Yutong Bus (600066) Q3 2026 earnings summary

Executive summary

• Q3 revenue fell 11.13% YoY to RMB 9.10bn; attributable net income declined 3.00% to RMB 1.32bn, while adjusted net income rose 22.25% to RMB 1.30bn.

• 9M revenue decreased 2.09% YoY to RMB 25.82bn; attributable net income fell 3.31% to RMB 3.18bn, while adjusted net income increased 18.45% to RMB 3.10bn.

Financial highlights

• Q3 total profit was RMB 1.44bn, down 11.43% YoY; 9M total profit was RMB 3.59bn, down 6.93%.

• 9M net profit was RMB 3.21bn versus RMB 3.36bn YoY; net profit attributable to minority shareholders was RMB 24.5m versus RMB 71.7m.

• 9M operating cash flow reached RMB 8.00bn, up 345.64% YoY; Q3 operating cash flow rose 2,418.25%, attributed to increased cash receipts from product sales.

Key financial ratios and metrics

• 9M basic and diluted EPS were RMB 1.44, compared with RMB 1.49 YoY.

• Weighted average ROE was 20.96% for 9M, down 3.24 percentage points YoY; Q3 ROE was 9.66%, down 0.50 percentage points.

• Period-end total assets were RMB 32.99bn, flat versus year-end; equity attributable to shareholders was RMB 14.28bn, down 8.45%.