ESG 工作制度 第一章 总则 第一条 为进一步加强浙江春风动力股份有限公司（以下简称"公司"）ESG （环境、社会和公司治理）管理，积极履行 ESG 职责，根据《中华人民共和国 公司法》《上市公司治理准则》《企业内部控制基本规范》《上海证券交易所上市 公司自律监管指引第 1 号——规范运作》《企业内部控制应用指引第 4 号——社 会责任》等有关法律法规、规范性文件及《浙江春风动力股份有限公司章程》（以 下简称"《公司章程》"）的相关规定，结合公司实际情况，制定本制度。 第二条 本制度所称的 ESG 职责，是指公司在经营发展过程中应当履行的环 境（Environmental）、社会（Social）和公司治理（Governance）方面的责任和义 务，主要包括对自然环境和资源的保护、社会责任的承担以及公司治理的健全和 透明。 浙江春风动力股份有限公司 （一）董事会是 ESG 工作的领导和决策机构； （二）董事会战略委员会（以下简称"战略委员会"）是 ESG 工作的研究和 指导机构； （三）公司设 ESG 工作组，由公司主管领导、各部门部长、各子公司主管领 导和指定的 ESG 工作对接人组成，负责为战略委员会履行 ...

浙江春风动力股份有限公司 对 2023 年度会计师事务所履职情况的评估报告 浙江春风动力股份有限公司（以下简称"公司"）聘请立信会计师事务所（特 殊普通合伙）（以下简称"立信会计师事务所"）作为公司 2023 年度财务审计机构 和内部控制审计机构。根据《公司法》《国有企业、上市公司选聘会计师事务所 管理办法》《上市公司治理准则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》和《浙江春风动力股份有限公司章程》，公司对立信会计师事 务所 2023 年审计过程中的履职情况进行了评估。经评估，公司认为，立信会计 师事务所资质等方面合规有效，其内部质量管理体系能够确保其在履职过程中保 持独立性，勤勉尽责，公允地表达意见。具体情况如下： （一）立信会计师事务所在审计前与公司进行了必要的沟通，对公司情况进 行了解后制定了审计计划，并就审计计划、2023 年度"重点审计事项"与公司 董事会审计委员会进行了沟通。 （二）立信会计师事务所在审计过程中遵循独立、客观、公正的执业准则， 遵照中国注册会计师审计准则的规定，履行了必要的审计程序，收集了适当、充 分的审计证据。 （三）立信会计师事务所审计组成员具有承办本次审 ...

浙江春风动力股份有限公司 董事薪酬与考核委员会实施细则 浙江春风动力股份有限公司 董事会薪酬与考核委员会实施细则 第一章 总则 第一条 为进一步建立健全浙江春风动力股份有限公司（以下简称"公司"） 董事（非独立董事）及高级管理人员的考核和薪酬管理制度，完善公司治理结构， 根据《中华人民共和国公司法》《上市公司治理准则》《浙江春风动力股份有限公 司章程》（以下简称"《公司章程》"）及其他有关规定，公司特设立董事会薪酬 与考核委员会，并制定本实施细则。 第二 条 薪酬与考核委员会是按照董事会决议设立的专门工作机构，主要负 责制定公司董事及经理人员的考核标准并进行考核；负责制定、审查公司董事及 经理人员的薪酬政策与方案，对董事会负责。 第三条 员是指董事会聘任的总经理、副总经理、董事会秘书、财务负责人及由总经理提 请董事会认定的其他高级管理人员 本细则所称董事是指在本公司领取薪酬的董事长、董事，高级管理人 。 第五条 薪酬与考核委员会委员由董事长、二分之一以上独立董事或者全体 董事的三分之一提名，并由董事会选举产生。 薪酬与考核委员会设主任委员（召集人）一名，由独立董事委员担任，负责 主持委员会工作；主任委员通过在 ...

第四条 公司控股股东、实际控制人不得在公司董事会、股东大会审议前， 向公司指定会计师事务所，不得干预审计委员会、董事会及股东大会独立履行审 核职责。 第二章 会计师事务所的执业质量要求 第五条 公司选聘的会计师事务所应当具备下列条件： 浙江春风动力股份有限公司 会计师事务所选聘制度 第一章 总则 第一条 为进一步完善浙江春风动力股份有限公司（以下简称"公司"）的选 聘（含续聘、改聘，下同）会计师事务所的行为，切实维护股东利益，提高审计 工作和财务信息的质量，依据《中华人民共和国公司法》《国有企业、上市公司 选聘会计师事务所管理办法》《上海证券交易所股票上市规则》《上海证券交易所 上市公司自律监管指引第 1 号——规范运作》等法律法规、规范性文件和《浙江 春风动力股份有限公司章程》（以下简称"《公司章程》"）等有关规定，结合公 司实际情况，制定本制度。 第二条 公司聘任会计师事务所对财务会计报告发表审计意见、出具审计报 告的行为，应当遵照本制度履行选聘程序。聘任会计师事务所从事除财务会计报 告审计之外的其他法定审计业务，视重要性程度可比照本制度执行。 第三条 公司选聘会计师事务所应当经董事会审计委员会（以下简称 ...

浙江春风动力股份有限公司 独立董事年报工作制度 浙江春风动力股份有限公司 独立董事年报工作制度 第一条 为了进一步完善浙江春风动力股份有限公司（以下简称"公司"） 的治理结构，加强内部控制建设，充分发挥独立董事在年度报告编制、披露工作 中的作用，保护全体股东特别是中小股东的合法权益，根据中国证券监督管理委 员会（以下简称"中国证监会"）发布的《上市公司独立董事管理办法》《上海证 券交易所上市公司自律监管指引第 1 号——规范运作》《上海证券交易所上市公 司自律监管指南第二号——业务办理（第六号——定期报告）》等规范性文件、 行业规定和《浙江春风动力股份有限公司章程》（以下简称"《公司章程》"）《浙 江春风动力股份有限公司独立董事工作细则》等规定，结合公司实际情况，特制 定本制度。 第二条 独立董事对公司及全体股东负有忠实与勤勉义务，应当按照法律、 法规及《公司章程》的规定，认真履职，在董事会中发挥参与决策、监督制衡、 专业咨询作用，维护公司整体利益，保护中小股东合法权益。独立董事在公司年 度报告（以下简称"年报"）编制和披露期间，应切实履行独立董事的的各项职 责，并认真编制《独立董事年度述职报告》。 浙江春风 ...

浙江春风动力股份有限公司 总经工作细则 浙江春风动力股份有限公司 总经理工作细则 第一章 总则 第一条 为了明确总经理的职责，保障总经理高效、协调、规范地行使职权， 保障公司、股东、债权人的合法权益，完善法人治理结构，规范公司经理层的行 为，确保经理层忠实履行职责，勤勉高效地工作，促进公司生产经营的可持续发 展，根据《中华人民共和国公司法》和《浙江春风动力股份有限公司章程》（以 下简称"《公司章程》"）等有关规定，特制定本细则。 第二条 总经理是公司的高级管理人员，负责贯彻落实董事会决议，主持公 司的生产经营和日常管理工作，并对董事会负责。 第三条 本细则所称的其他高级管理人员包括副总经理、董事会秘书和财务 负责人。 第二章 总经理的任免 第四条 公司总经理由董事长提名，董事会聘任或解聘；副总经理、财务负 责人由总经理提名，董事会聘任或解聘。总经理对董事会负责，副总经理等其他 高级管理人员对总经理负责。 公司董事可受聘兼任公司高级管理人员。 第五条 公司设总经理一人，并根据生产经营需要设置副总经理。由总经理、 副总经理、董事会秘书及财务负责人组成公司总经理工作班子，总经理工作班子 是公司日常经营管理的指挥和运 ...

浙江春风动力股份有限公司 控股股东和实际控制人行为规范 第一章 总则 第一条 为贯彻证券市场公开、公平、公正原则，进一步规范浙江春风动力 股份有限公司（以下简称"公司"）控股股东、实际控制人行为，切实保护公司 和中小股东的合法权益，根据《中华人民共和国公司法》《中华人民共和国证券 法》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等相关法律法规及《浙江春风动力股份有限公司章程》（以 下简称"《公司章程》"）的规定，结合公司实际情况，制定本规范。 第二条 公司的控股股东、实际控制人适用本规范。 浙江春风动力股份有限公司 控股股东和实际控制人行为规范 第三条 公司控股股东、实际控制人及其相关人员应当遵守证券市场有关法 律法规的规定，促进公司规范运作，提高公司质量。 第四条 公司控股股东、实际控制人应当遵守诚实信用原则，依照法律法规 以及《公司章程》的规定善意行使权利，严格履行其做出的各项承诺，谋求公司 和全体股东利益的共同发展。 第五条 公司控股股东、实际控制人不得滥用权利，通过关联交易、利润分 配、资产重组、对外投资等方式损害公司及其他股东的利益。 第二章 公司治理 ...

证券代码：603129 证券简称：春风动力 公告编号：2024-008 浙江春风动力股份有限公司 2023 年度利润分配预案公告 本次利润分配股本以实施权益分派股权登记日登记的总股本为基数，具体 日期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持每股分配 比例不变，相应调整分配总额，并将在相关公告中披露。 本次利润分配预案已经公司第五届董事会第十四次会议审议通过，尚需提 交公司 2023 年年度股东大会审议。 公司拟以实施权益分派股权登记日登记的总股本为基数，向全体股东每 10 股派发现金红利 20.80 元（含税）。截至 2024 年 4 月 15 日，公司总股本 150,454,163 股，以此计算合计拟派发现金红利 312,944,659.04 元（含税），占合并报表中归 属于上市公司股东的净利润的比例为 31.06%。本次分配不派发红股，也不进行 资本公积转增股本，剩余未分配利润结转下一年度。 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。 重要内容提示： 每股分配比例：每 10 ...

证券代码：603129 证券简称：春风动力 公告编号：2024-016 一、2021 年股票期权激励计划已经履行的决策程序和信息披露情况 1、2021 年 10 月 28 日，公司召开第四届董事会第三十次会议和第四届监事 会第三十次会议，审议通过了《关于<浙江春风动力股份有限公司 2021 年股票期 权激励计划（草案）>及其摘要的议案》《关于<浙江春风动力股份有限公司 2021 年股票期权激励计划实施考核管理办法>的议案》《关于提请股东大会授权董事 会办理公司股权激励计划相关事项的议案》等相关议案，公司独立董事对相关事 项发表了独立意见，上海君澜律师事务所对此出具了相应的法律意见书。 2、2021 年 11 月 5 日，公司通过内部办公系统对本次激励计划确定的激励 对象的姓名和职务进行了公告，公示期自 11 月 5 日至 11 月 14 日止，共计 10 天。 在公示期限内，公司员工可通过电话、书面或口头形式向公司监事会反映。截止 2021 年 11 月 14 日公示期满，公司监事会未接到任何员工针对本次拟激励对象 提出的任何异议。 3、2021 年 11 月 15 日，公司召开第四届监事会第三十一次会议，审 ...

Financial Performance - Revenue for 2023 reached RMB 12,110,347,152.11, a 6.44% increase compared to 2022[24] - Net profit attributable to shareholders in 2023 was RMB 1,007,519,139.18, up 43.65% year-on-year[24] - Operating cash flow for 2023 was RMB 1,384,697,207.14, a decrease of 18.44% compared to 2022[24] - Shareholders' equity at the end of 2023 was RMB 5,038,823,536.91, a 19.63% increase from the end of 2022[24] - Total assets reached 10,313,748,347.1 yuan, with a year-on-year increase of 7.95%[26] - Basic earnings per share (EPS) for 2023 was 6.70 yuan, a 43.16% increase compared to 2022[26] - Diluted EPS for 2023 was 6.69 yuan, a 43.25% increase compared to 2022[26] - Weighted average return on equity (ROE) for 2023 was 21.67%, an increase of 3.74 percentage points compared to 2022[26] - Operating revenue for Q2 2023 was 3,626,345,726.46 yuan, the highest among all quarters[27] - Net profit attributable to shareholders for Q2 2023 was 341,325,937.81 yuan, the highest among all quarters[27] - Total operating revenue for 2023 was 12.11 billion yuan, a year-on-year increase of 6.44%[37] - Net profit attributable to shareholders for 2023 was 1.008 billion yuan, a year-on-year increase of 43.65%[37] - Revenue for the reporting period reached 12,110.35 million yuan, a year-on-year increase of 6.44%[91] - Net profit attributable to the parent company was 1,007.52 million yuan, up 43.65% year-on-year[91] - Total assets at the end of the reporting period were 10,313.75 million yuan, an increase of 7.95% compared to the end of the previous year[91] - Operating costs decreased by 5.16% to 8,052.88 million yuan[96] - Sales revenue from two-wheeled vehicles grew by 32.85% to 4,479.40 million yuan[97] - Sales revenue from four-wheeled vehicles decreased by 4.88% to 6,504.14 million yuan[97] - Sales revenue in Africa increased by 51.27% to 53.18 million yuan[100] - Sales revenue in South America grew by 52.17% to 457.64 million yuan[100] - Sales volume of two-wheeled vehicles increased by 35.65% to 197,038 units[102] - The net cash flow from operating activities decreased by 18.44% year-on-year to 1,384,697,200 yuan, while net cash flow from investing activities increased by 1,039.32% to -861,961,100 yuan[116] - The top five customers accounted for 17.67% of total annual sales, with sales of 2,140,167,300 yuan[107] - The top five suppliers accounted for 22.42% of total annual procurement, with procurement of 1,594,362,400 yuan[107] - The company's long-term equity investment increased by 598.71% year-on-year to 237,194,623.03 yuan, mainly due to increased investment in joint ventures[116] - Fixed assets increased by 39.46% year-on-year to 1,334,428,272.30 yuan, mainly due to the transfer of construction in progress to fixed assets[116] - The company's "other" cost items in the four-wheeled vehicle segment decreased by 46.64% year-on-year to 518,627,000 yuan[106] - Employee compensation increased by 36.65% to RMB 335,503,063.93 due to an increase in the number of employees[119] - Taxes payable increased by 65.55% to RMB 63,468,167.78 due to higher consumption tax, property tax, and withholding personal income tax[119] - Non-current liabilities due within one year increased by 106.52% to RMB 20,689,962.94 due to new leases[119] - Provisions increased by 49.58% to RMB 125,016,179.18 due to higher warranty and buyback obligation reserves[119] - Deferred tax liabilities decreased by 74.86% to RMB 1,321,409.52 due to changes in the fair value of other equity instrument investments[119] - Overseas assets amounted to RMB 1,990,292,800.13, accounting for 19.30% of total assets[119] - Motorcycle industry's total profit increased by 15.24% to RMB 8.028 billion in 2023[120] - Motorcycle industry's R&D expenses increased by 5.76% to RMB 4.37 billion in 2023[121] - Top 10 motorcycle companies' total profit increased by 32.26% to RMB 6.755 billion in 2023[124] - Notes receivable and accounts receivable increased by 22.05% to RMB 20.176 billion in 2023[125] - Domestic sales of motorcycles with a displacement above 250cc (excluding) increased from 7,210 units in 2011 to 525,400 units in 2023, showing strong growth[136] Dividend and Shareholder Information - The company plans to distribute a cash dividend of RMB 20.80 per 10 shares for 2023[9] - The company's stock is listed on the Shanghai Stock Exchange with the stock code 603129[23] - The company's registered address and office address are both located at No. 116 Wuzhou Road, Linping Economic Development Zone, Hangzhou[18] - The company's website is www.cfmoto.com and its email addresses are board@cfmoto.com and board01@cfmoto.com[21] - The company's annual report is disclosed on the Shanghai Securities News, China Securities Journal, and the Shanghai Stock Exchange website[22] - The company's audit report was issued by Ernst & Young Hua Ming LLP with a standard unqualified opinion[5] Product Sales and Market Performance - All-terrain vehicle sales for 2023 reached 146,500 units, generating revenue of 6.504 billion yuan, a 4.88% decrease compared to 2022[37] - The company's all-terrain vehicle export value accounted for 70.79% of the domestic export value of similar products, maintaining its leading position[37] - The company sold a total of 197,000 two-wheeled vehicles, generating revenue of 4.479 billion yuan, a year-on-year increase of 32.85%[40] - Domestic sales of two-wheeled vehicles reached 99,300 units, with revenue of 2.189 billion yuan, achieving a growth of 8.63% despite market challenges[40] - International sales of two-wheeled vehicles surged to 97,700 units, with revenue of 2.291 billion yuan, a year-on-year increase of 78.22%[40] - The company added over 400 new channels, bringing the total dealer network to nearly 1,700[40] - The company's all-terrain vehicle (ATV) series has maintained a leading position in the domestic export market, with export volumes accounting for 70.79% of the total domestic ATV exports in 2023[64] - The company's market share in the European ATV market ranks first, and it is steadily increasing its market share in the US, competing with top brands like Polaris, Bombardier, and Honda[64] - The company's motorcycles, particularly the 250NK and 250SR models, have consistently achieved top sales in their respective categories, with the 450SR, 800NK, and 450CLC models gaining high popularity and being in short supply[65] - The company has successfully entered the MotoGP, the world's top motorcycle racing series, and achieved a third-place finish in the 2023 season, marking the best performance by a Chinese manufacturer in the Moto3 250CC class[65] - The company has established a global sales network with over 4,000 international dealerships and more than 500 domestic "CFMOTO" dealerships, along with 190 "ZEEHO" and 35 "KTMR2R" dealerships[68] - The company has established over 4,000 retail outlets globally, covering more than 100 countries and regions[82] - The company's domestic dealer network exceeds 700, with 100% coverage in municipalities and provincial capitals, and over 90% coverage in prefecture-level cities[82] - The company's market share in the US has continued to grow, and it holds the top market share position in Europe[76] R&D and Innovation - R&D investment for the year was 924 million yuan, accounting for 7.63% of the company's revenue, a year-on-year increase of 22.88%[41] - The company launched new electric motorcycle models AE6+ and C!TY series, expanding its electric two-wheeled product lineup[45] - The company obtained 37 new invention patents, 215 utility model patents, and 19 design patents, bringing the total number of authorized patents to 1,326[46] - The company has a strong R&D capability, holding 1,326 patents (1,192 domestic and 134 international), including 104 invention patents, 1,044 utility model patents, and 178 design patents[73] - The company has participated in the formulation of 27 national/industry standards, demonstrating its influence and authority in the industry[73] - The company's total R&D investment in 2023 was 924,264,667.82 yuan, accounting for 7.63% of total revenue[113] - The number of R&D personnel is 1,431, accounting for 28.25% of the company's total workforce[109] - The company completed 10 two-wheeled vehicle projects, 6 four-wheeled vehicle projects, 4 electric vehicle projects, and 2 engine projects in 2023[111] - The company is enhancing its R&D capabilities globally, leveraging technology introduction, collaborative R&D, and independent R&D to strengthen its technical foundation[147] - The company is intensifying its focus on technological upgrades and intelligent processes, integrating smart connectivity into product technology to provide "smart mobility" solutions[147] - The company is embracing digital transformation, utilizing technologies like digital twins, data platforms, 5G, AI, and industrial internet to build a smart factory system[148] - The company is deepening its electric vehicle (EV) strategy, focusing on developing intelligent new energy products and enhancing its self-research capabilities[148] - The company is committed to sustainability, accelerating its EV product line development, and aiming to create a globally competitive high-performance mobility brand[151] - The company plans to accelerate the transformation of R&D achievements in areas such as electrification, intelligence, connectivity, and low-carbon environmental protection, and further expand its high-end product line[152] - The company will continue to increase its demand for high-quality R&D talents, and the loss or inability to replenish key technical personnel in a timely manner could adversely affect future business development[167] - The company plans to attract top industry talents, cultivate and retain technical personnel, and establish a competitive compensation and incentive system to enhance the stability of key employees[167] - The company will strengthen intellectual property protection by applying for patents domestically and internationally to safeguard R&D achievements and maintain product competitiveness[167] Global Expansion and Manufacturing - The company completed the first phase of its Mexico localization project, enhancing its global manufacturing capabilities[47] - The company has a global production layout with manufacturing bases in China, Thailand, and Mexico, enabling flexible and intelligent production to meet customer demands[69] - The company has established manufacturing bases in multiple locations including Hangzhou, Chongqing, Zhuzhou, Thailand, and Mexico[84] - The company is accelerating its globalization strategy, focusing on key markets such as North America and Europe, and expanding into emerging markets like South America and the Middle East[147] - The company is advancing its production layout globally, with manufacturing bases in Thailand, Mexico, and Chongqing, aiming to reduce logistics costs and improve competitiveness[147] - The company aims to build a globally competitive manufacturing capability by optimizing production capacity distribution and promoting lean and efficient production operations[152] Quality and Supply Chain Management - The company implemented a comprehensive quality management system, covering project, supplier, process, and customer quality management[48] - The company has a comprehensive supply chain management system, ensuring high-quality, cost-effective, and timely supply of components and materials[69] - The company has implemented a comprehensive quality control mechanism, ensuring traceability of quality issues to each process and corresponding suppliers[86] - The company will focus on building a stable supplier system to ensure supply chain security and reduce procurement costs[164] - The company faces risks from rising raw material prices and labor costs, which could impact its profitability[164] Market Trends and Industry Analysis - The global all-terrain vehicle (ATV) market is highly concentrated, with the top four manufacturers (Polaris, BRP, Honda, and CFMOTO) holding nearly 90% of the market share[52] - The North American market accounts for 73% of global ATV consumption, while Europe accounts for 16%, with the U.S. being the largest consumer market[52] - The global ATV market size grew from 670,000 units in 2010 to 1.16 million units in 2020, with a compound annual growth rate (CAGR) of 5.8%[52] - The ATV and UTV market is projected to grow at a CAGR of 9.6% from 2020 to 2030, reaching a market size of approximately $19.32 billion by 2030[52] - In 2023, global ATV sales reached 955,000 units, with UZ series products (including UTV and SSV) accounting for 64.92% of the market, up from 62.43% in the previous year[55] - China's ATV industry is primarily export-oriented, with the top four manufacturers accounting for 87.61% of export volume and 91.53% of export value in 2023[55] - CFMOTO, a leading Chinese ATV manufacturer, accounted for 70.79% of the country's total ATV export value in 2023[55] - The domestic ATV market in China remains niche, but the industry is narrowing the gap with international standards in terms of product safety, functionality, and design[56] - The global motorcycle industry revenue is expected to grow from $110 billion in 2021 to $160 billion by 2026, driven by demand for mid-to-large displacement motorcycles[60] - China's motorcycle exports in 2023 reached 8.32 million units, a year-on-year increase of 8.79%, with exports of 250CC+ motorcycles growing by 54.90% to 198,000 units[61] Corporate Governance and Leadership - The company held 1 general meeting of shareholders during the reporting period, with all procedures and participant qualifications in compliance with legal requirements[171] - The company's board of directors consists of 9 members, including 3 independent directors, and held 5 meetings to review 33 proposals during the reporting period[171] - The company's board of directors has four specialized committees: Audit, Strategic Decision, Nomination, and Compensation & Evaluation, which held a total of 9 meetings to review 29 proposals[171] - The company's supervisory board consists of 3 members, including 1 employee representative, and held 5 meetings to review 27 proposals during the reporting period[172] - The company has established a transparent performance evaluation and incentive mechanism for directors, supervisors, and senior management to promote sustainable development and achieve strategic goals[172] - The company's 2022 annual general meeting was held on May 5, 2023, with 12 proposals approved, including the 2022 Board of Directors Work Report and the 2022 Financial Final Accounts Report[180] - The company's Chairman, Lai Guogui, received a total pre-tax remuneration of 1.5244 million yuan in 2023[188] - The company's Vice Chairman and General Manager, Lai Minjie, held 461,238 shares at the end of 2023, with no change from the beginning of the year[188] - The company's Director and CFO, Si Wei, received a total pre-tax remuneration of 1.0393 million yuan in 2023[188] - The company's Director and Deputy General Manager, Ni Shuxiang, reduced his shareholding by 29,100 shares through centralized bidding in 2023[188] - The company's Deputy General Manager, Ma Gangjie, reduced his shareholding by 30,900 shares through centralized bidding in 2023[188] - The company's Deputy General Manager, Chen Keliang, reduced his shareholding by 30,500 shares through centralized bidding in 2023[188] - The company's Deputy General Manager, Chen Zhiyong, reduced his shareholding by 32,200 shares through centralized bidding in 2023[188] - The company's Board Secretary, Zhou Xiongxiu, reduced his shareholding by 30,400 shares through centralized bidding in 2023[188] - The company's former Deputy General Manager, Sun Quan, received a total pre-tax remuneration of 150,000 yuan before his departure on March 15, 2023[188] - Total compensation for executives in 2023 was 1,893,287, with a decrease of 153,100 compared to the previous year[190] - Zhang Suzhu was appointed as Vice President, responsible for the Human Resources Center, effective from March 15, 2023[191] Risk Factors - The company faces risks from macroeconomic fluctuations, which could impact demand for all-terrain vehicles and large-displacement motorcycles[156] - The company is exposed to risks from unfavorable changes in trade policies, particularly in its key export markets such as the US and Canada[156] - The company is vulnerable to exchange rate fluctuations due to its high proportion of export revenue, primarily settled in USD[156] - The company faces risks from rising raw material prices and labor costs, which could impact its profitability[164] - The company faces risks of core technology leakage, which could harm its competitive advantage and business operations if internal control systems are not effectively enforced[167] - The company is exposed to risks from unforeseen events such as pandemics, natural disasters, and other emergencies that could disrupt business operations and economic stability[167] Audit and Financial