Zhongtong Bus

Brand Overview

Zhongtong Bus Holding Co., Ltd. originally known as the "Liaocheng Prefecture Administration Transport Bureau Vehicle Repair and Manufacturing Factory" established in 1958, officially began bus production in 1971, and was listed on the Shenzhen Stock Exchange in 2000. It is one of the earliest bus production enterprises and listed bus enterprises in China. The company headquarters is located in Liaocheng City, Shandong Province, with a construction area of 471,700 square meters. It possesses globally leading bus R&D technology and production processes, with the capacity to produce 30,000 large, medium, and light buses annually. After over 60 years of development, Zhongtong Bus has accumulated sales and production of over 300,000 buses. Products cover over 140 varieties including 5.5m to 27m intercity passenger transport, bus buses, tour buses, group commuting, high-end business, school buses, logistics vehicles, special purpose vehicles, etc., forming a three-dimensional product matrix covering all scenarios.

As a key enterprise owned by Shandong Province, Zhongtong Bus is an important bus sector under Shandong Heavy Industry Group, with the actual controller being the Shandong Provincial State-owned Assets Supervision Commission. Relying on multiple innovation platforms such as the National Certified Enterprise Technology Center, National Industrial Design Center, Postdoctoral Research Workstation, and CNAS Accredited Laboratory, the company collaborates with top domestic research institutions such as Tsinghua University, Shanghai Jiao Tong University, and Shandong University. Focusing on bus safety, energy saving, and new energy technology research, it has obtained over 700 authorized patents, participated in formulating 74 national and industry standards cumulatively, and undertaken over 30 national and provincial key R&D projects including the "863" program. Successively winning over 100 authoritative honors such as the National Science and Technology Progress Award, National Quality Benchmark, Shandong Province Science and Technology Progress First Prize, and Shandong Province Governor's Quality Award, it has become one of the representative brands in the global bus industry.

Development History

Initial and Early Development Stage (1958–1999) 

The predecessor of Zhongtong Bus—the Liaocheng Prefecture Administration Transport Bureau Vehicle Repair and Manufacturing Factory—was established in 1958, initially focusing on vehicle repair and modification as its main business. In 1971, the factory officially entered the vehicle manufacturing field, opening the history of bus production, becoming one of the earliest professional bus manufacturing enterprises in China. After reform and opening up, the enterprise gradually transformed towards the marketization direction. Product categories expanded from single models to intercity passenger transport, urban public transport, and other categories, laying the manufacturing foundation and market experience for subsequent scaled development.

Listing and Scaled Expansion (2000s–2010s) 

In 2000, Zhongtong Bus was officially listed on the Shenzhen Stock Exchange, becoming one of the enterprises in the bus industry to land the capital market early. Entering the 21st century, the company seized the era opportunity of accelerated Chinese urbanization and rapid public transport development, continuously expanded production capacity scale, and promoted product line expansion. Against the backdrop that traditional fuel buses occupied the market mainstream, Zhongtong Bus strategically laid out new energy technology, becoming one of the earliest enterprises engaged in new energy bus R&D and promotion in China. Around the time of the 2008 Olympic Games, Zhongtong new energy buses began to be batch released to the market. The company also gradually grew from a local bus manufacturing enterprise to one of the leading enterprises in the national bus industry. In 2003, the first batch of Zhongtong buses were exported to the UAE, marking the formal start of overseas business.

Joining Shandong Heavy Industry and Transformation Upgrade (Mid-late 2010s to Present) 

In the mid-late 2010s, Zhongtong Bus was transferred into the Shandong Heavy Industry Group system, becoming a sister company to well-known enterprise groups such as Weichai and Sinotruk. Relying on Shandong Heavy Industry Group's industry chain synergy and channel resource sharing, Zhongtong Bus accelerated transformation towards new energy and intelligent directions. Between 2021 and 2024, the company experienced a relatively difficult operational low point. Since 2024, with the implementation of domestic "trade-in" policies and continuous breakthroughs in overseas markets, the company's performance achieved a "V-shaped reversal". Full year 2024 sales volume reached 11,409 vehicles, a year-on-year increase of 51.49%, net profit attributable to parents increased by 195% to 320% compared to last year, creating the best results in nearly eight years. In 2025, the high growth trend continued, with full year bus sales of 12,363 vehicles, up 8.4% year-on-year, and net profit attributable to parents up 44.2% year-on-year. Driven by new energy bus exports, overseas business share rose to 70% from January to September 2025. Zhongtong Bus is completing the strategic upgrade from "Regional Manufacturer" to "Global Participant".

Brand Matrix / Product Line

Zhongtong Bus has built a complete product matrix covering 5.5m to 27m, encompassing 8 major categories and over 140 varieties. The current product system is mainly composed of three core platforms:

N Series Pure Electric Urban Bus Platform 

Targeting the urban public transport market, containing four major series: N8, N10, N12, N18. Among them, N8 targets urban-rural public transport and micro-circular connections in first and second-tier cities. N10 targets trunk bus lines in third and fourth-tier cities and branch bus lines in first and second-tier cities. N12 is positioned for trunk and branch bus lines in first and second-tier cities. N18 serves the urban BRT rapid public transport system. As a boutique platform for pure electric urban buses forwardly developed by Zhongtong Bus, the N Series has been continuously iterated and upgraded in terms of body structure, safety design, high-voltage control, intelligent assistance, etc. It is the main product line for the company's domestic bus market.

H Series Tour and Group Bus Platform 

Targeting long-distance scenarios such as intercity lines, cross-regional tourism, group commuting, etc., it is the high-end tour and group product line the company has been striving to build in recent years. The H Series platform has completed the layout of 46 models including fuel and pure electric power sources, covering multiple series such as H8, H9, H11, H12, H13, and H13Pro. Among them, the H12 Super Bus is designed by an international design company, focused on the high-end business travel market. CNG versions such as H9N, H11N, H12N match different operational needs with differentiated positioning. In the new energy field, H12E-Plus and N12D pure electric buses are the flagship products for the European high-end market, with a single charge range exceeding 400 km.

L Series Boutique Tour Bus Platform 

Covers the length range from 6m to 7.5m, adapting to niche scenarios such as boutique group tours, business customization, study tours commuting, etc., focusing on "small and beautiful" travel needs. Equipped with fuel, pure electric and other power choices, optional 8AT automatic transmission. Among them, L7Pro relies on new technology upgrades, with breakthroughs in appearance design, riding experience, and power output.

Other Product Matrix 

Covers school buses (safe school bus series), new energy logistics vehicles, special purpose vehicles (including medical vehicles, refrigerated vehicles, sanitation vehicles, etc.) and fuel cell buses. Among them, hydrogen fuel cell bus range has broken through 600 km, showcasing the company's technical reserves in the next generation of clean energy fields.

Market Performance

Domestic Market: Recovery and Structural Optimization 

In 2024, the domestic bus market over 6m was double driven by "trade-in" policies and tourism market recovery, achieving sales of 126,064 vehicles, up 33.4% year-on-year, setting a new high since 2020. Zhongtong Bus seized the market window, with domestic sales of 5,189 vehicles, up 39.2% year-on-year. In 2025, industry bus sales over 6m climbed to 137,212 vehicles, up 8.84% year-on-year, setting a new high in nearly seven years. The company's domestic business continued to grow supported by bus trade-ins and tour bus electrification trends. Tour and group products performed particularly outstandingly. January to October 2025, the company's 8m+ tour product market share jumped to 11.6%, tour bus sales up 40% year-on-year. In terms of product structure, large and medium buses became the main growth force. In 2025, large bus sales up 13.66% year-on-year, medium bus up 6.50% year-on-year, while light and logistics vehicles declined slightly due to market environment.

Overseas Market: From Breakthrough to Dominance 

The overseas market has become the core engine of Zhongtong Bus performance growth. From 2022 to 2024, the company's overseas sales CAGR reached 53.9%. In 2024, export sales reached 6,220 vehicles, up 63.5% year-on-year, overseas sales share jumped from about 20% in 2022 to 54.5%. January to September 2025, overseas business share further increased to 70%, overseas revenue up 40% year-on-year, new energy bus exports up 245.3% year-on-year. The company adopted a "Eight Major Regions, Tiered Management" refined management strategy overseas. Overseas revenue growth continues to be faster than sales growth, indicating product unit price is increasing. Overseas market gross margin is about 28%, nearly 8 percentage points higher than the domestic market, becoming an important source of profit contribution.

Financial Performance: Volume and Profit Rising Together 

In 2024, Zhongtong Bus achieved net profit attributable to parents of 206 million to 293 million RMB, up 195% to 320% year-on-year, achieving a "V-shaped reversal". In 2025, company operating revenue reached 7.33 billion yuan, up 27.8% year-on-year; net profit attributable to parents 360 million RMB, up 44.2% year-on-year; deducted net profit attributable to parents 331 million RMB, up 54.8% year-on-year. Operational indicators achieved a benign development pattern of "revenue growth rate higher than sales growth rate, profit growth rate higher than revenue growth rate". In Q1 2026, the company achieved revenue 1.78 billion yuan, net profit 100 million yuan, up 5.2% and 30.0% respectively year-on-year, growth momentum continued.

Core Technology

New Energy Three-Electric System and Vehicle Integration 

Zhongtong Bus takes new energy buses as R&D carriers, continuously tackling key directions such as electrification, intelligence, and connectivity. It successfully solved many "chokepoint" difficulties in vehicle and core components such as battery, motor, electronic control, and system integration for China's new energy commercial vehicles. Self-developed battery management system reduces safety accident rate by over 90%. Energy management technology achieves vehicle energy saving by 5% to 8%. Its developed "High Efficiency Drive System for Multi-Type New Energy Commercial Vehicles" has a comprehensive drive efficiency over 85%. Zhongtong Bus is a member unit of the National Automobile Standardization Committee for Bus Technology, participating in 74 national standards, industry standards, etc., authorized patents reached 768, of which invention patents were 158. As of now, Zhongtong Bus new energy bus cumulative promotion volume has broken through 100,000 units, popular in over 100 countries and regions worldwide. Through large-scale demonstration operation, cumulative oil saving nearly 2 billion liters, comprehensive emission reduction reached 6.49 million tons. Energy saving and carbon reduction effects are significant.

Intelligent Driving and Connectivity Technology 

Zhongtong Bus has accumulated deep technical reserves in the field of intelligence. The company jointly with Tsinghua University and other research institutions carried out in-depth R&D on intelligent driving buses. Its intelligent solutions cover L2 level assisted driving functions such as lane keeping, automatic emergency braking, adaptive cruise control, etc., and gradually integrate with 5G vehicle-road collaborative technology, reserving the technical foundation for the commercial implementation of higher-level autonomous driving.

Hydrogen Fuel Cell Bus Technology 

Zhongtong Bus is at the forefront of the hydrogen energy track in the industry. The company undertook the R&D tasks of fuel cell buses in multiple national key new energy projects. Hydrogen fuel cell bus range exceeds 600 km, reaching leading industry levels in key technical indicators such as low-temperature start, system efficiency, etc..

Overseas Layout

Global Network and Regional Deep Dive 

Zhongtong Bus's overseas footprint has spread to over 100 countries and regions worldwide. The company built a "Eight Major Regions, Tiered Management" overseas marketing management system. Offices were established in each major region, with resident personnel dispatched from headquarters responsible for channel control and market development, forming a replicable international operation model. The brand adopts "Integrated Layout, Localized Deep Dive" strategy, promoting the construction of overseas KD factories, achieving the transformation from "Product Export" to "Brand Output".

Middle East Market 

Saudi Arabia is one of the earliest breakthroughs and largest volume markets for Zhongtong Bus overseas, cumulative ownership exceeded 15,000 vehicles, becoming an important part of local public transportation. In Dubai, Zhongtong Bus not only broke the long-term monopoly of European brands in the local public transport field with nearly 100 vehicles bulk orders but also set the record for the largest batch of electric bus orders in the UAE with 40 pure electric buses.

European High-End Market 

Zhongtong Bus is the largest new energy bus supplier in Portugal, with market share in Portugal reached over 50%. Products also entered high-end European markets like Germany, Austria, Denmark with strict quality requirements. In 2025, the company targetedly released new pure electric bus models like H12E-Plus and N12D for the European market, participating in European market competition with higher range capabilities and stricter carbon emission standards.

Latin America Market 

Chile is an important layout area for Zhongtong Bus in Latin America. In 2025, 895 new energy bus big orders were delivered, with the President personally witnessing, becoming a landmark result of China-Latin America green transport cooperation. Products deeply adapt to South American complex road conditions. The company collected road profile data locally to achieve precise positioning development.

Future Outlook

Looking forward, Zhongtong Bus takes "Creating a world-class green intelligent bus strong enterprise" as strategic vision, and will continue to advance along the development path of "Internationalization and New Energy" double wings vibrating together. On the new energy track, Zhongtong Bus will continue to promote electric drive system efficiency improvement, hydrogen fuel cell system optimization and more efficient energy management technology R&D, to cope with the trend of global bus market electrification penetration rate continuously improving. At the market level, the company will take domestic tour bus high-endization and bus trade-in as the main line. Overseas, it will continue to deepen emerging market stock advantages and expand Europe-US high-end incremental markets.

In the direction of intelligence and connectivity, Zhongtong Bus plans to evolve intelligent technology from assisted driving to higher-level autonomous driving. At the product and supply chain level, in 2025, the company has introduced over 60 high-quality suppliers, eliminated over 200 inferior suppliers, optimizing supply chain resilience and response speed. Early 2026, the company released the global service brand, marking the branding upgrade of the service system, which will push the company to leap from "Product Output" to "Service Output".

Zhongtong Bus also faces external challenges: The sustainability of domestic bus market recovery highly depends on policy support intensity. Overseas export growth rate may slow down after major markets tend to saturate. Exchange rate fluctuations and trade policy changes will also affect export profits. Crossing heavy challenges, this old Chinese bus enterprise with nearly 70 years of wind and rain, is standing at the critical junction of "Product Going Global" to "Brand Going Global".