从细分市场来看，2025年12月，大、中、轻型客车全部实现同环比"双增"，并且出口量均创下历史新高。其中，大型客车出口5070 辆，同比大涨35.89%；中型客车出口4028辆，同比暴涨214.44%；轻型客车出口2877辆，同比增长24.98%。环比来看，各个细分 市场出口量是11月的差不多2倍甚至超2倍。 2025年1-12月大、中、轻型客车出口量一览（单位：辆） 万万没想到，2025年最后一个月，客车出口销量居然破万了！ 据中国客车统计信息网数据显示，2025年1-12月，我国大、中、轻型客车共计出口78313辆，比2024年同期的61820辆高出16493 辆，同比增长26.68%。其中，2025年12月，大、中、轻型客车共计出口11975辆，同比大涨63.73%，环比暴涨112.51%。 为何12月客车出口如此火爆？各家企业表现有何新亮点？下面就跟随小编一起来看看吧！ 12月：大客超5000 中客超4000！公交增12% 中座涨近三倍 由上表可见，2025年，客车整体出口量在经历了9个月同比连增之后，在10月和11月面临两次同比下滑，12月再次同比大幅增长为 2025年圆满收尾。其中，12月近1.2 ...

Core Viewpoint - Yutong Bus (600066) has seen an increase in its domestic bus market share since 2025 and is implementing strategies to address industry competition [1] Group 1: Market Strategies - The company will enhance research and analysis of market demand to deeply understand customer needs and develop differentiated products and solutions that meet and lead customer operational requirements [1] - Yutong Bus aims to accelerate the development of medium and large buses towards electrification, intelligent networking, and high-end features to improve product competitiveness [1] - The company plans to further strengthen customer relationships by helping clients explore new development models, improve operations, and support order conversion [1] - Yutong Bus is actively seizing opportunities in niche markets such as high-end business vehicles, airport shuttle buses, and trackless trams [1]

Core Viewpoint - After ending the "21 consecutive months of growth," China's bus exports showed a mixed trend in November 2025, with a total export of 56,635 units, reflecting a year-on-year decline of 1.76% but a month-on-month increase of 10.38% [1][3]. Export Volume Overview - In the first 11 months of 2025, China's total bus exports reached 66,338 units, an increase of 11,832 units compared to the same period last year, representing a year-on-year growth of 21.71% [1][3]. - November 2025 saw a total export of 5,635 units, marking a significant improvement from October, with the year-on-year decline narrowing by 20.61 percentage points [1]. Segment Performance - In November 2025, large and medium buses experienced positive year-on-year growth, while light buses saw a decline of over 40% [4]. - Large bus exports totaled 2,638 units, up 5.69% year-on-year, while medium bus exports surged by 77.58% to 1,687 units [5]. - Light bus exports were 1,310 units, down 42.79% year-on-year, although there was a month-on-month recovery [5]. Functional Attributes - In November 2025, the export of seat buses was 3,545 units, down 11% year-on-year, while public transport buses saw an increase of 15.09% with 2,014 units exported [7][8]. - The export of school buses and other buses showed significant fluctuations, with school bus exports increasing by 3,000% to 31 units, while other buses saw a decline of 39.18% [8]. Company Rankings - In the first 11 months of 2025, Yutong and King Long led the export rankings with over 10,000 units each, capturing 19.30% and 16.65% market shares, respectively [14][15]. - Other notable companies included Xiamen Jinlv and Suzhou King Long Haige, both exceeding 7,000 units, while Zhongtong Bus remained in the top five with nearly 6,000 units exported [14]. Monthly Export Leaders - In November 2025, the top exporters were Xiamen King Long (1,166 units), Yutong (1,064 units), and Jiangling Jingma (636 units), with Xiamen King Long achieving a year-on-year growth of 41.85% [17][18]. Market Trends - The overall market pressure remains significant, with the seat bus segment experiencing a widening year-on-year decline of 11%, particularly in large seat buses, which hit a yearly low [12]. - The bus export landscape is characterized by a slow market recovery, leading to uncertainty in December 2025's export trends [12].

Summary of the Bus Industry Conference Call Industry Overview - The bus industry is experiencing explosive growth in the overseas market for new energy buses, significantly boosting sales and profitability for leading domestic companies like Yutong [1][2] - The electrification process for public buses is advancing faster than for seated buses, with China's electrification rate for public buses nearing 100%, while Europe ranges from 30% to 50% [1][3] - Global electrification rates for seated buses remain low, indicating significant growth potential in the coming years, especially as policies shift towards electrifying seated buses [1][7] Key Insights and Arguments - Yutong has achieved remarkable growth through exports, particularly to Europe, with a projected export volume of 4,000 units in 2025, including 2,000 units to Europe [5] - The average selling price (ASP) for new energy buses in Europe can reach 2 million to 2.5 million yuan, significantly higher than traditional fuel buses, leading to higher profit margins [9] - Various countries, including Colombia, Brazil, and Peru, are implementing supportive policies for new energy buses, which is driving penetration rates in regions like South America, the Middle East, and Southeast Asia [6] Profitability and Market Dynamics - The overall sales growth in the bus industry has been modest, with Yutong's sales growth at 6.1% in the first ten months of 2025, and export volumes showing a year-on-year increase of about 10% to 13% [10] - Despite the lack of significant sales growth, profit margins are increasing rapidly, particularly in the Middle East, due to the lower profitability of traditional fuel buses [10] - The future growth of the bus industry is heavily reliant on exports, especially to non-EU regions, which are expected to contribute significantly to performance [11] Future Growth Potential - The seated bus sector is anticipated to see substantial growth as electrification rates increase, particularly in China and the EU, which will gradually shift focus towards seated buses after achieving high electrification in public transport [7][11] - The industry is expected to experience a second wave of growth driven by the acceleration of seated bus electrification [11] Risks and Considerations - The bus industry faces significant order volatility due to reliance on local government contracts, which can lead to fluctuations in sales and performance [12] - Large orders, such as the recent 900-unit order from Chile for Zhongtong, can lead to rapid sales growth but also create uncertainty for future orders [12] - Short-term sales data may not accurately reflect the long-term growth potential of the industry, as seen with Yutong's stock performance despite short-term sales declines [13]

Core Viewpoint - China's bus exports have shown significant growth, with a total of 55,598 buses exported from January to September 2025, marking a year-on-year increase of 31.77% [1][10]. Group 1: Export Performance - In September 2025, a total of 7,228 buses were exported, reflecting a month-on-month increase of 8.71% and a year-on-year increase of 37.36% [1][3]. - The overall monthly export volume has exceeded 7,000 units for three consecutive months, indicating a trend towards higher export volumes [3]. - The export of large buses reached 4,744 units in September, a year-on-year increase of 78.61%, setting a new monthly record [5][10]. Group 2: Market Segmentation - The export of large buses has been particularly strong, while the medium bus segment saw a decline, and light buses experienced a slight recovery [5][6]. - In September, the export of seated buses and public transport buses maintained robust growth, with seated buses exporting 3,749 units (up 33.7%) and public transport buses exporting 3,473 units (up 93.16%) [8][9]. - The large public bus segment showed a significant increase, with exports reaching 2,878 units, a year-on-year surge of 124.14% [9]. Group 3: Company Rankings - Yutong led the export rankings with 10,742 units from January to September 2025, a year-on-year increase of 18.17% [10][12]. - The Xiamen Golden Dragon group followed closely with exports of 9,152 units, reflecting a substantial year-on-year growth of 77.99% [10][12]. - Ankai Bus and Foton Ouhui also showed significant growth, with Ankai's exports increasing by 178.21% year-on-year [10][12]. Group 4: Future Outlook - The future of China's bus export market appears promising, with a need for companies to align with overseas demand, optimize product structures, and enhance technology and services to capture broader market opportunities [31].

Core Viewpoint - The Chinese bus export market has shown remarkable growth in June 2025, achieving a record high in exports and marking the 18th consecutive month of growth, with a total of 35,591 buses exported in the first half of the year, representing a 29.18% increase year-on-year [1][3][15]. Group 1: Overall Export Performance - In June 2025, a total of 7,335 buses were exported, a year-on-year increase of 28.17%, setting a new monthly record [1][3]. - The export of large buses exceeded 4,000 units for the first time, reaching 4,057 units, a significant increase of 37.06% year-on-year [5][6]. - The overall export volume for large, medium, and light buses continued to show positive growth, with medium buses exporting 1,700 units (up 15.02%) and light buses exporting 1,578 units (up 22.8%) [5][6]. Group 2: Segment Performance - The export of seat buses, public transport buses, and school buses all experienced year-on-year growth, while other bus categories saw declines [8]. - Public transport buses saw a remarkable increase of 73.99% in June, with 3,518 units exported, marking the highest monthly export volume of the year [8][29]. - The export of light seat buses showed the most significant growth, with a year-on-year increase of 52.95%, while large seat buses also maintained a positive growth trend [21][27]. Group 3: Company Rankings - Yutong Bus regained its position as the top exporter in the first half of 2025, exporting 6,020 units, despite a year-on-year decline of 7.38% [15][16]. - Xiamen King Long and Xiamen King Travel ranked second and third, with significant year-on-year increases of 56.43% and 73.59%, respectively [15][16]. - Ankai Bus made a notable leap in rankings, achieving a year-on-year growth of 129.48% and moving up to sixth place in the export rankings [15][16]. Group 4: Monthly Export Insights - In June 2025, the top ten exporting companies included Yutong (2,154 units), Xiamen King Long (1,279 units), and Ankai (776 units), with Yutong leading significantly [18][32]. - The public transport bus export volume in June reached 3,518 units, the highest of the year, just shy of the previous December's peak [29][32]. - The export performance of various companies in the bus segment indicates a competitive landscape, with several companies showing strong growth and shifting rankings [15][30].

Investment Rating - The report recommends a "Buy" rating for the bus sector, specifically favoring Yutong and King Long [3][4]. Core Insights - The driving factors for the current bus cycle include China's automotive manufacturing industry becoming a global leader in technology output, with overseas market contributions expected to replicate the domestic market within 3-5 years [2]. - The domestic market has seen an end to price wars, which is expected to boost demand due to tourism recovery and public transport upgrades, potentially returning to 2019 levels [2]. - The report anticipates that the bus industry can achieve new profit highs due to the absence of price wars, a concentrated market structure, and favorable cost trends in lithium carbonate [6]. Summary by Sections Industry Overview - In June 2025, the overall production of buses in China reached 50,000 units, with year-on-year and month-on-month increases of 24% and 14% respectively [9][10]. - The wholesale volume for June was 53,000 units, also reflecting a year-on-year and month-on-month growth of 23% [9][10]. - The terminal sales for buses in June were 45,000 units, with a year-on-year and month-on-month increase of 6% [16]. Company Performance - Yutong's June sales were 5,919 units, showing a year-on-year increase of 94% and a month-on-month increase of 25% [63]. - King Long's June sales were 4,283 units, with a year-on-year increase of 20% but a month-on-month decrease of 10% [68]. - Both companies are expected to benefit from increased domestic and export sales, with Yutong maintaining a market share of 28% in the domestic bus market [47]. Export Dynamics - In June 2025, the export of buses reached 5,594 units, marking a year-on-year increase of 30% but a month-on-month decrease of 8% [48]. - The export market is dominated by Yutong and King Long, with Yutong exporting 1,235 units and holding a 39% market share [57].

Core Viewpoint - The export performance of China's bus industry in the first four months of 2025 shows significant growth, with a total of 21,447 buses exported, marking a year-on-year increase of 30.81% compared to the same period last year [1][12]. Group 1: Overall Export Performance - In April 2025, a total of 5,736 buses were exported, achieving a year-on-year growth of 26.71% [1][5]. - Since January 2024, China's bus exports have experienced 16 consecutive months of year-on-year growth, indicating a sustained strong market momentum [1][5]. Group 2: Segment Performance - In April 2025, the export figures for different bus types were as follows: large buses 3,218 (down 1.8%), medium buses 965 (up 40.67%), and light buses 1,553 (up 175.35%) [5][6]. - The significant increase in light bus exports is attributed to a low base in the previous year, where only 564 units were exported [5][6]. Group 3: Functional Attributes - In April 2025, the export volumes by function were: seat buses 3,345 (up 18.03%), public buses 1,751 (up 9.44%), school buses 51 (down 30.14%), and other buses 589 (up 2,845%) [7][9]. - The seat bus segment continues to show consistent growth, while public buses have rebounded after a brief decline earlier in the year [7][8]. Group 4: Company Performance - The top five companies in bus exports from January to April 2025 were Xiamen Golden Dragon, Xiamen King Long, Yutong, Zhongtong, and Suzhou King Long Haige, with Xiamen Golden Dragon leading the market [12][13]. - Xiamen Golden Dragon and Xiamen King Long both exported around 3,000 units, with a narrowing gap in their export volumes [12][13]. Group 5: Market Dynamics - The competition among the top companies is intensifying, with notable performances from Ankai and BYD, both of which have shown significant year-on-year growth [12][15]. - The overall bus export market is characterized by a "steady improvement with structural differentiation," indicating varying performance across different segments [10][31].