证券代码：603129 证券简称：春风动力 公告编号：2025-070 浙江春风动力股份有限公司 公司按照要求会同相关中介机构就《审核问询函》提出的问题进行了认真研 究和逐项落实，现根据相关要求对《审核问询函》回复进行公开披露，具体内容 详见公司于 2025 年 9 月 30 日在上海证券交易所网站（www.sse.com.cn）披露的 相关文件。 公司本次向不特定对象发行可转换公司债券事项尚需通过上交所审核，并获 得中国证券监督管理委员会（以下简称"中国证监会"）做出同意注册的决定方 可实施，最终能否通过上交所审核，并获得中国证监会同意注册的决定及其时间 存在不确定性。公司将根据该事项的进展情况，严格按照有关法律法规的规定和 要求及时履行信息披露义务。敬请广大投资者注意投资风险，理性投资。 特此公告。 关于向不特定对象发行可转换公司债券申请文件的 审核问询函回复的提示性公告 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法律责任。 浙江春风动力股份有限公司（以下简称"公司"）于 2025 年 8 月 12 日收到 上海证券交易所（以下 ...

Market Overview - On September 29, the motorcycle and other sectors experienced a decline of 2.19%, with Qianli Technology leading the drop [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Stock Performance - Key stocks in the motorcycle sector showed varied performance, with Zhonglu Co., Ltd. closing at 10.48, up 3.05%, and Qianli Technology closing at 12.42, down 5.55% [1][2] - The trading volume and turnover for notable stocks included: - Zhonglu Co., Ltd.: 107,400 shares, 113 million yuan - Qianli Technology: 1,073,500 shares, 1.334 billion yuan [1][2] Capital Flow - The motorcycle and other sectors saw a net outflow of 262 million yuan from main funds, while retail investors contributed a net inflow of 202 million yuan [2] - The capital flow for specific stocks indicated: - Jianghui General: Main funds net inflow of 11.57 million yuan, retail net inflow of 766.81 million yuan [3] - Qianli Technology: Main funds net outflow of 5.55% [2][3]

9月29日，春风动力盘中下跌2.01%，截至09:49，报269.50元/股，成交7328.14万元，换手率0.18%，总 市值411.20亿元。 资金流向方面，主力资金净流出546.48万元，特大单买入127.61万元，占比1.74%，卖出291.71万元，占 比3.98%；大单买入1169.48万元，占比15.96%，卖出1551.85万元，占比21.18%。 春风动力今年以来股价涨75.89%，近5个交易日涨1.05%，近20日跌0.92%，近60日涨14.71%。 今年以来春风动力已经3次登上龙虎榜，最近一次登上龙虎榜为7月18日，当日龙虎榜净买入-1.11亿 元；买入总计2.43亿元 ，占总成交额比24.74%；卖出总计3.54亿元 ，占总成交额比36.10%。 资料显示，浙江春风动力股份有限公司位于浙江省杭州临平经济开发区五洲路116号，成立日期2003年 12月9日，上市日期2017年8月18日，公司主营业务涉及全地形车、摩托车、游艇及休闲运动装备等后市 场用品的研发、生产和销售。主营业务收入构成为：四轮车47.95%，两轮车42.79%，配件及其他 6.89%，其他(补充)2.38%。 春风动 ...

Market Overview - On September 26, the motorcycle and other sectors experienced a decline of 0.22%, with Xilong Health leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Notable gainers included: - Zhenghe Industrial (003033) with a closing price of 58.53, up 3.54% [1] - Zhonglu Co., Ltd. (600818) at 10.17, up 2.11% [1] - Qianjiang Motorcycle (000913) at 16.81, down 0.36% [2] - Xilong Health (002105) led the declines with a closing price of 6.66, down 3.48% [2] Capital Flow - The motorcycle and other sectors saw a net outflow of 30.32 million yuan from main funds, while retail funds had a net inflow of 11.46 million yuan [2] - Key stocks in capital flow included: - Taotao Vehicle (301345) with a main fund net inflow of 13.84 million yuan [3] - Zhenghe Industrial (003033) with a main fund net inflow of 12.28 million yuan [3] - Qianjiang Motorcycle (000913) with a main fund net outflow of 1.46 million yuan [3]

春风动力 20250924 摘要 春风动力营收复合增速接近 35%，实现从十亿到百亿规模的跨越。自 2016 年以来，经营利润率持续提升，2022-2024 年受益于产品升级和 海运费回落，净利率增速恢复增长。 2024 年，全地形车业务营收占比超 45%，摩托车业务占比 43%。产品 结构持续升级，全地形车毛利较高，2023 年约为 40%，摩托车业务盈 利能力也在逐步提升。 2024 年海外市场收入占比达 56%，北美占比约 30%，欧洲约 26%。 中国市场营收占比下滑，海外市场成为重要增长点，欧美区域开拓效果 显著，全球化战略成效显著。 全地形车行业消费升级趋势明显，UTV 和 SSV 市场份额提升至 65%， 未来有望进一步提高，为市场带来结构性增长机会。春风动力在国内外 全地形车出口领域均处于领先地位。 春风动力注重技术研发，发动机一次下线率超 90%，台架耐久性实验达 200 小时以上，发动机单声功率达 84 千瓦，大幅领先国内平均水平， 在 500CC、800CC 及 1,000CC 排量段具备竞争力。 Q&A 春风动力自 2016 年以来的营收和利润表现如何？ 自 2016 年以来，春风动力 ...

Market Overview - On September 25, the motorcycle and other sectors rose by 0.13% compared to the previous trading day, with Zhenghe Industrial leading the gains [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Stock Performance - Zhenghe Industrial (003033) closed at 56.53, up 5.90% with a trading volume of 69,300 shares and a turnover of 391 million yuan [1] - Other notable performers include: - Chunfeng Power (603129) at 274.50, up 2.05% [1] - Aima Technology (603529) at 35.14, up 1.86% [1] - Lvtong Technology (301322) at 35.72, up 1.05% [1] - Ninebot (689009) at 67.79, up 0.59% [1] - Decliners included: - Taotao Vehicle (301345) at 217.16, down 0.52% [1] - Jiangsu Qianli Technology (601777) at 12.99, down 1.29% [1] Capital Flow - The motorcycle and other sectors experienced a net outflow of 18.84 million yuan from institutional investors, while retail investors saw a net inflow of 12.45 million yuan [2] - Notable capital flows for specific stocks include: - Ninebot (689009) with a net outflow of 31.76 million yuan from institutional investors [3] - Chunfeng Power (603129) with a net inflow of 26.58 million yuan from institutional investors [3] - Qianli Technology (601777) with a net inflow of 25.38 million yuan from institutional investors [3]

国海证券研报指出，春风动力上半年归母净利润10.02亿元，同比+41.35%；扣非归母净利润9.51亿元， Q2归母净利润5.87亿元，同比+36.03%。根据中国摩托车商会数据，高端化车型占比持续提升。总体 看，2025H1对比2024全年，排量＞250cc占比从60%提升至76%，因此均价也在持续改善。2025H1公司 ＞250cc出口同比+55%左右。公司已于2025年1月16日在墨西哥新莱昂州蒙特雷市设立持股51%控股子 公司CFMOTOMOTOENERGIA,S.A.DE，注册资本5万元墨西哥比索，主要经营为摩托车制造和销售 等，后续认为CFLite在中小排全球市场放量可期。公司新品持续推出，四轮车聚焦大排量及场景化细 分，推出X10泥浆版ABS版、U10PRO（暖风版/ABS版）、U6EV等新品，有效拉动整体销量增长，市 占率持续提升。后续有望推出针对Adventure需求相关UTV产品，进一步在北美提升全地形车市占率。 该行认为公司能够凭借海内外优势打开成长空间，维持"买入"评级。 ...

格隆汇9月24日｜国海证券研报指出，春风动力上半年归母净利润10.02亿元，同比+41.35%，Q2归母净 利润5.87亿元，同比+36.03%。从摩托车渠道维度，国内市场：公司积极推进渠道扁平化建设，构建体 验式销售生态，截至2025H1期末，累计经销商数量600余家，扩大品牌在国内市场的覆盖广度与渗透深 度，更通过贴近终端的布局强化与消费者的直接沟通互动，有效拉动产品销售转化。海外市场：公司依 托全球2000余家经销商网络，在海外市场开展一系列卓有成效的推广活动，吸引众多当地消费者的关 注，同时品牌正逐步从"玩乐领域"向"大众出行领域"拓展，以规模化覆盖释放品牌增长势能，全球化战 略进入纵深阶段。公司新品持续推出。四轮车聚焦大排量及场景化细分，推出X10泥浆版ABS版、 U10PRO（暖风版/ABS版）、U6EV等新品，有效拉动整体销量增长，市占率持续提升。认为公司能够 凭借海内外优势打开成长空间，维持"买入"评级。 ...

Market Overview - On September 22, the motorcycle and other sectors rose by 1.12%, with Qianli Technology leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Stock Performance - Qianli Technology (601777) closed at 12.33, with a gain of 7.31% and a trading volume of 1.52 million shares, amounting to a turnover of 1.847 billion yuan [1] - Taotao Vehicle (301345) closed at 224.96, up 3.46%, with a trading volume of 18,600 shares and a turnover of 41.6 million yuan [1] - Other notable stocks include Zhenghe Industrial (003033) at 53.39 (+1.27%), and XD Huayang (834058) at 40.21 (+0.40%) [1] Fund Flow Analysis - The motorcycle and other sectors experienced a net outflow of 198 million yuan from institutional investors, while retail investors saw a net inflow of 200 million yuan [2] - The overall fund flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are more active [2] Individual Stock Fund Flow - Taotao Vehicle (301345) had a net inflow of 37.16 million yuan from institutional investors, while retail investors saw a net outflow of 29.18 million yuan [3] - Zhenghe Industrial (003033) experienced a net inflow of 603,300 yuan from institutional investors, with retail investors contributing a net inflow of 1.498 million yuan [3] - New Day Co. (603787) had a significant net outflow of 3.47 million yuan from institutional investors, but retail investors contributed a net inflow of 5.86 million yuan [3]

Core Viewpoint - The motorcycle industry is experiencing significant growth, particularly in the sales of larger displacement motorcycles, with a notable increase in year-on-year sales figures for August 2025 [2][4]. August Data Observation - For motorcycles with displacement over 250cc, August sales reached 84,000 units, representing a year-on-year increase of 23.6% but a month-on-month decrease of 4.4%. Cumulative sales from January to August totaled 675,000 units, up 36.0% year-on-year [2]. - In the 250ml to 400ml displacement category, August sales were 47,000 units, up 28.5% year-on-year and 6.5% month-on-month, with cumulative sales of 356,000 units from January to August, reflecting a 36.5% year-on-year increase [3]. - For the 400ml to 500ml category, August sales were 17,000 units, down 28.5% year-on-year and 27.9% month-on-month, with cumulative sales of 170,000 units, showing a slight year-on-year increase of 0.9% [4]. - In the 500ml to 800ml category, August sales reached 19,000 units, a significant year-on-year increase of 231.4% and a month-on-month increase of 0.8%, with cumulative sales of 131,000 units, up 130.2% year-on-year [4]. - For motorcycles over 800cc, August sales were 1,000 units, down 39.4% year-on-year and 16.6% month-on-month, with cumulative sales of 17,000 units, up 77.6% year-on-year [4]. Company Performance - Chuanfeng Power sold 15,000 units in August, a year-on-year increase of 14.4%, with a market share of 17.4%, down 3.5 percentage points month-on-month. The cumulative market share from January to August was 21.0%, an increase of 1.2 percentage points compared to the full year of 2024 [5]. - Longxin General sold 14,000 units in August, a year-on-year increase of 29.0%, with a market share of 16.9%, up 1.0 percentage points month-on-month. The cumulative market share from January to August was 14.2%, unchanged from the full year of 2024 [5]. - Qianjiang Motorcycle sold 9,000 units in August, a year-on-year decrease of 18.5%, with a market share of 10.2%, down 1.3 percentage points month-on-month. The cumulative market share from January to August was 13.1%, down 3.7 percentage points compared to the full year of 2024 [5]. Industry Outlook - The industry is advised to focus on key companies such as Geely Automobile, Xiaopeng Motors, Li Auto, BYD, Xiaomi Group, Chuanfeng Power, and others as potential investment opportunities [6][10][12].