Zhongtong Bus H1 2025: Profits Jump, Exports Take the Wheel as New-Energy Coaches Go Global

Recently, Zhongtong Bus Co., Ltd. (000957) posted a confident first-half scorecard on Tuesday, with stronger profits, a fatter order book abroad, and a clearer pivot toward new-energy products. The inflection point is hard to miss: exports now carry most of the load.

What the numbers say — and why they matter

In January–June, Zhongtong reported ¥3.94 billion in operating revenue, up 43.02% year on year. Net profit attributable to shareholders rose to ¥190 million (+71.61%), while profit excluding non-recurring items reached ¥175 million (+75.34%).

On the balance sheet, total assets climbed to ¥9.132 billion (+11.81% YoY); shareholders’ equity stood at ¥3.033 billion (+3.03%).

The core bus business still does the heavy lifting. Zhongtong sold 5,839 buses in the period (+2.38% YoY). Bus revenue totaled ¥3.794 billion, 96.28% of the top line, up 41.06% from a year earlier, with a segment gross margin around 15%.

Overseas now sets the pace

The standout line is exports. Overseas revenue reached ¥2.757 billion, a 49.94% YoY surge, accounting for 69.96% of total sales. Margins abroad eased slightly to 17.25%, but the company framed this as a market-share play: get product on the road, then expand after-sales services and financing to deepen moats.

Under the hood, it’s very much a new-energy story. Electric and hybrid buses are gaining traction with city operators across Africa, the Middle East and Latin America, where fleet renewal is increasingly tied to clean-transport mandates. Zhongtong’s range — from compact city units to long-haul coaches — gives it flexibility to bid in both urban transit and intercity segments.

Domestic pressure is real — and shaping strategy

China’s passenger coach market is not the same market it was five years ago. Ride-hailing, high-speed rail, and diversified mobility options continue to chip away at traditional demand.

Zhongtong’s answer is product mix and service: faster iterative upgrades, tighter after-sales, and targeted models for growth niches (school routes, commuter shuttles, tourism corridors). That pragmatic tilt is showing up in the numbers.

Risk map — and how Zhongtong says it will respond

Demand shift at home: The company plans quicker model refreshes, sharper market analysis, and integrated solutions rather than one-off sales.

Geopolitics & trade volatility: More analysis of local policies, a push into higher-end overseas contracts, and a corporate-wide tilt of bidding, research and technical resources toward export markets.

Costs (materials, freight, labor): Stricter cost control across procurement, R&D, production and SG&A; design optimization and centralized purchasing to keep unit economics in line.

A parallel track: the used-bus lane

New models tend to dominate headlines, but there’s a busy secondary bus market moving in tandem. Operators who want to expand service without the capex of brand-new fleets often look to China’s quality used buses.

This is where Tianying Used Bus comes in: a specialist exporter of well-maintained second-hand vehicles — including Zhongtong, Yutong, and King Long models — to buyers worldwide.

For schools, tourism companies, and city transport agencies working within tight budgets, Tianying’s inventory offers a practical on-ramp to proven Chinese platforms, backed by parts availability and familiar maintenance routines.

For many readers comparing options, pairing new-energy ambitions with cost-effective used units can smooth a staged fleet upgrade.

The takeaway

Zhongtong’s half-year print reads like a map of where China’s bus industry is headed: more electric, more overseas, more service-heavy. With exports now driving nearly seven of every ten yuan in revenue, the company’s growth engine is clearly idling outside China — and revving.