On 10 August, Yutong Bus released its 2026 semi-annual report. During the reporting period, the company achieved operating revenue of RMB 16.719 billion, a year-on-year increase of 3.65%; net profit attributable to shareholders reached RMB 1.867 billion, while non-GAAP net profit stood at RMB 1.795 billion, up 15.83% year on year. Net cash flow from operating activities surged 247% to RMB 5.948 billion, reflecting stronger profitability and healthier cash flow.

Overseas Exports Lead the Industry; NEV Growth Outpaces the Market

According to China Bus Statistical Information Network, China's exports of large and medium-sized buses (over 7 metres) exceeded 30,000 units in H1 2026. Yutong exported 6,642 units, capturing a 22.08% market share — the only manufacturer to surpass 6,000 units. New energy vehicle (NEV) exports reached 1,654 units, a 54.1% year-on-year increase, far outpacing the industry average.

Capitalising on overseas markets larger than domestic demand, Yutong pursues a "one country, one policy" customised approach. KD assembly lines have been established in over ten countries, including Kazakhstan, Pakistan and Ethiopia, marking the shift from product export to technology transfer and brand licensing. Its overseas strategy follows the principle of "electric vehicles first, fuel-driven vehicles supporting, both developing in parallel," with high-end NEVs breaking into European and Latin American markets.

Mexico stands out as a key benchmark. During the World Cup, 800 NEV buses formed a "green fleet" for public transport, with Yutong accounting for 85% of the fleet; its dual-source trolleybuses hold over 90% of the city market share.

By the end of the reporting period, Yutong had exported to more than 100 countries and regions, with cumulative exports exceeding 138,000 units, including over 13,000 NEVs. Its sales network covers six regions — Europe, the Americas, Asia-Pacific, CIS, the Middle East and Africa. Overseas, Yutong operates over 400 authorised service outlets with an average service radius of 120 km, more than 40 self-built spare parts warehouses, and nearly 900 service personnel.

R&D Investment Builds Technical Moat; Brand Value Rises to RMB 119.8 Billion

R&D expenditure reached RMB 829 million, accounting for 4.96% of revenue and up 11.1% year on year. In March 2026, Yutong launched its commercial vehicle intelligent electric technology platform — Ruikong E+, built on three pillars: intelligent electric chassis, smart brain, and intelligent services. The platform delivers breakthroughs including the industry-first "same lifespan for vehicle and battery" technology (15 years or 1.5 million km of reliable operation), high-speed flat-wire motors with the industry's highest energy efficiency certification, and a cross-domain integrated C-architecture control system with sixfold performance improvement.

By period-end, Yutong employed 4,179 R&D staff and held 2,876 patents and software copyrights, having participated in the formulation or revision of 356 national, industry and association standards. The company has been listed among China's 500 Most Valuable Brands for 23 consecutive years, ranking 108th with a brand value of RMB 119.8 billion, up 8% year on year.

Outlook: Seizing Global Electrification Opportunities

In overseas markets, Europe and Australia have entered a dual-driven phase of policy and market demand, while multiple countries in Southeast Asia and Africa have introduced support policies for public transport electrification. Yutong will continue to implement its "direct sales, direct service, direct financing" model and the four strategies of electrification, intelligent connectivity, high-end positioning and internationalisation, consolidating its leading position and expanding its global footprint.