Yutong Bus (600066) Q2 2025 earnings summary

Executive summary

• Achieved bus sales of 21,321 units in H1 2025, up 3.73% year-over-year; revenue reached RMB 16.13 billion, net profit attributable to shareholders was RMB 1.94 billion, up 15.64% year-over-year.

• Maintained industry leadership in large and medium bus production and sales volumes.

• Continued transformation from manufacturing and sales to integrated solutions and services, with strong international expansion and innovation in new energy and intelligent technologies.

Financial highlights

• Operating revenue for H1 2025 was RMB 16.13 billion, down 1.26% year-over-year.

• Net profit attributable to shareholders was RMB 1.94 billion, up 15.64% year-over-year.

• Operating cash flow was RMB 1.71 billion, down 68.04% year-over-year due to increased cash outflows for goods purchases.

• Basic and diluted EPS were both RMB 0.87, up 15.64% year-over-year.

• Gross margin improved as cost control and product mix offset revenue decline.

Outlook and guidance

• Domestic bus market expected to see slight demand growth in H2 2025, driven by continued new energy policies and urban-rural integration projects.

• Export market remains robust, with continued growth in large and medium bus exports, especially for new energy buses in Europe, Latin America, and Southeast Asia.