The first half of 2025 has come to an end, and four major bus companies listed on the stock market (Zhongtong, King Long Group,Yutong, and Ankai) have successively released their production and sales reports for June and the first half of 2025. How did each company perform? Let's take a look together.

Zhongtong Bus: Strong Growth in Large Buses

Zhongtong Bus sold a total of 5,839 buses in the first half of 2025, a slight increase of 2.38% year-on-year, showing a stark contrast between the strong growth of large buses and the decline in medium-sized buses. Large bus sales reached 3,723 units, up 2.85% year-on-year, continuing the strong momentum of June's single-month sales of 594 units, which saw a year-on-year surge of 65.92%.

Medium-sized buses recorded a 15.12% increase in the first half of the year, but June's single-month sales were only 306 units, down 51.96% year-on-year. This divergence stems from its product strategy adjustment: resources have been tilted towards large public buses and school buses, with the latter now holding 42% of the school bus market share.

After being integrated into China National Heavy Duty Truck Group, Zhongtong has made breakthroughs in hybrid technology to reduce fuel consumption, supporting the competitiveness of its large buses. However, its performance in the light bus segment was weak, with sales of only 327 units in the first half of the year, down 38.19% year-on-year, failing to seize the opportunity of the expanding light bus market.

King Long Group: Light Bus Sales Against the Trend

King Long Group (including Xiamen King Long, Higer, and Golden Dargon) sold a total of 22,510 buses in the first half of 2025, down 1.88% year-on-year. The light bus segment was the only bright spot, with sales of 10,285 units, up 6.34% year-on-year, confirming the trend of the expanding light bus market.

The medium and large bus segments faced overall pressure: large bus sales totaled 8,517 units (-6.63% year-on-year), while medium bus sales reached 3,708 units (-10.59% year-on-year).

Yutong Bus: Driven by Light Buses and Overseas Markets

In the first half of 2025, Yutong Bus sold a total of 21,321 buses, a year-on-year increase of 3.73%. Against the backdrop of an overall industry slowdown, Yutong's light bus sales soared by 74.23%, becoming the biggest highlight. In June alone, Yutong sold 5,919 vehicles, up 24.79% year-on-year, with light buses contributing 921 units, a year-on-year increase of 58.25%.

Yutong's growth code comes from two strategic fulcrums: On one hand, it accurately grasps the trend of integration of passenger, freight, and postal services in rural and urban areas, and launches lightweight models suitable for the "last mile," which aligns with the national rural revitalization policy orientation. On the other hand, its overseas layout has achieved remarkable results, with the export ratio rising to 35%. Bulk orders in markets such as Pakistan and Central Asia along the "Belt and Road" are continuously delivered. Its differentiated technologies, such as the nitrogen protection system for batteries developed for high-temperature regions, have won international recognition.

Ankai Bus: Industry-Leading Growth Rate, Explosive Growth in Large Buses

Ankai Bus has staged a remarkable "comeback": it sold a total of 3,742 buses in the first half of 2025, a year-on-year increase of 37.88%, with a growth rate far exceeding that of its peers. Large bus sales saw explosive growth of 121.33% (1,857 units), while medium bus sales increased by 25.60% (1,261 units). Only the light bus segment saw a year-on-year decline of 28.36%.