Core Viewpoint - Longxin General has reached a cooperation intention with Shanghai Zhiyuan and Yongchuan government, but specific details and plans are still under determination, indicating uncertainty in the collaboration [2] Group 1: Strategic Cooperation - The cooperation is a significant step for the company in strategic layout, aiming to inject new momentum into the intelligent and high-end development of its motorcycle and power business through collaboration in technology and manufacturing [2] - The company emphasizes that the research and industrialization of new projects have long-term and significant uncertainties, and the core foundation and current performance still rely on the motorcycle business [2] Group 2: Investment and Innovation - The company will cautiously and orderly advance investments and innovations in new fields, ensuring compliance with information disclosure obligations based on the progress of relevant cooperation [2] - All major information will be disclosed according to the company's official announcements, highlighting the importance of relying on official information for investors [2]

Core Viewpoint - Longxin General has signed a strategic cooperation agreement with Shanghai Zhiyuan on December 5, 2025, marking an important step in the company's strategic layout towards the future, although specific cooperation details are still being determined [2] Group 1 - The company emphasizes that its core business and current performance are still derived from the motorcycle sector [2] - The company plans to cautiously and orderly advance investments and innovations in new fields [2] - The company will fulfill its information disclosure obligations in accordance with relevant regulations based on the progress of the cooperation [2] Group 2 - The third employee stock ownership plan was approved by the shareholders' meeting on January 9, 2026, and will be implemented monthly [2]

Group 1 - The core point of the article is that Longxin General (603766) has received shareholder approval for its third employee stock ownership plan, which will be implemented starting January 9, 2026, with monthly progress updates to be disclosed [1] Group 2 - The company will provide specific information regarding the implementation of the employee stock ownership plan through official announcements [1]

Core Viewpoint - Longxin General has signed a strategic cooperation agreement with Shanghai Zhiyuan on December 5, 2025, in Chongqing, marking an important step in the company's strategic layout towards the future [2] Group 1 - The cooperation is seen as a significant move for the company to focus on its main business and future development [2] - Specific cooperation plans and details are still under determination, indicating long-term and uncertain aspects of new project expansion [2] - The company's core foundation and current performance are still derived from its motorcycle main business [2] Group 2 - The company will cautiously and orderly advance investments and innovations in new fields [2] - The company commits to fulfilling information disclosure obligations in accordance with relevant cooperation progress [2] - All major information should be based on the company's official disclosures [2]

隆鑫通用动力股份有限公司（以下简称"公司"） 第三期员工持股计划第一次持有人会议（以下简称"持 有人会议"）于2026年2月2日以通讯表决方式召开，本次会议由董事长召集和主持。本次会议的召集、 召开和表决程序符合《隆鑫通用动力股份有限公司第三期员工持股计划》（以下简称《第三期员工持股 计划》）和《隆鑫通用动力股份有限公司第三期员工持股计划管理办法》（以下简称《第三期员工持股 计划管理办法》）的有关规定。 二、持有人会议审议情况 （一）审议通过《关于设立公司第三期员工持股计划管理委员会的议案》 根据公司《第三期员工持股计划》和《第三期员工持股计划管理办法》等相关规定，同意设立第三期员 工持股计划（以下简称"本持股计划"）管理委员会，对本持股计划负责，负责本持股计划的日常管理工 作。管理委员会由5名委员组成，设管理委员会主任1人。 （二）审议通过《关于选举公司第三期员工持股计划管理委员会委员的议案》 根据公司《第三期员工持股计划》和《第三期员工持股计划管理办法》等相关规定，经本次会议审议， 同意选举李耀先生、龚晖先生、刘昭先生、王建超先生和肖红女士为本持股计划管理委员会委员，任期 与本持股计划的存续期一致。 股票 ...

（一）审议通过《关于设立公司第三期员工持股计划管理委员会的议案》 根据公司《第三期员工持股计划》和《第三期员工持股计划管理办法》等相关 规定，同意设立第三期员工持股计划（以下简称"本持股计划"）管理委员会，对本 持股计划负责，负责本持股计划的日常管理工作。管理委员会由 5 名委员组成，设 管理委员会主任 1 人。 股票代码：603766 股票简称：隆鑫通用 编码：临 2026-006 隆鑫通用动力股份有限公司 关于第三期员工持股计划第一次持有人会议决议的公告 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。 一、持有人会议召开情况 隆鑫通用动力股份有限公司（以下简称"公司"） 第三期员工持股计划第一次 持有人会议（以下简称"持有人会议"）于 2026 年 2 月 2 日以通讯表决方式召开， 本次会议由董事长召集和主持。本次会议的召集、召开和表决程序符合《隆鑫通用 动力股份有限公司第三期员工持股计划》（以下简称《第三期员工持股计划》）和《隆 鑫通用动力股份有限公司第三期员工持股计划管理办法》（以下简称《第三期员工持 股计划管理办 ...

Core Viewpoint - The low-altitude economy sector is showing mixed results for 2025, with 22 companies expected to be profitable while another 22 are projected to incur losses, indicating a significant divergence in performance within the industry [3]. Performance Forecast Summary Profit Growth - 11 companies are expected to report profit increases, with notable projections including: - Xinzhi Group (002664.SZ) and Shangluo Electronics (300975.SZ) anticipating several-fold increases in net profit [4]. - Weihai Guangtai (002111.SZ), Tongyu Heavy Industry (300185.SZ), and Guangyang Co. (002708.SZ) expecting over 50% growth in net profit [4]. - Wan Feng Aowei (002085.SZ) and Zongshen Power (001696.SZ) also forecasted net profit growth [4]. Losses - 22 companies are projected to incur losses, with several notable cases: - Zhongtian Rocket (003009.SZ) and Andavil (300719.SZ) have shifted from profit to loss [7]. - Haige Communication (002465.SZ) is investing heavily in R&D, leading to increased costs and a projected loss [7]. - Companies like Aerospace Power (600343.SH) and Sihua Electronics (600990.SH) are also expected to continue reporting losses [8]. Industry Insights - The low-altitude economy's contribution to overall profits remains limited, with most revenue still coming from aircraft manufacturing and infrastructure construction [3]. - Companies like Wan Feng Aowei are leveraging their low-altitude business to drive profit growth, supported by strong orders in general aviation aircraft manufacturing and strategic acquisitions [5]. - The industry is witnessing a shift towards commercial applications of low-altitude technologies, with companies preparing for a significant commercialization phase in 2026 [9][10]. Strategic Developments - Companies are increasingly focusing on integrating low-altitude infrastructure and management platforms, as seen with Suzhou Keda's strategic investments in civil aviation infrastructure [11]. - The emphasis on R&D and market expansion in emerging fields like low-altitude economy is evident, with companies aiming to enhance their competitive edge through innovative solutions [7][11].

Core Viewpoint - The announcement details the expected daily related transactions for 2026 by Longxin General Power Co., Ltd, emphasizing that these transactions are essential for normal business operations and will not affect the company's financial status or operational independence [2][14]. Group 1: Daily Related Transactions - The daily related transactions are necessary for the company's operations and will follow principles of fairness and transparency [2]. - The board of directors approved the expected transaction limits for 2026 without requiring shareholder meeting approval [3][4]. - The actual amounts for 2025's daily related transactions are subject to final audited figures [5]. Group 2: Expected Transaction Limits for 2026 - The expected limits for daily related transactions in 2026 are outlined in accordance with the Shanghai Stock Exchange regulations, based on operational needs [6]. - The calculation of "proportion of similar business" is based on the unaudited figures from 2025, with significant differences attributed to business classification adjustments [6]. Group 3: Related Parties and Relationships - Chongqing Zongshen New Intelligent Manufacturing Technology Co., Ltd is identified as a related party, with a majority stake held by Chongqing Zongshen Investment Co., Ltd [8]. - Chongqing Yufu Capital Operation Group Co., Ltd is another related party, holding over 5% of the company's shares [9][10]. Group 4: Transaction Agreements and Pricing Policies - The company will sign purchase and sales contracts with related parties for services and components, adhering to internal approval procedures [11]. - Pricing for related transactions will be based on market principles or cost-plus methods when market prices are unavailable [12]. Group 5: Related Party Performance Capability - The company regularly settles and reviews transactions with related parties to prevent long-term non-operational fund occupation and bad debt risks [13]. Group 6: Purpose and Impact of Related Transactions - The daily related transactions aim to meet the company's operational needs and are beneficial for its development, ensuring no harm to the interests of the company or minority shareholders [14].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [6]. Core Insights - The company is a leading domestic motorcycle brand with over 30 years of experience in the motorcycle industry, focusing on its high-end self-owned brand "Wuji," which has shown significant growth [4][16]. - The overseas market for large-displacement motorcycles presents substantial growth potential, with the company currently holding a small market share in key regions [4][6]. - The integration of Zongshen as the controlling shareholder is expected to enhance governance and operational efficiency, potentially leading to synergistic benefits [4][6]. Summary by Relevant Sections Company Overview - The company has a total market capitalization of 31,829.90 million yuan and a 52-week price range of 16.29 to 9.63 yuan, with a 52-week increase of 60.96% [4]. - The company has shifted its focus back to its core motorcycle business and has seen a significant increase in revenue from its self-owned brand Wuji, which achieved 1.98 billion yuan in revenue in the first half of 2025, a year-on-year increase of 30.3% [4][19]. Industry Analysis - The global motorcycle market is projected to grow, with an expected sales volume of 56 million units in 2024, reflecting a 4% year-on-year increase [34]. - The company is well-positioned to capitalize on the growing demand for large-displacement motorcycles, particularly in Europe and Latin America, where it has begun to establish a presence [4][53]. Financial Performance - The company forecasts revenues of 19.39 billion yuan, 22.26 billion yuan, and 24.76 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 1.73 billion yuan, 2.33 billion yuan, and 2.65 billion yuan [6][7]. - The company's gross profit margin has been steadily increasing, with a gross margin of 18.9% in the first half of 2025, up 0.3 percentage points year-on-year [30]. Strategic Developments - The integration with Zongshen is expected to improve governance and operational efficiency, with a projected increase in the dividend payout ratio to 73% by 2024 [4][6]. - The company has been expanding its overseas channels, with a significant increase in the number of international stores, which grew by 1,086 since 2020 [4][6].

证券代码：603766 证券简称：隆鑫通用 公告编号：临 2026-005 隆鑫通用动力股份有限公司 关于 2026 年度日常关联交易预计额度的公告 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法律责任。 重要内容提示： 隆鑫通用动力股份有限公司（以下简称"公司"）于 2026 年 1 月 30 日召开 了第五届董事会第十三次会议,会议以 4 票同意、0 票反对、0 票弃权，通过了《关 于公司 2026 年度日常关联交易预计额度的议案》，关联董事李耀先生、胡显源先 生、黄培国先生、焦一洋先生和刘昭先生已回避表决。 公司于 2026 年 1 月 22 日召开了第五届董事会独立董事专门会议第三次会议， 第五届董事会审计与风控委员会第七次会议审议通过该议案并同意提交董事会 审议。 该关联交易事项无需提交股东会审议。 一、2025 年日常关联交易执行情况 单位：人民币/万元 | | | | 2025 年预计 | 2025 年 1-12 | | --- | --- | --- | --- | --- | | 序号 | 关联方名称 | 交易内容 ...