8月25日，宇通客车股份有限公司（股票代码：600066，以下简称"宇通客车"）发布 2025 年半年度报 告。报告显示，上半年公司累计实现客车销售21321辆，同比增加3.73%；实现营业收入161.29亿元；实 现归属于上市公司股东的净利润19.36亿元，同比增加15.64%。宇通客车大中型客车的产销量稳居行业 第一，继续保持行业龙头地位。 在经营保持稳健的背景下，宇通客车持续回馈投资者，公司拟实施每10股派发现金股利5元（含税）。 自上市以来，宇通客车累计分红已达28次，分红总额271.3亿元，大幅超过其资本市场融资总额29.1亿 元，累计分红率高达76.7%。公司以稳定的高回报切实回报投资者，既彰显出扎实的盈利能力，也树立 了重视股东回报的良好市场形象。 经营稳健 细分市场持续领跑 上半年，面对国内客车市场的周期性调整，宇通客车展现出强劲的抗周期能力，取得了显著的经营成 果，彰显出龙头企业的高质量发展实力。 因2024年旅游市场强劲复苏，前期抑制的需求快速释放拉升整体市场需求，2025年上半年旅游市场客户 需求恢复理性，国内大中型客车市场需求同比下降。数据显示，今年前6个月，国内大中型座位客车销 量为 ...

8月25日，宇通客车股份有限公司（股票代码：600066，以下简称"宇通客车"）发布 2025 年半年度 报告。报告显示，上半年公司累计实现客车销售21,321辆，同比增加3.73%；实现营业收入161.29亿 元；实现归属于上市公司股东的净利润19.36亿元，同比增加15.64%。宇通客车大中型客车的产销量稳 居行业第一，继续保持行业龙头地位。 在经营保持稳健的背景下，宇通客车持续回馈投资者，公司拟实施每10股派发现金股利5元（含 税）。自上市以来，宇通客车累计分红已达28次，分红总额271.3亿元，大幅超过其资本市场融资总额 29.1亿元，累计分红率高达76.7%。公司以稳定的高回报切实回报投资者，既彰显出扎实的盈利能力， 也树立了重视股东回报的良好市场形象。 经营稳健 细分市场持续领跑 上半年，面对国内客车市场的周期性调整，宇通客车展现出强劲的抗周期能力，取得了显著的经营 成果，彰显出龙头企业的高质量发展实力。 因2024年旅游市场强劲复苏，前期抑制的需求快速释放拉升整体市场需求，2025年上半年旅游市场 客户需求恢复理性，国内大中型客车市场需求同比下降。数据显示，今年前6个月，国内大中型座位客 车销量 ...

Core Viewpoint - Yutong Bus is experiencing slow sales growth, which highlights the company's challenges in meeting its performance targets for 2025. Despite a slight increase in production and sales, revenue has declined due to poor sales of large buses and a shift in consumer spending behavior towards budget travel [1][4][5]. Group 1: Sales and Revenue Performance - In the first half of 2025, Yutong Bus produced 21,400 units, a year-on-year increase of 0.72%, and sold 21,300 units, up 3.73% [1]. - The company's revenue for the first quarter of 2025 was 6.418 billion yuan, a decrease of 3% year-on-year, despite a net profit increase of 14.91% to 755 million yuan [1][3]. - Sales in April and May 2025 saw significant declines, with 3,338 units and 3,053 units sold, down 12.35% and 27.4% year-on-year, respectively [2]. Group 2: Product Launch and Market Strategy - Yutong Bus launched a luxury bus model, the Tianyu S12, targeting the high-end tourism market, although the timing may not align with current consumer trends favoring budget travel [1][4]. - The company aims to increase its revenue target for 2025 to 42.133 billion yuan, representing a growth of 13.21% from the previous year [2]. Group 3: Market Trends and Consumer Behavior - The domestic tourism market is recovering, with total tourist numbers reaching 5.615 billion in 2024, a year-on-year increase of 14.8%, but the trend towards budget travel is growing [5]. - Yutong Bus's sales of large buses, which are typically more profitable, are declining, while sales of small buses are increasing significantly [6][7][8]. Group 4: International Sales and Future Outlook - Yutong Bus's overseas sales revenue reached 15.2 billion yuan in 2024, a year-on-year increase of 46.08%, indicating a strong international market presence [10][11]. - The company is focusing more on overseas markets, which offer higher profit margins compared to domestic sales [11].