Core Viewpoint - The equity change involves a non-compensatory transfer of state-owned shares, which does not trigger a mandatory takeover and will not change the company's controlling shareholder or actual controller [1][3]. Summary by Sections 1. Basic Situation of the Equity Change - Chongqing Yufu Capital Operating Group Co., Ltd. (Yufu Capital) no longer holds shares in the company after the transfer, while Chongqing Yufu Holding Group Co., Ltd. (Yufu Holding) holds 318,709,695 shares, accounting for 15.52% of the total share capital [1][2]. 2. Purpose of the Non-Compensatory Transfer - The transfer aims to optimize resource allocation and improve the operational efficiency of state-owned assets, in line with the directives from the 20th Central Committee and local government policies [2]. 3. Impact on the Company - The main business of the company remains unaffected by this equity change, and there is no change in the controlling shareholder or actual controller [3]. - Yufu Holding will continue to fulfill all commitments made by Yufu Capital when acquiring shares in the company [3]. 4. Follow-up Matters Related to the Equity Change - The transfer has completed internal approval procedures but still requires compliance confirmation from the Shanghai Stock Exchange and registration with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, indicating uncertainty regarding the final implementation [1][4].

Group 1 - The report outlines a non-compensatory transfer of state-owned shares from Chongqing Yufu Capital Operation Group Co., Ltd. to Chongqing Yufu Holding Group Co., Ltd., resulting in a reduction of shares held in Longxin General Power Co., Ltd. [1][5] - After the transfer, Chongqing Yufu Capital will no longer hold any shares in Longxin General Power, which previously amounted to 318,709,695 shares, representing 15.52% of the total share capital [5][6]. - The transfer is part of a broader initiative to implement the directives from the 20th National Congress of the Communist Party of China and the Chongqing Municipal Government's reform strategies [4][6]. Group 2 - The transfer of shares requires compliance confirmation from the Shanghai Stock Exchange and subsequent registration with the China Securities Depository and Clearing Corporation [2][6]. - Chongqing Yufu Capital has committed to not transferring or delegating the management of the shares for 12 months following the acquisition of the shares [6][7]. - There are no outstanding debts or guarantees that Chongqing Yufu Capital owes to Longxin General Power, ensuring that the interests of the company are not compromised [6][7].

股票代码：603766 股票简称：隆鑫通用 编码：2025-034 隆鑫通用动力股份有限公司 关于持股 5%以上股东权益变动暨无偿划转股份的 提示性公告 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。 重要内容提示： 本次权益变动属于国有股份无偿划转，不触及要约收购，不会导致公司控股股 东及实际控制人发生变化。 本次权益变动后，重庆渝富资本运营集团有限公司（以下简称"渝富资本"） 不再持有公司股份，重庆渝富控股集团有限公司（以下简称"渝富控股"）持有公 司 318,709,695 股股份，占公司总股本的 15.52%。 本次股权无偿划转已完成内部审批程序，尚需取得上海证券交易所的合规性确 认并在中国证券登记结算有限责任公司上海分公司办理股份过户登记，能否最终实 施完成及实施结果尚存在不确定性。 一、本次权益变动基本情况 隆鑫通用动力股份有限公司（以下简称"公司"）于 2025 年 7 月 21 日收到持 股 5%以上股东渝富资本及渝富控股双方分别出具的《隆鑫通用动力股份有限公司简 式权益变动报告书》。 | 渝富资本 | 无限 ...

简式权益变动报告书 隆鑫通用动力股份有限公司 上市公司名称：隆鑫通用动力股份有限公司 信息披露义务人：重庆渝富控股集团有限公司 注册及通讯地址：重庆市两江新区黄山大道东段 198 号 股份变动性质：国有股权无偿划转（股份增加） 签署日期：二〇二五年七月 1 股票上市地点：上海证券交易所 股票简称：隆鑫通用 股票代码：603766.SH 信息披露义务人声明 本部分所述词语或简称与本报告书"释义"所述词语或简称具有相同含义。 一、本报告书系信息披露义务人依据《中华人民共和国公司法》《中华人 民共和国证券法》《上市公司收购管理办法》《公开发行证券的公司信息披露 内容与格式准则第 15 号——权益变动报告书》等法律、法规和规范性文件编制。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不 违反信息披露义务人所任职或持有权益公司的章程或内部规则中的任何条款， 或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》《公开发 行证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》的规定， 本报告书已全面披露了信息披露义务人所拥有权益的股份变动情况。 除本报告书披露的信息外，信息 ...

通讯地址：重庆市渝北区景融街 92 号渝富创新中心 A 栋 17 楼 股份变动性质：国有股权无偿划转（股份减少） 签署日期：二〇二五年七月 1 隆鑫通用动力股份有限公司 简式权益变动报告书 上市公司名称：隆鑫通用动力股份有限公司 信息披露义务人：重庆渝富资本运营集团有限公司 注册地址：重庆市两江新区黄山大道东段 198 号 股票上市地点：上海证券交易所 股票简称：隆鑫通用 股票代码：603766.SH 信息披露义务人声明 本部分所述词语或简称与本报告书"释义"所述词语或简称具有相同含义。 一、本报告书系信息披露义务人依据《中华人民共和国公司法》《中华人民 共和国证券法》《上市公司收购管理办法》《公开发行证券的公司信息披露内容 与格式准则第 15 号——权益变动报告书》等法律、法规和规范性文件编制。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不 违反信息披露义务人所任职或持有权益公司的章程或内部规则中的任何条款， 或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》《公开发行 证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》的规定，本 报告书已全面披露了信 ...

Investment Rating - The report maintains a positive outlook on the light industry and paper-making sector for the mid-2025 earnings forecast, indicating a favorable investment rating for these industries [1]. Core Insights - The report highlights a divergence in performance within the export sector for Q2 2025, with companies that have a global supply chain showing resilience against external tariff disruptions. Notable performers include Jiangxin Home, Jiayi Co., and Tianzhen Co. [4][5]. - The two-wheeler segment is expected to benefit from government subsidies and new standards, with companies like Yadi Holdings and Aima Technology showing strong growth potential [4]. - The light consumer goods sector is characterized by a robust domestic demand, particularly in personal care products, with companies like Baiya Co. and Dengkang Oral Care expected to perform well [4]. - The packaging industry is undergoing consolidation, with leading companies experiencing a slowdown in capital expenditure, indicating a shift towards a harvest phase [4]. - The home furnishing sector is facing short-term order impacts due to the pause in government subsidies, but long-term growth is anticipated through market integration and new product categories [4]. - The paper-making sector is expected to see stable profitability due to low raw material costs and improved supply-demand dynamics [4]. Summary by Sections Export Sector - Q2 2025 shows performance divergence due to increased external disruptions, with companies like Jiangxin Home expected to see a 40%+ growth in net profit [5][6]. - Jiayi Co. anticipates a 30%+ revenue increase, while Tianzhen Co. is expected to recover orders significantly [4][5]. Two-Wheeler Sector - Companies like Aima Technology and Ninebot are projected to grow by 20% and 50% respectively in Q2 2025, driven by new product launches and market demand [8][9]. Light Consumer Goods - The sector is expected to show resilience, with companies like Chaohongji and Baiya Co. projected to grow by 20% and 2% respectively in revenue [10][11]. Packaging Industry - The report notes a continued consolidation trend, with companies like Yutong Technology and Baosteel Packaging expected to maintain stable revenue growth [12][14]. Home Furnishing Sector - The sector is facing challenges due to subsidy pauses, but companies like Mousse and Zhizhong Home are expected to adapt and show growth in the long term [13][15]. Paper-Making Sector - The report indicates stable profitability for the paper-making sector, with companies like Sun Paper and Huawang Technology expected to benefit from improved market conditions [17].

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 25% in the first half of 2025, indicating a strong demand for motorcycles [9][15] - The overall motorcycle sales in the first half of 2025 reached 8.317 million units, reflecting a year-on-year increase of 19% [15] - The report highlights significant growth in the sales of motorcycles with engine displacement greater than 250cc, which saw a 41% increase year-on-year [15] Industry Data Update - Total motorcycle sales (domestic and export) for January to June 2025: 8.317 million units, up 19% year-on-year - Domestic sales: 2.226 million units, down 3.5% year-on-year - Export sales: 6.091 million units, up 25% year-on-year [15][16] - Breakdown of sales by engine displacement: - Sales of motorcycles with 150cc < displacement ≤ 250cc: 970,000 units, up 13% year-on-year - Sales of motorcycles with displacement > 250cc: 502,000 units, up 41% year-on-year [15][16] Company Data Update Chuanfeng Power - Total sales for January to June 2025: 143,000 units, up 10% year-on-year - Sales of motorcycles with 150cc < displacement ≤ 250cc: 25,300 units, down 49% year-on-year - Sales of motorcycles with displacement > 250cc: 108,400 units, up 45% year-on-year [25] Qianjiang Motorcycle - Total sales for January to June 2025: 202,000 units, down 10% year-on-year - Sales of motorcycles with 150cc < displacement ≤ 250cc: 33,000 units, up 12% year-on-year - Sales of motorcycles with displacement > 250cc: 70,000 units, down 4% year-on-year [34]

Investment Rating - The report maintains a "Buy" rating for the motorcycle industry, particularly recommending companies such as Chuanfeng Power, Longxin General, and Qianjiang Motorcycle [5][15]. Core Insights - The motorcycle industry is experiencing a strong growth phase, with significant increases in sales, particularly in the mid-to-large displacement segment. The report highlights that the 250cc and above motorcycle sales reached a historical high in June 2025, with a year-on-year increase of 14.3% and a cumulative sales increase of 41.3% for the first half of the year [4][5]. - The report emphasizes the robust performance of leading companies in the industry, with Chuanfeng Power maintaining its top position in market share and showing strong sales growth in the 500cc and above categories [6][9]. Summary by Sections Sales Performance - In June 2025, sales of motorcycles above 250cc reached 102,000 units, a year-on-year increase of 14.3% and a month-on-month increase of 1.7%. Cumulative sales for the first half of the year were 501,000 units, up 41.3% year-on-year [3][4]. - The export of motorcycles above 250cc saw a significant increase, with June exports at 57,000 units, up 59.9% year-on-year, and cumulative exports for the first half of the year at 265,000 units, up 70.1% [4][5]. Market Structure - The report notes strong growth in the 500cc and above displacement models, with sales in June for 500cc-800cc models increasing by 99.44% year-on-year. The overall market for mid-to-large displacement motorcycles is expected to continue growing due to increased supply and export efforts from leading manufacturers [5][11]. Competitive Landscape - The top three companies in the 250cc and above segment are Chuanfeng Power, Qianjiang Motorcycle, and Longxin General, with a combined market share of 46.9% in June 2025. Chuanfeng Power holds a market share of 21.2%, while Longxin General has a market share of 12.9% [6][8]. - Qianjiang Motorcycle's sales in June were 11,000 units, a year-on-year decrease of 39.6%, indicating challenges in maintaining market share [8][12]. Future Outlook - The report projects continued growth in the motorcycle market, driven by new model launches and increased export capabilities. Chuanfeng Power is expected to benefit from new models in the 450cc and 650cc categories, while Longxin General is focusing on expanding its export business [11][15].

Core Viewpoint - The motorcycle industry is experiencing significant growth in the mid-to-large displacement segment, with strong sales performance and export growth expected to continue into 2025 [19]. Industry Overview - In June 2025, sales of motorcycles with a displacement of 250cc and above reached 102,000 units, marking a year-on-year increase of 14.3% and a month-on-month increase of 1.7%, setting a historical record [2][4]. - Cumulative sales from January to June 2025 reached 501,000 units, representing a year-on-year increase of 41.3% [2]. Sales Performance - For motorcycles above 125cc, June sales totaled 706,000 units, showing a year-on-year decrease of 1.9% but a month-on-month increase of 0.4% [2]. - Exports of 250cc and above motorcycles in June reached 57,000 units, a year-on-year increase of 59.9% and a month-on-month increase of 13.7%, with cumulative exports for the first half of the year at 265,000 units, up 70.1% year-on-year [2][4]. Domestic Market - Domestic sales of 250cc and above motorcycles in June were 45,000 units, down 15.6% year-on-year and 10.1% month-on-month, with cumulative domestic sales for the first half of the year at 236,000 units, up 18.7% year-on-year [3][4]. Market Structure - The market for motorcycles with a displacement of 500cc and above is experiencing strong growth, with June sales of 2,300 units, a year-on-year decrease of 27.06% but a cumulative increase of 125.9% for the first half of the year [4]. - The top three companies in the 250cc and above segment in June were Chuanfeng Power, Qianjiang Motorcycle, and Longxin General, with a combined market share of 46.9% [5]. Company Highlights - Chuanfeng Power's June sales for 250cc and above motorcycles were 21,000 units, a year-on-year increase of 9.2%, maintaining a market share of 21.2% [5]. - Qianjiang Motorcycle's June sales were 11,000 units, a year-on-year decrease of 39.6%, with a market share of 11.2% [10]. - Longxin General's June sales were 15,000 units, a year-on-year increase of 31.8%, with a market share of 12.9% [10]. Future Outlook - The motorcycle industry is expected to continue its upward trajectory in 2025, driven by increased supply and the expansion of leading companies' export businesses [4][19]. - Chuanfeng Power is focusing on new models in the 450cc and 650cc categories to boost domestic sales, while also expanding its overseas market presence [12].

Core Viewpoint - The motorcycle industry is experiencing growth, particularly in the sales of larger displacement motorcycles, with a significant increase in sales figures for June 2025 compared to the previous year and the first half of the year [1][2]. Sales Data Summary - For motorcycles with displacement over 250cc, June 2025 sales reached 102,000 units, a year-on-year increase of 14.3% and a month-on-month increase of 1.7%. Cumulative sales from January to June totaled 501,000 units, up 41.3% year-on-year [1]. - In the 250ml to 400ml displacement category, June sales were 53,000 units, up 15.3% year-on-year and 0.2% month-on-month, with cumulative sales of 265,000 units for the first half of the year, reflecting a 45.0% year-on-year increase [2]. - For the 400ml to 500ml category, June sales were 25,000 units, down 17.6% year-on-year but up 38.19% month-on-month, with a total of 129,000 units sold in the first half, a 7.1% year-on-year increase [2]. - In the 500ml to 800ml category, June sales reached 21,000 units, a remarkable year-on-year increase of 99.44% and a month-on-month increase of 38.19%, with cumulative sales of 93,000 units for the first half, up 104.4% year-on-year [2]. - For motorcycles over 800cc, June sales were 2,300 units, down 27.06% year-on-year and 8.3% month-on-month, with cumulative sales of 14,000 units for the first half, up 125.9% year-on-year [2]. Market Share Insights - Chuanfeng Power sold 21,000 units in June for the 250cc+ category, achieving a market share of 21.2%, with a cumulative market share of 21.6% for the first half, up 1.8 percentage points from the full year of 2024 [3]. - Longxin General sold 15,000 units in June for the 250cc+ category, with a market share of 12.9%, and a cumulative market share of 13.5% for the first half, down 0.7 percentage points from the full year of 2024 [3]. - Qianjiang Motorcycle sold 11,000 units in June for the 250cc+ category, with a market share of 11.2%, and a cumulative market share of 13.9% for the first half, down 2.9 percentage points from the full year of 2024 [3]. Industry Recommendations - The company suggests focusing on key stocks in the automotive sector, including Geely Automobile, BYD, Li Auto, Xpeng Motors, Xiaomi Group, Chuanfeng Power, and others [5][8]. - The company also highlights the importance of the Ministry of Industry and Information Technology's advocacy for reducing internal competition in the automotive industry, which is expected to benefit the overall market dynamics [6].