关于公司向不特定对象发行可转换公司债券摊薄即 期回报与填补措施及相关主体承诺（修订稿）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个别及连带责任。 浙江春风动力股份有限公司（以下简称"公司"）分别于 2025 年 4 月 28 日、 2025 年 6 月 27 日召开第六届董事会第五次会议、第六届监事会第五次会议以及 2025 年第一次临时股东大会，审议通过了关于公司向不特定对象发行可转换公 司债券的相关议案；根据公司 2025 年第一次临时股东大会的授权，2025 年 10 月 21 日，公司召开第六届董事会第十二次会议，审议通过了《关于公司向不特 定对象发行可转换公司债券预案（修订稿）的议案》等相关议案。公司本次向不 特定对象发行可转换公司债券事项尚需经上海证券交易所审核通过并经中国证 券监督管理委员会同意注册后方可实施。 根据《国务院办公厅关于进一步加强资本市场中小投资者合法权益保护工作 的意见》（国办发[2013]110 号）、《国务院关于进一步促进资本市场健康发展的若 干意见》（国发[2014]17 号）和中国证券监 ...

浙江春风动力股份有限公司（以下简称"公司"）第六届董事会第十二次会 议的会议通知已于 2025 年 10 月 20 日以通讯方式发出，并于 2025 年 10 月 21 日以现场结合通讯会议方式召开【现场会议地址：浙江春风动力股份有限公司会 议室（浙江省杭州市临平区临平街道绿洲路 16 号），现场会议时间：2025 年 10 月 21 日 15:00 时】，全体董事同意豁免会议通知时间要求。会议应出席董事 9 名， 实际出席董事 9 名，会议由董事长赖民杰先生主持。会议的通知、召集、召开和 表决程序符合《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》"）等有关法律、法规以及《公司章程》的规 定。 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《关于公司向不特定对象发行可转换公司债券方案（修订 稿）的议案》 根据《公司法》《证券法》《上市公司证券发行注册管理办法》等法律、法规 及规范性文件的规定，为推进本次公司向不特定对象发行可转换公司债券工作的 顺利进行，结合公司实际情况，根据相关监管要求，公司对向不特定对象发行可 转换公司 ...

格隆汇10月21日｜春风动力公告，公司拟向不特定对象发行总额不超过人民币217,876.32万元（含本 数）可转换公司债券，具体募集资金数额由公司股东会授权公司董事会或董事会授权人士在上述额度范 围内确定。本次向不特定对象发行可转换公司债券拟募集资金总额扣除发行费用后募集资金净额将用于 投资以下项目：年产300万台套摩托车、电动车及核心部件研产配套新建项目，拟使用募集资金金额 145,876.32万元；营销网络建设项目，拟使用募集资金金额45,000.00万元；信息化系统升级建设项目， 拟使用募集资金金额12,000.00万元；补充流动资金项目，拟使用募集资金金额15,000.00万元。 ...

每经头条（nbdtoutiao）——展望"十五五"|专访贺铿：必须改变以往将资金过度集中于房屋建设和基础 设施建设的倾向，更加突出民生领域投入 （记者 王晓波） 每经AI快讯，春风动力10月21日晚间发布公告称，公司第六届第十二次董事会会议于2025年10月21日 以现场结合通讯会议方式召开。会议审议了《关于修订公司部分管理制度的议案》等文件。 ...

| 黄细重 | 国際 高知道 | | --- | --- | | 刘力宇 | | | 孟璐 | | | 郭雨蒙 | 0 Gra | | 孙仁昊 | | | 赖思旭 | סוגים | | 童明祺 | Disto | | | | | 投资要点 | | --- | 公告要点： 公司发布2025年三季度报告，25Q3公司实现收入50.4亿元，同环比分别+28.6%/-10.1%，实现 归母净利润4.13亿元，同环比分别+11%/-29.5%。 毛利率： 公司25Q3毛利率26.1%，同环比分别-4.7/-1.2pct，主要系美国关税影响+低毛利的两轮车收入占 比提升+摩托车毛利率下滑。 全地形车：U10pro销量超预期，结构优化带动单价持续提升。 费用端： 25Q3公司全地形车销量4.9万台，同环比+0.2%/-15.7%，其中美国表现弱于非美，U10pro销量 近1万台；25Q3全地形车ASP 4.8万，同环比分别+22.2%/+5.6%，主因产品结构变化，Q4会参 考竞对情况决定是否提价；25Q3全地形车毛利率环比持平。 公司25Q2销售/管理/研发费用率分别6.2%/4.1%/6.0%，同比分别-1.6/+0 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 329.50 CNY [5]. Core Insights - The company continues to experience revenue growth driven by the launch of new two-wheeled and four-wheeled products, demonstrating strong operational resilience despite external disturbances such as tariffs and exchange rate fluctuations [2][11]. - The company reported a revenue of 14.9 billion CNY for the first nine months of 2025, representing a year-on-year increase of 30.1%, with a net profit of 1.42 billion CNY, also up by 30.9% [11]. - The company is focusing on product upgrades and expanding its product matrix, with significant growth in electric two-wheelers providing a new growth curve [11]. Financial Summary - Total revenue is projected to grow from 12.11 billion CNY in 2023 to 29.8 billion CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 21.1% [4]. - Net profit attributable to shareholders is expected to increase from 1.008 billion CNY in 2023 to 2.925 billion CNY in 2027, with a CAGR of about 19.6% [4]. - Earnings per share (EPS) is forecasted to rise from 6.60 CNY in 2023 to 19.17 CNY in 2027 [4]. Market Performance - The company's stock has a 52-week price range of 139.46 CNY to 290.32 CNY, with a current price of 239.85 CNY [6]. - The market capitalization stands at 36.596 billion CNY [6]. - The company has shown a 12-month absolute increase of 58% in stock price [10]. Business Strategy - The company is implementing a dual-brand strategy in the European market to enhance its competitive edge [11]. - The introduction of new models such as the U10PRO all-terrain vehicle and various motorcycle models is expected to sustain strong performance in the two-wheeler segment [11]. - The electric vehicle segment is being positioned for high-end mobility, contributing to the company's growth trajectory [11].

Market Overview - The motorcycle and other sectors increased by 0.69% compared to the previous trading day, with Xinlong Health leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Stock Performance - Key stocks in the motorcycle sector showed the following performance: - Xinlong Health (002105) closed at 6.93, up 2.97% with a trading volume of 81,000 shares and a turnover of 55.44 million yuan [1] - Linhai Co., Ltd. (600099) closed at 10.93, up 2.82% with a trading volume of 36,400 shares and a turnover of 39.37 million yuan [1] - Taotao Industry (301345) closed at 240.50, up 2.57% with a trading volume of 17,000 shares and a turnover of 410 million yuan [1] - Other notable stocks include Huayang Racing (920058) and Jiuyi Company (6006899), which also experienced gains [1] Capital Flow - The motorcycle and other sectors saw a net inflow of 8.76 million yuan from main funds, while retail investors contributed a net inflow of 35.90 million yuan [2] - The main funds experienced a net outflow of 44.65 million yuan from speculative funds [2] Individual Stock Capital Flow - Notable capital flows for specific stocks include: - Jiuyi Company (689009) had a net inflow of 39.18 million yuan from main funds, while speculative funds saw a net outflow of 28.45 million yuan [3] - Longxin General (603766) had a net inflow of 13.46 million yuan from main funds, with speculative funds showing a net inflow of 20.83 million yuan [3] - Taotao Industry (301345) had a net inflow of 11.56 million yuan from main funds, while retail investors experienced a net outflow [3]

| 代码 | 简称 | 持股量（万股） | 环比（%） | 占流通股比例（%） | 行业 | | --- | --- | --- | --- | --- | --- | | 603129 | 春风动力 | 795.14 | 不变 | 5.21 | 汽车 | | 688668 | 鼎通科技 | 151.74 | 新进 | 1.09 | 通信 | | 603193 | 润本股份 | 45.44 | 新进 | 0.44 | 美容护理 | | 603163 | 圣晖集成 | 31.18 | 新进 | 0.89 | 建筑装饰 | （文章来源：证券时报网） 财报披露季，机构最新持股动向逐渐明朗。三季度末养老金账户出现在春风动力、鼎通科技、润本股 份、圣晖集成前十大流通股东榜。 基本养老保险基金一六零三二组合、基本养老保险基金一六零二二组合为春风动力第八、第四大流通股 东，合计持股量为795.14万股，占流通股比例5.21%。基本养老保险基金一九零六组合、基本养老保险 基金一六零五二组合为鼎通科技第七大、第九大大流通股东，合计持股量为151.74万股，占流通股比例 1.09%。基本养老保险基金一二零六组合为润本股份第九大流 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a year-on-year increase of 11% in net profit attributable to shareholders for Q3 2025, driven by strong demand for all-terrain vehicles [7] - The company is a leader in the domestic all-terrain vehicle and motorcycle markets, with three major business segments experiencing high growth [7] - The forecast for net profit attributable to shareholders for 2025-2027 is 1.87 billion, 2.47 billion, and 2.74 billion RMB respectively, with corresponding P/E ratios of 19.0, 14.4, and 13.0 [7] Financial Performance Summary - For Q3 2025, the company achieved total revenue of 5.04 billion RMB, with a year-on-year increase of 11% in net profit attributable to shareholders [7] - The all-terrain vehicle segment saw sales of 49,000 units, with an average selling price (ASP) of 48,000 RMB, reflecting a year-on-year increase of 22.2% [7] - The motorcycle segment experienced a decline in domestic sales, with 66,000 units sold, a year-on-year decrease of 13.9% [7] - The extreme core segment reported a remarkable growth of 349% in sales, reaching 193,000 units [7] - The overall gross margin for Q3 2025 was 26.1%, a decrease attributed to the impact of tariffs and a higher proportion of lower-margin products [7] Earnings Forecast and Valuation - The company’s total revenue is projected to grow from 15.04 billion RMB in 2024 to 29.31 billion RMB in 2027, with a compound annual growth rate (CAGR) of 24.18% [8] - The net profit attributable to shareholders is expected to increase from 1.47 billion RMB in 2024 to 2.74 billion RMB in 2027, with a CAGR of 26.99% [8] - The earnings per share (EPS) is forecasted to rise from 9.65 RMB in 2024 to 17.94 RMB in 2027 [8]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company achieved a revenue of 14.896 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 30.10%. The net profit attributable to shareholders was 1.415 billion yuan, up 30.89% year-on-year, while the net profit excluding non-recurring items was 1.350 billion yuan, reflecting a growth of 28.61% year-on-year [2][6]. - In Q3 2025, the company reported a revenue of 5.041 billion yuan, a year-on-year increase of 28.56%, with a net profit of 413 million yuan, up 10.99% year-on-year [2][6]. - The company's gross margin for the first three quarters of 2025 was 27.62%, down 2.84 percentage points year-on-year, primarily due to an increase in the proportion of lower-margin electric vehicle business and tariff impacts in the U.S. market [11]. - The company’s operating cash flow increased by 42.8% year-on-year, driven by expanded sales and increased cash receipts from sales [11]. - The company is expected to achieve net profits of 1.854 billion yuan, 2.416 billion yuan, and 2.726 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 20.57, 15.79, and 13.99 [11]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported total revenue of 14.896 billion yuan, a 30.10% increase year-on-year, and a net profit of 1.415 billion yuan, reflecting a 30.89% increase year-on-year [2][6]. - The gross margin for Q3 2025 was 26.14%, down from 27.35% in Q2 2025, indicating a slight decline due to seasonal factors and tariff impacts [11]. Market Position - The company has seen steady growth in market penetration in North America and maintains the leading market share in Europe through its dual-brand strategy [11]. - The company is well-positioned to benefit from structural upgrades in the all-terrain vehicle sector and is actively expanding its presence in the motorcycle market, particularly in the mid-to-large displacement segment [11]. Future Outlook - The company is expected to continue its growth trajectory, with projections indicating significant increases in net profit over the next few years, supported by its strategic market positioning and product offerings [11].