Core Viewpoint - CFMOTO POWERSPORTS, INC. (CFP), a wholly-owned subsidiary of Chunfeng Power (603129.SH), received a notice from the U.S. Customs and Border Protection (CBP) requiring adjustments in tariff classifications for U/Z products exported from China, leading to a cumulative bill of $19.32 million as of October 23 [1][3]. Group 1: Financial Impact - The tax payment adjustment is not expected to significantly impact CFP's current operations [2][3]. - As of mid-2023, CFP reported a net profit of 161 million yuan and total revenue of 2.89 billion yuan for the first half of the year [5]. - The total assets of CFP were 3.478 billion yuan, with net assets of 730 million yuan as of June 30 [5]. Group 2: Market Position and Strategy - The UTV/SSV product segment has been gaining market share, with global sales projected to reach 620,000 units in 2024, accounting for 64.58% of the market [7]. - North America remains the largest market for all-terrain vehicles, with an 83.85% share, driven by strong outdoor recreational demand [7]. - The company has diversified its production capacity by establishing manufacturing bases in Thailand and Mexico to mitigate the cost pressures from U.S. tariffs [3][4]. Group 3: Risk Management and Future Outlook - The company is prepared to take legal action to protect its interests, including appealing to the U.S. International Trade Court [3]. - Chunfeng Power has implemented strategies to reduce reliance on the U.S. market, with sales from the U.S. accounting for less than 30% of total revenue as of September [3][4]. - The company is closely monitoring trade and tariff policy changes and has taken proactive measures to optimize its operational efficiency and expand into non-U.S. markets [4][7].

Market Overview - On October 29, the motorcycle and other sectors rose by 0.55% compared to the previous trading day, with Xinri Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Stock Performance - Xinri Co., Ltd. (603787) closed at 14.00, with a gain of 2.94% and a trading volume of 202,800 shares, amounting to a transaction value of 282 million yuan [1] - Other notable performers included Huayang Racing (920058) with a 2.21% increase, Qianli Technology (601777) up by 2.10%, and Jiangui General (603766) rising by 1.91% [1] - Conversely, companies like Zhenghe Industrial (003033) and Taotao Vehicle (301345) experienced declines of 6.59% and 4.96%, respectively [2] Capital Flow Analysis - The motorcycle and other sectors saw a net outflow of 1.2144 million yuan from institutional investors, while retail investors contributed a net inflow of 1.36 billion yuan [2] - The capital flow data indicates that retail investors were more active in purchasing shares compared to institutional and speculative investors [2] Individual Stock Capital Flow - Spring Power (603129) experienced a significant net outflow from institutional investors of 48.8487 million yuan, while retail investors had a net inflow of 34.6531 million yuan [3] - Taotao Vehicle (301345) had a net inflow of 35.9585 million yuan from institutional investors, but a net outflow from speculative investors of 40.4043 million yuan [3] - Qianli Technology (601777) saw a net inflow of 24.3377 million yuan from institutional investors, while retail investors contributed a smaller net inflow of 698.17 thousand yuan [3]

Core Viewpoint - The company, CFMOTOPOWERSPORTS, INC., has received a notice from the U.S. Customs and Border Protection (CBP) regarding a classification adjustment for products exported from its Chinese factory, which may lead to retroactive tax payments totaling approximately $19.33 million [1] Group 1: Financial Impact - As of October 23, 2025, the total amount of related bills received by CFMOTOPOWERSPORTS is $19.3287 million [1] - The company acknowledges uncertainty regarding the impact of the retroactive tax bill on its financial results for the year 2025 [1] Group 2: Operational Adjustments - The classification adjustment primarily concerns historical tariff payments for products exported from China to the U.S. [1] - The company has effectively mitigated cost pressures from U.S. tariffs by diversifying production capacity to Thailand and Mexico [1] - As of September 2025, sales in the U.S. accounted for less than 30% of the company's total revenue, indicating reduced reliance on the U.S. market [1] Group 3: Legal Actions - The company is considering legal actions, including hiring lawyers to appeal to the CBP and potentially filing a lawsuit in the U.S. International Trade Court to protect its rights [1]

证券代码：603129 证券简称：春风动力 公告编号：2025-079 浙江春风动力股份有限公司 关于子公司收到美国海关和边境保护局账单的公告 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。 一、CFP 收到的账单情况 近期，浙江春风动力股份有限公司（以下简称"公司"）在美国设立的全资 子公司 CFMOTO POWERSPORTS,INC.（以下简称"CFP"）收到美国海关和边 境保护局（以下简称"CBP"）出具的《行动通知》（NOTICE OF ACTION），其 中要求公司中国工厂出口至 CFP 的 U\Z 产品（包括 UTV 与 SSV 车型）需进行 归类调整，同时追溯调整并按提高后的税率进行税款的补缴。截至 2025 年 10 月 23 日，CFP 已收到的相关账单累计金额为 1,932.87 万美元，但是，CBP 后续 追溯调整税款账单结合后续申诉情况，存在不确定性，公司会结合后续情况，进 一步确认对 2025 年当期损益的影响。 本次归类调整主要涉及公司历史期内中国工厂出口至美国的关税补缴特殊 事项，而公司已通过泰 ...

Core Viewpoint - The company, Spring Power (603129), announced that its wholly-owned subsidiary in the U.S., CFMOTO POWERSPORTS, INC. (CFP), received a notice from the U.S. Customs and Border Protection (CBP) regarding a classification adjustment for UZ products exported from its Chinese factory, which will require retroactive tax payments totaling $19.3287 million [1] Group 1 - The classification adjustment involves historical tariff payments for UZ products exported from the Chinese factory to the U.S. [1] - As of October 23, 2025, the total amount of related bills received by CFP is $19.3287 million [1] - The company is assessing the impact of these adjustments on its financial results for the year 2025, considering the uncertainty surrounding future tax bills and appeals [1] Group 2 - The company has effectively mitigated the cost pressure from U.S. tariffs by diversifying its production capacity through facilities in Thailand and Mexico [1] - As of September 2025, sales in the U.S. accounted for less than 30% of the company's total revenue, indicating reduced reliance on the U.S. market [1] - The classification adjustment is not expected to have a significant adverse impact on the company's future operations [1]

Market Overview - On October 28, the motorcycle and other sectors rose by 0.12%, led by Zhenghe Industrial. The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1]. Stock Performance - Zhenghe Industrial (003033) closed at 86.53, up 10.01% with a trading volume of 51,900 shares and a transaction value of 432 million yuan [1]. - Shanghai Phoenix (600679) closed at 13.53, up 3.28% with a trading volume of 202,500 shares and a transaction value of 275 million yuan [1]. - TaoTao Vehicle (301345) closed at 252.20, up 2.40% with a trading volume of 18,100 shares and a transaction value of 454 million yuan [1]. - Qianli Technology (601777) closed at 11.41, up 1.78% with a trading volume of 421,100 shares and a transaction value of 480 million yuan [1]. - Other notable performances include Xinlong Health (002105) up 1.58% and Chunfeng Power (603129) up 0.52% [1]. Capital Flow - The motorcycle and other sectors experienced a net outflow of 151 million yuan from main funds, while retail funds saw a net inflow of 62.61 million yuan [2]. - The main funds showed a net outflow in several stocks, including Zhenghe Industrial and Qianli Technology, while retail investors contributed positively to stocks like Green通科技 [3]. Detailed Stock Capital Flow - Zhenghe Industrial had a main fund net outflow of 33.16 million yuan, with retail inflow of 21.91 million yuan [3]. - Qianli Technology saw a main fund net inflow of 13.31 million yuan, but retail investors had a net outflow of 15.13 million yuan [3]. - Chunfeng Power had a main fund net inflow of 9.84 million yuan, while retail investors had a slight outflow [3].

Core Insights - The report from the fund managed by Zhu Shaoxing under the Fuqua Fund indicates a net value growth rate of 15.18% over the past year [1] Fund Holdings Summary - New additions to the top ten holdings include Zhongchuang Zhiling, Luxshare Precision, and Guoci Materials, while Ningbo Bank remains the largest holding at 5.47% [1] - The fund has reduced its positions in major stocks such as Midea Group, Guangdong Hongda, and Blue Sky Technology, which have exited the top ten holdings [1] Detailed Holdings Changes - Zhongchuang Zhiling (601717): New entry with 26 million shares valued at 646 million [1] - Luxshare Precision (002475): New entry with 10 million shares valued at 647 million [1] - Guoci Materials: New entry with 22 million shares valued at 491 million [1] - Ningbo Bank (002142): Reduced by 1.96% with 50 million shares valued at 1.321 billion [1] - Kweichow Moutai: Reduced by 15.0% with 850,000 shares valued at 1.227 billion [1] - CATL (300750): Increased by 8.0% with 2.7 million shares valued at 1.085 billion [1] - Jerry Holdings (002353): Increased by 23.33% with 18.5 million shares valued at 1.03 billion [1] - Spring Power: Reduced by 35.59% with 3.2203 million shares valued at 864 million [1] - Binjiang Group: Reduced by 5.66% with 50 million shares valued at 628 million [1] - Ruifeng New Materials: Reduced by 27.54% with 10 million shares valued at 530 million [1]

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company reported a revenue of 14.896 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 30.10%, and a net profit of 1.415 billion yuan, up 30.89% [3][4] - In Q3 2025, the company achieved a revenue of 5.041 billion yuan, reflecting a growth of 28.56%, while the net profit reached 413 million yuan, marking an 11.00% increase [4] - The company's gross margin in Q3 2025 was 26.14%, down 5.43 percentage points, attributed to fluctuations in raw material prices and tariff policies [4] - The net profit margin for Q3 2025 was 8.76%, a decrease of 0.98 percentage points, indicating effective control over operating expenses despite the pressure on profitability [4] Summary by Sections Financial Performance - The company is projected to achieve net profits of 1.954 billion yuan in 2025, 2.443 billion yuan in 2026, and 3.062 billion yuan in 2027, with corresponding EPS of 12.81, 16.01, and 20.07 yuan respectively [5][7] - Revenue growth rates are expected to be 32.50% in 2025, 24.70% in 2026, and 22.40% in 2027 [7] Market and Industry Outlook - The global all-terrain vehicle market is expected to maintain stable growth, supported by consumer education and demand for motorcycle exports [5] - The company is positioned as a domestic industry leader, focusing on expanding its product matrix and enhancing its market presence [5] Strategic Initiatives - The company aims to increase the output of products from its Mexican and Thai bases to the U.S. market, while also enhancing local component manufacturing and procurement [5]

Industry Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Insights - In September 2025, total sales of two-wheeled fuel motorcycles reached 1.554 million units, representing a year-on-year increase of 11.8%. Exports were 1.174 million units, up 20.6%, while domestic sales were 380,000 units, down 8.8% [4][10] - For motorcycles above 250cc, sales in September were 87,000 units, a year-on-year increase of 13.1%. Exports were 53,000 units, up 39.0%, and domestic sales were 33,000 units, down 12.7% [4][10] - Electric motorcycle sales surged to 32,000 units in September, marking a significant year-on-year increase of 184.5% [20] - The all-terrain vehicle (ATV) domestic factory shipments reached 17,000 units, reflecting a year-on-year growth of 10.2% [20] Summary by Relevant Sections Overall Industry Performance - Total sales in September reached 1.554 million units, with a cumulative total of 12.816 million units for the year, showing a 13% year-on-year increase [5] - Exports for the entire industry were 1.174 million units, up 21%, while domestic sales were 380,000 units, down 9% [5] Two-Wheeled Fuel Motorcycles - Total sales for two-wheeled fuel motorcycles in September were 105,000 units, down 30% year-on-year, with exports at 97,000 units, down 31%, and domestic sales at 8,000 units, down 13% [22] - For motorcycles above 250cc, total sales were 12,000 units, up 30.1% year-on-year, with exports at 7,000 units, up 75.2%, and domestic sales at 5,000 units, down 7.5% [22] Key Companies - Changan Power reported 32,000 units in electric motorcycle sales, a 184.5% increase year-on-year [20] - Longxin General's total sales reached 25,400 units, a 29.6% increase year-on-year, with three-wheeled motorcycle sales at 25,000 units, up 29.6% [26] - Qianjiang Motorcycle's total sales for two-wheeled fuel motorcycles were 37,800 units, down 21% year-on-year, while sales for motorcycles above 250cc were 13,000 units, up 85% [32]

Market Overview - On October 27, the motorcycle and other sectors rose by 0.32% compared to the previous trading day, with Xinri Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Key Performers - Xinri Co., Ltd. (603787) closed at 13.95, with a significant increase of 10.02% and a trading volume of 112,700 shares, amounting to a transaction value of 156 million yuan [1] - Zhenghe Industrial (003033) also saw a rise of 10.00%, closing at 78.66 with a trading volume of 12,400 shares [1] - Jiuyi Co., Ltd. (300994) increased by 7.58%, closing at 19.58 with a trading volume of 129,900 shares [1] Decliners - Qianjiang Motorcycle (000913) experienced a decline of 3.52%, closing at 16.18 with a trading volume of 134,700 shares and a transaction value of 219 million yuan [2] - Ninebot Company (689009) fell by 3.39%, closing at 63.25 with a trading volume of 330,200 shares [2] - Aima Technology (603529) decreased by 1.90%, closing at 32.55 with a trading volume of 138,000 shares [2] Capital Flow - The motorcycle and other sectors saw a net outflow of 167 million yuan from main funds, while retail funds had a net inflow of 79.27 million yuan [2] - The main funds' net inflow and outflow for key stocks showed varied trends, with Xinri Co., Ltd. experiencing a net outflow of 50.56 million yuan from main funds [3] - Zhenghe Industrial had a net inflow of 26.49 million yuan from main funds, indicating strong interest [3]