浙江春风动力股份有限公司 对外担保管理制度 第一章 总则 第一条 为了维护投资者的利益，规范浙江春风动力股份有限公司（以下简 称"公司"或"本公司"）的对外担保行为，有效防范公司对外担保风险，确保 公司资产安全，根据《中华人民共和国公司法》（以下简称"《公司法》"）《中 华人民共和国民法典》（以下简称"《民法典》"）、《上海证券交易所上市公 司自律监管指引第 1 号——规范运作》《上市公司监管指引第 8 号——上市公司 资金往来、对外担保的监管要求》《上海证券交易所股票上市规则》（以下简称 "《股票上市规则》"）等法律、法规、规范性文件以及《浙江春风动力股份有 限公司章程》（以下简称"《公司章程》"）的有关规定，结合公司实际情况， 特制订本制度。 第二条 本制度所称对外担保是指公司为他人提供的担保，包括公司对控股 子公司的担保 。 本制度所称对外担保总额，是指包括公司对控股子公司担保在内的公司对外 担保总额与控股子公司对外担保总额之和。 第三条 本制度所称控股子公司是指公司出资设立的全资子公司、公司的股 权比例超过 50%的子公司和公司拥有实际控制权的参股公司。公司控股子公司的 对外担保，视同公司行为，其对外 ...

浙江春风动力股份有限公司 股东、董监高持有公司股份及其变动管理制度 第一章 总则 第一条 为规范浙江春风动力股份有限公司（以下简称"公司"）持有 5% 以上股份的股东、实际控制人（以下简称"大股东"）、董事、监事、高级管理 人员及持有公司首次公开发行前发行的股份的股东（以下简称"特定股东"）所 持本公司股份及其变动的管理，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 公司董事、监事和高级管理人员所持本公司股份及其变动管理规则》《上市公司 股东减持股份管理暂行办法》《上海证券交易所上市公司自律监管指引第 15 号 ——股东及董事、监事、高级管理人员减持股份》《上海证券交易所上市公司自 律监管指引第 8 号——股份变动管理》等有关法律、部门规范性文件及《浙江春 风动力股份有限公司章程》（以下简称"《公司章程》"）的有关规定，结合公 司实际情况，制定本制度。 第四条 公司股东、董事、监事和高级管理人员买卖公司股份及其衍生品种， 应遵守法律法规、监管机构及公司的相关规定，并真实、准确、完整、及时履行 信息披露义务。对持股比例、持股期限、减持方式、 ...

浙江春风动力股份有限公司 董事会审计委员会实施细则 第一章 总则 第一条 为强化董事会的决策功能，做到事前审计、专业审计，确保董事会 对管理层的有效监督，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》《上市公司独立董事管理办法》《上海证券交易所股票上市规 则》（以下简称"《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》《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，公司特设立董事会审计委员会，并制定本实施细则。 第二条 董事会审计委员会是按照董事会决议设立的专门工作机构，对董事 会负责，向董事会报告工作，依照《公司章程》和董事会授权履行职责，审计委 员会的提案应当提交董事会审议决定。审计委员会主要负责公司内、外部审计的 沟通、监督和核查工作。 第三条 公司须为审计委员会提供必要的工作条件，配备专门人员或机构承 担审计委员会的工作联络、会议组织、材料准备和档案管理等日常工作。审计委 员会履行职责时，公司管理层及相关部门须给予配合。 第二章 人员组成 第五条 审计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 ...

【注】除上述修订的条款外，《公司章程》中其他条款保持不变。 证券代码：603129 证券简称：春风动力 公告编号：2024-071 浙江春风动力股份有限公司 关于修订《公司章程》及部分管理制度的公告 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 2024 年 12 月 3 日召开 第五届董事会第二十次会议，会议审议通过了《关于修订<公司章程>及部分管理 制度的议案》，为进一步完善公司治理结构，提升公司规范运作水平，公司董事 会同意对《公司章程》和部分管理制度进行修订。 | 条款 | 修订前 | 修订后 | | --- | --- | --- | | 第十条 | 本公司章程自生效之日起，即成 | 本公司章程自生效之日起，即成 | | | 为规范公司的组织与行为、公司与股 | 为规范公司的组织与行为、公司与股 | | | 东、股东与股东之间权利义务关系的 | 东、股东与股东之间权利义务关系的 | | | 具有法律约束力的文件，对公司、股 | 具有法律约束力的文件，对公司、股 | | ...

浙江春风动力股份有限公司 独立董事提名人声明与承诺 提名人浙江春风动力股份有限公司董事会,现提名张杰为浙江春 风动力股份有限公司第六届董事会独立董事候选人,并已充分了解被 提名人职业、学历、职称、详细的工作经历、全部兼职、有无重大失 信等不良记录等情况。被提名人已同意出任浙江春风动力股份有限公 司第六届董事会独立董事候选人(参见该独立董事候选人声明)。提 名人认为,被提名人具备独立董事任职资格,与浙江春风动力股份有 限公司之间不存在任何影响其独立性的关系,具体声明并承诺如下: 一、被提名人具备上市公司运作的基本知识,熟悉相关法律、行 政法规、规章及其他规范性文件,具有5年以上法律、经济、会计、 财务、管理或者其他履行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训证明 材料。 二、被提名人任职资格符合下列法律、行政法规和部门规章的要 求: (一)《中华人民共和国公司法》关于董事任职资格的规定; (二)《中华人民共和国公务员法》关于公务员兼任职务的规定 (如适用); (三)中国证监会《上市公司独立董事管理办法》、上海证券交 易所自律监管规则以及公司章程有关独立董事任职资格和条件 ...

浙江春风动力股份有限公司 第五条 公司董事会秘书和证券事务代表均应遵守本细则的规定。 第二章 任职资格 第六条 担任公司董事会秘书，应当具有以下条件： （一）具有良好的职业道德和个人品质； （二）具备履行职责所必需的财务、管理、法律等专业知识； （三）具备履行职责所必需的工作经验； 董事会秘书工作细则 第一章 总则 第一条 为规范公司行为，明确董事会秘书的职责权限，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》"）《上市公司治理准则》《上海证券交易所股票上市规则》（以下简称"《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 律法规和其他规范性文件及《浙江春风动力股份有限公司章程》（以下简称"《公 司章程》"）的规定，特制定本细则。 第二条 公司设董事会秘书一名，董事会秘书为公司的高级管理人员，对董 事会负责。法律、法规及《公司章程》对公司高级管理人员的有关规定，适用于 董事会秘书。 第三条 公司董事会在聘任董事会秘书的同时，应当聘任证券事务代表，协 助董事会秘书履行职责。 第四条 公司董事会秘书是公司与上海证券交易所之 ...

Investment Rating - The report indicates a strong investment rating for Chuanfeng Power (603129.SH), highlighting its leadership in the all-terrain vehicle (ATV) market and significant growth in motorcycle sales [1][6]. Core Insights - Chuanfeng Power has demonstrated impressive financial performance, with a revenue increase of 22% year-on-year and a net profit growth of 36.7% in the third quarter [1][2]. - The company has a robust return on equity (ROE) exceeding 20%, significantly outperforming its peers [1][27]. - The report emphasizes the company's dual-driven strategy of research and development alongside sales, which has contributed to its market leadership [1][18]. Financial Performance Summary - **Revenue**: The company's revenue for the reporting period reached approximately 3.92 billion yuan, reflecting a year-on-year increase of 36.11%. Year-to-date revenue was about 11.45 billion yuan, up 21.98% from the previous year [2]. - **Net Profit**: The net profit attributable to shareholders was approximately 372.5 million yuan, a 48.95% increase year-on-year. The net profit after excluding non-recurring items was about 362.7 million yuan, up 46.62% [2]. - **Growth Trends**: From 2018 to 2023, the company's revenue grew from 2.55 billion yuan to 12.11 billion yuan, achieving a compound annual growth rate (CAGR) of 36.6% [3][4]. Business Segment Performance - **ATV Segment**: The ATV revenue was approximately 35.3 billion yuan, showing a slight year-on-year decline, while motorcycle revenue reached 32.5 billion yuan, marking a 42% increase [6][10]. - **Market Position**: Chuanfeng Power holds a leading position in the domestic and international ATV markets, with a 15.3% global market share and ranking first in exports among domestic brands [8][9]. - **Motorcycle Segment**: The company has become the top seller of large-displacement motorcycles in China, with significant growth in both domestic and international markets [12][13]. Research and Development - The company has maintained a research and development expense ratio above 5% since 2018, reaching 7.6% in 2023, indicating a strong commitment to innovation [18][20]. - Chuanfeng Power has implemented multiple stock option incentive plans to enhance employee motivation and align interests with company performance [15][16]. Cash Flow and Financial Health - The company has demonstrated strong cash flow management, with cumulative operating cash flow reaching 7.19 billion yuan since 2017 [30][31]. - As of the third quarter of 2024, the company reported cash and cash equivalents of approximately 6.43 billion yuan, representing 47.6% of total assets [32]. Dividend Policy - Chuanfeng Power has maintained a stable dividend payout ratio around 30%, with cumulative dividends of approximately 900 million yuan since its listing [32][33].

Investment Rating - The report maintains a "Buy" rating for the company with a target price reflecting a potential upside of over 20% within the next six months [4]. Core Views - The company achieved revenue of 11.45 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 21.98%, and a net profit attributable to shareholders of 1.081 billion yuan, up 34.87% year-on-year [1][4]. - The company is experiencing strong growth in both domestic and international markets, particularly in the mid-to-large displacement motorcycle segment, which is expected to continue driving revenue growth [3][4]. - The company has launched an employee stock ownership plan, indicating confidence in future growth, with revenue targets set at a minimum of 30.5 billion yuan over three years [3]. Financial Performance Summary - For Q3 2024, the company reported revenue of 3.921 billion yuan, a year-on-year increase of 36.1%, and a net profit of 373 million yuan, up 48.95% year-on-year [2]. - The gross profit margin for Q3 2024 was 31.57%, a decrease of 2.1 percentage points year-on-year, while the net profit margin improved by 0.82 percentage points to 9.5% [2]. - The company’s total revenue for 2024 is projected to reach 14.944 billion yuan, with a net profit forecast of 1.355 billion yuan, reflecting a growth rate of 34.52% [6][9]. Market Position and Growth Drivers - The company has established a strong presence in the global market, with significant export volumes in all-terrain vehicles and a growing dealer network of over 1,500 in the domestic motorcycle market [3]. - The domestic market for mid-to-large displacement motorcycles is expanding, driven by increasing consumer interest and technological advancements in the motorcycle manufacturing industry [3]. - The company is positioned as a leader in the domestic market for motorcycles over 250cc, with sales leading the industry [3].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [11]. Core Insights - The company reported a Q3 2024 revenue of 3.92 billion, reflecting a year-on-year increase of 36.1% and a quarter-on-quarter decrease of 12.2%. The net profit attributable to the parent company was 373 million, up 49.0% year-on-year but down 13.6% quarter-on-quarter [1][2]. - The company has established itself as a leader in the motorcycle industry, actively participating in international competitions, which has enhanced its brand recognition. It became the first Chinese manufacturer to compete in the MotoGP Moto3 250CC category and secured its first championship in 2024 [1][2]. - The company is projected to achieve revenues of 14.5 billion, 17.4 billion, and 20.3 billion for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 20%, 20%, and 17% [2][6]. Summary by Sections Financial Performance - Q3 2024 revenue was 3.92 billion, with a gross margin of 31.57%, showing a quarter-on-quarter increase of 0.75 percentage points [1]. - The company’s net profit for Q3 2024 was 373 million, with a year-on-year growth of 49.0% [1][2]. Market Position - The company has maintained its position as the top exporter of all-terrain vehicles among domestic brands, with a 71.75% share of the domestic export market for similar products in the first half of 2024 [1]. - The company focuses on mid-to-large displacement motorcycles (over 250CC), where it ranks among the industry leaders in sales [1]. Profit Forecast - The forecast for net profit attributable to the parent company for 2024, 2025, and 2026 has been adjusted to 1.38 billion, 1.66 billion, and 1.94 billion, respectively, with growth rates of 37%, 20%, and 17% [2][6].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 204 CNY, indicating an expected performance exceeding the benchmark index by 10%-20% over the next six months [3][5]. Core Insights - The company reported a significant revenue growth of 36.1% year-on-year in Q3 2024, reaching 3.92 billion CNY, and a net profit of 370 million CNY, which is a 48.95% increase year-on-year, surpassing market expectations [1][2]. - The growth in revenue is attributed to strong performance in the two-wheeler segment during the peak season, with domestic sales showing a remarkable increase of 156% year-on-year [2]. - The gross margin improved to 31.6%, up by 0.8 percentage points from the previous quarter, driven by a higher proportion of four-wheeler sales [2]. - The company is expected to continue benefiting from new product launches in the four-wheeler segment, which are anticipated to enhance market share in the mid-to-high-end market [2][3]. Financial Summary - For the fiscal years 2024 to 2026, the company’s projected net profits are adjusted to 1.30 billion CNY, 1.68 billion CNY, and 2.27 billion CNY respectively, with corresponding price-to-earnings ratios of 19, 15, and 11 times [3][4]. - The total revenue is forecasted to grow from 12.11 billion CNY in 2023 to 23.69 billion CNY by 2026, reflecting a compound annual growth rate of approximately 25.4% [4][7]. - The company’s return on equity (ROE) is expected to increase from 20.0% in 2023 to 25.1% by 2026, indicating improving profitability [4][7].