事件：公司发布2025 年中报，1H25 公司实现营业总收入161.3 亿元（-1.3%），归母净利润19.4 亿元 （+15.6%），扣非归母净利润15.5 亿元（+8.2%）。其中2Q25 实现营业收入97.1 亿元（-0.1%），归母 净利润11.8 亿元（+16.1%），扣非归母净利润9.1 亿元（+5.4%）。 海外市场销量与布局双丰收，智能网联赋能客户体验。公司累计出口各类客车超11 万辆，其中公司已 累计出口新能源客车超8,000 辆，并在英国、挪威、芬兰、丹麦、荷兰、法国、希腊、意大利、卡塔 尔、巴基斯坦、沙特、墨西哥、智利、乌拉圭、乌兹别克斯坦、哈萨克斯坦、澳大利亚等近60 个国家 或地区形成批量销售并实现良好运营。在海外销售方面，公司已初步完成海外售后服务和配件体系搭 建，形成了"以我为主，保证客户满意"的服务模式并通过自营站、巡回、驻点、大包及第三方授权服务 站等形式，以满足不同市场和客户的服务需求，并全面推广Link+智能网联系统，实现客户一键直联宇 通及服务透明化，提升客户车辆管理效率。 构建国内直服体系，创新数字营销获客。公司全面推广直服，大力推进自有服务网络建设，在全国共建 立6 ...

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company reported a revenue of 16.1 billion yuan for the first half of 2025, a year-on-year decrease of 1%, while the net profit attributable to shareholders was 1.9 billion yuan, an increase of 16% year-on-year [4] - The company maintains a high cash dividend payout ratio and has adjusted its net profit forecasts for 2025-2027 to 4.84 billion, 5.55 billion, and 6.33 billion yuan respectively [7] Summary by Relevant Sections Financial Performance - In 2025, the company achieved a revenue of 161 billion yuan, with a net profit of 19 billion yuan, and a non-recurring net profit of 16 billion yuan [4] - Revenue projections for 2025-2027 are 42.91 billion, 47.77 billion, and 52.75 billion yuan, with year-on-year growth rates of 15.3%, 11.3%, and 10.4% respectively [6] - The net profit for the same period is projected to grow from 4.84 billion to 6.33 billion yuan, with corresponding year-on-year growth rates of 17.7%, 14.5%, and 14.1% [6] Market Dynamics - The domestic demand is benefiting from the "old-for-new" policy, while the tourism bus demand has returned to rational levels, leading to a year-on-year decline in market demand [7] - The export of large and medium-sized buses increased by 16.51% year-on-year, with expectations for continued growth in the second half of the year, particularly in Europe, Latin America, and Southeast Asia [7] Research and Development - The company has invested 750 million yuan in R&D for the first half of 2025, accounting for 4.6% of its revenue, focusing on high-end products and smart connected vehicles [7] - The company is developing high-end domestic products and expanding its overseas high-end product offerings [7]

Core Viewpoint - Yutong Bus reported a positive financial performance for the first half of 2025, with significant growth in revenue and net profit despite challenges in the domestic market [1][2] Financial Performance - The company achieved an operating revenue of 16.129 billion yuan and a net profit attributable to shareholders of 1.936 billion yuan, representing a year-on-year increase of 15.64% [1] - The net profit after deducting non-recurring gains and losses was 1.550 billion yuan, up 8.24% year-on-year [1] Sales and Market Demand - Yutong Bus sold a total of 21,321 buses in the first half of the year, marking a 3.73% increase year-on-year [1] - The domestic market faced a decline in demand for large and medium-sized buses due to a contraction in the tourism market [1] - In contrast, the export market saw a 16.51% year-on-year increase in the export volume of large and medium-sized buses, driven by stable growth in public transport, tourism, and passenger transport sectors [1] Research and Development - The company invested 746 million yuan in R&D, accounting for 4.63% of its operating revenue, which is considered high within the industry [1] - Key areas of focus for R&D include smart networking, assisted driving technologies, and the development of electric light bus series and high-end products [1] Profit Distribution - Yutong Bus proposed a profit distribution plan to pay a cash dividend of 5 yuan per 10 shares, totaling 1.107 billion yuan, which represents 57.19% of the net profit attributable to shareholders [2] Market Outlook - The company remains optimistic about the market for the second half of the year, anticipating a slight increase in domestic demand due to ongoing policies promoting the replacement of old buses with new energy buses [2] - The international market is expected to continue its growth trend, particularly in regions like Europe, Latin America, and Southeast Asia, driven by economic and environmental factors [2]

作为覆盖5-18米全谱系客车、业务遍及国内外的龙头企业，宇通上半年市场表现与行业趋势 深度联动： 国内市场：受旅游市场需求理性收缩影响，国内大中型客车需求总量同比下降，但公交"以旧 换新"政策拉动细分市场增长，宇通借政策红利巩固份额； 海外市场：全球人员流动复苏叠加欧洲、美洲电动化进程加快，行业大中型客车出口量同比增 16.51%，宇通依托"技术输出+本土化布局"（已在10余个国家KD组装），海外业务持续发 力，累计出口客车超11万辆，新能源客车超8000辆。 8月26日，宇通客车股份有限公司发布2025年半年度报告，报告期内，宇通营业收入达 1,612,940.25万元，较上年同期的1,633,578.86万元微降1.26%，在行业竞争加剧、市场环 境波动下，营收规模保持相对稳定。利润端表现亮眼，利润总额223,374.63万元，同比增长 22.49%；归属于上市公司股东的净利润193,551.79万元，同比提升15.64%。 | 主要会计数据 | 本报告期(1-6月) | 上年同期 | 本报告期比上年同期增减(%) | | --- | --- | --- | --- | | 营业收入 | 1,612,94 ...