Investment Rating - The report suggests a focus on companies with high earnings growth certainty and relatively high dividend support in the domestic furniture sector, as well as certain export companies with strong growth logic or overseas production capacity advantages [4][9]. Core Insights - The furniture retail sales in China saw a year-on-year increase of 25.6% in May, with a cumulative increase of 21.4% from January to May. However, the overall order situation has weakened since June, indicating a potential fatigue in demand stimulation from national subsidies [4][9]. - In the new tobacco sector, the glo hilo product launched in Japan is expected to accelerate revenue growth in the second half of 2025, supported by strong marketing resources from BAT [4][12]. - The paper packaging sector is experiencing price stability, with a focus on growth-oriented packaging companies. The report highlights the need to monitor the performance of major paper types and the overall supply pressure in the market [4][15]. - The light consumer goods and pet sectors are seeing increased online competition, with a focus on companies that demonstrate clear growth narratives and operational capabilities [4][16]. - The two-wheeler market is expected to see a rebound in the second half of the year, driven by new national standards and product launches, despite a temporary slowdown due to subsidy fund exhaustion [4][19]. Summary by Sections Furniture Sector - Domestic retail sales of furniture increased by 25.6% in May, with a cumulative increase of 21.4% from January to May. However, the order situation has weakened since June, indicating potential fatigue in demand stimulation [4][9]. - Recommended companies include Sofía, Gujia Home, Mousse, and others, focusing on those with high earnings growth certainty and dividend support [4][9]. New Tobacco - The glo hilo product launched in Japan is expected to accelerate revenue growth in the second half of 2025, with strong marketing support from BAT [4][12]. - Recommended companies include Smoore International, which is expected to benefit from the expansion of the overseas compliant market [4][12]. Paper and Packaging - The paper sector is experiencing price stability, with major paper types showing no significant improvement in orders. The report emphasizes the importance of monitoring growth-oriented packaging companies [4][15]. - Recommended companies include Yutong Technology and others, focusing on those with stable operations and growth potential [4][15]. Light Consumer Goods & Pets - The light consumer goods sector is seeing increased online competition, with a focus on companies that demonstrate clear growth narratives and operational capabilities [4][16]. - Recommended companies include Guibao Pet and others, focusing on those with resilient consumer demand and growth potential [4][16]. Two-Wheeler Market - The two-wheeler market is expected to see a rebound in the second half of the year, driven by new national standards and product launches, despite a temporary slowdown due to subsidy fund exhaustion [4][19]. - Recommended companies include Yadi Holdings and others, focusing on those with strong product capabilities and market expansion potential [4][19].

Core Insights - Laopu Gold is set to open its first overseas store in Singapore on June 21, marking a significant step in its global expansion strategy [1] - The new store is located in the Marina Bay Sands, a high-end commercial area, alongside luxury brands like Louis Vuitton and Hermes, reinforcing Laopu Gold's positioning as a premium Chinese gold brand [1] - Laopu Gold has achieved the highest revenue per store and sales efficiency among all jewelry brands in mainland China, surpassing many international luxury brands [1] Company Overview - Founded in 2009, Laopu Gold is a pioneer in promoting the "ancient method gold" concept in China, offering not only traditional gold jewelry but also ancient-style gold artifacts [1] - As of April this year, Laopu Gold has signed agreements with all high-end shopping malls in China, making it the only Chinese brand to achieve such comprehensive coverage [1] Market Analysis - Laopu Gold's performance in China has garnered attention from the international luxury goods industry, with Morgan Stanley noting that it has changed perceptions regarding local competitors threatening European luxury brands [2] - The Singapore store is expected to serve as a launchpad for Laopu Gold to tap into the Southeast Asian market, where there is a significant Chinese population and a growing demand for gold products [2] - The jewelry market in Southeast Asia is projected to grow at a compound annual growth rate of 3.35% until 2033, with Singapore's jewelry market expected to see an average growth rate of 4.51% from 2025 to 2029 [2]

Investment Rating - The report maintains a "Buy" rating for the motorcycle industry, particularly recommending companies like Chuanfeng Power, Longxin General, and Qianjiang Motorcycle [6][15]. Core Insights - The motorcycle industry is experiencing significant growth, with 250cc and above motorcycle sales reaching a record high in May 2025, showing a year-on-year increase of 31.1% and a cumulative increase of 50.4% from January to May 2025 [3][4]. - The report highlights the strong performance of major players in the market, with Chuanfeng Power leading in sales and market share, followed by Qianjiang Motorcycle and Longxin General [6][15]. - The export market is also thriving, with a notable increase in shipments of 250cc and above motorcycles, driven by the growth of leading companies in the 500-800cc segment [4][5]. Summary by Sections Sales Performance - In May 2025, sales of motorcycles above 125cc reached 703,000 units, a year-on-year increase of 7.8% [4]. - For 250cc and above motorcycles, May sales were 101,000 units, with a year-on-year increase of 31.1% and a cumulative total of 399,000 units from January to May, reflecting a 50.4% increase [4][5]. Market Structure - The report notes strong growth in the 500cc and above segment, with sales of 500-800cc motorcycles increasing by 96.6% year-on-year in May [5]. - The 250cc to 400cc segment saw sales of 53,000 units in May, up 21.4% year-on-year, while the 400cc to 500cc segment sold 30,000 units, marking a 23.3% increase [5]. Competitive Landscape - The top three companies in the 250cc and above segment in May 2025 were Chuanfeng Power, Qianjiang Motorcycle, and Longxin General, with a combined market share of 48.4% [6]. - Chuanfeng Power maintained a market share of 21.5% in May, with sales of 22,000 units, reflecting a year-on-year increase of 48.1% [6][8]. Future Outlook - The report anticipates continued growth in the motorcycle market, driven by new model launches and an expanding export market, particularly for Chuanfeng Power and Longxin General [11][15]. - The motorcycle industry is expected to benefit from a cultural shift towards motorcycle usage, with domestic brands poised to capture a larger share of the growing demand [15].

Core Points - The company Zhejiang Chunfeng Power Co., Ltd. is holding a shareholder meeting on June 27, 2025, to discuss various proposals including the issuance of convertible bonds [1][4][26] - The company plans to issue convertible bonds totaling up to RMB 2.5 billion, which will be used for business development and working capital [8][19] - The meeting will include a combination of on-site and online voting, with specific procedures outlined for shareholder participation and voting rights [2][3][7] Meeting Details - The meeting is scheduled for June 27, 2025, at 14:00 in the company's conference room located in Hangzhou, Zhejiang Province [3][4] - Shareholders must register in advance and present necessary documentation to confirm their eligibility to attend [1][2] - The voting will be conducted through a combination of on-site and online methods, with specific time frames for participation [3][7] Proposals for Discussion - Proposal to issue convertible bonds to unspecified investors, with a maximum amount of RMB 2.5 billion [8][19] - Analysis reports regarding the feasibility of using the raised funds for business development [26][30] - Measures to mitigate the dilution of immediate returns for existing shareholders due to the bond issuance [30][31] Rights and Obligations of Bondholders - Bondholders will have rights to participate in meetings, receive interest payments, convert bonds into shares, and exercise buyback rights under certain conditions [20][21] - The company will manage the raised funds in a designated account and ensure compliance with relevant regulations [25][29]

浙江春风动力股份有限公司 2025 年第一次临时股东大会 会议材料 （召开时间：2025 年 6 月 27 日） 1 / 46 浙江春风动力股份有限公司 2025 年第一次临时股东大会会议须知 根据中国证券监督管理委员会《上市公司股东会规则》和《公司章程》的有 关规定，为便于各位股东及其授权代理人出席会议并确保会议顺利进行，以下事 项敬请注意： 一、本次会议期间，全体参会人员应以维护股东的合法权益，确保会议的 正常秩序和议事效率为原则，自觉履行法定义务。 二、请按股东大会通知公告要求，按时办理股东登记手续，确认与会资格。 三、为保证本次会议的严肃性和正常秩序，除出席会议的股东及股东代理 人、董事、监事、公司高级管理人员、公司聘任律师及中介机构外，公司有权依 法拒绝其他人员入场。 四、股东请尽量提前 30 分钟到达会场，进行会议签到，13:50 为会议报到 的终止时间。股东签到时，应出示以下证件和文件。 七、本次会议审议议案，采取现场记名投票结合网络投票的方式进行表决。 股东和授权代理人办理签到手续后，因特殊情况需要在表决前离开会场的，须填 好表决票交会议工作人员后离场，以免影响表决结果统计。未填、错填、字迹无 ...

根据相关决议，公司全资子公司浙江极核智能装备有限公司按照相关法律规 定和法定程序参与了桐乡市自然资源和规划局的挂牌出让竞拍，最终以人民币 1735 万元、5556 万元分别竞得编号桐乡市崇福镇 2025-22-1 地块、桐乡市崇福 镇 2025-22-2 地块的国有土地使用权，并取得了桐乡市自然资源和规划局下发的 《网上交易成交确认书》。 二、竞拍土地基本情况 1、出让人：桐乡市自然资源和规划局 2、土地位置：桐乡市崇福镇店街塘港北侧，鹏辉大道东侧 3、土地编号：桐乡市崇福镇 2025-22-1 地块、桐乡市崇福镇 2025-22-2 地块 4、土地面积：64228.33 ㎡、205771.21 ㎡ 5、土地用途：三类工业用地 6、出让年限：50 年 7、出让价款：1735 万元、5556 万元 浙江极核智能装备有限公司后续将根据有关规定，依法办理工业项目立项、 建设规划、环境评估等报批工作，并与桐乡市自然资源和规划局签订《国有建设 用地使用权出让合同》等相关文书及合同。 证券代码：603129 证券简称：春风动力 公告编号：2025-049 浙江春风动力股份有限公司 关于对外投资的进展公告 本公司董事会及全 ...

浙江春风动力股份有限公司章程 浙江春风动力股份有限公司 章 程 二〇二五年六月 1 | | | 浙江春风动力股份有限公司章程 第一章 总则 第一条 为维护公司、股东、职工和债权人的合法权益，规范公司的组织和 行为，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》）、《上市公司章程指引》和其他有关规定，制 定本章程。 第二条 浙江春风动力股份有限公司（以下简称"公司"）系依照《公司法》 和其他有关规定成立的股份有限公司，公司系发起设立。公司系由春风控股集团杭 州摩托车制造有限公司整体变更设立的股份有限公司，在浙江省市场监督管理局注 册登记，并取得《营业执照》，统一社会信用代码为 91330100757206158J。 第三条 公司于 2017 年 7 月 21 日经中国证券监督管理委员会核准，首次向 社会公众发行人民币普通股 3,333.4 万股，于 2017 年 8 月 18 日在上海证券交易所上 市。 第四条 公司注册名称：浙江春风动力股份有限公司 英文名称：Zhejiang CFMOTO Power Co;Ltd 第五条 公司住所：浙江省杭州市临平区临平经 ...

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。 浙江春风动力股份有限公司 会计师事务所选聘制度 浙江春风动力股份有限公司 会计师事务所选聘制度 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"审计 委员会"）全体成员过半数审议同意后，提交董事会审议，并由股东会决定。 第四条 公司控股股东、实际控制人不得在公司董事会、股东会审议前，向 公司指定会计师事务所，不得干预审计委员会、 ...

浙江春风动力股份有限公司 对外投资管理制度 浙江春风动力股份有限公司 对外投资管理制度 第一章 总则 第一条 为了加强对浙江春风动力股份有限公司（以下简称"公司"）的对 外投资活动的管理，保证对外投资活动的规范性、合法性和效益性，切实保护公 司和投资者的利益，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》《上海证券交易所股票上市规则》（以 下简称"《股票上市规则》"）等法律法规及《浙江春风动力股份有限公司章程》 的规定，制订本制度。 第二条 本制度所称对外投资，是指公司为获取未来收益而将一定数量的货 币资金、股权、实物资产、无形资产或法律法规规定的可以用作出资的其他资产 对外进行各种形式投资的活动，包括但不限于公司出资设立企业、对已出资企业 增加投资、收购、兼并等股权类投资，委托理财类投资，以及法律法规、中国证 监会或证券交易所允许的其他投资。 按照投资目的分类，对外投资分为短期投资和长期投资。短期投资包括股票 投资和债券投资等以短期财务收益为目标的投资，长期投资包括长期股权投资和 长期债 ...

浙江春风动力股份有限公司 对外担保管理制度 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》"）《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 ...