Core Insights - Yutong Bus has successfully delivered 287 pure electric buses to Norway in Q1 2024, marking a significant milestone in expanding China's new energy bus market in Europe [1] - In 2024, Yutong Bus sold a total of 46,918 buses, with 14,000 exported, representing a growth of 37.73%, and 13,795 new energy buses over 6 meters, showing a year-on-year increase of 93.26%, maintaining the industry lead [1] Group 1: Technological Advancements - Yutong Bus has established a strong technological "moat" through over 20 years of research, leading in core technologies related to new energy vehicles [2] - The company has developed the RuiControl E platform, the first integrated hardware and software platform for electric buses in the industry, enhancing hardware integration and software upgrades [2] - Yutong Bus has launched five product series in public transportation, achieving full low-floor design for buses ranging from 5 to 18 meters, catering to diverse operational needs [2] Group 2: Research and Development Investment - Yutong Bus invests over 5% of its revenue annually in R&D, with a budget of 1 billion yuan for a national engineering research center, resulting in several globally leading technological achievements [3] Group 3: International Market Expansion - Yutong Bus has achieved significant growth in overseas markets, operating in over 60 countries and regions, with cumulative exports exceeding 110,000 units [5] - Recent orders include 287 buses to Norway and 100 buses to Greece, indicating a strong demand for new energy vehicles in international markets [5] - The company is actively participating in international exhibitions to enhance brand recognition and competitiveness globally [6]

Core Viewpoint - The company reported a stable performance in Q1 2025, with a slight decline in revenue but an increase in net profit, indicating resilience in its operations despite market challenges [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 6.42 billion yuan, a decrease of 3.0% year-on-year [1][2]. - The net profit attributable to shareholders was 760 million yuan, reflecting a growth of 14.9% [1][2]. - The net profit excluding non-recurring items was 640 million yuan, up by 12.5% [1][2]. - The gross margin for Q1 2025 was 18.9%, down by 6.0 percentage points year-on-year, while the net margin improved by 2.0 percentage points to 12.0% [2]. Sales and Orders - The company sold a total of 9,011 buses in Q1 2025, marking a 16.6% increase year-on-year [2]. - Sales of large buses decreased by 1.4% to 4,532 units, while medium buses increased by 15.1% to 2,729 units, and light buses surged by 129.1% to 1,750 units [2]. - Exports of buses totaled 2,057 units, down by 20.8% [2]. Market Developments - The company secured multiple domestic orders, including the delivery of 130 electric buses to Tangshan and various models to regions like Sichuan and Yunnan [2]. - Internationally, the company continued its strong performance with deliveries of electric buses to Norway, Greece, and Pakistan, among others [2][3]. Product and Service Innovations - The company has exported over 7,000 new energy buses to more than 40 countries, enhancing its global presence [3]. - New product offerings include a range of electric buses and upgraded models to meet diverse market demands [3]. - The launch of the "Yoo+ Direct Service" aims to enhance service quality for new energy commercial vehicles, focusing on customer pain points and integrating digital tools for better support [4]. Future Outlook - The company is expected to maintain a strong market position, with projected net profits of 4.69 billion yuan, 5.27 billion yuan, and 6.07 billion yuan for 2025 to 2027 [4].