特此公告。 隆鑫通用动力股份有限公司 董事会 关于参加重庆辖区 2025 年投资者网上集体接待日活动 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。 为进一步提高辖区上市公司投资者关系管理水平，促进公司完善公司治理， 助力上市公司高质量发展。隆鑫通用动力股份有限公司（以下简称"公司"）将 参加由重庆证监局指导，重庆上市公司协会联合深圳市全景网络有限公司举办 的"重庆辖区上市公司 2025 年投资者网上集体接待日暨半年度业绩说明会活动"。 活动将于 2025 年 9 月 25 日（星期四）15:00-17:00 举行，投资者可以登录"全 景路演"平台（http://rs.p5w.net）进入公司互动平台参与交流。 届时，公司相关人员将参加本次活动，与投资者进行"一对多"形式的在线 交流，回复投资者关心的问题。欢迎广大投资者参与本次活动。 股票代码：603766 股票简称：隆鑫通用 编码：2025-039 隆鑫通用动力股份有限公司 2025 年 9 月 18 日 - 1 - ...

Market Overview - The Shanghai Composite Index closed at 3876.38 points, above the six-month moving average, with an increase of 0.38% [1] - The total trading volume of A-shares reached 1,956.132 billion yuan [1] Stocks Breaking the Six-Month Moving Average - A total of 57 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - United Optoelectronics: 3.70% [1] - Longxin General: 3.64% [1] - *ST Nanzhi: 3.60% [1] - Other stocks with smaller deviation rates that just crossed the six-month line include Honghai Technology, Rhine Biology, and Qijing Machinery [1] Top Stocks by Deviation Rate - The following stocks have the highest deviation rates from the six-month moving average: - United Optoelectronics (300691): 5.42% increase, trading at 19.64 yuan [1] - Longxin General (603766): 7.15% increase, trading at 13.04 yuan [1] - *ST Nanzhi (002305): 4.91% increase, trading at 2.35 yuan [1] - Other notable stocks include: - Huangting International (000056): 6.31% increase, trading at 3.20 yuan, deviation rate of 3.29% [1] - Berteli (603596): 6.65% increase, trading at 54.39 yuan, deviation rate of 3.11% [1] Additional Stocks with Positive Performance - Other stocks with positive performance and deviation rates include: - Airong Software (920799): 4.29% increase, trading at 60.76 yuan, deviation rate of 2.91% [1] - Yingshisheng (300377): 4.65% increase, trading at 24.77 yuan, deviation rate of 2.59% [1] - Zhengfan Technology (688596): 4.28% increase, trading at 37.01 yuan, deviation rate of 2.42% [1]

Market Overview - The Shanghai Composite Index closed at 3877.55 points, above the six-month moving average, with an increase of 0.41% [1] - The total trading volume of A-shares reached 1561.918 billion yuan [1] Stocks Breaking the Six-Month Moving Average - A total of 64 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Ying Shisheng (300377) with a deviation rate of 3.74% and a daily increase of 5.83% [1] - United Optoelectronics (300691) with a deviation rate of 3.18% and a daily increase of 4.88% [1] - *ST Nanzhi (002305) with a deviation rate of 3.16% and a daily increase of 4.46% [1] Detailed Stock Performance - The following stocks have notable performance metrics: - Ying Shisheng (300377): Latest price 25.05 yuan, half-year line 24.15 yuan, turnover rate 7.63% [1] - United Optoelectronics (300691): Latest price 19.54 yuan, half-year line 18.94 yuan, turnover rate 7.03% [1] - *ST Nanzhi (002305): Latest price 2.34 yuan, half-year line 2.27 yuan, turnover rate 6.70% [1] - Other stocks with smaller deviation rates include: - ST Jinglan (000056) with a deviation rate of 2.97% and a daily increase of 5.98% [1] - Quanxin Co. (603766) with a deviation rate of 2.38% and a daily increase of 5.83% [1]

Group 1 - The core viewpoint of the article emphasizes the transformative opportunities and challenges in the manufacturing industry driven by digitalization and intelligent manufacturing [1] - The discussion at the forum highlighted the need for manufacturing companies to adopt a systematic and ecological strategic restructuring rather than relying solely on single-point technological breakthroughs [2] - The automotive industry is experiencing a significant shift towards intelligent manufacturing, with data-driven algorithms and software systems fundamentally changing traditional manufacturing models [2][3] Group 2 - Recommendations for the manufacturing sector include focusing on core technologies to mitigate external risks, deepening globalization efforts, and fostering an ecosystem of collaboration rather than isolated competition [4] - The automotive industry is entering a phase where intelligent manufacturing capabilities are critical, and investors should focus on companies that lead in standards and possess core technologies [5] - Strategic partnerships and collaborations are essential for success, as demonstrated by companies like Toyota, which emphasizes the importance of nurturing the entire industry ecosystem [5] Group 3 - The investment focus for manufacturing companies should shift towards enhancing their "investability" in the capital market, emphasizing sustainable growth and technological innovation [5] - Key investment strategies include concentrating on leading companies in core sectors, paying attention to non-financial indicators such as technology investment and global vision, and integrating investment approaches across different sectors [5]

Summary of Longxin General's Conference Call Company Overview - Longxin General is deeply engaged in the motorcycle industry, maintaining a strong foothold in the low-end market while rapidly growing in the high-end market, particularly with its Wujie brand in the large-displacement motorcycle segment [2][4][20]. Key Points and Arguments Market Performance - Domestic sales of large-displacement motorcycles have seen over 20% year-on-year growth, with exports expected to increase by over 50% this year [2][4]. - The overall motorcycle business revenue reached approximately 12.6 billion yuan in 2024, marking a 34% year-on-year increase [4][20]. - In the first half of 2025, revenue grew nearly 25%, with profits approaching 1 billion yuan, reflecting over 80% year-on-year growth [4][24]. Brand Development - The Wujie brand, launched in 2019, focuses on mid-to-high-end leisure motorcycles and has seen significant sales growth, with exports of about 80,000 units last year [2][6]. - The introduction of popular models like the 525 has enhanced brand reputation, competing with high-end brands such as Chuanfeng and Qianjiang [2][6]. International Cooperation - Longxin General has partnered with BMW since 2005, which has significantly enhanced its capabilities in manufacturing large-displacement engines and complete vehicles [7]. Market Trends - The domestic fuel motorcycle market is declining, but the large-displacement segment is experiencing robust growth, driven by expanding domestic demand and export opportunities [10][11]. - The penetration rate of large-displacement motorcycles in China is still low, at around 10%, compared to over 20% in some developing countries, indicating substantial growth potential [12][16]. Competitive Landscape - The concentration of the domestic large-displacement motorcycle market is increasing, with the CR2 reaching approximately 60% in the first half of 2025 [13]. - Consumers prioritize brand strength, powertrain technology, vehicle design, and marketing channels when purchasing large-displacement motorcycles [14]. Additional Important Insights - Longxin General plans to expand its product matrix and strengthen its overseas market presence, with new models set to launch by the end of 2025 [21]. - The company aims to increase its market share in Europe, particularly in Spain and Italy, where it has already made significant inroads [22][18]. - Future revenue projections indicate that motorcycle business revenues will reach 15 billion, 18 billion, and 21 billion yuan from 2025 to 2027, with a growth rate of about 20% annually [25]. Financial Outlook - Longxin General's profit is expected to reach 1.8 to 1.9 billion yuan in 2025, with a projected increase to 2.2 to 2.3 billion yuan in 2026 [26]. - The company is seen as a quality investment with both growth and dividend potential, maintaining a recommended rating [26][27].

Core Insights - The company reported its 2025 H1 results, showing slightly better-than-expected performance with revenue of 9.752 billion yuan, a year-on-year increase of 27.21%, and a net profit attributable to shareholders of 1.074 billion yuan, up 82.26% year-on-year [1] Financial Performance - In Q2 2025, the company achieved revenue of 5.106 billion yuan, a year-on-year increase of 16.83% and a quarter-on-quarter increase of 9.89%. The net profit attributable to shareholders was 567 million yuan, up 70.99% year-on-year and 11.93% quarter-on-quarter [1] - For H1 2025, the company's motorcycle product revenue was 5.835 billion yuan, a year-on-year increase of 21.45%, while the general machinery product revenue reached 1.844 billion yuan, up 56.38% year-on-year [1] Profitability and Cost Control - The company reported a gross margin of 18.94%, an increase of 0.26 percentage points year-on-year, and a net profit margin of 10.95%, up 3.41 percentage points year-on-year. The overall expense ratio decreased by 3.19 percentage points year-on-year [2] Brand Development and Market Expansion - The company is enhancing its brand promotion and product development, focusing on two main self-owned brands: VOGE high-end motorcycles and LONCIN non-road sports motorcycles. It has established a distribution network covering over 90 countries and regions [2] - The domestic sales network includes 1,053 outlets, while the overseas network has 1,292 outlets, with 957 located in Europe [2] Product Development - The company is focusing on garden machinery products to create a second growth curve in its general machinery business. New product developments include a zero-turn lawn mower and an intelligent lawn mowing robot, which is expected to enter the final testing phase in Q3 [3] Revenue and Profit Forecast - Revenue projections for 2025-2027 are 20.814 billion yuan, 23.341 billion yuan, and 26.084 billion yuan, representing year-on-year increases of 23.73%, 12.14%, and 11.75% respectively. Net profit forecasts are 1.825 billion yuan, 2.205 billion yuan, and 2.568 billion yuan, with year-on-year increases of 62.75%, 20.86%, and 16.43% respectively [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [2][13]. Core Insights - The company reported strong performance in the first half of 2025, with revenue reaching 9.752 billion yuan, a year-on-year increase of 27.21%, and a net profit attributable to shareholders of 1.074 billion yuan, up 82.26% year-on-year [4][5]. - The company's motorcycle product revenue was 5.835 billion yuan, growing 21.45% year-on-year, while the general machinery segment saw revenue of 1.844 billion yuan, a significant increase of 56.38% [5]. - The company is focusing on enhancing its brand value and expanding its global sales channels, with over 2,000 dealers and a presence in more than 90 countries [6]. Financial Performance - For the second quarter of 2025, the company achieved revenue of 5.106 billion yuan, a year-on-year increase of 16.83%, and a net profit of 567 million yuan, up 70.99% year-on-year [4]. - The company's gross margin improved to 18.94%, with a net margin of 10.95%, reflecting effective cost control [5]. - The forecast for 2025-2027 predicts revenues of 20.814 billion yuan, 23.341 billion yuan, and 26.084 billion yuan, with corresponding net profits of 1.825 billion yuan, 2.205 billion yuan, and 2.568 billion yuan, indicating strong growth [7][11]. Business Segments - The company is actively promoting its two main brands: the high-end motorcycle brand "VOGE" and the non-road sports motorcycle brand "LONCIN," focusing on product differentiation and channel development [6]. - The company is also investing in the development of garden machinery products, with new models expected to launch soon [6]. Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 13.82, 11.43, and 9.82, respectively, suggesting an attractive valuation relative to expected earnings growth [7][11].

Core Viewpoint - Longxin General (603766.SH) is closely monitoring the potential increase in tariffs on motorcycle exports to Mexico, which could rise from 15% to 35% [1] Group 1: Tariff Impact - The company has noted that motorcycle exports to Mexico are currently conducted through component exports [1] - Preliminary estimates suggest that by 2025, the business in Mexico will account for less than 15% of the company's overall revenue [1] - The company is aware that core components of motorcycles exported to Mexico may also face additional tariffs and will keep a close watch on the final outcomes of the tariff reforms [1] Group 2: Business Operations - The company reports that all production and operations are currently normal, with all proprietary brand businesses experiencing good growth [1] - The company is actively discussing response strategies with importer clients regarding the potential tariff changes [1]

Group 1 - The report highlights the impact of the "Federal Reserve independence shock" on the U.S. economy, emphasizing direct and indirect interference with the Fed's operations [3] - It suggests that the traditional economic tools to suppress inflation may be compromised, potentially leading to a "re-inflation" scenario in the U.S. economy [3] - The report indicates that the dollar's status as a reserve currency and the credibility of U.S. institutions may be affected, with commodity markets, especially precious metals, likely benefiting from global investment diversification trends [3] Group 2 - The report discusses the August inflation data, noting a negative CPI of -0.4% and a narrowing PPI decline of -2.9%, indicating a divergence in inflation trends [5][25] - It points out that the core CPI has shown resilience, with a continuous increase over four months, reflecting a mild recovery in domestic demand [5][25] - The report emphasizes that the negative inflation implies a passive rise in real interest rates, which may prompt the central bank to lower financing costs for the real economy [5][25] Group 3 - The report on Hangzhou Oxygen Plant (杭氧股份) indicates a steady performance in H1 2025, with revenue of 73.27 billion and a net profit of 4.79 billion, reflecting a year-on-year growth of 8.92% and 9.61% respectively [19][40] - It highlights the industrial gas segment's revenue growth of 14% and a gross margin of 21.18%, suggesting a potential bottom reversal in the industrial gas market [19][41] - The equipment segment shows promising results, with a significant increase in orders for petrochemical equipment, indicating successful overseas expansion [19][42] Group 4 - The report on Youyou Green Energy (优优绿能) emphasizes the company's focus on high-power charging modules, projecting revenues of 13.5 billion, 16.2 billion, and 19.5 billion for 2025-2027, with a net profit forecast of 2.0 billion, 3.0 billion, and 4.1 billion respectively [11][35] - It notes the strong overseas market performance, with a gross margin of 50.2% for international sales, significantly higher than domestic margins [11][33] - The report highlights the company's commitment to R&D, with a focus on product innovation and a high R&D expense ratio compared to sales and management costs [11][34] Group 5 - The report on Longxin General (隆鑫通用) indicates a robust performance in H1 2025, with revenue of 97.52 billion and a net profit of 10.74 billion, marking a year-on-year increase of 27.21% and 82.26% respectively [12][36] - It highlights the successful overseas expansion of the "Wuji" brand, with significant growth in sales and a strong marketing presence across various platforms [12][37] - The report projects an upward revision of profit forecasts for 2025-2027, estimating net profits of 19.06 billion, 23.07 billion, and 27.13 billion, reflecting the company's strong growth trajectory [12][39]

Group 1 - The core viewpoint of the report indicates that Longxin General achieved a net profit attributable to shareholders of 1.074 billion yuan in the first half of the year, representing a year-on-year increase of 82.26% [1] - In Q2, the net profit attributable to shareholders was 567 million yuan, showing a year-on-year growth of 70.99% and a quarter-on-quarter increase of 11.93% [1] - The sales revenue from the self-owned brand Wujie series products reached 1.98 billion yuan in the first half of 2025, marking a year-on-year growth of 30.23% [1] Group 2 - Export sales revenue amounted to 1.19 billion yuan, reflecting a significant year-on-year increase of 83.31% [1] - The company launched new models in overseas markets, focusing on travel and scooter models, including DS625X, DS800XRally, and SR16 [1] - Longxin has established a total of 1,292 overseas sales outlets, with a strong focus on the European market, where the number of outlets has reached 957 [1] Group 3 - In the three-wheeler segment, sales revenue reached 879 million yuan, showing a year-on-year increase of 38.68%, with domestic sales contributing 390 million yuan, up by 4.55% [1] - The company is optimistic about its overseas expansion and has raised its profit forecast for 2025-2027, expecting net profits of 1.906 billion, 2.307 billion, and 2.713 billion yuan respectively [1] - The previous profit estimates were 1.805 billion, 2.116 billion, and 2.425 billion yuan [1]