Group 1: Financial Performance - The main reasons for the decline in Q1 2025 performance include an increase in taxes and additional expenses: taxes increased by CNY 31.09 million due to higher consumption tax on large-displacement motorcycles; R&D expenses rose by CNY 20.92 million due to new product development and certification costs; sales expenses increased by CNY 15.34 million due to higher advertising costs. Excluding these factors, operational performance remained stable [2] - For the first four months of 2025, the motorcycle industry saw domestic sales of 1.4277 million units, a decrease of 0.8% year-on-year, while exports reached 3.9347 million units, an increase of 27.8% year-on-year [3] Group 2: Market Overview - In 2024, the sales distribution by region was as follows: Asia approximately 45%, North America approximately 17%, Europe approximately 16%, South America approximately 11%, and Africa approximately 10%. Major sales regions for large-displacement motorcycles are Europe and Asia, with potential growth expected in Europe and South America [2] - The company's market share in the U.S. was less than 1% in 2024, and current changes in the U.S. market have minimal direct impact on the company, but may affect future expansion efforts in the U.S. motorcycle market [3] Group 3: Sales Performance - For the first four months of 2025, the company reported domestic sales of 79,300 units, a year-on-year increase of 31%, with large-displacement sales of 27,900 units, up 14.3% year-on-year. However, external sales decreased by 24.4% to 59,500 units, with large-displacement sales of 16,400 units, a growth of 2.7% year-on-year. The decline in external sales was primarily due to reduced sales in the Turkish market [3] Group 4: Investor Relations - The company is considering increasing dividend payouts to enhance investor returns, with a focus on future development and profitability. Starting from 2024, the company has introduced mid-term dividends and plans to authorize the board to develop a mid-term dividend plan for 2025 [4]

Core Points - Zhejiang Qianjiang Motorcycle Co., Ltd. announced a cash dividend distribution plan for the fiscal year 2024, proposing to distribute a cash dividend of RMB 4.00 per 10 shares, totaling RMB 210,644,400.00 [1][2] - The plan was approved at the shareholders' meeting held on May 16, 2025, and will not include stock dividends or capital reserve transfers [1][2] - The record date for the dividend distribution is set for May 28, 2025, with the ex-dividend date on May 29, 2025 [1][2] Dividend Distribution Details - The total share capital of the company is 526,611,000 shares, and the cash dividend will be distributed based on this total [1][2] - For Hong Kong market investors and certain qualified foreign institutional investors (QFII, RQFII), the cash dividend after tax will be RMB 3.60 per 10 shares [1][2] - Different tax rates will apply for individual shareholders based on their holding period, with specific tax amounts outlined for different durations [1][2] Rights and Procedures - The cash dividends will be directly credited to shareholders' accounts through their custodial securities companies starting from May 29, 2025 [2] - The calculation principle for the ex-dividend price is based on the total cash dividend amount divided by the total number of A shares, resulting in an ex-dividend price adjustment of RMB 0.40 per share [2] - The company will fulfill its disclosure obligations regarding any adjustments to the ex-dividend price as per relevant regulations [2]

证券代码：000913 证券简称：钱江摩托 公告编号：2025-023 浙江钱江摩托股份有限公司 2024年年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、浙江钱江摩托股份有限公司（以下简称"公司"） 2024年度利润分配方 案为：以公司总股本526,611,000股为基数，向全体股东每10股派发现金红利 人民币4.00元（含税），共计派发现金210,644,400.00元，不送红股、不进行 公积金转增股本。 2、自权益分派方案披露至权益分派实施期间，公司股本总额未发生变化。 公司2024年度权益分派方案已获2025年5月16日召开的2024年度股东大会审 议通过，现将权益分派事宜公告如下： 一、股东大会审议通过权益分派方案的情况 1、公司2024年度利润分配方案已获2025年5月16日召开的2024年度股东大 会审议通过：以公司总股本526,611,000股为基数，向全体股东每10股派发现金 红利人民币4.00元（含税），共计派发现金210,644,400.00元，不送红股、不 进行公积金转增股本。 2、自权益分派方案披 ...

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 significant growth, with April 2025 sales for motorcycles over 250cc reaching 93,000 units, a year-on-year increase of 28.0% and a month-on-month increase of 5.6%. Cumulative sales from January to April 2025 reached 298,000 units, up 58.3% year-on-year [3][4]. - The report highlights strong performance in the 500cc+ segment, with notable increases in sales and market share for leading companies, driven by new model launches and export growth [5][15]. - The competitive landscape shows that leading companies like Chuanfeng Power, Qianjiang Motorcycle, and Longxin General are solidifying their market shares, with a combined market share of 52.9% for the top three companies in April 2025 [6][8]. Summary by Sections Sales Performance - In April 2025, sales of motorcycles over 125cc reached 786,000 units, a year-on-year increase of 24.2% and a month-on-month increase of 10.5%. The growth was primarily driven by the 125-150cc and 500-800cc segments [4]. - The export of motorcycles over 250cc in April 2025 was 39,000 units, a year-on-year increase of 23.4%, while domestic sales reached 54,000 units, up 31.6% year-on-year [4]. Market Structure - The report indicates robust growth in the 500cc+ motorcycle segment, with April sales showing a year-on-year increase of 106.6% for models in the 500cc-800cc range [5]. - The 800cc+ segment saw a remarkable year-on-year increase of 179.2% in April 2025, indicating a strong demand for high-performance motorcycles [5]. Competitive Landscape - Chuanfeng Power led the market with a 24.1% share in April 2025, followed by Qianjiang Motorcycle at 16.2% and Longxin General at 12.7% [6][8]. - The report notes that Chuanfeng Power's total motorcycle sales in April 2025 reached 56,000 units, a year-on-year increase of 108.1% [9]. Future Outlook - The motorcycle industry is expected to continue its upward trajectory in 2025, driven by new model launches and an expanding export market. The report anticipates sustained high growth rates for leading companies [11][15].

Core Viewpoint - The motorcycle industry is experiencing significant growth in sales, particularly in the mid-to-large displacement segment, driven by strong domestic demand and export performance [2][12]. Industry Overview - April sales for motorcycles above 125cc reached 786,000 units, a year-on-year increase of 24.2% and a month-on-month increase of 10.5%, with notable contributions from 125-150cc and 500-800cc segments [2]. - The 250cc and above segment saw sales of 93,000 units in April, up 28.0% year-on-year and 5.6% month-on-month, marking a historical high [2][3]. - Cumulative sales from January to April for 250cc and above motorcycles reached 298,000 units, reflecting a year-on-year increase of 58.3% [2]. Structural Insights - The 500cc and above displacement models are experiencing robust growth, with April sales of 7,000 units, a staggering year-on-year increase of 436.0% [5]. - The overall mid-to-large displacement motorcycle sales continue to maintain high growth rates, with strong domestic performance as the peak season approaches [3]. Competitive Landscape - The top three companies in the 250cc and above segment in April were Chunfeng Power, Qianjiang Motorcycle, and Longxin General, with a combined market share of 52.9% [4]. - Chunfeng Power's total two-wheeler sales in April reached 56,000 units, a year-on-year increase of 108.1% [4]. - Qianjiang Motorcycle's April sales were 35,000 units, down 12.4% year-on-year, while Longxin General reported sales of 145,000 units, up 9.6% year-on-year [7][11]. Future Outlook - Chunfeng Power is focusing on new models in the 450cc and 650cc categories, which are expected to drive sales growth [6]. - The export market for motorcycles is anticipated to maintain high growth rates, with significant increases in export volumes projected for 2025 [6][14]. - The mid-to-large displacement motorcycle market is expected to expand rapidly, with domestic brands likely to benefit the most from the rising demand [12].

Investment Rating - The report maintains a "Buy" rating for the motorcycle industry, particularly recommending companies like Chuanfeng Power, Longxin General, and Qianjiang Motorcycle [5][15]. Core Insights - The motorcycle industry is experiencing significant growth, with April 2025 sales of motorcycles over 250cc reaching 93,000 units, a year-on-year increase of 28.0% and a month-on-month increase of 5.6% [3][4]. - The overall market for large-displacement motorcycles is expected to continue expanding, driven by new model launches and increased export activities from leading companies [5][15]. Summary by Sections Sales Performance - In April 2025, sales of motorcycles above 125cc reached 786,000 units, up 24.2% year-on-year and 10.5% month-on-month, with significant contributions from 125-150cc and 500-800cc segments [4]. - For motorcycles over 250cc, April sales were 93,000 units, with a cumulative total of 298,000 units from January to April, reflecting a 58.3% year-on-year increase [4]. Export and Domestic Sales - Exports of motorcycles over 250cc in April were 39,000 units, a year-on-year increase of 23.4%, while domestic sales were 54,000 units, up 31.6% year-on-year [4]. - Cumulative exports from January to April reached 158,000 units, a significant year-on-year increase of 81.1% [4]. Market Structure - The report highlights strong growth in the 500cc+ segment, with April sales of 16,000 units, a year-on-year increase of 106.6% [5]. - The top three companies in the 250cc+ segment are Chuanfeng Power, Qianjiang Motorcycle, and Longxin General, with a combined market share of 52.9% in April [6]. Company Performance - Chuanfeng Power reported a total motorcycle sales of 56,000 units in April, a year-on-year increase of 108.1% [9]. - Longxin General's April sales reached 145,000 units, with a year-on-year increase of 9.6% [14]. - Qianjiang Motorcycle's April sales were 35,000 units, reflecting a year-on-year decrease of 12.4% [12]. Future Outlook - The report anticipates continued strong performance in the motorcycle market, with a focus on new model launches and expanding export capabilities [11][15]. - The motorcycle industry is expected to benefit from a growing demand for large-displacement motorcycles, with domestic brands likely to be the biggest beneficiaries [15].

上海市锦天城律师事务所 关于浙江钱江摩托股份有限公司 2024 年度股东大会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11/12 楼 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于浙江钱江摩托股份有限公司 2024 年度股东大会的 法律意见书 致：浙江钱江摩托股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受浙江钱江摩托股份有限公 司（以下简称"公司"）委托，就公司召开 2024 年度股东大会（以下简称"本次股 东大会"）的有关事宜，根据《中华人民共和国公司法》（以下简称《公司法》）、 《上市公司股东会规则》等法律、法规、规章和其他规范性文件以及《浙江钱江 摩托股份有限公司章程》（以下简称《公司章程》）的有关规定，出具本法律意 见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东大会所涉及的相关事 项进行了必要的核查和验证，核 ...

证券代码：000913 证券简称：钱江摩托 公告编号：2025-022 浙江钱江摩托股份有限公司 2024 年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会不存在否决议案的情形。 4、会议召集人：浙江钱江摩托股份有限公司董事会 5、现场会议主持人：董事长徐志豪先生 6、本次会议的召集和召开符合《公司法》《上市公司股东大会规则》等有关 法律、行政法规、部门规章、规范性文件和《公司章程》的规定。 （二）股东出席情况： - 1 - 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间：现场会议召开时间：2025 年 5 月 16 日（星期五）下午 14:30；网络投票时间：2025 年 5 月 16 日。 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 5 月 16 日上午 9:15—9:25，9:30—11:30，下午 13:00—15:00；通过深圳证券交易所 互联网投票系统投票的具体时间为：2025 年 5 月 16 日上午 ...

Investment Rating - The industry investment rating is maintained at "Outperform" [3][38] Core Insights - The motorcycle industry showed strong sales growth in April 2025, with total sales of 1.582 million units for two-wheeled fuel motorcycles, representing a year-on-year increase of 19.6% [6][13] - Exports of two-wheeled fuel motorcycles reached 1.141 million units, up 27.9% year-on-year, while domestic sales were 441,000 units, a modest increase of 2.4% [6][13] - The 250cc and above segment also performed well, with total sales of 93,000 units in April, reflecting a 28.0% year-on-year growth [6][13] Summary by Sections Two-Wheeled Fuel Motorcycles - April total sales reached 1.582 million units, with exports at 1.141 million units and domestic sales at 441,000 units [6][13] - Year-to-date cumulative sales for two-wheeled fuel motorcycles stand at 5.3549 million units, showing a 19% increase compared to the previous year [7] 250cc and Above Segment - April sales totaled 93,000 units, with exports of 39,000 units and domestic sales of 54,000 units, marking increases of 28.0%, 23.4%, and 31.6% respectively [6][13] - Year-to-date cumulative sales for this segment reached 297,800 units, reflecting a significant 58% year-on-year growth [7] Electric Motorcycles - Electric motorcycle sales surged to 27,000 units in April, a staggering increase of 1992% year-on-year [23] - Cumulative sales for electric motorcycles reached 58,400 units, indicating a 1289% increase compared to the previous year [23] All-Terrain Vehicles - All-terrain vehicle shipments from domestic factories reached 17,000 units in April, representing a 5.1% year-on-year growth [23]

Core Viewpoints - The growth of the motorcycle market is driven by two key factors: exports and large-displacement motorcycles, with the latter transitioning from a tool to a consumer product [2][8][11] - The domestic market for large-displacement motorcycles is expected to grow significantly, with a projected CAGR of 12% from 2024 to 2030, reaching 800,000 units by 2030 [3][77][80] - The overseas motorcycle market presents a substantial opportunity for Chinese brands, with an expected market size of 932 billion yuan in 2024, and a significant growth potential for large-displacement exports [4][8][11] Group 1: Market Overview - The annual motorcycle sales in China range from 19 to 20 million units, with small-displacement models dominating the market [2][15] - The motorcycle industry has undergone three phases: popularization, decline, and differentiated growth, with a notable shift towards large-displacement motorcycles since 2020 [2][19][20] - The domestic sales of fuel motorcycles are projected to decline from 7.71 million units in 2019 to 5.44 million units in 2024, while large-displacement motorcycle sales are expected to grow from 110,000 to 400,000 units during the same period, reflecting a CAGR of 28.8% [3][32] Group 2: Large-Displacement Motorcycle Market - The penetration rate of large-displacement motorcycles in China is expected to increase from 1.5% in 2019 to 7.5% in 2024, indicating a growing consumer interest in this segment [3][41] - The market for large-displacement motorcycles is being driven by rising outdoor sports demand and the development of motorcycle culture, with a significant increase in motorcycle events and clubs [3][48][56] - By 2024, the share of 400-500cc models is expected to rise to 46%, indicating a trend towards higher performance and larger displacement motorcycles [3][63] Group 3: Export Opportunities - The overseas motorcycle market is projected to exceed 40 million units in 2024, with large-displacement motorcycle sales estimated at 3.44 million units, representing a significant growth opportunity for Chinese manufacturers [4][8] - In 2024, Chinese motorcycle exports are expected to reach 11.02 million units, with a 25.7% share of the overseas market, highlighting the potential for further growth in large-displacement exports [4][8] - The export of large-displacement motorcycles is accelerating, with a CAGR of 67.6% from 2022 to 2024, as domestic brands enhance their international presence [4][8] Group 4: Key Players - The leading companies in the large-displacement motorcycle market include Chunfeng, Longxin, and Qianjiang, with Chunfeng expected to become the market leader in 2024 [5][9] - Chunfeng's motorcycle sales are projected to grow from 45,000 units in 2019 to 308,000 units in 2024, with a focus on large-displacement products [5][9] - Longxin's large-displacement motorcycle sales are expected to increase from 21,000 units in 2019 to 108,000 units in 2024, reflecting a CAGR of 38.6% [6][9]