Core Viewpoint - In November 2025, the sales of large and medium-sized new energy buses in China experienced significant growth, with a total of 9,924 units sold, marking a 39.05% month-on-month increase and a 56.60% year-on-year increase, indicating a robust market performance [1][2]. Sales Performance of Leading Companies - Ankai Bus achieved the highest sales with 2,274 units, reflecting a staggering month-on-month growth of 501.59% and a year-on-year growth of 1,676.56%, capturing a market share of 22.91% [2][5]. - Yutong Bus ranked second with 1,786 units sold, showing a month-on-month increase of 45.80% and a year-on-year increase of 42.99% [5][7]. - CRRC Electric ranked third with 1,142 units sold, with a month-on-month growth of 23.86% and a year-on-year growth of 66.47% [5][7]. - Other notable performers included Xiamen Golden Dragon and Geely Far Star, with sales of 767 and 557 units respectively, both showing significant growth [5][7]. Market Share Insights - The top three companies accounted for a combined market share of 52.42%, an increase from 39.30% in October, while the top five companies held nearly 70% of the market [11][12]. - The total market share of the top ten companies reached 89.03%, up from 86.72% in September [11]. Cumulative Sales Data - From January to November 2025, a total of 49,103 units were sold, representing a year-on-year increase of 37.13% [1][11]. - Ankai Bus and Suzhou King Long were the only two companies among the top ten to achieve cumulative sales growth exceeding 100%, with increases of 257.01% and 153.15% respectively [11][21]. Segment Performance - In the bus segment, 6,390 units were sold in November, with a market share of 64.39%, while the seat bus segment saw sales of 3,218 units, reflecting a month-on-month increase of 197.41% and a year-on-year increase of 210.62% [14][22]. - The "other buses" category, including school buses, sold 316 units, with a remarkable year-on-year growth of 532.00% [14][15]. Conclusion - The November performance of the new energy bus market in China indicates a competitive landscape with several brands showing significant growth, setting the stage for a strong finish to the year as companies prepare for the annual competition [26].

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]