Yutong Bus (600066) Q2 2026 earnings summary

Executive summary

• Achieved revenue of RMB 16.72 billion in H1 2026, up 3.65% year-over-year, with net profit attributable to shareholders at RMB 1.87 billion, down 3.52% year-over-year.

• Maintained industry leadership in large and medium bus production and sales, with export volume up 18.45% year-over-year, and new energy bus exports up 29.77%.

• Domestic market demand for large and medium buses declined due to policy adjustments and weaker-than-expected customer operations, while the export market remained robust, especially in Africa and Europe.

Financial highlights

• Operating income: RMB 16.72 billion, up 3.65% year-over-year.

• Net profit attributable to shareholders: RMB 1.87 billion, down 3.52% year-over-year.

• Net cash flow from operating activities: RMB 5.95 billion, up 246.96% year-over-year.

• Gross margin: 24.4% (calculated from revenue and cost figures).

• Basic and diluted EPS: RMB 0.84, down 3.52% year-over-year.

• Adjusted net profit (excluding non-recurring items): RMB 1.80 billion, up 15.83% year-over-year.

Outlook and guidance

• Domestic demand for large and medium buses expected to recover in H2 2026 as replacement policies continue and new commuting models expand.

• Export growth momentum expected to persist, especially for new energy buses, with continued focus on Africa, Europe, and other key regions.