Yutong Bus (600066) Q4 2025 earnings summary

Executive summary

• Achieved revenue of RMB 41.43 billion in 2025, up 11.31% year-over-year; net profit attributable to shareholders reached RMB 5.55 billion, up 34.94% year-over-year.

• Sold 49,518 buses, a 5.54% increase year-over-year, maintaining industry leadership in large and medium-sized buses.

• Overseas market expansion and strong demand for new energy buses drove profit growth and improved sales structure.

Financial highlights

• Operating income: RMB 41.43 billion (up 11.31% YoY); net profit: RMB 5.55 billion (up 34.94% YoY).

• Gross margin for main business: 25.12%, up 2 percentage points year-over-year.

• Operating cash flow: RMB 3.20 billion, down 55.67% year-over-year due to increased raw material payments.

• Basic and diluted EPS: RMB 2.51 (up 34.94% YoY); ROE: 38.03%.

• R&D expenditure: RMB 1.81 billion, 4.36% of revenue.

Outlook and guidance

• 2026 sales and revenue expected to grow year-over-year, with planned upgrades to facilities and new projects totaling RMB 1.04 billion.

• Industry demand for new energy and intelligent buses to continue rising, especially in overseas markets.