，特别是在欧洲和拉美地 区，新能源增长趋势不可逆转，公司长期目标是海外销量达到 3 万辆。 2025 年上半年国内新能源客车销量占比达到 31%，较去年提升了十个 百分点，显著带动了价格和毛利的提高。 宇通客车 2025 年下半年可期待的大单包括巴基斯坦 400 台订单、 ...

Core Viewpoint - The automotive market in July experienced a seasonal decline due to traditional off-peak periods, but the overall industry showed growth driven by policies like trade-in incentives and new model launches, particularly in the electric vehicle sector [1]. Group 1: Overall Market Performance - In July 2025, China's automotive production and sales reached 2.591 million and 2.593 million units, respectively, with month-on-month declines of 7.3% and 10.7%, but year-on-year increases of 13.3% and 14.7% [1]. - From January to July 2025, cumulative automotive production and sales were 18.235 million and 18.269 million units, reflecting year-on-year growth of 12.7% and 12% [1]. Group 2: Commercial Vehicle Performance - In July, commercial vehicle sales reached 310,000 units, marking a year-on-year increase of 14% [2]. - Commercial vehicle production and sales in July were 298,000 and 306,000 units, with month-on-month declines of 15.8% and 17.1%, but year-on-year increases of 16.3% and 14.1% [3]. - From January to July 2025, commercial vehicle production and sales totaled 2.397 million and 2.428 million units, with year-on-year growth of 6% and 3.9% [5]. Group 3: Truck Performance - In July, truck production and sales were 254,000 and 264,000 units, with month-on-month declines of 16.3% and 16.4%, but year-on-year increases of 15.1% and 13.8% [7]. - Heavy truck sales reached 85,000 units in July, showing a year-on-year increase of 45.6% [6]. - From January to July 2025, truck production and sales were 2.092 million and 2.121 million units, with year-on-year growth of 5.4% and 3.1% [10]. Group 4: Passenger Vehicle Performance - In July, passenger vehicle production and sales exceeded 40,000 units, with light passenger vehicles growing by 16% [12]. - Passenger vehicle production and sales from January to July 2025 were 305,000 and 307,000 units, reflecting year-on-year growth of 10.3% and 9.7% [15]. Group 5: Export Performance - In July, commercial vehicle exports reached 76,000 units, with a month-on-month decline of 16% but a year-on-year increase of 8% [19]. - From January to July 2025, commercial vehicle exports totaled 577,000 units, marking a year-on-year increase of 10.2% [21]. - New energy commercial vehicle exports in July were 5,000 units, with a year-on-year increase of 76.5% [26]. Group 6: Policy Impact - The Central Political Bureau's meeting on July 30 outlined macroeconomic policies to stimulate domestic demand and optimize market competition, which is expected to boost consumer confidence and automotive consumption in the second half of the year [27].

Group 1 - The CKD factory in Kazakhstan, a joint venture between Yutong Bus and Kazakhstan Engineering, has an annual production capacity of 2,000 buses and 200 construction machinery units, contributing to local employment and the automotive industry development in Central Asia [1] - Since entering the Kazakhstan market in 2005, Yutong has sold over 7,700 medium and large buses, making it the leading Chinese bus brand in the region [1] - Yutong has tailored its products and services for the Kazakhstan market, including natural gas buses, electric buses, school buses, and mobile medical vehicles, enhancing public transportation and improving local living standards [1] Group 2 - Yutong buses are frequently seen in major cities of Central Asia, with a notable delivery of modern buses in Turkmenistan that meet environmental standards and enhance passenger comfort [2] - By the end of 2025, 700 Yutong buses will be delivered in Ashgabat, Turkmenistan, addressing the transportation needs of over 1 million residents [2] - Yutong has sold over 10,000 buses in five Central Asian countries, including around 1,000 new energy vehicles, establishing itself as the largest bus brand in the region and a key player in the new energy vehicle market [2]

Core Viewpoint - Foton Motor's 2024 annual report reveals a significant decline in revenue and profit, with total revenue at 47.698 billion yuan, down 14.97% year-on-year, and net profit attributable to shareholders at 80.5428 million yuan, down 91.14% year-on-year [2] Financial Performance - The company has reported a cumulative loss of over 14.451 billion yuan in net profit excluding non-recurring items from 2015 to 2024, with eight consecutive years of losses from 2015 to 2022 [3] - Foton Motor's stock price has decreased by over 13% since 2015 [3] Dividend Policy - Foton Motor will not distribute profits or increase share capital from reserves for the 2024 fiscal year, marking the seventh consecutive year without cash dividends [2] - The company's retained earnings are negative, with a deficit of 4.538 billion yuan as of the end of Q1 this year, indicating challenges in future cash dividend distributions [2] Asset Structure - As of the end of Q1, the company's debt-to-asset ratio reached 74.44%, with a ratio of 70.5% after excluding advance receipts, both figures returning to historically high levels [6] - The company announced plans to subscribe for shares in Beiqi Blue Valley New Energy Technology Co., Ltd. for an amount not exceeding 2.5 billion yuan, raising concerns among investors about the source of funding and the company's profitability [6] Strategic Initiatives - Foton Motor stated that the share subscription aims to accelerate the transformation of commercial vehicles towards new energy and intelligence, mitigating cyclical risks in the commercial vehicle industry and allowing the company to benefit from the growth of the new energy passenger vehicle market [6]