Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company's performance in Q2 2025 met expectations, with motorcycle sales showing resilience despite a decline in overall revenue [2][3]. - The company's product definition capabilities have significantly improved, leading to successful launches of high-end motorcycle models [3]. - The internationalization strategy is a key focus, with a notable increase in exports of mid-to-large displacement motorcycles [3]. Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 3.07 billion yuan, a year-on-year decrease of 5.7%, and a net profit attributable to shareholders of 270 million yuan, down 22.9% year-on-year [1]. - Q2 2025 revenue was 1.74 billion yuan, a year-on-year decline of 9.2% but a quarter-on-quarter increase of 30.3%. The net profit for Q2 was 180 million yuan, down 12.8% year-on-year but up 110.6% quarter-on-quarter [1][2]. Motorcycle Business - The motorcycle segment saw a total sales volume of 106,000 units in Q2 2025, a decrease of 17.2% year-on-year but an increase of 9.6% quarter-on-quarter [2]. - The company has optimized its cost structure, leading to improved profit margins despite lower sales volumes [2]. Product Development - The company has enhanced its product definition capabilities, launching several high-end models that have received positive market reception [3]. - The company is expanding its all-terrain vehicle (ATV) product line, with multiple models in production and development [4]. Future Outlook - Revenue projections for 2025-2027 are estimated at 6.68 billion, 7.98 billion, and 9.47 billion yuan, respectively, with net profits expected to be 640 million, 760 million, and 890 million yuan [5]. - The report anticipates continued growth driven by the motorcycle business and improved product offerings [4].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 26.28 [1][5]. Core Insights - The company reported a revenue of RMB 3.07 billion for the first half of the year, a year-on-year decrease of 5.7%, and a net profit attributable to shareholders of RMB 270 million, down 22.9% year-on-year. However, the second quarter showed a recovery with a revenue of RMB 1.74 billion, which is a 30.3% increase quarter-on-quarter [1][2]. - The company faced supply chain issues affecting coolant matching, which temporarily impacted shipments. With these issues resolved, sales are expected to improve in the second half of the year [2][3]. - The company has initiated a mid-term dividend for the first time, with a payout ratio of 97.8% for the first half of the year, distributing RMB 263 million to shareholders [4]. Summary by Sections Financial Performance - In the first half of 2025, domestic sales revenue decreased by 2.9% to RMB 1.65 billion, while overseas sales revenue fell by 8.8% to RMB 1.42 billion. Total sales volume dropped by 11% to 223,000 units, with a 24% decline in export volume [2]. - The gross margin for Q2 was 28.0%, showing a quarter-on-quarter improvement of 2.6 percentage points, attributed to an increase in the sales proportion of larger displacement motorcycles [3]. Dividend Policy - The company has emphasized shareholder returns, planning to increase the dividend payout ratio to 45% and 61% for the years 2023 and 2024, respectively. The mid-term dividend marks a significant step in enhancing shareholder value [4]. Profit Forecast and Valuation - The profit forecast for the company remains unchanged for 2025-2027, with expected net profits of RMB 770 million, RMB 900 million, and RMB 1.05 billion, respectively. The target price is based on a comparable valuation method, applying a PE ratio of 18.0x for 2025 [5][11].

Market Performance - On August 28, the motorcycle and other sectors rose by 1.2%, with Qianli Technology leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance - Qianli Technology (601777) closed at 11.57, up 5.86%, with a trading volume of 812,500 shares and a turnover of 917 million yuan [1] - Other notable stocks included Shanghai Phoenix (600679) at 13.43, up 2.21%, and Qianjiang Motorcycle (000913) at 17.15, up 1.84% [1] Capital Flow - The motorcycle and other sectors experienced a net outflow of 9.4275 million yuan from institutional investors, while retail investors saw a net outflow of 26.3126 million yuan [2] - Conversely, speculative funds recorded a net inflow of 35.7401 million yuan [2] Individual Stock Capital Flow - Qianli Technology had a net inflow of 81.5791 million yuan from institutional investors, while it faced a net outflow of 49.9741 million yuan from retail investors [3] - Nine companies, including Qianli Technology and Jiuhua Company (689009), showed varying degrees of net inflow and outflow from different investor categories [3]

Core Viewpoint - Qianjiang Motorcycle (000913) reported disappointing financial results for the first half of 2025, with a decline in both revenue and net profit compared to the previous year [1] Financial Performance - Total revenue for the period was 3.073 billion yuan, a year-on-year decrease of 5.74% [1] - Net profit attributable to shareholders was 269 million yuan, down 22.89% year-on-year [1] - In Q2 alone, total revenue was 1.739 billion yuan, a decline of 9.2% year-on-year, with net profit of 183 million yuan, down 12.84% [1] - Gross margin was 26.91%, a decrease of 3.89% year-on-year, while net margin was 8.86%, down 17.71% [1] - Total expenses (selling, administrative, and financial) amounted to 145 million yuan, accounting for 4.71% of revenue, a slight decrease of 0.25% year-on-year [1] - Earnings per share were 0.51 yuan, a decrease of 24.31% year-on-year [1] Balance Sheet Changes - Accounts receivable increased significantly by 56.45%, attributed to changes in sales area credit policies [2] - Fixed assets rose by 46.39% due to the completion of certain construction projects [2] - Lease liabilities increased by 70.11% due to rising unpaid lease amounts [2] - Other non-current assets surged by 165.12% due to increased prepayments for long-term asset purchases [2] Cash Flow Analysis - Net cash flow from operating activities decreased by 78.7%, primarily due to increased cash payments for goods and services [5] - Net cash flow from investing activities dropped by 164.81%, influenced by last year's government land compensation [6] - Net cash flow from financing activities fell by 144.9%, due to reduced loans for construction projects [6] - The net increase in cash and cash equivalents decreased by 113.87% [6] Operational Insights - The company's return on invested capital (ROIC) was 10.06%, indicating average capital returns [6] - The company has a healthy cash asset position, suggesting good debt repayment capability [7] - The estimated dividend yield is 4.78% [8] Market and Sales Challenges - The decline in large displacement motorcycle sales was attributed to supply chain adjustments and quality control issues, which have since been addressed [10] - New products are expected to be launched starting in August, aiming to recover sales momentum [10]

Core Insights - The motorcycle production and sales data for Zhejiang Qianjiang Motorcycle Co., Ltd. shows a significant decline in both production and sales in June 2025, with production down by 38.9% and sales down by 24.96% compared to the previous year [1] Company Performance - In June 2025, Qianjiang Motorcycle produced 25,663 units and sold 34,783 units, resulting in a production-sales ratio of 135.54% [1] - The company cleared 9,120 units from inventory during this period [1] Industry Overview - The data is sourced from the China Automotive Industry (Motorcycle) Production and Sales Quick Report, indicating a broader trend in the motorcycle industry [1] - The report by Zhiyan Consulting provides insights into the market research and investment prospects for the motorcycle industry in China from 2025 to 2031 [1]

Group 1 - Qianjiang Motorcycle (SZ 000913) announced on August 27 that its 11th meeting of the 9th Board of Directors was held on August 26, 2025, combining in-person and communication methods [1] - The meeting reviewed the proposal to amend the "Rules of Procedure for Board Meetings" among other documents [1] - For the first half of 2025, Qianjiang Motorcycle's revenue composition was entirely from the manufacturing of railway, shipping, aerospace, and other transportation equipment, accounting for 100.0% [1] Group 2 - The pet industry is experiencing a significant boom, with a market size of 300 billion yuan, leading to a surge in stock prices for related companies [1]

Group 1 - The company held its annual general meeting on May 16, 2025, where it approved the proposal to authorize the board to formulate a mid-term dividend plan [1] - The board of directors approved the profit distribution plan for the first half of 2025 during its meeting on August 26, 2025, which does not require further approval from the shareholders [1] - The net profit attributable to shareholders for the reporting period is 269,251,268.00 yuan, with an undistributed profit at the end of the period amounting to 1,864,410,549.93 yuan [1] Group 2 - The company plans to distribute a total cash dividend of 263,305,500.00 yuan (including tax), which represents a significant portion of the profits [2] - The profit distribution plan will be adjusted if there are changes in the total share capital before its implementation [2] - The distribution plan is deemed reasonable, considering the company's profitability, future funding needs, and shareholder returns, complying with relevant regulations and the company's articles of association [2] Group 3 - The profit distribution plan is expected to have no significant impact on the company's operating cash flow and will not affect its normal operations and development [2] - The board of directors will implement the profit distribution within two months after approval [2] - The announcement concludes with a reminder for investors to make rational investment decisions and be aware of investment risks [2]

2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：浙江钱江摩托股份有限公司 单位：人民币万元 法定代表人： 主管会计工作负责人： 会计机构负责人： | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公 司的关联关系 | 上市公司 核算的会计科 | 2025 年期 初占用资 | 2025 年半年度 占用累计发生 金额 | 2025 年半 年度占用 资金的利 | 2025 年半 年度偿还 累计发生 | 2025 年 6 月 30 日占 用资金余 | 占用形成 原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 目 | 金余额 | （不含利息） | 息 （如有） | 金额 | 额 | | | | 现大股东及其附属 | | | | | | | | | | | | 企业 | | | | | | | | | | | | 小 计 | | | | | | | | | | | | 前大股东及其附属 | | | | | | | | | | | | 企业 | | | | | | ...

依据《中华人民共和国证券法》（以下简称《证券法》）《中华人民共和国 公司法》（以下简称《公司法》）《上市公司章程指引（2025 年修订）》《深 圳证券交易所股票上市规则（2025 年修订）》等相关法律法规和规范性文件的 规定，结合公司实际情况，监事会的职权由董事会审计委员会行使。 同时对《浙江钱江摩托股份有限公司章程》（以下简称"公司章程"）中部 分条款进行了修订，并提请股东大会授权董事会及其授权经办人员办理工商变更 登记等相关事宜，本次变更及备案登记最终以工商登记机关核准的内容为准。《公 司章程》修订对照表如下： 1 修订前 修订后 第一条 为维护公司、股东和债权人的合法权益，规范 公司的组织和行为，根据《中华人民共和国公司法》 （以下简称《公司法》）、《中华人民共和国证券法》 （以下简称《证券法》）和其他有关规定，制订本章 程。 第一条 为维护公司、股东、职工和债权人的合法权 益，规范公司的组织和行为，根据《中华人民共和 国公司法》（以下简称《公司法》）《中华人民共 和国证券法》（以下简称《证券法》）和其他有关 规定，制定本章程。 第五条 公司住所：浙江省温岭市经济开发区 邮政编码：317500 第五条 ...

浙江钱江摩托股份有限公司 2025 年半年度财务报告 浙江钱江摩托股份有限公司 2025 年半年度财务报告 【2025 年 8 月 27 日】 1 浙江钱江摩托股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 1、合并资产负债表 编制单位：浙江钱江摩托股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 5,569,567,479.00 | 5,677,551,910.71 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | 112,071,621.39 | 34,565,374.92 | | 应收账款 | 646,153,567.76 | 413,022,555.65 | | 应收款项融资 | 2,831,667.36 | 1,858,417.48 | | 预付款项 | 66,846,761.12 | 55,157,471. ...