浙江春风动力股份有限公司（以下简称"公司"）第六届董事会第十二次会 议的会议通知已于 2025 年 10 月 20 日以通讯方式发出，并于 2025 年 10 月 21 日以现场结合通讯会议方式召开【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 10 月 21 日 15:00 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《关于公司向不特定对象发行可转换公司债券方案（修订 稿）的议案》 根据《公司法》《证券法》《上市公司证券发行注册管理办法》等法律、法规 及规范性文件的规定，为推进本次公司向不特定对象发行可转换公司债券工作的 顺利进行，结合公司实际情况，根据相关监管要求，公司对向不特定对象发行可 转换公司 ...

Core Viewpoint - The company plans to issue convertible bonds totaling up to RMB 217,876.32 million to fund various projects, including motorcycle and electric vehicle production, marketing network construction, information system upgrades, and working capital supplementation [1] Fundraising Details - The total amount of convertible bonds to be issued is RMB 217,876.32 million, with the specific amount to be determined by the board of directors or authorized personnel [1] - The net proceeds from the fundraising, after deducting issuance costs, will be allocated to several projects [1] Project Allocations - RMB 145,876.32 million will be used for the construction of a new project with an annual production capacity of 3 million sets of motorcycles, electric vehicles, and core components [1] - RMB 45,000.00 million is allocated for marketing network construction [1] - RMB 12,000.00 million is designated for information system upgrade projects [1] - RMB 15,000.00 million will be used to supplement working capital [1]

Group 1 - The company Spring Power announced on October 21 that its sixth session of the twelfth board meeting was held in a combination of on-site and communication methods [1] - The meeting reviewed documents including the proposal to amend certain management systems of the company [1] Group 2 - The interview with He Keng emphasized the need to change the previous tendency of overly concentrating funds on housing and infrastructure construction, highlighting the importance of increasing investment in the livelihood sector [1]

Core Viewpoint - The company reported its Q3 2025 results, showing a revenue of 5.04 billion yuan, with a year-on-year increase of 28.6% but a quarter-on-quarter decrease of 10.1%. The net profit attributable to shareholders was 413 million yuan, reflecting a year-on-year increase of 11% but a quarter-on-quarter decrease of 29.5% [2]. Group 1: All-Terrain Vehicle (ATV) Performance - In Q3 2025, the company sold 49,000 ATVs, with a year-on-year increase of 0.2% but a quarter-on-quarter decrease of 15.7%. The U10pro model sold nearly 10,000 units, while the average selling price (ASP) for ATVs was 48,000 yuan, representing a year-on-year increase of 22.2% and a quarter-on-quarter increase of 5.6% due to product mix changes [3]. - The gross margin for ATVs remained stable quarter-on-quarter [3]. Group 2: Motorcycle Business - The company sold 66,000 fuel motorcycles in Q3 2025, with a year-on-year decrease of 13.9% and a quarter-on-quarter decrease of 23.8%, primarily due to weak domestic performance. Exports remained strong, influenced by the transition in Turkey and KTM [4]. - The ASP for motorcycles was 23,000 yuan, with a year-on-year increase of 14.9% and a quarter-on-quarter increase of 8.0%. However, the gross margin for motorcycles declined due to decreased model sales and intense price competition [4]. Group 3: Extreme Core Product Line - The extreme core product line saw significant growth, with sales reaching 193,000 units in Q3 2025, a year-on-year increase of 349% and a quarter-on-quarter increase of 24.2%, setting a new quarterly sales record. The ASP for extreme core products was 3,500 yuan, with a quarter-on-quarter increase of 2.2. The product line has not yet turned profitable, but profit margins are improving, and channel inventory is healthy [5]. Group 4: Financial Metrics - The company's gross margin in Q3 2025 was 26.1%, reflecting a year-on-year decrease of 4.7 percentage points and a quarter-on-quarter decrease of 1.2 percentage points, mainly due to U.S. tariffs, an increase in low-margin two-wheeler revenue, and declining motorcycle gross margins [6]. - The expense ratios for sales, management, and R&D in Q3 2025 were 6.2%, 4.1%, and 6.0%, respectively, showing year-on-year changes of -1.6, +0.9, and -1.0 percentage points. The increase in expense ratios quarter-on-quarter was attributed to a decline in revenue [7]. Group 5: Profit Forecast and Investment Rating - The company is a leader in the domestic ATV and motorcycle markets, with all three business segments experiencing high growth. The net profit forecasts for 2025-2027 are 1.87 billion, 2.47 billion, and 2.74 billion yuan, respectively, with corresponding price-to-earnings ratios of 19.0, 14.4, and 13.0 times. Given the company's strong market position and upward momentum across its three business lines, the investment rating remains "Buy" [8].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 329.50 CNY [5]. Core Insights - The company continues to experience revenue growth driven by the launch of new two-wheeled and four-wheeled products, demonstrating strong operational resilience despite external disturbances such as tariffs and exchange rate fluctuations [2][11]. - The company reported a revenue of 14.9 billion CNY for the first nine months of 2025, representing a year-on-year increase of 30.1%, with a net profit of 1.42 billion CNY, also up by 30.9% [11]. - The company is focusing on product upgrades and expanding its product matrix, with significant growth in electric two-wheelers providing a new growth curve [11]. Financial Summary - Total revenue is projected to grow from 12.11 billion CNY in 2023 to 29.8 billion CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 21.1% [4]. - Net profit attributable to shareholders is expected to increase from 1.008 billion CNY in 2023 to 2.925 billion CNY in 2027, with a CAGR of about 19.6% [4]. - Earnings per share (EPS) is forecasted to rise from 6.60 CNY in 2023 to 19.17 CNY in 2027 [4]. Market Performance - The company's stock has a 52-week price range of 139.46 CNY to 290.32 CNY, with a current price of 239.85 CNY [6]. - The market capitalization stands at 36.596 billion CNY [6]. - The company has shown a 12-month absolute increase of 58% in stock price [10]. Business Strategy - The company is implementing a dual-brand strategy in the European market to enhance its competitive edge [11]. - The introduction of new models such as the U10PRO all-terrain vehicle and various motorcycle models is expected to sustain strong performance in the two-wheeler segment [11]. - The electric vehicle segment is being positioned for high-end mobility, contributing to the company's growth trajectory [11].

Market Overview - The motorcycle and other sectors increased by 0.69% compared to the previous trading day, with Xinlong Health leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Stock Performance - Key stocks in the motorcycle sector showed the following performance: - Xinlong Health (002105) closed at 6.93, up 2.97% with a trading volume of 81,000 shares and a turnover of 55.44 million yuan [1] - Linhai Co., Ltd. (600099) closed at 10.93, up 2.82% with a trading volume of 36,400 shares and a turnover of 39.37 million yuan [1] - Taotao Industry (301345) closed at 240.50, up 2.57% with a trading volume of 17,000 shares and a turnover of 410 million yuan [1] - Other notable stocks include Huayang Racing (920058) and Jiuyi Company (6006899), which also experienced gains [1] Capital Flow - The motorcycle and other sectors saw a net inflow of 8.76 million yuan from main funds, while retail investors contributed a net inflow of 35.90 million yuan [2] - The main funds experienced a net outflow of 44.65 million yuan from speculative funds [2] Individual Stock Capital Flow - Notable capital flows for specific stocks include: - Jiuyi Company (689009) had a net inflow of 39.18 million yuan from main funds, while speculative funds saw a net outflow of 28.45 million yuan [3] - Longxin General (603766) had a net inflow of 13.46 million yuan from main funds, with speculative funds showing a net inflow of 20.83 million yuan [3] - Taotao Industry (301345) had a net inflow of 11.56 million yuan from main funds, while retail investors experienced a net outflow [3]

Group 1 - The latest institutional holdings reveal that pension accounts have appeared among the top ten circulating shareholders of companies such as Chuanfeng Power, Dingtong Technology, Runben Co., and Shenghui Integration at the end of the third quarter [1] - The Basic Pension Insurance Fund 16032 and 16022 combinations are the eighth and fourth largest circulating shareholders of Chuanfeng Power, holding a total of 7.9514 million shares, accounting for 5.21% of circulating shares [1] - The Basic Pension Insurance Fund 1906 and 16052 combinations are the seventh and ninth largest circulating shareholders of Dingtong Technology, holding a total of 1.5174 million shares, accounting for 1.09% of circulating shares [1] Group 2 - The Basic Pension Insurance Fund 1206 combination is the ninth largest circulating shareholder of Runben Co., holding 0.4544 million shares, accounting for 0.44% of circulating shares [1] - The Basic Pension Insurance Fund 1204 combination is the seventh largest circulating shareholder of Shenghui Integration, holding 0.3118 million shares, accounting for 0.89% of circulating shares [1] - The data indicates a trend of pension funds increasing their presence in various sectors, including automotive, communication, beauty care, and construction decoration [1]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a year-on-year increase of 11% in net profit attributable to shareholders for Q3 2025, driven by strong demand for all-terrain vehicles [7] - The company is a leader in the domestic all-terrain vehicle and motorcycle markets, with three major business segments experiencing high growth [7] - The forecast for net profit attributable to shareholders for 2025-2027 is 1.87 billion, 2.47 billion, and 2.74 billion RMB respectively, with corresponding P/E ratios of 19.0, 14.4, and 13.0 [7] Financial Performance Summary - For Q3 2025, the company achieved total revenue of 5.04 billion RMB, with a year-on-year increase of 11% in net profit attributable to shareholders [7] - The all-terrain vehicle segment saw sales of 49,000 units, with an average selling price (ASP) of 48,000 RMB, reflecting a year-on-year increase of 22.2% [7] - The motorcycle segment experienced a decline in domestic sales, with 66,000 units sold, a year-on-year decrease of 13.9% [7] - The extreme core segment reported a remarkable growth of 349% in sales, reaching 193,000 units [7] - The overall gross margin for Q3 2025 was 26.1%, a decrease attributed to the impact of tariffs and a higher proportion of lower-margin products [7] Earnings Forecast and Valuation - The company’s total revenue is projected to grow from 15.04 billion RMB in 2024 to 29.31 billion RMB in 2027, with a compound annual growth rate (CAGR) of 24.18% [8] - The net profit attributable to shareholders is expected to increase from 1.47 billion RMB in 2024 to 2.74 billion RMB in 2027, with a CAGR of 26.99% [8] - The earnings per share (EPS) is forecasted to rise from 9.65 RMB in 2024 to 17.94 RMB in 2027 [8]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company achieved a revenue of 14.896 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 30.10%. The net profit attributable to shareholders was 1.415 billion yuan, up 30.89% year-on-year, while the net profit excluding non-recurring items was 1.350 billion yuan, reflecting a growth of 28.61% year-on-year [2][6]. - In Q3 2025, the company reported a revenue of 5.041 billion yuan, a year-on-year increase of 28.56%, with a net profit of 413 million yuan, up 10.99% year-on-year [2][6]. - The company's gross margin for the first three quarters of 2025 was 27.62%, down 2.84 percentage points year-on-year, primarily due to an increase in the proportion of lower-margin electric vehicle business and tariff impacts in the U.S. market [11]. - The company’s operating cash flow increased by 42.8% year-on-year, driven by expanded sales and increased cash receipts from sales [11]. - The company is expected to achieve net profits of 1.854 billion yuan, 2.416 billion yuan, and 2.726 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 20.57, 15.79, and 13.99 [11]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported total revenue of 14.896 billion yuan, a 30.10% increase year-on-year, and a net profit of 1.415 billion yuan, reflecting a 30.89% increase year-on-year [2][6]. - The gross margin for Q3 2025 was 26.14%, down from 27.35% in Q2 2025, indicating a slight decline due to seasonal factors and tariff impacts [11]. Market Position - The company has seen steady growth in market penetration in North America and maintains the leading market share in Europe through its dual-brand strategy [11]. - The company is well-positioned to benefit from structural upgrades in the all-terrain vehicle sector and is actively expanding its presence in the motorcycle market, particularly in the mid-to-large displacement segment [11]. Future Outlook - The company is expected to continue its growth trajectory, with projections indicating significant increases in net profit over the next few years, supported by its strategic market positioning and product offerings [11].

上市公司：钱江摩托（000913），信隆健康（002105），征和工业（003033），久祺股份（300994）， 林海股份（600099），上海凤凰（600679），中路股份（600818），力帆科技（601777），春风动力 （603129），爱玛科技（603529），隆鑫通用（603766），永安行（603776），新日股份（603787）， 绿通科技（301322），涛涛车业（301345），华洋赛车（834058） 相关报告：智研咨询发布的《2026-2032年中国摩托车行业市场全景评估及发展策略分析报告》 数据来源：中国汽车工业(摩托车)产销快讯，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据中国汽车工业(摩托车)产销快讯数据显示：2025年8月浙江春风动力股份有限公司摩托车产量为 58168辆，同比增长73.58%，销量为50253辆，同比增长73.32%，产销率为86. ...