ZTBH(SZ:000957)2025-06-12 08:48Group 1: Industry and Company Performance - In the first five months of 2025, the cumulative sales of buses over 6 meters reached approximately 42,600 units, representing a year-on-year growth of 1.81% [1] - The company sold 4,813 buses from January to May 2025, showing a year-on-year increase of 3.53% [1] - The overall market is expected to maintain a positive growth trend in 2025, although no significant changes are anticipated compared to 2024 [1] Group 2: Market Dynamics and Policy Impact - The continuation and enhancement of the domestic vehicle replacement subsidy policy are expected to drive demand growth in urban and rural areas [1] - The demand in the domestic public transport market is anticipated to continue releasing incremental growth [1] - After a surge in demand for tourist buses in the previous year, a market adjustment is expected [1] Group 3: Export and International Market Strategy - The company plans to strengthen its presence in existing markets in the Middle East, Africa, and Asia while actively developing high-end markets in Europe and America [2] - There will be an increased focus on utilizing heavy industry group’s overseas sales channels to enhance the development of new energy buses [2] Group 4: Dividend Policy - The company emphasizes shareholder returns and will consider market conditions, operational cash flow, and future funding needs to determine a reasonable dividend ratio [2]