Core Points - Zhejiang Chunfeng Power Co., Ltd. has received an inquiry letter from the Shanghai Stock Exchange regarding its application for issuing convertible bonds to unspecified objects [1][2] - The company is required to respond to the inquiry letter and has conducted thorough research with relevant intermediaries to address the questions raised [1] - The issuance of the convertible bonds is subject to approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission, with uncertainties regarding the approval process and timeline [2] Group 1 - The company’s board guarantees the truthfulness, accuracy, and completeness of the announcement content [1] - The inquiry letter was issued on August 12, 2025, and the company plans to disclose the response publicly on September 30, 2025 [1] - The company emphasizes the need for compliance with legal regulations and timely information disclosure based on the progress of the bond issuance [2]

Core Viewpoint - The company has responded to the Shanghai Stock Exchange's inquiry regarding the necessity of its fundraising projects, previous fundraising usage, and its business and operational conditions [1] Fundraising Projects - The current fundraising project includes the construction of a new production line for 3 million sets of motorcycles, electric vehicles, and core components, along with marketing network and information system upgrades. The company plans to add 200,000 units of fuel motorcycle capacity, 1.7 million units of electric bicycle capacity, and 1.1 million units of electric motorcycle capacity. The projects have not yet obtained land use rights or environmental assessments. The company's latest cash balance is 7.753 billion yuan, and it aims to raise no more than 2.5 billion yuan [2] - The marketing network project has a total investment of 900 million yuan, with 450 million yuan planned to be funded from the raised capital, aiming to establish 4,900 new stores. The information system upgrade project requires an investment of 120 million yuan, primarily for software and hardware procurement, constituting capital expenditure. The company has a funding gap of approximately 2.614 billion yuan, exceeding the planned fundraising scale, indicating the necessity and rationality of this financing [2] Previous Fundraising - The previous fundraising projects included the expansion of power sports equipment and the intelligent transformation of production lines, as well as the upgrade of the R&D center. In April 2023, the company adjusted its internal investment structure and amounts, increasing the civil engineering budget while reducing equipment purchase and installation costs. The adjusted projects are expected to be operational by March 2024, achieving the original goals. The R&D center upgrade has enhanced the company's R&D capabilities, resulting in multiple honors and patent achievements. The total non-capital expenditures from the previous fundraising exceeded the total amount raised by 321.2368 million yuan, which will be deducted from the current fundraising total [3] Business Operations - The company's main business revenue is categorized into all-terrain vehicles, fuel motorcycles, electric two-wheelers, parts, and others. Revenue figures from 2022 to Q1 2025 are 11.378 billion yuan, 12.110 billion yuan, 15.038 billion yuan, and 4.250 billion yuan, with gross margins of 24.45%, 32.73%, 30.06%, and 29.73% respectively. Over 70% of sales are from overseas markets, primarily in North America and Europe [4] - Revenue and gross margin changes for each product are influenced by various factors. For instance, all-terrain vehicles are affected by market demand and exchange rates, while fuel motorcycles benefit from increased recreational demand, and electric two-wheelers see sales growth due to model expansion. Sales in overseas markets have varied, with North America experiencing rapid growth in the first half of 2025, Europe showing steady growth, and the Asian market (excluding mainland China) facing adjustments due to the Turkish market [4] - The company has adjusted its dealer network, with most dealers being independent from the company. Sales expenses align with business area layouts and development strategies, with a higher proportion of sales expenses in overseas markets and an increase in domestic expenses due to the expansion of electric two-wheeler business [4] Financial Metrics - The company has a high accounts receivable turnover rate, a low inventory turnover rate, and a continuously increasing fixed asset scale. Long-term receivables have a high proportion of aging accounts, while overseas assets and business scales are effectively matched and managed. The auditor has confirmed that these situations are reasonable and comply with market logic and accounting standards [5]

Core Viewpoint - Chuncheng Power has received an inquiry letter from the Shanghai Stock Exchange regarding its application for issuing convertible bonds to unspecified investors, indicating that the application is under review and subject to regulatory approval [1] Group 1: Regulatory Process - The Shanghai Stock Exchange has issued an inquiry letter on August 12, 2025, regarding Chuncheng Power's application for issuing convertible bonds [1] - The company, along with relevant intermediaries, has conducted a thorough study and responded to the inquiry on September 30, 2025 [1] - The issuance of convertible bonds is contingent upon approval from the Shanghai Stock Exchange and registration consent from the China Securities Regulatory Commission, introducing uncertainty into the process [1] Group 2: Disclosure and Investor Guidance - The company has committed to timely information disclosure in accordance with regulations as the situation progresses [1] - Investors are reminded to be aware of investment risks and to invest rationally [1]

浙江春风动力股份有限公司 与华泰联合证券有限责任公司 关于浙江春风动力股份有限公司 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的回复 保荐人（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 公告日期：2025年9月 上海证券交易所： 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"） 收到贵所于2025年8月12日下发的《关于浙江春风动力股份有限公司向不特定对 象发行可转换公司债券申请文件的审核问询函》（上证上审（再融资）〔2025〕 244号）（以下简称"《问询函》"），公司已会同华泰联合证券有限责任公司（以 下简称"华泰联合证券"或"保荐人"）、立信会计师事务所（特殊普通合伙） （以下简称"会计师"）、国浩律师事务所（杭州）（以下简称"律师"）进行了 认真研究和落实，并按照问询函的要求对所涉及的事项进行了资料补充和问题 回复，现提交贵所，请予以审核。 除非文义另有所指，本问询函回复中的简称与《浙江春风动力股份有限公 司向不特定对象发行可转换公司债券并在主板上市募集说明书（申报稿）》（以 下简称"募集说明书"）中的释义具有相同涵义。 | ...

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的回复 信会师函字[2025]第 ZF377 号 春风动力股份有限公司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》 （上证上审（再融资）〔2025〕244 号）（以下简称"问询函"）已收悉。对此， 立信会计师事务所（特殊普通合伙）（以下简称"申报会计师"或"我们"）作了 认真研究，并根据问询函的要求，对问询函中涉及会计师的相关问题进行了逐项核 查，相关事项回复如下： 我们对浙江春风动力股份有限公司 2025 年 1 月至 6 月期间的财务报表未出具审 的核查程序及实施核查程序的结果仅为协助公司回复贵所问询目的，不构成审计或 审阅。 如无特别说明，本回复报告中的简称或名词的释义与《浙江春风动力股份有限 公司向不特定对象发行可转换公司债券并在主板上市募集说明书（申报稿）》中的 含义相同。本回复报告部分表格中单项数据加总与合计数据可能存在微小差异，均 系计算过程中的四舍五入所致。 本问询函回复的字体说明如下： 问询函所列问题 黑体 | | | 7-2-1 立信会计师事务所（特殊普通合伙） 关于浙江春风动力股份有限公司 上海证券交易所： 由华泰联合证券有限责任 ...

国浩律师（杭州）事务所 关 于 浙江春风动力股份有限公司 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http: //www.grandall.com.cn 二〇二五年九月 向不特定对象发行可转换公司债券 之 补充法律意见书（二） | 释 义 | | 2 | | --- | --- | --- | | 正文 | 《审核问询函》回复 | 4 | | | 一、《审核问询函》问题 | 4.2 4 | | | 二、《审核问询函》问题 | 4.3 17 | | 签署页 | | 22 | 国浩律师（杭州）事务所 法律意见书 释 义 除非本文另有说明，法律意见书中相关 ...

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]