ZTBH(SZ:000957)2025-12-18 09:32Group 1: Market Performance - In the first 11 months of 2025, the cumulative sales of buses over 6 meters reached approximately 115,800 units, representing a year-on-year growth of 13.29% [2] - The company sold 11,226 buses during the same period, achieving a year-on-year increase of 10.47% [2] Group 2: Overseas Strategy - The company's overseas strategy is based on three solid logics: 1. National strategy, such as the "Belt and Road" initiative, enhances the overall influence and credibility of Chinese manufacturing, creating a favorable macro environment for overseas expansion [2] 2. Demand side: Developing countries are experiencing urbanization and infrastructure growth, leading to diverse needs for transportation, while developed countries face significant demand for vehicle renewal due to aging fleets and strict environmental regulations [3] 3. Supply side: Few countries possess a complete bus industry chain and strong delivery capabilities, giving Chinese buses a competitive edge in terms of cost-effectiveness, supply cycles, and new energy technologies [3] Group 3: Product Demand and Trends - There is significant demand potential for new energy buses in overseas markets, particularly in Europe and Chile, where environmental regulations are stringent [3] - Despite the rise of new energy vehicles, fuel-powered buses will continue to hold a significant market share for a considerable time [3] Group 4: Risk Management - The company is aware of the risks associated with overseas markets and implements strict risk control measures, including evaluating local political and economic stability [3] - To minimize potential losses, the company utilizes export credit insurance and requires top international banks to guarantee letters of credit [3] Group 5: Dividend Policy - The company is in a critical development phase and will balance market conditions, cash flow from operations, and future funding needs when considering dividend policies [3] - The expected dividend rate will be aligned with the company's focus on expanding overseas markets, enhancing product quality, and optimizing management to improve competitiveness and profitability for investors [3]