Core Insights - The power sports industry is experiencing rapid growth driven by consumer upgrades and increasing demand for leisure and entertainment, particularly in all-terrain vehicles and mid-to-large displacement motorcycles [1] - Chinese motorcycle companies have improved product capabilities and cost-performance advantages, positioning themselves to capture overseas market share while continuously optimizing product structure and increasing market share and profit margins [1] Two-Wheelers - Emerging markets are showing steady growth, with Japanese and Indian companies achieving sustained sales and revenue growth in both domestic and export markets, while European and American brands face pressure [2] - The demand in Europe and North America is marginally improving, but competition is intensifying, leading to a divergence in pricing, unit profits, and profit margins among brands [2] Four-Wheelers - Demand in Europe and North America is declining due to inflation, with leading brands facing pressure from high inventory levels and increased competition, resulting in decreased profit margins [3] - Secondary brands like Kawasaki are benefiting from capacity release and new product launches, achieving volume and revenue growth [3] Chinese Companies - Chinese companies are actively expanding into overseas markets, with Spring Wind, Longxin, and Taotao achieving record revenue and profit in Q2 2025, while also exploring new growth areas such as AI, robotics, and semiconductors [4] - The revenue and profit of Spring Wind, Longxin, and Taotao have reached historical highs for a single quarter [4] Outlook - Japanese companies forecast continued growth in motorcycle sales in 2025, with expectations of growth in emerging markets for brands like Honda, Suzuki, and Kawasaki [5] - The competitive landscape is expected to intensify globally, with Chinese companies likely to capture more market share, while leading four-wheeler brands may see a decline in market share due to weak demand and high inventory [5]

Group 1 - The company has completed the sale of all shares held under the 2024 employee stock ownership plan, leading to the termination of the plan [1][2] - The 2024 employee stock ownership plan involved the purchase of 87,700 shares, representing 0.0579% of the company's total share capital, with a total transaction amount of RMB 11.83 million at an average price of RMB 134.91 per share [2] - The lock-up period for the purchased shares was 12 months, starting from the date of the last stock registration under the plan [2] Group 2 - The company adhered to market trading rules and regulations during the implementation of the employee stock ownership plan, ensuring no insider trading occurred [2] - Following the completion of the employee stock ownership plan, the management committee will handle asset liquidation and distribution based on the authorization from the holders' meeting [2]

证券代码：603129 证券简称：春风动力 公告编号：2025-065 浙江春风动力股份有限公司 关于 2024 年员工持股计划股票出售完毕 暨终止的公告 公司实施 2024 年员工持股计划期间，严格遵守市场交易规则及中国证监会、 上海证券交易所关于信息敏感期不得买卖股票的规定，不存在利用内幕信息进行 交易的情形。截至 2025 年 8 月 16 日，公司 2024 年员工持股计划锁定期已届满。 二、2024 年员工持股计划股票出售情况及后续安排 截至本公告披露日，公司 2024 年员工持股计划所持有的公司股票已全部出 售完毕。根据《浙江春风动力股份有限公司 2022 年至 2024 年员工持股计划》、 《浙江春风动力股份有限公司 2022 年至 2024 年员工持股计划管理办法》的有关 规定，2024 年员工持股计划已实施完毕并终止，后续将由 2024 年员工持股计划 管理委员会根据持有人会议的授权进行财产清算及分配等工作。 特此公告。 浙江春风动力股份有限公司 董事会 2025 年 9 月 2 日 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 ...

Investment Rating - The report maintains a positive outlook on the automotive sector, suggesting an increase in investment weight towards automotive dividend style configurations for the second half of 2025 [3][52]. Core Insights - The automotive sector experienced a week-on-week increase of 9.4% in insurance registrations, indicating a continued recovery in demand [2][46]. - The report highlights the performance of various segments, with commercial cargo vehicles leading the gains at +1.6%, followed by commercial passenger vehicles at +0.8% [2]. - Key companies such as BYD and Great Wall Motors reported significant revenue growth in Q2 2025, with BYD achieving a revenue of 200.92 billion yuan, up 14.0% year-on-year [2][3]. Summary by Sections Weekly Review - The total insurance registrations for passenger vehicles reached 470,000 units, reflecting a 9.4% increase from the previous week [46]. - The report notes that the automotive sector's performance in A-shares ranked 14th, while Hong Kong shares ranked 5th [7][9]. Market Trends - The report indicates that the automotive industry is at a crossroads, with the end of the electric vehicle dividend and the rise of automotive intelligence [3]. - It suggests a focus on dividend and structural opportunities in segments such as buses, heavy trucks, and two-wheelers [3]. Company Performance - Great Wall Motors reported a revenue of 52.3 billion yuan in Q2 2025, with a year-on-year increase of 30.7% [2]. - BYD's Q2 2025 revenue was 200.92 billion yuan, with a gross margin of 16.3%, reflecting a slight decline compared to previous quarters [2]. Future Outlook - The report anticipates a strong demand for passenger vehicles in 2025, projecting a total retail sales volume of 23.7 million units, a 4.1% increase year-on-year [47][48]. - The introduction of policies to support vehicle scrappage and replacement is expected to further boost domestic consumption [47][55].

Investment Rating - The report maintains a "Positive" investment rating for the electric two-wheeler industry [10]. Core Insights - The electric two-wheeler market is experiencing a high-end upgrade, with companies like Niu, Ninebot, and Jike leveraging technology and user needs to capture market share. Niu focuses on urban user demands for convenience, security, and safety, while Ninebot capitalizes on the 3C certification transition to enhance its market position. Jike emphasizes product reliability through extreme testing and community engagement [4][8][41]. Summary by Sections Review of the High-End Electric Two-Wheeler Journey - Niu Electric has effectively identified and addressed three key pain points: charging convenience, theft prevention, and safety. By utilizing Panasonic lithium batteries, Niu has reduced weight and improved performance, leading to significant revenue growth from 769 million yuan in 2017 to 3.288 billion yuan in 2024, with a CAGR of 23.07% [19][33]. Niu: Redefining High-End Electric Two-Wheelers - Niu's strategy includes using high-quality components like Bosch motors and advanced battery management systems to enhance performance and safety. The company has also implemented a user-friendly app for remote vehicle control, contributing to its brand recognition and market penetration [20][27]. Current Competitive Landscape of High-End Two-Wheelers - The competitive landscape features new brands like Jike, Ninebot, and Niu, which focus on community engagement and product reliability. Traditional brands like Yadi and Aima are improving core technologies but lag in smart features compared to new entrants [7][70]. Ninebot: Differentiated Positioning in the Mid-High-End Market - Ninebot has rapidly grown its revenue, reaching 14.196 billion yuan in 2024, with a 38.87% year-on-year increase. The company has successfully transitioned to a major player in the electric two-wheeler market, with a focus on smart technology and user engagement [44][41]. Investment Recommendations: New Force Brands Stand Out - The report recommends focusing on new force leaders like Ninebot and Chuncheng Power, which have demonstrated significant advantages in technology and market positioning. These companies are well-positioned to capture the growing demand for high-end electric two-wheelers [8][11].

Core Viewpoint - The report serves as an independent financial advisory document for Zhejiang Chunfeng Power Co., Ltd.'s 2024 stock option incentive plan, ensuring compliance with relevant laws and regulations [1][2][3] Group 1: Independent Financial Advisor's Role - The independent financial advisor, Shanghai Miaodao Enterprise Management Consulting Co., Ltd., was commissioned to provide an independent financial advisory report for the stock option incentive plan [1] - The advisor conducted due diligence and confirmed that their professional opinions align with the company's disclosed documents [2] - The advisor assumes that there will be no significant changes in laws, regulations, or the market environment affecting the company [5] Group 2: Approval Process for the Incentive Plan - On August 6, 2024, the company’s board and supervisory committee approved the draft of the stock option incentive plan [6] - The names and positions of the initial grant recipients were publicly disclosed from August 7 to August 19, 2024, with no objections received [6] - The first extraordinary general meeting of shareholders on September 2, 2024, approved the incentive plan and related matters [7] Group 3: Stock Option Grant Details - The stock option grant date for the reserved portion is set for August 29, 2025, with a total of 248,100 options reserved for 306 recipients [8] - The exercise price for the stock options was adjusted from 106.00 RMB/share to 102.15 RMB/share [13] - The plan stipulates that the options must be exercised within a maximum of 48 months from the grant date [8] Group 4: Performance Assessment Criteria - The performance targets for the first exercise period require cumulative revenue of no less than 30.5 billion RMB for 2024 and 2025 [11] - The second exercise period requires cumulative revenue of no less than 50.5 billion RMB for 2024 to 2026 [11] - Individual performance assessments will determine the eligibility of recipients to exercise their options based on their performance ratings [11]

Core Viewpoint - The company has adjusted the exercise price of the stock options in its 2024 incentive plan from 106.00 CNY per share to 102.15 CNY per share due to the completion of a cash dividend distribution [1][4][5]. Summary by Sections 1. Adjustment of Stock Option Exercise Price - The exercise price for both the initial and reserved stock options has been adjusted to 102.15 CNY per share from the previous 106.00 CNY per share [1][3][5]. 2. Approval Process - The adjustment was approved during the sixth board meeting held on August 29, 2025, following the necessary decision-making procedures [1][4]. - Legal opinions and independent financial advisory reports were provided to support the adjustment [1][3][6]. 3. Reason for Adjustment - The adjustment was necessitated by the company's cash dividend distribution of 3.85 CNY per share, totaling approximately 587.42 million CNY, which was implemented on May 27, 2025 [4][5]. 4. Impact of Adjustment - The adjustment complies with relevant regulations and will not have a significant impact on the company's financial status or operational results [5][6]. 5. Opinions from Committees - The Board's Compensation and Assessment Committee has expressed that the adjustment does not harm the interests of the company or its shareholders [5][6].

上海君澜律师事务所 关于 浙江春风动力股份有限公司 调整 2024 年股票期权激励计划行权价格及 向激励对象预留授予股票期权相关事项 二〇二五年八月 上海君澜律师事务所 法律意见书 上海君澜律师事务所 关于浙江春风动力股份有限公司 调整 2024 年股票期权激励计划行权价格及 向激励对象预留授予股票期权相关事项之 法律意见书 致：浙江春风动力股份有限公司 上海君澜律师事务所（以下简称"本所"）接受浙江春风动力股份有限公 司（以下简称"公司"或"春风动力"）的委托，根据《上市公司股权激励管 理办法》（以下简称"《管理办法》"）及《浙江春风动力股份有限公司 2024 年股票期权激励计划》（以下简称"《激励计划》"或"本次激励计划"）的 规定，就春风动力调整本次激励计划行权价格及向激励对象预留授予股票期权 相关事项（以下简称"本次调整及授予"）出具本法律意见书。 对本法律意见书，本所律师声明如下： （一）本所律师依据《中华人民共和国证券法》《律师事务所从事证券法 律业务管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定及 本法律意见书出具日以前已经发生或者存在的事实，严格履行了法定职责，遵 循了勤勉尽责和 ...

Core Viewpoint - Zhejiang Chunfeng Power Co., Ltd. has reviewed the list of incentive recipients for its 2024 stock option incentive plan, ensuring compliance with relevant laws and regulations [1][2]. Group 1: Incentive Plan Overview - The incentive plan is designed for core management and technical personnel within the company and its subsidiaries, excluding independent directors and major shareholders [2]. - A total of 306 individuals have been identified as eligible recipients for the stock options, with a total of 248,100 stock options reserved for them [2]. - The exercise price for the stock options is set at 102.15 yuan per share, with the authorization date for the incentive plan being August 29, 2025 [2]. Group 2: Compliance and Eligibility - The review process confirmed that the selected recipients meet the qualifications outlined in the Company Law, Securities Law, and the Management Measures for Equity Incentives [1][2]. - Specific disqualifications for potential recipients include being recognized as inappropriate candidates by the stock exchange or the China Securities Regulatory Commission within the last 12 months, or having been subject to significant legal penalties [1].

Core Viewpoint - The announcement details the stock option incentive plan for 2024 by Zhejiang Chunfeng Power Co., Ltd, including the allocation of stock options to 306 eligible individuals at an exercise price of 102.15 yuan per share, with a total of 248,100 stock options reserved for this purpose [1][3][12]. Group 1: Stock Option Plan Details - The stock option reserve authorization date is set for August 29, 2025 [1]. - The exercise price for the reserved stock options is adjusted from 106.00 yuan to 102.15 yuan per share [3][12]. - A total of 327,000 stock options were granted to 1,291 individuals in the initial grant [3]. Group 2: Approval Process - The stock option incentive plan has undergone necessary decision-making procedures, including approval from the board and the remuneration and assessment committee [1][5]. - Legal opinions and independent financial advisory reports were provided to ensure compliance with regulations [5][16]. Group 3: Eligibility and Conditions - The plan specifies that stock options can only be granted if certain conditions are met, including the absence of negative audit opinions and compliance with legal regulations [5][8]. - The eligibility criteria for the incentive recipients include core management and technical personnel, excluding independent directors and major shareholders [12][13]. Group 4: Performance Targets - The performance targets for the stock options include cumulative revenue of at least 30.5 billion yuan for 2024 and 2025, and 50.5 billion yuan for 2024 to 2026 [9]. - Individual performance assessments will determine the ability of recipients to exercise their options based on their performance evaluations [9][10]. Group 5: Financial Impact - The total estimated expense for the stock options granted is approximately 41.53 million yuan, which will be amortized over the relevant periods [14][15]. - The financial impact will be recorded in accordance with accounting standards, reflecting the number of options that become exercisable [13][15].