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According to the latest financial report released on August 18, King Long Motor registered an operating revenue of 10.286 billion RMB in the first half of this year, up by 11.51% year on year. In the meantime, its net profits reached 148 million RMB, up by 86.44% year on year. Down by 0.35% year on year, the bus maker’s export revenue totaled 2.226 billion RMB in the first six months of this year.
The report shows that King Long Motor sold 39,051 units buses in total from January to June this year, up by 1.6% year on year. The sales volume of its large and medium buses stood at 16,746 units, down by 5.1% year on year. In the meantime, the sales volume of its minivans totaled 22,305 units, dipping slightly by 0.9% year on year. 1,543 units of its pickups are sold, dropping by 16.4% year on year. In terms of export, 12,173 units King Long buses made their way to the overseas market, down by 10.3% year on year.
A detailed analysis of the company’s financial report in the first half of this year shows that four features characterized King Long Motor business performance in this period.
First and foremost, King Long’s sales of eco-friendly vehicles and new energy buses maintained a rapid growing momentum. In total, the bus maker managed to sell 4,150 units energy-saving and new energy buses, which jumped by 609.4% when compared with the number in the same period last year. This is one of the main reasons for the increase of its net profits. According to King Long, it has further intensified its efforts to research and develop new energy buses and has rolled out several new models of new energy buses. What’s more, its newly released green electric bus solutions, new energy bus solutions, “Together” strategy, ISG system and eco-chip system have strengthened its overall competitiveness enormously.
Second, King Long Motor continued to maintain a leading position among its domestic counterparts in its exports. Thanks to its active measures and hard work in exploring the overseas market, the bus maker successfully exported 1,060 units King Long school buses to Saudi Arabia. After securing a major deal with Israeli customers at the end of last year for its Euro VI high-end coaches, the company again sold large batches of coaches to Israel in the first half of this year.
Third, King Long Motor has seen a steady and fast rise of its brand value. Among the Top 500 Most Valued Brand in China released in June, King Long, Higer and Golden Dragon boast a brand value of 21.725 billion RMB, 20.286 billion RMB, and 11.768 billion RMB respectively. Together, the company’s combined brand value has grown by 31% year on year. Following King Long, Higer has been recognized as a “Well-Known Brand in China” by State Administration of Industry and Commerce.
Fourth, King Long Motor finished a new round of re-financing by raising a fund of 1.3 billion RMB. Currently, the bus maker has kicked off its new round of financing and its financing plans have already been approved by its board of directors.
In the first half of this year, China sold 265,583 units buses, up by 1.6% year on year. The total sales volume of large and medium buses stood at 64,819 units, down by 7.7% year on year and that of minivans registered at 200,764 units, up by 5.0% year on year. In the meantime, the nation’s total bus export reached 38,300 units, down by 3.7% year on year.