Core Insights - In January 2026, the sales of large and medium-sized new energy buses in China experienced a significant decline, with total sales of 2,137 units, representing a month-on-month decrease of 77.63% and a year-on-year decrease of 19.66% [1][2]. Group 1: Overall Market Performance - Despite the overall market downturn, several companies showed positive performance, with five out of the top ten companies achieving year-on-year sales growth [3][4]. - BYD led the market with 442 units sold, capturing a market share of 20.68%, and achieved a month-on-month growth of 10.22% and a year-on-year growth of 54.55% [2][3]. - Xiamen Golden Dragon returned to the top three with 260 units sold, reflecting a year-on-year increase of 6.56% [3][4]. Group 2: Competitive Landscape - Among the mid-tier companies, Zhongtong Bus sold 240 units, marking a year-on-year increase of 46.34%, while Ankai Bus saw a remarkable year-on-year increase of 725% with 198 units sold [4][6]. - Other notable performances included Suzhou Golden Dragon Haige with 183 units sold and Chery Wanda with a month-on-month growth of 5.80% and a year-on-year increase of 1.39% [4][6]. Group 3: Market Segmentation - The sales of new energy buses in January 2026 were categorized into three segments: public buses, seat buses, and other buses (including school buses), all of which experienced negative growth [6][7]. - In the public bus segment, 1,756 units were sold, with BYD leading at 442 units and a market share of 25.17% [7][8]. - The seat bus segment saw a total of 378 units sold, with Zhongtong Bus leading at 132 units and a year-on-year growth of 140% [9][10]. Group 4: Future Outlook - The overall performance in January indicates that while the market faced challenges, the potential for growth remains, supported by policies like "old-for-new" exchanges and ongoing advancements in new energy technology [12].

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].