证券代码：603129 证券简称：春风动力 公告编号：2025-052 浙江春风动力股份有限公司 第六届董事会第七次会议决议公告 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 浙江春风动力股份有限公司（以下简称"公司"）第六届董事会第七次会议 通知于 2025 年 6 月 27 日以通讯方式发出，并于 2025 年 6 月 27 日以现场结合通 讯方式召开【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 6 月 27 日 16:00 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。 根据《公司法》和《公司章程》的有关规定，公司董事会下设审计委员会， 董事会同意选举任家华先生、唐国华先 ...

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 ...

Investment Rating - The report maintains a "Recommended" rating for the motorcycle industry [1] Core Insights - The motorcycle export market remains robust, with a year-on-year growth of 27% in the first five months of 2025, indicating a strong demand for motorcycles [10][16] - The overall motorcycle sales from January to May 2025 reached 6.822 million units, reflecting a year-on-year increase of 21% [16] - The report highlights significant growth in the sales of motorcycles with engine displacement greater than 250cc, which saw a 50% increase year-on-year [16] Industry Data Update - **Overall Sales**: In the first five months of 2025, total motorcycle sales (domestic and export) were 6.822 million units, with domestic sales at 1.846 million units (down 1.3% year-on-year) and exports at 4.976 million units (up 27% year-on-year) [16][17] - **Sales by Displacement**: - Motorcycles with displacement between 150cc and 250cc sold 800,000 units (up 17% year-on-year) - Motorcycles with displacement greater than 250cc sold 399,000 units (up 50% year-on-year) [16][17] Company Data Update - **Chunfeng Power**: - Total sales of fuel motorcycles reached 118,200 units (up 23% year-on-year) in the first five months of 2025, with electric motorcycle sales skyrocketing to 93,000 units (up 2000% year-on-year) [26] - **Qianjiang Motorcycle**: - Total sales were 168,000 units (down 6% year-on-year) in the same period, with sales of motorcycles over 250cc increasing by 8% [35] - **Longxin General**: - Total sales reached 649,000 units (up 16% year-on-year), with significant growth in the 150cc to 250cc segment (up 48% year-on-year) [9]

Group 1 - The CSI 500 Consumer Discretionary Index has experienced a decline of 5.34% over the past month, 11.66% over the past three months, and 3.10% year-to-date [2][3] - The index is composed of various sectors categorized into 11 primary industries, 35 secondary industries, and over 90 tertiary industries, providing a comprehensive analysis tool for investors [2] - The top ten weighted stocks in the CSI 500 Consumer Discretionary Index include Sichuan Changhong (6.98%), Ninebot (6.47%), Wanfeng Aowei (4.58%), and others [2] Group 2 - The market capitalization distribution of the CSI 500 Consumer Discretionary Index shows that the Shanghai Stock Exchange accounts for 62.26% and the Shenzhen Stock Exchange accounts for 37.74% [2] - The industry composition of the index includes Passenger Cars and Parts (35.25%), Durable Consumer Goods (33.93%), Textiles, Apparel, and Jewelry (11.01%), Retail (10.46%), and Consumer Services (9.35%) [3] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]

Core Viewpoint - The home appliance sector is expected to underperform the CSI 300 index in the first half of 2025 due to tariff increases, fluctuations in the trade-in policy, and high base expectations for the second half of the year [1][2]. Group 1: Home Appliance Sector Overview - As of June 13, 2025, the home appliance sector has seen a year-to-date decline of 3.16%, underperforming the CSI 300 index by 1.37 percentage points [2]. - Key stocks showing positive performance include motorcycle and black appliance companies, such as Taotao Industry, Chunfeng Power, Ninebot, TCL Electronics, and others [2]. Group 2: White Appliance Sector - Demand differentiation between peak and off-peak seasons has increased, with a rapid recovery in Q2 2025 [3]. - China's dominance in global white appliance production remains intact, with short-term external shocks unlikely to alter long-term export growth trends [3]. - Adjustments in local subsidy policies aim to address previous imbalances and funding issues, with limited impact on annual sales expected [3]. - Emerging markets are showing stable economic growth, providing continuous incremental market opportunities for white appliance exports [3]. Group 3: Black Appliance Sector - Domestic and international demand remains robust, with significant structural upgrades towards large-size and MiniLED products [4]. - National subsidies are expected to continue driving domestic demand growth, with rapid increases in MiniLED penetration [4]. - Companies like Hisense and TCL are enhancing their overseas production capabilities, leading to expected growth in shipments and increased market share in the high-end segment [4]. Group 4: Cleaning Appliance Sector - The cleaning appliance category, particularly robotic vacuum cleaners, is benefiting significantly from national subsidies, with high growth expected in 2025 [5]. - The overseas market remains in a favorable cycle, with leading companies expanding their market share [5]. - The shift in consumer perception from optional to essential for cleaning appliances indicates substantial long-term growth potential in the domestic market [5]. Group 5: Investment Opportunities - Investment opportunities in 2025 are primarily focused on the stability of the white appliance industry and the profit improvement potential in black appliances and robotic vacuum cleaners [6].

Industry Rating - The industry investment rating is maintained at "Outperform" [1] Core Insights - In May, the total sales of two-wheeled fuel motorcycles reached 1.486 million units, a year-on-year increase of 11.3%. Exports were 1.09 million units, up 20.6%, while domestic sales were 396,000 units, down 8.2% [2][8] - For motorcycles above 250cc, sales in May were 101,000 units, reflecting a year-on-year increase of 31.1%. Exports were 50,000 units, up 52.1%, and domestic sales were 51,000 units, up 15.4% [2][8] Summary by Relevant Sections Overall Industry Performance - Total sales of two-wheeled fuel motorcycles in May were 1.486 million units, with exports at 1.09 million units and domestic sales at 396,000 units [2][8] - Year-to-date total sales reached 6.8407 million units, a 17% increase year-on-year [3] Company-Specific Performance Chuanfeng Power - In May, Chuanfeng's fuel motorcycle sales were 28,000 units, a year-on-year increase of 13.4%. Exports were 12,000 units, up 2.5%, and domestic sales were 17,000 units, up 22.7% [2][13] - For motorcycles above 250cc, sales were 22,000 units, a 48.1% increase year-on-year [2][13] - Electric motorcycle sales surged to 35,000 units, a staggering increase of 2092.0% [2][16] Longxin General - Longxin's total sales of two-wheeled motorcycles in May were 123,000 units, down 10.8%. Exports were 113,000 units, down 12.6%, while domestic sales were 10,000 units, up 15.1% [2][19] - Sales of motorcycles above 250cc were 13,000 units, a year-on-year increase of 20.7% [2][19] Qianjiang Motorcycle - Qianjiang's total sales of two-wheeled motorcycles in May were 37,000 units, down 13.3%. Exports were 14,000 units, down 37.6%, while domestic sales were 22,000 units, up 15.7% [2][25] - For motorcycles above 250cc, sales were 14,000 units, a 6.4% increase year-on-year [2][25]