股票代码：603766 股票简称：隆鑫通用 编码：2025-035 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： 重庆发展产业有限公司(以下简称"重庆发展")持有公司 5,036,254 股股份， 占公司总股本的 0.25%。本次权益变动主要为重庆发展管理权正式移交至重庆产业 引导股权投资基金有限责任公司（以下简称"产业引导基金"），纳入产业引导基 金并表企业。产业引导基金为公司持股 5%以上股东重庆渝富控股集团有限公司（以 下简称"渝富控股"）全资孙公司。 本次权益后，渝富控股持有公司 318,709,695 股股份，渝富控股与重庆发展合 计持有公司 323,745,949 股股份，占公司总股本的 15.77%。 （一）重庆渝富控股集团有限公司基本情况 | | | - 1 - 本次权益变动不触及要约收购，不会导致公司控股股东及实际控制人发生变化。 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 ...

知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 数据来源：中国汽车工业(摩托车)产销快讯，智研咨询整理 上市公司：钱江摩托（000913），信隆健康（002105），征和工业（003033），久祺股份（300994）， 林海股份（600099），上海凤凰（600679），中路股份（600818），力帆科技（601777），春风动力 （603129），爱玛科技（603529），隆鑫通用（603766），永安行（603776），新日股份（603787）， 绿通科技（301322），涛涛车业（301345），华洋赛车（834058） 相关报告：智研咨询发布的《2025-2031年中国摩托车行业市场专项调研及投资前景研究报告》 根据中国汽车工业(摩托车)产销快讯数据显示：2025年5月重庆隆鑫机车有限公司摩托车产量为141551 辆，同比下降4.94%，销量为148181辆，同比下降3.9%，产销率为104.68 ...

Investment Rating - The report gives an "Overweight" rating for the motorcycle industry, indicating an expectation for the industry to outperform the overall market [3][11]. Core Insights - The motorcycle industry is experiencing accelerated growth in large-displacement motorcycle exports, with a significant increase in sales both domestically and internationally. The domestic market is expected to benefit from the relaxation of motorcycle bans in various regions [5][3]. - In June 2025, the overall sales of two-wheeled fuel motorcycles reached 1.495 million units, a year-on-year increase of 8.0%. For the first half of 2025, cumulative sales reached 8.338 million units, up 15.2% year-on-year. Notably, large-displacement motorcycles saw a June sales figure of 103,000 units, up 14.3%, and a cumulative total of 502,000 units for the first half, marking a 41.2% increase year-on-year [5][3]. - The report highlights the competitive advantage of domestic motorcycle brands, which have improved product quality and price-performance ratios, allowing them to capture market share from foreign brands. In June 2025, large-displacement motorcycle exports reached 57,000 units, a year-on-year increase of 59.9%, with a cumulative total of 265,000 units for the first half, up 70.1% year-on-year [5][3]. Summary by Sections Export Market - The export of large-displacement motorcycles is gaining momentum, with domestic brands enhancing their competitiveness. In June 2025, the export volume of two-wheeled fuel motorcycles was 1.115 million units, a year-on-year increase of 17.6%, and for the first half, it reached 6.12 million units, up 26.0% year-on-year [5][3]. - Specific companies like Chuanfeng Power and Longxin General are showing strong export growth, with Chuanfeng's June export volume at 11,000 units, up 36.3%, and Longxin's at 8,000 units, up 98.8% [5][3]. Domestic Market - The domestic market is seeing a decline in sales due to increased competition and the impact of relaxed motorcycle bans. In June 2025, domestic sales of two-wheeled fuel motorcycles were 380,000 units, down 12.8% year-on-year, while large-displacement motorcycle sales were 46,000 units, down 15.6% [5][3]. - The report notes that the relaxation of motorcycle bans in various regions is expected to stimulate future demand, with several cities having lifted restrictions since late 2024 [5][3]. Company Valuations - The report provides a valuation table for key companies in the industry, indicating projected net profits and growth rates. For instance, Qianjiang Motorcycle is projected to have a net profit of 828 million yuan in 2025, with a CAGR of 13%, while Chuanfeng Power is expected to reach 1.808 billion yuan with a CAGR of 22% [6][3].

Core Viewpoint - As of July 24, 2025, among A-share listed companies in the automotive sector, 90 companies have released their mid-year performance forecasts, with 52.2% showing positive performance expectations and 47.8% indicating negative forecasts [2]. Group 1: Performance Forecasts - A total of 47 companies are expected to have positive performance, including 34 with profit increases, 6 with slight increases, and 7 turning losses into profits [4]. - The automotive parts industry has the highest number of companies with positive forecasts, totaling 38, while the commercial vehicle sector has 5 [4]. - 18 companies are expected to see their net profits increase by over 100% year-on-year, indicating a doubling of performance [4]. Group 2: Notable Companies with Positive Forecasts - Southern Precision is expected to have the largest increase, with a projected net profit of 200 million to 250 million yuan, turning from loss to profit [6]. - Aerospace Science and Technology, Zhengyu Industrial, and Bohai Automobile are also expected to see significant profit increases, with year-on-year growth exceeding 300% [7]. - Sailyus leads with a forecasted net profit of 2.7 billion to 3.2 billion yuan, representing a year-on-year increase of 66.2% to 96.98% [9]. Group 3: Companies with Negative Forecasts - 33 companies in the automotive sector are expected to report negative net profits, with GAC Group and BAIC Blue Valley leading the losses, each projected to lose over 2 billion yuan [10]. - GAC Group anticipates a loss of 1.82 billion to 2.6 billion yuan, citing slow sales of new energy models and structural mismatches in its sales system as primary reasons for the decline [12]. - BAIC Blue Valley expects a loss of 2.2 billion to 2.45 billion yuan, attributing its performance to intensified competition in the new energy vehicle sector and ongoing investments in product development [12].

Investment Rating - The report initiates coverage with a "Buy-A" rating and sets a 6-month target price of 16.56 CNY per share, based on an 18x PE for 2025 [4][6]. Core Insights - The company is expected to achieve significant revenue growth, with projected revenues of 202.4 billion CNY in 2025, 235.7 billion CNY in 2026, and 272.8 billion CNY in 2027, alongside net profits of 18.9 billion CNY, 22.2 billion CNY, and 26.9 billion CNY respectively [37]. - The company has a strong market presence in both domestic and international markets, particularly in the motorcycle sector, with a focus on the "VOGE" brand and a strategic partnership with BMW that enhances its production capabilities [13][22]. Summary by Sections Domestic Market and Business Synergy - The company has over 30 years of experience in the motorcycle industry, initially focusing on engine production and later expanding into complete motorcycle manufacturing, including a long-term partnership with BMW [13]. - The acquisition by Zongshen is expected to create business synergies, enhancing competitiveness in the domestic market, with combined sales projected to surpass major competitors [20][22]. Brand Development and Product Growth - The "Wuji" brand, established in 2018, targets the mid-to-large displacement motorcycle market and has seen substantial growth, with revenues reaching 31.5 billion CNY in 2024, a 111.4% increase year-on-year [2][22]. - The company is actively expanding its product lineup, with successful launches of models like SR250 GT and CU525, and plans to introduce new models such as CU625 and DS625 in 2025 [32]. International Market Expansion - The company is focusing on core European markets, particularly Italy and Spain, where it has achieved a market share of 4.2% in Spain, with significant revenue growth in these regions [3][35]. - In 2024, overseas revenue reached 13.5 billion CNY, a 107.5% increase, with European sales contributing 10.2 billion CNY, reflecting a 133.4% growth [3][35]. Financial Projections - The report forecasts a robust financial outlook, with net profit margins expected to improve significantly, reaching 9.3% in 2025 and 9.8% in 2027, alongside a steady increase in return on equity [10][37]. - The company's strategic focus on high-demand motorcycle segments and international market penetration is anticipated to drive sustained revenue and profit growth [37].

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 ...