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]

Core Viewpoint - Longxin General experienced a decline of 2.83% in stock price on October 20, with a trading volume of 469 million yuan, indicating potential market concerns regarding the company's performance and investor sentiment [1]. Financing Summary - On October 20, Longxin General had a financing buy-in amount of 19.42 million yuan and a financing repayment of 22.89 million yuan, resulting in a net financing outflow of 3.48 million yuan. The total financing and securities balance reached 314 million yuan [1]. - The current financing balance of 313 million yuan accounts for 1.14% of the circulating market value, which is below the 10% percentile level over the past year, suggesting a low financing level [1]. - In terms of securities lending, 15,100 shares were repaid, while 3,300 shares were sold, amounting to 44,100 yuan at the closing price. The remaining securities lending volume is 92,700 shares, with a balance of 1.24 million yuan, also below the 30% percentile level over the past year [1]. Business Performance - As of June 30, Longxin General reported a total of 29,800 shareholders, a decrease of 1.16% from the previous period. The average circulating shares per person increased by 1.17% to 68,931 shares [2]. - For the first half of 2025, Longxin General achieved an operating income of 9.75 billion yuan, representing a year-on-year growth of 27.21%. The net profit attributable to the parent company was 1.07 billion yuan, reflecting a significant year-on-year increase of 82.26% [2]. Dividend and Shareholding Information - Since its A-share listing, Longxin General has distributed a total of 3.605 billion yuan in dividends, with 1.191 billion yuan distributed over the past three years [3]. - As of June 30, 2025, the third-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 107 million shares, a decrease of 13.54 million shares from the previous period. Additionally, Guangfa Innovation Upgrade Mixed Fund (002939) is a new eighth-largest circulating shareholder with 15.53 million shares [3].

10月20日，隆鑫通用盘中下跌2.03%，截至10:54，报13.48元/股，成交2.54亿元，换手率0.91%，总市值 276.82亿元。 隆鑫通用今年以来股价涨54.94%，近5个交易日涨0.90%，近20日涨10.22%，近60日涨4.98%。 分红方面，隆鑫通用A股上市后累计派现36.05亿元。近三年，累计派现11.91亿元。 机构持仓方面，截止2025年6月30日，隆鑫通用十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股1.07亿股，相比上期减少1353.36万股。广发创新升级混合（002939）位居第八大流通股 东，持股1552.72万股，为新进股东。 资料显示，隆鑫通用动力股份有限公司位于重庆市南岸区大石二支路隆鑫工业园隆鑫通用A区，成立日 期2007年6月8日，上市日期2012年8月10日，公司主营业务涉及摩托车及发动机和通用机械等业务。主 营业务收入构成为：摩托车及发动机74.58%，通用机械产品22.41%，高端零部件1.26%，大型商用发电 机组1.03%，其他0.72%。 隆鑫通用所属申万行业为：汽车-摩托车及其他-摩托车。所属概念板块包括：通用航空、农机、新能 源、储能 ...

Investment Rating - Industry rating: Recommended [5] Core Insights - The leisure off-road vehicle sector has shown strong performance in Q3, with companies like Taotao and Longxin exceeding market expectations. Taotao's growth is primarily driven by the rapid increase in golf cart sales, and the company has established a strategic partnership with the top electric golf cart dealer in the U.S. [1][12] - Longxin General is expected to maintain high growth rates, with a projected net profit of 15.2 to 16.2 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 60% to 80% [3][14] - Spring Wind Power reported a net profit margin of 8.8% in Q3, a slight decline due to a 5% drop in gross margin, primarily affected by U.S. tariffs on all-terrain vehicles. However, the negative impact of tariffs is expected to diminish with the implementation of the USMCA agreement [15] Summary by Sections Section 1: Weekly Special Report on Leisure Off-Road Vehicle Sector - Taotao's Q3 net profit is estimated to be between 2.38 and 2.78 billion yuan, with a year-on-year growth of 100% to 133.61%. The company anticipates a continued increase in sales from its second brand, TEKO [2][13] - The large-displacement motorcycle segment has seen significant growth, with production and sales of over 84,300 units in August, marking a year-on-year increase of 18.3% and 23.6% [14] Section 2: Key Company Announcements - EGO Europe has reached an agreement to fully acquire Stierman De Leeuw, enhancing its presence in the European market [16] Section 3: Data Tracking - Raw material prices have shown slight fluctuations, with copper prices decreasing by 1.9% and aluminum prices by 0.4% as of October 17, 2025 [19][20] - Shipping rates have also declined, with the CCFI composite index down by 4.11% compared to the previous week [21][22] - Real estate data indicates a decline in sales area and construction area for the first eight months of 2025, with year-on-year decreases of 4.7% and 17% respectively [25][26]

Core Viewpoint - The company is expected to achieve significant growth in net profit and operating income in the first three quarters of 2025, driven by strong performance in various business segments and the expansion of the Wujie brand [2][3][6]. Financial Performance - The company forecasts a net profit attributable to shareholders of 1.52 to 1.62 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 69.1% to 80.3% [2]. - The expected non-net profit is projected to be between 1.48 to 1.58 billion yuan, with a year-on-year growth of 75.7% to 87.5% [2]. - For Q3 2025, the net profit is estimated at 500 million yuan, a year-on-year increase of 60.5% but a quarter-on-quarter decrease of 12.5% [3]. Business Growth Drivers - The growth is primarily driven by the Wujie brand, which saw a 22.1% increase in sales of large-displacement motorcycles (over 250cc) in July and August, totaling 28,000 units [3]. - The all-terrain vehicle segment also contributed positively, with sales of 6,000 units in the same period, marking a 40.7% increase [3]. - The three-wheeler and general machinery businesses are also experiencing growth, alongside continuous optimization of the Wujie product lineup [3]. Brand and Market Expansion - The Wujie brand achieved a revenue of 1.98 billion yuan in the first half of 2025, reflecting a year-on-year growth of 30.2%, with exports accounting for 1.19 billion yuan, a significant increase of 83.3% [4]. - The number of domestic sales outlets for the Wujie brand reached 1,053, while overseas outlets totaled 1,292, with a notable increase in Europe [4]. - The brand's visibility in overseas markets has improved, with a total exposure of 9.27 million times, up 70.85% year-on-year [4]. Global Market Performance - Sales of large-displacement motorcycles for the Wujie brand reached 108,000 units in 2024 and 68,000 units in the first half of 2025, with year-on-year increases of 43.1% and 32.8%, respectively [5]. - Export sales for these motorcycles were 51,000 units in 2024 and 48,000 units in the first half of 2025, showing increases of 24.8% and 69.4% [5]. - The Wujie brand has made significant inroads in the European market, with sales in Spain reaching 12,000 units, a year-on-year increase of 83.9%, and in Italy, sales increased by 69.4% [5]. Future Projections - The company anticipates revenues of 20.16 billion yuan in 2025, 23.41 billion yuan in 2026, and 27.05 billion yuan in 2027, with corresponding net profits of 1.98 billion yuan, 2.32 billion yuan, and 2.71 billion yuan [6][8]. - The earnings per share (EPS) are projected to be 0.96 yuan in 2025, 1.13 yuan in 2026, and 1.32 yuan in 2027, with price-to-earnings (PE) ratios of 14, 12, and 11, respectively [6][8].

民生证券研报指出，隆鑫通用预计2025前三季度实现归母净利润15.2-16.2亿元，同比增长 69.1%-80.3%；2025Q3归母净利润中枢为5.0亿元，同比+60.5%，环比-12.5%，2025Q3业绩高增多业务 协同发力驱动增长。产品+渠道齐驱无极品牌快速成长，积极推进中南美洲和东南亚市场战略布局，海 外搜索总曝光量达927万次（同比+70.85%），为品牌影响力的扩大与销量增长筑牢根基。中大排摩托 车迈向全球无极品牌贡献主要力量，公司多业务协同发力驱动增长，公司无极品牌产品端+渠道端双重 扩展，量利共振加速成长。维持"推荐"评级。 ...

Core Viewpoint - Minsheng Securities has issued a "recommend" rating for Longxin General (603766.SH, latest price: 13.93 yuan), highlighting strong growth potential driven by business synergies and global expansion efforts [1] Group 1: Performance and Growth Drivers - The company is expected to see significant performance growth by Q3 2025, driven by enhanced business collaboration [1] - The combination of products and channels is facilitating rapid growth of the Wujie brand [1] - The mid-to-large displacement motorcycle segment is becoming a key contributor to the global expansion of the Wujie brand [1] Group 2: Risks - Potential risks include slower-than-expected progress in the restructuring of the controlling shareholder [1] - There are concerns regarding the company's product sales not meeting expectations [1] - Challenges in overseas expansion and currency fluctuations are also noted as risks [1]

Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 15.2-16.2 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 69.1%-80.3% [1]. - The growth is driven by multiple business collaborations, with significant contributions from the Wujie brand and the all-terrain vehicle segment [1][4]. - The company has expanded its domestic and international sales channels, with a notable increase in export sales [2]. Summary by Sections Performance Overview - The company forecasts a net profit of 5.0 billion yuan for Q3 2025, a year-on-year increase of 60.5% [1]. - The sales volume of mid-to-large displacement motorcycles (over 250cc) reached 28,000 units in July-August, up 22.1% year-on-year [1]. - The all-terrain vehicle sales increased by 40.7% year-on-year, with the new XWolf1000 model contributing to the growth [1]. Brand Development - The Wujie brand achieved a revenue of 1.98 billion yuan in H1 2025, a 30.2% increase year-on-year, with exports accounting for 60.1% of sales [2]. - The brand's sales network expanded to 1,053 domestic outlets and 1,292 overseas outlets, with a significant presence in Europe [2]. Market Expansion - The sales of mid-to-large displacement motorcycles in 2024 and H1 2025 were 108,000 and 68,000 units, respectively, with exports showing strong growth [3]. - The Wujie brand has made significant inroads in the European market, with notable sales increases in Spain and Italy [3]. Financial Projections - Revenue projections for 2025-2027 are 20.16 billion, 23.41 billion, and 27.05 billion yuan, respectively, with net profits of 1.98 billion, 2.32 billion, and 2.71 billion yuan [4][5]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.96, 1.13, and 1.32 yuan, respectively [5].

Core Viewpoint - Longxin General (隆鑫通用) announced the election of Mr. Gong Hui as the employee director of the company's fifth board of directors during the employee representative meeting held on October 16, 2025 [1] Group 1 - The employee representative meeting took place on October 16, 2025 [1] - Mr. Gong Hui was elected as the employee director [1]

股票代码：603766 股票简称：隆鑫通用 编码：临 2025-047 隆鑫通用动力股份有限公司 特此公告。 隆鑫通用动力股份有限公司 董 事 会 2025 年 10 月 17 日 - 1 - 关于选举职工董事的公告 本公司董事会及全体董事保证本公告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。 隆鑫通用动力股份有限公司（以下简称"公司"）于 2025 年 10 月 16 日召 开的 2025 年第二次临时股东大会，审议通过了《关于修订<公司章程>的议案》。 根据《中华人民共和国公司法》及修订后的《公司章程》规定，公司设职工董事 1 名，由公司职工代表大会民主选举产生。 公司于 2025 年 10 月 16 日召开了 2025 年职工代表大会，选举龚晖先生（简 历附后）为公司第五届董事会职工董事，任期自本次职工代表大会选举通过之日 起至第五届董事会任期届满之日止。龚晖先生由原公司第五届董事会非职工董事 调整为公司第五届董事会职工董事，董事会构成人员不变。 龚晖先生当选公司职工董事后，公司第五届董事会中兼任公司高级管理人员 以及由职工代表担任的董事人数未超过 ...