The Dongwu Securities Research Report pointed out that Yutong bus exports and product structure have improved, and the main business is developing positively. 2026H1 achieved net profit of 1,867 billion yuan, -3.52% YoY; 2026Q2 net profit to mother was 1,208 billion yuan, +2.4% YoY. The Q2 company exported about 0.42 million buses, about +6% year on year, and exported more than 0.12 million new energy vehicles, about +55% year on year. The increase in the share of high-value exports and new energy sources led to an improvement in bicycle revenue. In 2026Q2, bicycle revenue was about 868,000 yuan, +10% over the same period last year. The company expects the decline in domestic demand to narrow in the second half of the year, and the industry's export growth momentum will continue. We believe that urbanization in Africa and electrification in Europe are still major increases overseas, and localized production capacity such as the KD plant in Qatar will open up medium- to long-term space. The company's interim report did not propose a mid-term dividend plan, but the company's historical intention to pay dividends is strong, the pace of cash flow and capital expenditure is well matched, and the high dividend attributes throughout the year still have allocation value. Maintain a “buy” rating.

The Dongwu Securities Research Report pointed out that Yutong bus exports and product structure have improved, and the main business is developing positively. 2026H1 achieved net profit of 1,867 billion yuan, -3.52% YoY; 2026Q2 net profit to mother was 1,208 billion yuan, +2.4% YoY. The Q2 company exported about 0.42 million buses, about +6% year on year, and exported more than 0.12 million new energy vehicles, about +55% year on year. The increase in the share of high-value exports and new energy sources led to an improvement in bicycle revenue. In 2026Q2, bicycle revenue was about 868,000 yuan, +10% over the same period last year. The company expects the decline in domestic demand to narrow in the second half of the year, and the industry's export growth momentum will continue. We believe that urbanization in Africa and electrification in Europe are still major increases overseas, and localized production capacity such as the KD plant in Qatar will open up medium- to long-term space. The company's interim report did not propose a mid-term dividend plan, but the company's historical intention to pay dividends is strong, the pace of cash flow and capital expenditure is well matched, and the high dividend attributes throughout the year still have allocation value. Maintain a “buy” rating.