Core Viewpoint - Yutong Bus has demonstrated resilience in the commercial vehicle market, achieving notable sales and profit growth despite industry challenges, particularly in the bus segment [1][2]. Financial Performance - In the first half of 2025, Yutong Bus reported a total revenue of 16.129 billion yuan, a slight decrease of 1.26% year-on-year [4] - The net profit attributable to shareholders was 1.936 billion yuan, reflecting a year-on-year increase of 15.64% [4] - The company’s total profit reached 2.234 billion yuan, up 22.49% from the previous year [4] Sales Performance - Yutong Bus sold 21,321 buses in the first half of 2025, marking a 3.73% increase year-on-year [4] - The overall bus market in China saw a 4.4% growth, with Yutong's growth slightly below the market average, yet it outperformed the large and medium bus segment [4][5] - Yutong maintained a dominant market share of 34.81% in the large bus segment and 31.62% in the medium bus segment [5] New Energy and Export Markets - The sales of new energy buses reached 4,774 units, a 36% increase, capturing a market share of 26.30% [10] - Yutong exported over 60,200 buses in the first half of 2025, achieving a market share of 16.91% in the export market [14] - The company has established a significant presence in overseas markets, with over 400 authorized service outlets globally [19] Research and Development - Yutong invested 746 million yuan in R&D, accounting for 4.63% of its revenue, focusing on smart connectivity and electric vehicle technologies [15] - The company launched new electric bus models tailored for various operational scenarios, enhancing its product offerings [15] Service and Customer Experience - Yutong introduced a direct service model with user centers in major cities, aiming to improve customer service and satisfaction [16] - The company plans to establish over 60 direct service centers and 90 mobile service teams to enhance service accessibility [16] Future Outlook - The implementation of "old-for-new" policies and ongoing urban transportation projects are expected to boost demand for buses, particularly in the new energy segment [20] - Yutong is well-positioned for growth in the upcoming periods, leveraging its strong market presence and product innovation [20]