---
title: "Soochow Securities Co., Ltd.: KLM's profit center continues to rise in Q2 2025, maintaining a \"Buy\" rating"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/249083279.md"
description: "Dongxing Securities Co., Ltd. released a research report indicating that KLM's performance in the first half of 2025 meets expectations, with a projected net profit attributable to the parent company of 116 million yuan, and 69 million yuan in the second quarter, a quarter-on-quarter increase of 42%. The company achieved its first quarterly non-net profit attributable to the parent company turnaround in five years, with an expected 22 million yuan in the second quarter. In terms of sales, the first and second quarters of 2025 are expected to be 11,000 units and 11,500 units, respectively. The company maintains a \"Buy\" rating, believing that the high growth in export bus sales and the increasing proportion of new energy are core catalytic factors"
datetime: "2025-07-18T06:10:32.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/249083279.md)
  - [en](https://longbridge.com/en/news/249083279.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/249083279.md)
---

# Soochow Securities Co., Ltd.: KLM's profit center continues to rise in Q2 2025, maintaining a "Buy" rating

Soochow Securities research report points out that KLM has released its performance forecast for the first half of 2025, which meets expectations. In terms of net profit attributable to the parent company, it is expected to be 116 million yuan for the first half of 2025, with 69 million yuan expected for the second quarter of 2025, representing a quarter-on-quarter increase of +42% and a year-on-year increase of +48%. In terms of net profit attributable to the parent company after deducting non-recurring items, it is expected to be 12 million yuan for the first half of 2025, with 22 million yuan expected for the second quarter of 2025, marking the company's first quarterly turnaround in net profit after deducting non-recurring items in five years. The profit center for the second quarter of 2025 continues to rise, and the effects of cost reduction and efficiency enhancement are becoming evident. The company's sales for Q1/Q2 of 2025 are expected to be 11,000/11,500 units, with year-on-year changes of +11.19%/-12.20%. The net profit per vehicle for Q2 2025 is expected to be 6,000 yuan, with a quarter-on-quarter increase of +62% and a year-on-year increase of +43%. It is believed that the core catalyst for the current bus cycle's upward trend comes from the high growth in export bus sales and the increasing proportion of new energy. As one of the leading domestic bus manufacturers, the company is poised to seize the current beta upward trend. The company's order volume drives growth, breaking through in both domestic and international markets; with the integration of the three dragons and a change in management, the company is expected to enter a new stage of development. The company maintains a "buy" rating

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