Core Insights - The company, Spring Power (603129.SH), reported a strong performance in the first half of 2025, focusing on globalization, electrification, and intelligence as strategic directions [1] Financial Performance - Total operating revenue reached 9.855 billion, representing a year-on-year increase of 30.90% [1] - Net profit attributable to the parent company was 1.002 billion, showing a year-on-year growth of 41.35% [1] - The net profit after deducting non-recurring items was 0.951 billion, up by 38.38% year-on-year [1] - The net cash flow from operating activities was 2.4 billion, reflecting a significant increase of 60.84% compared to the previous year [1] Strategic Initiatives - The company is advancing product innovation, market expansion, and industrial upgrades through capacity expansion, technological iteration, market development, and governance optimization [1]

春风动力（SH 603129，收盘价：252.73元）8月11日晚间发布半年度业绩报告称，2025年上半年营业收 入约98.55亿元，同比增加30.9%；归属于上市公司股东的净利润约10.02亿元，同比增加41.35%；基本 每股收益6.58元，同比增加40%。 （文章来源：每日经济新闻） ...

每经AI快讯，春风动力（SH 603129，收盘价：252.73元）8月11日晚间发布公告称，公司第六届第八次 董事会会议于2025年8月11日以现场结合通讯会议方式召开。会议审议了《浙江春风动力股份有限公司 2025年半年度报告及其摘要》等文件。 每经头条（nbdtoutiao）——人形机器人撕掉"花瓶"标签还要多久？亿元大单"破冰"，商业化元年终于 来了！ （记者 王晓波） 2024年1至12月份，春风动力的营业收入构成为：摩托车占比97.62%，其他业务占比2.38%。 截至发稿，春风动力市值为386亿元。 ...

证券代码：603129 证券简称：春风动力 公告编号：2025-060 截至本公告日，公司已为 2025 年员工持股计划开设"浙江春风动力股份有 限公司-2025 年员工持股计划"股票资金账户。2025 年 7 月 29 日，公司召开 2025 年员工持股计划第一次持有人会议，审议通过了《关于设立公司 2025 年员工持 股计划管理委员会的议案》《关于选举公司 2025 年员工持股计划管理委员会委 员的议案》《关于授权公司 2025 年员工持股计划管理委员会办理本期员工持股 计划相关事宜的议案》。具体内容详见公司于 2025 年 7 月 30 日披露的相关公告。 截至本公告日，由于窗口期原因，公司 2025 年员工持股计划尚未开始购买公司 浙江春风动力股份有限公司 浙江春风动力股份有限公司（以下简称"公司"）分别于 2024 年 8 月 6 日、 2024年9月2日召开第五届董事会第十六次会议和2024年第一次临时股东大会， 审议通过了《关于<浙江春风动力股份有限公司 2025 年至 2026 年员工持股计划 （草案）>及其摘要的议案》，同意公司在 2025 年-2026 年内滚动设立两期各自 独立存续的员工 ...

证券代码：603129 证券简称：春风动力 公告编号：2025-058 浙江春风动力股份有限公司 第六届董事会第八次会议决议公告 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、董事会会议召开情况 2025 年 8 月 12 日 二、董事会会议审议情况 会议以记名和书面的方式，审议了如下议案： (一)审议通过《浙江春风动力股份有限公司 2025 年半年度报告及其摘要》 公司 2025 年半年度报告真实、准确、完整地反映了公司财务状况和经营成 果。公司 2025 年半年度报告所载资料不存在任何虚假记载、误导性陈述或重大 遗漏，董事会对其内容的真实性、准确性和完整性承担法律责任。 本议案已经公司第六届董事会审计委员会审议，并提出明确同意意见后提交 董事会审议。具体内容请详见公司于同日在上海证券交易所官网上披露的相关公 告。 表决结果为：9 票同意，0 票反对，0 票弃权，0 票回避，符合《公司法》和 《公司章程》的规定，予以通过。 特此公告。 浙江春风动力股份有限公司 董事会 浙江春风动力股份有限公司（以下简称"公司"）第六届 ...

[Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section provides definitions of common terms used in the report, including company names, abbreviations, related parties, and the reporting period, ensuring a clear understanding of the report's content - Company's Chinese name is Zhejiang CFMOTO Power Co., Ltd., abbreviated as **CFMOTO Power**[14](index=14&type=chunk) - Reporting period refers to the **first half of 2025**[16](index=16&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [I. Company Information](index=4&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section outlines the company's basic registration information, including its Chinese name, abbreviation, foreign name and its abbreviation, and legal representative Company Basic Information | Indicators | Content | | :--- | :--- | | Chinese Name | 浙江春风动力股份有限公司 | | Chinese Abbreviation | 春风动力 | | Foreign Name | ZHEJIANG CFMOTO POWER CO., LTD. | | Foreign Name Abbreviation | CFMOTO | | Legal Representative | 赖民杰 | [II. Contact Person and Information](index=4&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, facilitating communication for investors and relevant parties Company Contact Information | Position | Name | Contact Address | Phone | Fax | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | 周雄秀 | 杭州临平经济开发区五洲路116号 | 0571-89195143 | 0571-89195143 | | Securities Affairs Representative | 黄文佳、周雪春 | 杭州临平经济开发区五洲路116号 | 0571-89195143 | 0571-89195143 | [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This section introduces the company's basic information such as registered address, office address, website, and email, noting no historical changes during the reporting period - The company's registered and office address is Zhejiang Province, Hangzhou City, Linping District, Linping Economic Development Zone, No. 116 Wuzhou Road[18](index=18&type=chunk) - There were no historical changes to the company's registered address during the reporting period[18](index=18&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section specifies the company's designated newspapers for information disclosure, the website address for the semi-annual report, and the report custody location, confirming no changes during the reporting period - The company's designated newspapers for information disclosure are "Shanghai Securities News" and "China Securities Journal", and the report website is **www.sse.com.cn**[19](index=19&type=chunk) - The company's semi-annual report is kept at the company's Securities Affairs Department, with no changes during the reporting period[19](index=19&type=chunk) [V. Company Stock Profile](index=5&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This section provides basic information about the company's stock, including stock type, listing exchange, stock abbreviation, and stock code Company Stock Profile | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | Previous Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | 春风动力 | 603129 | Not applicable | [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section discloses the company's key accounting data and financial indicators for the first half of 2025, showing significant growth in operating revenue, total profit, net profit attributable to shareholders, and net cash flow from operating activities Key Accounting Data for H1 2025 | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 9,855,433,172.23 yuan | 7,528,836,116.19 yuan | 30.90 | | Total Profit | 1,236,901,352.84 yuan | 806,849,326.41 yuan | 53.30 | | Net Profit Attributable to Shareholders of Listed Company | 1,001,909,003.12 yuan | 708,809,607.76 yuan | 41.35 | | Net Cash Flow from Operating Activities | 2,399,965,948.11 yuan | 1,492,183,613.25 yuan | 60.84 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 6,772,285,269.99 yuan | 6,194,046,198.66 yuan | 9.34 | | Total Assets (Period-end) | 16,744,829,832.31 yuan | 14,900,162,628.85 yuan | 12.38 | Key Financial Indicators for H1 2025 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 6.58 | 4.70 | 40.00 | | Diluted Earnings Per Share (yuan/share) | 6.53 | 4.69 | 39.23 | | Basic Earnings Per Share Excluding Non-recurring Gains and Losses (yuan/share) | 6.25 | 4.55 | 37.36 | | Weighted Average Return on Net Assets (%) | 14.96 | 13.18 | Increased by 1.78 percentage points | | Weighted Average Return on Net Assets Excluding Non-recurring Gains and Losses (%) | 14.20 | 12.78 | Increased by 1.42 percentage points | [IX. Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) This section details the company's non-recurring gains and losses items and their amounts for the first half of 2025, totaling 50,847,515.66 yuan Non-recurring Gains and Losses Items and Amounts for H1 2025 | Non-recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 128,283.06 | | Government grants recognized in current profit and loss | 26,222,252.10 | | Gains and losses from changes in fair value and disposal of financial assets | 48,534.82 | | Gains and losses from entrusted investment or asset management | 145,740.66 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 60,736,828.50 | | Other non-operating income and expenses | -926,093.82 | | Less: Income tax impact | 13,186,034.10 | | Minority interest impact (after tax) | 22,321,995.56 | | Total | 50,847,515.66 | [Section III Management Discussion and Analysis](index=7&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [I. Description of the Company's Industry and Main Business During the Reporting Period](index=7&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) This section elaborates on the company's positioning in the power sports industry, main businesses, operating model, industry status, and market position, emphasizing its focus on ATVs, medium and large displacement motorcycles, and electric two-wheelers, and active participation in global competition [(I) Company's Main Business](index=7&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1) With a mission to "let life enjoy more sports fun," the company focuses on the power sports industry, with core businesses covering ATVs, medium and large displacement motorcycles, and electric two-wheelers, actively expanding into the new energy sector - Company's core business focuses on **ATVs, medium and large displacement motorcycles, electric two-wheelers**[26](index=26&type=chunk) - ATV displacement covers **400CC-1000CC**, motorcycle displacement covers **125CC-1250CC**[26](index=26&type=chunk) - Company established the electric brand **ZEEHO**, deeply entering the new energy sector[26](index=26&type=chunk) [(II) Operating Model](index=7&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company has established a "one core, two sales, three combinations" global marketing model, implemented a unified and standardized global procurement strategy, promoted flexible intelligent manufacturing, and conducted matrix R&D centered on customer value - Sales Model: Global retail terminals exceed **7,000**, covering over **100** countries and regions; domestic market coverage in prefecture-level cities is over **90%**[27](index=27&type=chunk) - Procurement Model: Adhering to the philosophy of "long-term cooperation and mutual benefit," implementing a unified and standardized global procurement strategy[28](index=28&type=chunk) - Production Model: Established production bases in China, Thailand, and Mexico, building a flexible and intelligent manufacturing model[28](index=28&type=chunk) - R&D Model: Based on high-performance engine platforms and new energy power platforms, adhering to a matrix management model of "researching one generation, developing one generation, producing one generation"[29](index=29&type=chunk) [(III) Industry Overview](index=8&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) This section analyzes the market overview, development trends, and competitive landscape of the ATV, motorcycle, and electric two-wheeler industries, noting steady growth in the ATV market with UTV/SSV products as the main growth drivers; expanding demand for medium and large displacement motorcycles with increasing export volume and price; and the electric two-wheeler industry's shift towards intelligence and high-end development driven by new national standards [1. All-Terrain Vehicles (ATVs)](index=8&type=section&id=1%E3%80%81%E5%85%A8%E5%9C%B0%E5%BD%A2%E8%BD%A6) The global ATV market is expected to maintain steady growth, with UTV/SSV products being the main growth segment. China's ATV industry is clearly export-oriented, with CFMOTO Power dominating export value - Global ATV sales reached **$15 billion** in 2023, projected to increase to **$29.5 billion** by 2033, with a 10-year CAGR of **7%**[31](index=31&type=chunk) - Global UTV/SSV product sales reached **620,000 units** in 2024, accounting for **64.58%**, becoming the main growth market[32](index=32&type=chunk) - From January to June 2025, China's ATV exports reached **227,300 units**, a YoY decrease of **0.22%**; export value accumulated to **$661 million**, a YoY increase of **18.46%**[34](index=34&type=chunk) - CFMOTO Power's ATV export value accounted for **74.05%** of the national total, maintaining its industry leadership[34](index=34&type=chunk) [2. Motorcycles](index=10&type=section&id=2%E3%80%81%E6%91%A9%E6%89%98%E8%BD%A6) The global motorcycle market is booming, with Europe and America focusing on medium and large displacement models, and domestic recreational demand driving rapid growth in medium and large displacement motorcycles. China's motorcycle industry saw both production and sales exceed 10 million units, with export volume and price rising - From January to June 2025, China's motorcycle industry production and sales reached **10.6141 million units** and **10.6146 million units** respectively, with YoY increases of **11.83%** and **11.54%**[36](index=36&type=chunk) - Production and sales of medium and large displacement recreational motorcycles (250cc above) increased by **44.74%** and **41.21%** respectively[36](index=36&type=chunk) - From January to June 2025, the total export value of motorcycle manufacturers' products reached **$5.299 billion**, a YoY increase of **26.71%**[37](index=37&type=chunk) [3. Electric Two-Wheelers](index=11&type=section&id=3%E3%80%81%E7%94%B5%E5%8A%A8%E4%B8%A4%E8%BD%AE%E8%BD%A6) China's electric two-wheeler industry is undergoing technological upgrades and market restructuring driven by new national standards, with sales expected to rebound to 52 million units in 2025. Chinese manufacturers are actively expanding overseas, with the global market size projected to exceed $100 billion - China's electric two-wheeler industry sales reached **49.2 million units** in 2024, projected to rebound to **52 million units** in 2025[38](index=38&type=chunk) - In 2024, China's export value of "two-wheelers" (electric motorcycles and electric bicycles) exceeded **40 billion yuan** for the first time, with production capacity accounting for over **80%** globally[39](index=39&type=chunk) - The global two-wheel electric vehicle market is projected to grow at a CAGR of **34.57%** from 2022 to 2030, with market size exceeding **$100 billion** by 2030[39](index=39&type=chunk)[40](index=40&type=chunk) [(IV) Company's Industry Position](index=12&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E5%9C%B0%E4%BD%8D) CFMOTO Power consistently ranks first in China's ATV export value and has maintained the top market share in Europe for over ten years. Its motorcycle business holds the leading sales position in the domestic market for 200CC+ street motorcycles. ZEEHO Electric, as a technology pioneer, is rapidly emerging in the electric two-wheeler sector, becoming a new growth engine for the company - ATV Business: The company consistently ranks first in China's ATV export value, accounting for **74.05%** in H1 2025[41](index=41&type=chunk) - ATV Business: Maintained the top market share in Europe for ATVs for **over ten consecutive years**[41](index=41&type=chunk) - Motorcycle Business: During the reporting period, the company's sales in the domestic market for street motorcycles larger than **200CC** ranked first in the industry[42](index=42&type=chunk) - ZEEHO Electric: Relying on the company's R&D strength and forward-looking industrial layout, it rapidly emerged as a new force in the industry, with sales of **250,500 units** and sales revenue of **872 million yuan** in H1, a YoY increase of **652.06%**[53](index=53&type=chunk) [II. Discussion and Analysis of Operations](index=13&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In the first half of 2025, CFMOTO Power achieved significant growth in operating revenue and net profit attributable to shareholders, driven by its "globalization, electrification, and intelligence" strategy. The company made multi-pronged efforts in ATVs, motorcycles, and electric two-wheelers, continuously increasing R&D investment, optimizing industrial layout, and strengthening brand building and management efficiency, laying a solid foundation for stable full-year development H1 2025 Operating Performance | Indicator | Amount | YoY Growth | | :--- | :--- | :--- | | Total Operating Revenue | 9.855 billion yuan | 30.90% | | Net Profit Attributable to Parent | 1.002 billion yuan | 41.35% | | Net Profit Excluding Non-recurring Items | 951 million yuan | 38.38% | | Net Cash Flow from Operating Activities | 2.400 billion yuan | 60.84% | [I. Multi-pronged Efforts in Main Business, Continuous Breakthroughs in Core Areas](index=14&type=section&id=%E4%B8%80%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%A4%9A%E7%BA%BF%E5%8F%91%E5%8A%9B%EF%BC%8C%E6%A0%B8%E5%BF%83%E9%A2%86%E5%9F%9F%E6%8C%81%E7%BB%AD%E7%AA%81%E7%A0%B4) In the first half of the year, the company achieved breakthrough progress in its three main businesses: ATVs, motorcycles, and electric two-wheelers. ATVs consolidated their leading position, motorcycles saw coordinated growth in domestic and international sales, and electric two-wheelers experienced explosive growth, becoming a new performance driver [(I) ATV Business: Consolidating Leadership, Continuous Innovation and Upgrades](index=14&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%85%A8%E5%9C%B0%E5%BD%A2%E8%BD%A6%E4%B8%9A%E5%8A%A1%EF%BC%9A%E5%B7%A9%E5%9B%BA%E9%BE%99%E5%A4%B4%E5%9C%B0%E4%BD%8D%EF%BC%8C%E6%8C%81%E7%BB%AD%E5%88%9B%E6%96%B0%E5%8D%87%E7%BA%A7) The ATV business consolidated its leading position in the European market and achieved significant growth in sales and revenue through product structure optimization, technological innovation, and a dual-brand strategy - Core new product **U10PRO** quickly gained popularity with its performance and quality upgrades[48](index=48&type=chunk) - European market "CFMOTO+GOES" dual-brand strategy established a differentiated and synergistic development pattern, with the CFMOTO brand consistently ranking first in market share[48](index=48&type=chunk) ATV Business Performance | Indicator | H1 2025 | | :--- | :--- | | Sales | 101,800 units | | Sales Revenue | 4.731 billion yuan | | YoY Growth | 33.95% | | Industry Export Value Share | 74.05% | [(II) Motorcycle Business: Coordinated Domestic and International Sales, Leading the High-End Market](index=14&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E6%91%A9%E6%89%98%E8%BD%A6%E4%B8%9A%E5%8A%A1%EF%BC%9A%E5%86%85%E5%A4%96%E9%94%80%E5%8D%8F%E5%90%8C%E5%8F%91%E5%8A%9B%EF%BC%8C%E5%BC%95%E9%A2%86%E9%AB%98%E7%AB%AF%E5%B8%82%E5%9C%BA) The motorcycle business adhered to a "boutique" development strategy, enriched its product matrix, and achieved coordinated growth in domestic and international sales through channel flattening and a global network layout, consolidating its leading position in the domestic high-end market - New products such as **700MT, 675NK, and 150AURA** were successively launched, enriching the two-wheeler product matrix[50](index=50&type=chunk) Motorcycle Business Performance | Indicator | H1 2025 | | :--- | :--- | | Sales | 150,300 units | | Sales Revenue | 3.346 billion yuan | | YoY Growth | 3.03% | | Domestic Two-Wheeler Sales | 79,100 units | | Domestic Operating Revenue | 1.697 billion yuan (YoY growth of 17.35%) | | Overseas Two-Wheeler Sales | 71,300 units | | Overseas Operating Revenue | 1.649 billion yuan | - Maintained industry leadership in domestic **200CC+ street motorcycle models**[50](index=50&type=chunk) [(III) Electric Two-Wheeler Business: Third Growth Curve Explosion, Opening Up Incremental Space](index=14&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E7%94%B5%E5%8A%A8%E4%B8%A4%E8%BD%AE%E8%BD%A6%E4%B8%9A%E5%8A%A1%EF%BC%9A%E7%AC%AC%E4%B8%89%E6%9B%B2%E7%BA%BF%E7%88%86%E5%8F%91%EF%BC%8C%E6%89%93%E5%BC%80%E5%A2%9E%E9%87%8F%E7%A9%BA%E9%97%B4) ZEEHO Electric focused on the high-end electric mobility sector, achieving explosive growth in sales and revenue through product iteration and channel expansion, becoming a new growth engine for the company ZEEHO Electric Business Performance | Indicator | H1 2025 | | :--- | :--- | | Sales | 250,500 units | | Sales Revenue | 872 million yuan | | YoY Growth | 652.06% | - Launched multiple new products including **MO1 series, AE8S+My25 series, AE4My25 series, AE7 series, and EZ4 series**, covering diverse consumption scenarios[53](index=53&type=chunk) - Achieved **100%** coverage in core domestic cities, with over **70%** of stores in second-tier and above cities; international market expanded to **over 30** countries and regions[54](index=54&type=chunk) [II. Sustained Increase in R&D Investment, Remarkable Achievements in Technological Innovation](index=15&type=section&id=%E4%BA%8C%E3%80%81%E7%A0%94%E5%8F%91%E6%8A%95%E5%85%A5%E6%8C%81%E7%BB%AD%E5%8A%A0%E7%A0%81%EF%BC%8C%E6%8A%80%E6%9C%AF%E5%88%9B%E6%96%B0%E6%88%90%E6%9E%9C%E6%96%90%E7%84%B6) The company continuously increased R&D investment, with R&D expenses growing by 19.86%, launched multiple innovative products, and achieved technological breakthroughs in power platforms, electrification platforms, and intelligent platforms, adding 153 new patents in the first half of the year - R&D expenses totaled **549 million yuan**, accounting for **5.57%** of current operating revenue, a YoY increase of **19.86%**[55](index=55&type=chunk) - Launched new products for four-wheelers including **X10 Mud Edition ABS, U10PRO, U6EV**; two-wheelers saw new additions in **150, 250, 450, 675, 750 displacement segments**; electric vehicles launched **AE7, EZ4, MO1 series**[55](index=55&type=chunk) - Power platform achieved continuous breakthroughs in large displacement and multi-cylinder power, with the first **150cc scooter self-developed platform** benchmarking international first-tier standards[56](index=56&type=chunk) - Intelligent platform **MMIOS2.0 smart hub** and **ACC intelligent driving assistance system** achieved mass production[56](index=56&type=chunk) - In the first half of the year, **28** invention patents, **101** utility model patents, and **24** design patents were added, with a cumulative total of **1,812** valid authorized patents[57](index=57&type=chunk) [III. Industrial Adjustment and Layout Optimization, Building a Strong Industrial Ecosystem](index=16&type=section&id=%E4%B8%89%E3%80%81%E4%BA%A7%E4%B8%9A%E8%B0%83%E6%95%B4%E4%B8%8E%E5%B8%83%E5%B1%80%E4%BC%98%E5%8C%96%EF%BC%8C%E6%89%93%E9%80%A0%E5%BC%BA%E5%A4%A7%E4%BA%A7%E4%B8%9A%E7%94%9F%E6%80%81) The company deepened its global industrial chain layout, strengthened supply chain resilience, and improved production capacity efficiency through synergistic upgrades of overseas bases and comprehensive linkage of domestic bases, and initiated the construction of a new Jiaxing base to build a "motorcycle + electric vehicle" industrial synergistic ecosystem - Deepened overseas industrial chain synergy, increasing the proportion of products exported to the US from Mexico and Thailand bases, and increasing Mexico's local parts self-production and procurement[59](index=59&type=chunk) - Domestic Hangzhou, Chongqing, and Zhuzhou bases formed comprehensive linkage, and the "Annual Production of **3 Million Sets** of Motorcycles, Electric Vehicles, and Core Components R&D and Supporting Production Base Project" in Jiaxing was officially launched[59](index=59&type=chunk) - By building a "motorcycle + electric vehicle" industrial synergistic ecosystem, the company achieves resource sharing and complementary advantages, enhancing its overall risk resistance[60](index=60&type=chunk) [IV. Brand Building and Promotion, Multi-dimensional Enhancement of Brand Influence](index=16&type=section&id=%E5%9B%9B%E3%80%81%E5%93%81%E7%89%8C%E5%BB%BA%E8%AE%BE%E4%B8%8E%E6%8E%A8%E5%B9%BF%EF%BC%8C%E5%A4%9A%E7%BB%B4%E5%BA%A6%E6%8F%90%E5%8D%87%E5%93%81%E7%89%8C%E5%BD%B1%E5%93%8D%E5%8A%9B) The company through diversified user interaction activities, new media matrix communication, and participation in top-tier competitions, continuously strengthened user connection and brand penetration in the global market, significantly enhancing brand awareness and influence - Deepened user interaction through participation in professional exhibitions, global new product launches, CFMOTO DAY, and safe riding training camps[61](index=61&type=chunk) - Built a comprehensive, multi-level new media matrix relying on platforms like Douyin and Bilibili[61](index=61&type=chunk) - Achieved **1** championship, **4** runner-up finishes, **2** third-place finishes, and **1** pole position in MotoGP; CFMOTO Thunder Team won **8** stages in the W2RC World Rally-Raid Championship[62](index=62&type=chunk) - "CFMOTO Genius Program" helped Chinese young riders compete in the Spanish ESBK circuit, marking the first time the national anthem was played at this international event[62](index=62&type=chunk) [V. Enhancing Management Efficiency, Solidifying the Foundation for Long-Term Development](index=17&type=section&id=%E4%BA%94%E3%80%81%E6%8F%90%E5%8D%87%E7%AE%A1%E7%90%86%E6%95%88%E8%83%BD%EF%BC%8C%E7%AD%91%E7%89%A2%E9%95%BF%E8%BF%9C%E5%8F%91%E5%B1%95%E6%A0%B9%E5%9F%BA) The company optimized its operational management structure, strengthened risk control, built a talent ecosystem adapted to organizational growth, and continuously innovated its management system, driving talent growth and business development through culture to enhance core competitiveness - Optimized operational management structure to ensure efficient resource allocation and smooth business processes[63](index=63&type=chunk) - Improved employee quality through "Nuclear Power" and "New Power" projects, optimized performance management, and promoted team youthfulness and operational flexibility[63](index=63&type=chunk) - Continuously innovated the management system, perfected the "strong back-end, large mid-end, small front-end" architecture, and fostered an open and enterprising corporate culture[63](index=63&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=17&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) This section deeply analyzes CFMOTO Power's core competencies in R&D innovation, brand value, intelligent manufacturing, quality management, and talent pool construction, emphasizing the company's continuous consolidation of its industry-leading position through its "globalization, intelligence, and electrification" strategy [(I) Excellent R&D Innovation and Market Conversion Capabilities](index=17&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%8D%93%E8%B6%8A%E7%9A%84%E7%A0%94%E5%8F%91%E5%88%9B%E6%96%B0%E4%B8%8E%E5%B8%82%E5%9C%BA%E8%BD%AC%E5%8C%96%E8%83%BD%E5%8A%9B) The company possesses a complete product design and technology R&D system, maintains high R&D investment, builds an international R&D network, and has formed industry-leading independent innovation capabilities in engines, new energy three-electric systems

Group 1 - The company reported a revenue of 9.855 billion yuan for the first half of 2025, representing a year-on-year growth of 30.90% [1] - The net profit for the same period reached 1.002 billion yuan, showing a year-on-year increase of 41.35% [1]

Group 1 - The company reported a revenue of 9.855 billion yuan for the first half of 2025, representing a year-on-year growth of 30.90% [2] - The net profit attributable to shareholders of the listed company reached 1.002 billion yuan, showing a year-on-year increase of 41.35% [2]

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 [2][3]. Core Insights - The automotive sector is experiencing a recovery, with a 5.0% week-on-week increase in compulsory insurance for passenger vehicles, totaling 462,000 units in the last week of July [2][50]. - The report highlights significant developments in the industry, including the launch of new models from major players like Xiaopeng and Li Auto, which are expected to enhance market competitiveness [2][3]. - The report anticipates a structural market opportunity as the industry transitions towards electric and intelligent vehicles, with a recommendation to focus on companies leading in AI and robotics innovation [3][54]. Summary by Sections Weekly Market Review - The automotive sector ranked 6th in A-shares and 21st in Hong Kong stocks for the week, with motorcycles showing the best performance [7][15]. - The report notes that the SW motorcycle and other segments increased by 9.6%, while the SW passenger vehicle segment decreased by 0.7% [2][16]. Industry Changes - Key changes include the unveiling of Xiaopeng's new P7 model and pricing adjustments for Li Auto's i8, which aims to enhance customer appeal [2][3]. - The report discusses the introduction of new policies to support vehicle scrappage and replacement, which are expected to boost domestic consumption [51][59]. Sales and Forecasts - The report projects a total of 23.69 million passenger vehicles to be sold in 2025, reflecting a year-on-year growth of 4.1% [51][52]. - The penetration rate of new energy vehicles is expected to reach 60.6% by 2025, with significant growth in both domestic and export markets [52][59]. Investment Recommendations - The report suggests increasing allocations in sectors benefiting from the automotive dividend, including buses, heavy trucks, and two-wheelers, while also focusing on AI and robotics components [3][54]. - Specific stocks recommended include Spring Power, Yutong Bus, and major players in the electric vehicle market such as Xiaopeng and Li Auto [3][64].

中证A500指数周报 ■ 南财快讯 2025年8月4日-2025年8月8日 指数表现 中原证券研报表示，防范市场短期可能面临技术性调整压力，中期上行趋势未改，依旧看好科技创新与内 需消费领域，但短期需考虑情绪面过度一致带来的调整因素。8月考虑风格轮动带来的机会，建议关注周 期和稳定风格的行业，电力、石油装备、交运等行业。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） 本周38只中证A500基金中，仅国联安基金下跌0.47%，其余基金均以1%或以上的涨幅收盘，其中，工银 瑞信以2.43%的涨幅领涨。从规模来看，当前中证A500基金总规模达1791.8亿元，相较上周有所上升。具 体到单只基金，规模排名前三的为华泰柏瑞、易方达基金、国泰基金，规模依次为185.42亿元、176.58亿 元、176.09亿元。 光大证券研报分析，当前市场或正在逐步形成阶段性高点，后续需关注阶段性高点的成型，以及后续市场 能否突破该阶段性高点。若上证指数能有效突破4月8日以来市场形成的阶段性高点，未来市场在震荡上行 阶段的表现值得期待；若未能突破前期形成的阶段性高点，则未来一段时间市场走势或相对震荡，直至牛 市 ...