► 中大排摩托车走向全球 全地形车新品周期强劲。 1）燃油摩托车： 150SC、675SR等新品陆续上市，完善产品体系，2024年累计销售两轮车28.7万辆，实现营收60.4亿元，同比增长37.1%，ASP为2.1万元，同比微 降，高端化、全球化成效愈发显著。分市场来看，两轮内销14.3万台，营收30.9亿元，同比+44.4%，>200CC跨骑摩托车销量登顶行业第一；出口14.3万台，营收 29.4亿元，同比+30.2%； 2）全地形车： 核心产品矩阵全面焕新， 中高端新品U10PRO等凭借卓越性能与创新设计成为市场焦点 ，推动业务高弹性增长。2024年公 司全地形车销售16.9万辆，营收72.1亿元，同比+10.9%，ASP为4.3万元。看好公司依靠产品线扩充、性价比优势持续提升市场份额，打开成长空间。 ► 股权激励绑定核心人才 保障公司长远发展。 01 事件概述 公司发布《向不特定对象发行可转换公司债券预案》： 拟次向不特定对象发行可转换公司债券拟募集资金总额不超过25.0亿元，扣除发行费用后募集资金净额将用 于： （1）投资年产300万台套摩托车、电动车及核心部件研产配套新建项目，项目总投资额35.0亿 ...

Group 1 - The company plans to raise 2.5 billion yuan through the issuance of convertible bonds to fund various projects, including the construction of a new facility for producing 3 million sets of motorcycles and electric vehicles annually, marketing network development, and information system upgrades [1] - The total investment for the new production facility is estimated at 3.5 billion yuan, with 1.78 billion yuan allocated from the raised funds, focusing on the manufacturing and R&D of electric two-wheelers and motorcycles [1] - The expansion aims to enhance the company's global market presence and optimize resource allocation, thereby improving supply chain resilience and competitiveness in the global power equipment market [1] Group 2 - The company plans to invest 900 million yuan in marketing network development, with 450 million yuan from the raised funds, to create a multi-level sales and service network, enhancing brand promotion and market penetration [2] - This marketing initiative aligns with the company's ongoing globalization strategy, which includes establishing a comprehensive channel system in North America, Europe, and Southeast Asia [2] - The company intends to invest 120 million yuan in upgrading its information systems, incorporating advanced technologies like big data and cloud computing to improve data sharing and collaboration [3] Group 3 - An additional 150 million yuan will be allocated to supplement working capital, enhancing financial flexibility to support business expansion and market development [3] - The electric two-wheeler and motorcycle market is undergoing significant changes driven by policy, technology, and consumer upgrades, presenting both opportunities and challenges for the company [3] - The company possesses a solid technological foundation from the fuel vehicle era and aims to leverage its global channel network to gain a competitive edge in the electric vehicle market [3]

Group 1 - The company plans to raise up to 2.5 billion yuan through the issuance of convertible bonds to fund expansion projects and enhance production capacity [1] - The raised funds will be allocated to a new production base for 3 million sets of motorcycles and electric vehicles, marketing network construction, and information system upgrades [1] - The total investment for the new production base project is estimated at 3.5 billion yuan, with funding sourced from the company's own or self-raised funds [1] Group 2 - As of Q1 2025, the company reported cash and cash equivalents of 7.753 billion yuan, with no short-term or long-term debt [2] - The company achieved record-high revenues of 15.038 billion yuan in 2024, representing a year-on-year increase of 24.18%, and a net profit of 1.472 billion yuan, up 46.08% [2] - In Q1 2025, the company continued its growth trend with revenues of 4.25 billion yuan, a 38.86% increase year-on-year, and a net profit of 415 million yuan, up 49.6% [3]

Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company is accelerating its electric vehicle development and fundraising for expansion, with plans to invest in a new production base for 3 million sets of motorcycles and electric vehicles in Tongxiang, Zhejiang Province, with a total investment of 3.5 billion RMB [2][3]. - The company is expected to see significant revenue and sales growth in 2024, with the AE4 series achieving top sales during the "618" shopping festival and the AE5i model launching successfully [2]. - The company is expanding its product matrix rapidly, with new high-end motorcycles and all-terrain vehicles contributing to robust growth [3]. Summary by Sections Fundraising and Expansion Plans - The company plans to issue convertible bonds to raise up to 2.5 billion RMB, with net proceeds allocated to various projects including a new production base, marketing network construction, and information system upgrades [1][2]. Revenue and Profit Forecast - The company forecasts revenues of 19.11 billion RMB in 2025, 23.19 billion RMB in 2026, and 27.91 billion RMB in 2027, with corresponding net profits of 1.74 billion RMB, 2.16 billion RMB, and 2.65 billion RMB respectively [4][5]. Product Development and Market Position - The company launched several new motorcycle models, achieving a total sales volume of 287,000 units in 2024, with a revenue of 6.04 billion RMB, reflecting a year-on-year growth of 37.1% [3]. - The all-terrain vehicle segment also showed growth, with sales of 169,000 units and revenue of 7.21 billion RMB in 2024, marking a 10.9% increase [3]. Talent Retention and Incentives - The company introduced a stock option incentive plan for 1,310 core management and technical personnel, aiming to enhance long-term development and performance [4].

Core Viewpoint - Spring Power (603129) is accelerating its development in electric vehicles and plans to raise up to 2.5 billion yuan through a convertible bond issuance to support its growth initiatives [2] Group 1: Fundraising and Investment Plans - The company plans to issue convertible bonds to raise a total of no more than 2.5 billion yuan, with net proceeds allocated to various projects including a new production base for 3 million sets of motorcycles and electric vehicles, which has a total investment of 3.5 billion yuan [2] - The marketing network construction project will require an investment of 900 million yuan, with 450 million yuan sourced from the bond proceeds [2] - An information system upgrade project is budgeted at 120 million yuan, fully funded by the bond proceeds, while 150 million yuan will be allocated to supplement working capital [2] Group 2: Sales and Revenue Growth - In 2024, the company expects significant growth in revenue and sales, with the AE4 series achieving strong sales during the "618" shopping festival and the AE5i model selling 19,000 units in just 7 hours during the Double Eleven shopping event [2] - The company anticipates that motorcycle and electric vehicle sales will reach 287,000 units in 2024, generating revenue of 6.04 billion yuan, a year-on-year increase of 37.1% [3] Group 3: Product Development and Market Position - The company is launching new fuel motorcycles such as the 150SC and 675SR, aiming to enhance its product lineup and achieve a sales target of 287,000 two-wheeled vehicles in 2024 [3] - The all-terrain vehicle segment is also seeing growth, with sales projected at 169,000 units and revenue of 7.21 billion yuan in 2024, reflecting a year-on-year increase of 10.9% [3] Group 4: Talent Retention and Long-term Strategy - The company has introduced a stock option incentive plan for 1,310 core management and technical personnel, with performance targets set for revenue growth over the next three years [4] - This initiative is expected to attract and retain talent, ensuring the company's long-term development and stability [4] Group 5: Earnings Forecast - The company is projected to achieve revenues of 19.11 billion yuan, 23.19 billion yuan, and 27.91 billion yuan from 2025 to 2027, with net profits of 1.74 billion yuan, 2.16 billion yuan, and 2.63 billion yuan respectively [4]

证券代码：603129 证券简称：春风动力 浙江春风动力股份有限公司 ZHEJIANG CFMOTO POWER CO.,LTD. （浙江省杭州市临平区临平经济开发区五洲路 116 号） 向不特定对象发行可转换公司债券预案 发行人声明 1、本公司及董事会全体成员保证本预案内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 2、本次向不特定对象发行可转换公司债券完成后，公司经营与收益的变化 由公司自行负责；因本次向不特定对象发行可转换公司债券引致的投资风险由投 资者自行负责。 3、本预案是公司董事会对本次向不特定对象发行可转换公司债券的说明， 任何与之相反的声明均属不实陈述。 4、投资者如有任何疑问，应咨询自己的股票经纪人、律师、专业会计师或 其他专业顾问。 5、本预案所述事项并不代表审核、注册部门对于本次向不特定对象发行可 转换公司债券相关事项的实质性判断、确认、批准。本预案所述本次向不特定对 象发行可转换公司债券相关事项的生效和完成尚待上海证券交易所发行上市审 核并报经中国证监会注册。 1 释义 在本预案中，除非另有说明，下列简称具有如下特定含义： | ...

证券代码：603129 证券简称：春风动力 浙江春风动力股份有限公司 ZHEJIANG CFMOTO POWER CO.,LTD. （浙江省杭州市临平区临平经济开发区五洲路 116 号） 向不特定对象发行可转换公司债券的 论证分析报告 二〇二五年四月 第一节 本次发行证券及其品种选择的必要性 浙江春风动力股份有限公司（以下简称"公司"、"发行人"或"春风动力"） 是在上海证券交易所主板上市的公司。结合自身实际情况，根据《中华人民共 和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称 "《证券法》"）、《上市公司证券发行注册管理办法》（以下简称"《注册管理办 法》"）等有关法律、法规和规范性文件的规定，拟通过向不特定对象发行可转 换公司债券（以下简称"可转债"）的方式募集资金。 一、本次发行证券选择的品种 本次发行证券的种类为可转换为公司 A 股股票的可转换公司债券。该可转 债及未来转换的 A 股股票将在上海证券交易所（以下简称"上交所"）上市。 二、本次发行证券的必要性 （一）本次发行证券募集资金的必要性 本次向不特定对象发行可转换公司债券募集资金投资项目均经过公司谨慎 论证，项目的实 ...

浙江春风动力股份有限公司 关于公司向不特定对象发行可转换公司债券预案披露 的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 证券代码：603129 证券简称：春风动力 公告编号：2025-037 公司本次向不特定对象发行可转换公司债券预案的披露事项不代表审核、注 册部门对本次发行相关事项的实质性判断、确认或批准，预案所述本次向不特定 对象发行可转换公司债券相关事项尚需公司股东大会审议通过，且经上海证券交 易所审核通过并经中国证券监督管理委员会同意注册后方可实施。敬请广大投资 者注意投资风险。 特此公告。 浙江春风动力股份有限公司 董事会 2025 年 4 月 29 日 浙江春风动力股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开 第六届董事会第五次会议、第六届监事会第五次会议，审议通过了关于公司向不 特定对象发行可转换公司债券的相关议案。具体内容详见公司在上海证券交易所 网站（http://www.sse.com.cn）及指定媒体上披露的《春风动力向不特定对象发 行可转换公司债券预案》等 ...

证券代码：603129 证券简称：春风动力 公告编号：2025-036 浙江春风动力股份有限公司 第六届监事会第五次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 浙江春风动力股份有限公司（以下简称"公司"）第六届监事会第五次会议 通知于 2025 年 4 月 27 日以通讯方式发出，并于 2025 年 4 月 28 日以现场结合通 讯方式召开【现场会议地址：浙江春风动力股份有限公司会议室（浙江省杭州市 临平区临平街道绿洲路 16 号），现场会议时间：2025 年 4 月 28 日 11:00 时】， 全体监事同意豁免会议通知时间要求。会议应出席监事 3 名，实际出席监事 3 名，会议由监事会主席钱朱熙女士主持。会议的通知、召集、召开和表决程序符 合《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国 证券法》（以下简称"《证券法》"）等有关法律、法规以及《公司章程》的规 定。 二、监事会会议审议情况 会议以记名和书面的方式，审议了如下议案： （一）审议通过《关于公司符合向 ...

证券代码：603129 证券简称：春风动力 公告编号：2025-035 浙江春风动力股份有限公司 第六届董事会第五次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 浙江春风动力股份有限公司（以下简称"公司"）第六届董事会第五次会议 通知于 2025 年 4 月 27 日以通讯方式发出，并于 2025 年 4 月 28 日以现场结合通 讯方式召开【现场会议地址：浙江春风动力股份有限公司会议室（浙江省杭州市 临平区临平街道绿洲路 16 号），现场会议时间：2025 年 4 月 28 日 10:00 时】，全 体董事同意豁免会议通知时间要求。会议应出席董事 9 名，实际出席董事 9 名， 会议由董事长赖民杰先生主持。会议的通知、召集、召开和表决程序符合《中华 人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下 简称"《证券法》"）等有关法律、法规以及《公司章程》的规定。 二、董事会会议审议情况 会议以记名和书面的方式，审议了如下议案： （一）审议通过《关于公司符合向不特 ...